Gas Prices Rise , Above $4 a Gallon, as U.S. Considers Sanctioning Russian Oil .
NPR reports that oil prices in the United States have reached a 14-year high, while gasoline prices surged to a near national record.
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The surging prices reportedly come as the U.S. and its allies are considering possible restrictions on the purchase of oil from Russia.
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The surging prices reportedly come as the U.S. and its allies are considering possible restrictions on the purchase of oil from Russia.
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NPR reports that in the time since the invasion of Ukraine began, Russian oil has been spared by western sanctions.
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NPR reports that in the time since the invasion of Ukraine began, Russian oil has been spared by western sanctions.
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We are now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil.
That's a very active discussion as we speak, Antony Blinken, United States Secretary of State, via CNN.
We are now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil.
That's a very active discussion as we speak, Antony Blinken, United States Secretary of State, via CNN.
NPR points out that the increased energy prices come as U.S. consumers face the highest inflation in decades.
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According to AAA, U.S. gas prices have jumped 45 cents a gallon in the last week, reaching a national average of $4.06.
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Depending on the form sanctions on Russian oil takes, energy prices could climb even higher.
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Russia exports approximately 7% of the world's oil, equalling about seven million barrels daily.
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Analysts predict that sanctions on Russia could see crude oil prices could climb to $200 per barrel, which would lead to average gas prices of $5.84 per gallon.
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Analysts predict that sanctions on Russia could see crude oil prices could climb to $200 per barrel, which would lead to average gas prices of $5.84 per gallon.
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NPR reports that the invasion has also contributed to rising grain prices, as both Ukraine and Russia are major exporters of wheat and corn.
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While this could add to rising prices in U.S. supermarkets, a shortage of grain would profoundly impact developing countries which are dependent on imported food supplies.
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While this could add to rising prices in U.S. supermarkets, a shortage of grain would profoundly impact developing countries which are dependent on imported food supplies.
