On February 24th, Russia began a full-scale invasion of Ukraine, drawing international condemnation. As part of widescale sanctions President Biden banned the import of Russian oil on March 8th,. Russia is the world’s third largest producer of oil, but accounts for less than 10% of U.S. oil imports.
Yet, gas prices in the U.S. have broken records per gallon, so how much of that has to do with Russia? To understand what has driven gas prices to record highs, PBS NewsHour’s Digital Anchor Nicole Ellis spoke with Tom Kloza of Dow Jones’ Oil Price Information Service.
Fear of Russia cutting off gas supply to Europe, and a loss of “about 1.2 million barrels a day of refining,” in the U.S. from prior to the COVID-19 pandemic, Kloza said, has been “enough to keep the market tight” and drive prices up.
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