Record-High Gas Prices And The Russian Oil Ban: 5 Things To Know

ACROSS AMERICA — Gas prices already accelerating as Americans returned to the highways after a pandemic hiatus have soared even higher with Russia’s invasion into Ukraine.

Gas in California was averaging $5.07 a gallon Friday, and one station was even charging $6.45 a gallon, Patch previously reported.

Nationally, gas cost average an average of $4.25 of a gallon Wednesday, surpassing the previous day’s record high of $4.17 a gallon, the auto club AAA reported.

Here are five things to know about record-high gas prices and President Joe Biden’s announcement of a U.S. ban on crude and other imports from Russia:

1. The price acceleration began long before Russia invaded Ukraine.

Biden’s decision Tuesday to ban Russian crude imports is causing oil prices to skyrocket and speculator trading is driving them higher, but the acceleration in gas prices began months ago as petroleum refiners ramped up production to return to pre-pandemic levels, according to The Wall Street Journal, trusted internationally for its financial reporting.

2. What’s being done to ease the pain at the pump?

Biden acknowledged Americans will feel pain at the pump, said “defending freedom will have a cost” and said little can be done about that in the short-term.

Last week, the United States and its allies released 60 million barrels of oil from their strategic reserves to temper the effect of the war on gas prices. Half of that total came from the U.S. Strategic Petroleum Reserve. But it was a “band-aid solution” and “not enough to cool off the market,” Michael Tran, managing director of global energy strategy at RBC Capital Markets, told CNN.

3. What’s the status of a bill to suspend the federal gas tax?

A bill in Congress to suspend the 18.4-cent-per-gallon federal gas tax until January 2023 is gaining momentum. Democratic governors in Wisconsin, Minnesota, Colorado, New Mexico and Pennsylvania sent a letter to congressional leaders from both parties encouraging them to take up the Gas Price Relief Act as swiftly as possible.

“First, it saves Americans at the pump by suspending the federal gas tax for the rest of the year,” the governors wrote. “Money saved at the pump translates into dollars back in consumers’ pockets for groceries, childcare, rent, and more.”

Republican Gov. Brian Kemp is working with Georgia lawmakers to temporarily suspend that state’s fuel tax, and Minnesota Democratic Gov. Tim Walz said he’s open to doing the same there.

A federal gas tax holiday would cost the government about $20 billion, the Committee for a Responsible Federal Budget estimates.

In general, state gas taxes pay for the construction, maintenance and repair of roads and bridges.

Here's more on what some states are doing:

• Michigan Lawmakers Seek Vote To Pause Gas Tax
• Georgia Gov. Brian Kemp Asks Lawmakers To Suspend Gas Tax
• CA 'Gas Tax Holiday' Proposed Amid Surging Fuel Prices
• Baker Pressured To Suspend Massachusetts Gas Tax As Prices Soar
• New York Considers Gas Tax Suspension

4. What’s the long-term solution?

Biden doubled down on green energy as the long-term solution to high oil prices in his news conference Tuesday. He said loosening government regulations or pulling back investments in clean energy won’t deliver any savings at the pump, but “transforming our economy to run on electric vehicles powered by clean energy with tax credits to help American families winterize their homes and use less energy … will help. …”

Energy analysts say that’s overly optimistic, even with oil prices of $100 a barrel and higher, Reuters reported.

It’s true electric vehicle sales soared after record-high gas prices in 2008, but as they started to rise again in 2021 after pandemic lows, sales of gas-guzzling SUVs were on pace to reach a record in both volume and market share at 45 percent of global car sales.

Also, Reuters explained, the bust-and-boom cycle of oil likely means an expansion of drilling operations in the United States, the world’s largest oil producer, and thus lower prices. In the United States, oil production is expected to soar above the 2019 record of 12.25 million barrels a day to 13.88 million barrels per day in 2034, according to the U.S. Energy Information Administration.

5. What can you do?

The simple answer: Drive less. Public transportation is a good option for people who have access to it. Carpooling also helps. And with spring on the horizon, bicycling and walking become more attractive options that carry health benefits.

When you’re driving, follow these tips for more efficient fuel consumption:

• Make sure tires are properly inflated.
• Lighten the load by removing heavy things you’re hauling around because they’re handy (picnic chairs and tables), but not necessary (spare tires and wrenches).
• Use your air conditioning, which is more efficient than driving with the windows down, which creates wind resistance.
• Accelerate gently when taking off.
• Avoid aggressive braking, and slow by taking your foot off the accelerator and coasting to a near stop before braking.
• In traffic, keep a safe distance from the vehicles in front of you, stay alert and anticipate people crossing the street or making turns so you can avoid sudden braking.
• Avoid high speeds.
• Avoid excessive idling.

Also, combine trips when possible; map out routes, especially if they’re long; avoid roads with frequent stoplights, intersections and pedestrians; avoid rush hour traffic; and use four-lane highways when you can.