Oil Surges To $139 A Barrel As Biden Weighs Russian Bans

Oil Surges To $139 A Barrel As Biden Weighs Russian Bans

Gas prices of over $5 a gallon are posted at a petrol station in Alhambra, California on March 4, ... [+] 2022. - Californians filling up their cars on March 4, 2022, winced at the spiraling cost of gasoline, but largely shrugged as residents of the state that has long had the highest gas prices in the United States. (Photo by Frederic J. BROWN / AFP) (Photo by FREDERIC J. BROWN/AFP via Getty Images) It's a big reversal from a few days ago, when the Biden administration said it had no intention of blocking petroleum supplies if it meant inflicting financial pain on consumers. Perhaps that's too late; the price bump implies gasoline prices of $4. 55 per gallon, and according to Patrick De Haan of Gas Buddy, American motorists are paying $250 million per day more for gasoline than a month ago. It's likely any official U. S. ban on imports would need support of Congress. On Friday, House Speaker Nancy Pelosi expressed her support. Many typical buyers of Russian oil have already gone on strike. Shell bought a cargo of Russian oil late last week, reportedly for a deep discount of nearly $30/bbl – then the oil giant