Russian Oil Ban: Will Soaring Gas Prices Go Higher In MA?

MASSACHUSETTS — On Tuesday, President Joe Biden announced his administration is banning Russian oil, natural gas, and coal imports to the United States in response to the Russian invasion of Ukraine.

This move should drive gas prices even higher in Massachusetts, where the cost of a gallon is already averaging at $4.24.

"Today I am announcing the United States is targeting the main artery of Russia's economy. We’re banning all imports of Russian oil and gas and energy," Biden said. "That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to Putin's war machine."

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, 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.

On Monday, Massachusetts gas prices hit a record-breaking high for the first time since 2008, averaging at about $4.16 a gallon Monday. On Tuesday, that number jumped even higher, climbing to about $4.24 a gallon, according to AAA.

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