Russia Oil Ban: Will Soaring Oil Prices Push Gas Higher In IL?

ILLINOIS — An announcement Tuesday that President Joe Biden plans to ban Russian oil imports in the United States could drive gas prices higher in Illinois, where they’re already averaging $4.56 per gallon in the Chicago area. The state average per gallon is $4.42.

In the city of Chicago, the average price per gallon is $4.70.

Oil imports from Russia were a glaring exception in the massive sanctions the U.S. government imposed on Russia in response to its unprovoked attack on Ukraine. Biden’s announcement of the ban on Russian oil, expected at 10:45 a.m., comes as the humanitarian catastrophe deepens in the country of 44.4 million.

The national average for gas topped $4 a gallon, the highest since the crippling 2008 recession, but analysts are skeptical the embargo on Russian oil exports will have a big effect, since that crude represents about 8 percent of the United States’ foreign oil, according to The Wall Street Journal.

Biden had been reluctant to ban the imports, which kept a steady influx of cash flowing to Russia at the same time other restrictions were placed on the country’s financial sector. Two weeks ago, he explained his reluctance to impose energy sanctions, saying he wanted “to limit the pain the American people are feeling at the gas pump.”

The United States is acting alone in putting an embargo on Russian oil exports, but is in close consultation with European allies, who depend on Russia for one-third of its consumption of fossil fuels. The United States does not import natural gas from Russia.

As of Monday, Illinois ranked in the top 10 for states with the worst gas prices. The Land of Lincoln ranked at No. 7.

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