Average U.S. gas prices are flirting with record highs as oil prices soar to around $130 per barrel, factors tied to the war in Ukraine and the global economic uncertainty that looms on the wake of Russia's unprovoked attacks on Ukraine.
As the world rallies to levy heavy sanctions on Russia, the global oil and gas sector is taking a hit. President Biden said March 8 that the U.S. would ban all imports of Russian oil, gas and energy. Europe has not yet taken such steps.
The U.S., though the largest oil producer, also is the world's largest consumer and relies heavily on imports to feed that demand. The Associated Press reports that "the U.S. imported 245 million barrels of oil from Russia last year—about 8 percent of all U.S. oil imports—up from 198 million barrels in 2020. That's less than the U.S. gets from Canada or Mexico but more than it imported last year from Saudi Arabia."
See our full and ongoing coverage of impacts from the war in Ukraine.
Any cutbacks in the imports of Russian fuels hit hard for any nation, considering that Russia is the third-largest producer of oil and liquid fuels—behind the U.S. and Saudi Arabia—according to the U.S. Energy Information Administration.
Europe, especially, is reliant on Russian energy sources.