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Oil
Published 4 hours ago


RUSSIA-UKRAINE: GAS PRICES TOP $4 PER GALLON FOR FIRST TIME SINCE 2008


GALLON OF GAS UP ALMOST 50 CENTS SINCE RUSSIA INVADED UKRAINE

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By Jessica Chasmar FOXBusiness
close



DEMOCRATS ARE EQUALLY FRUSTRATED WITH BIDEN ADMINISTRATION ON RUSSIAN OIL BAN:
PANEL

South Carolina Rep. Nancy Mace and former Council of Economic Advisers chairman
Tomas Philipson weigh in on solutions to surging gas prices on 'The Evening
Edit.'

The U.S. national average for a gallon of regular unleaded gasoline crossed
the $4 mark for the first time since 2008 on Sunday, up almost 50 cents since
Russia invaded Ukraine less than two weeks ago.



The national average, which hit $4.009 on Sunday, according to AAA, is about 10
cents from the all-time record high of $4.114 seen in July 2008.

ELON MUSK CALLS FOR INCREASE IN US OIL, GAS PRODUCTION TO COMBAT RUSSIA DESPITE
NEGATIVE EFFECT ON TESLA

The nationwide average is up 9 cents since Saturday and 47 cents since Russia
invaded Ukraine 11 days ago, which has put a strain on the global market.

U.S. lawmakers on both sides of the political aisle have been ramping up
pressure on the Biden administration to ban all Russian oil and gas imports, but
the administration has said it wouldn't be possible without creating an even
bigger hike in gas prices at home. 



During his State of the Union address Tuesday, Biden announced the U.S. is
releasing 30 million barrels from its Strategic Petroleum Reserve to protect
consumers from the rising prices, but the average continued to climb.

Secretary of State Antony Blinken said Sunday the U.S. is now considering a ban
on Russian oil, but that it will be "in coordination" with European and NATO
allies.

"The actions we’ve taken to date have already had a devastating impact on the
Russian economy," he said on NBC. "We’ve seen the ruble in free fall. We see the
economy heading into a deep recession. We’ve already had a major impact, but we
are looking, again, as we speak, in coordination with allies and partners at
this prospect of banning oil imports."



CLICK HERE TO READ MORE ON FOX BUSINESS

Critics have accused the Biden administration of funding Russian President
Vladimir Putin’s war on Ukraine by relying on Russian oil while also cutting
down domestic oil production.

"President Biden should immediately reverse his devastating policies that are
causing gas prices to skyrocket and are giving Putin leverage against the rest
of the world and return to the policies that were working under President Trump
to create American energy dominance with gas prices below $2 a gallon," House
Minority Whip Steve Scalise, R-La., who sits on the House Energy and Commerce
Committee, told Fox News Digital. "Speaker Pelosi and President Biden’s radical
Green New Deal agenda will be a major issue in November’s elections."




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Personal Finance
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 * Student Loans
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 * 401k
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Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.

This material may not be published, broadcast, rewritten, or redistributed.
©2022 FOX News Network, LLC. All rights reserved. FAQ - New Privacy Policy