U.S. Sanctions Cutting Off Trade Not Expected to Target Russian Crude Oil

U.S. Sanctions Cutting Off Trade Not Expected to Target Russian Crude Oil

While the U.S. has issued sanctions against Russia for invading Ukraine, those sanctions have deliberately avoided Russia's oil and fuel sectors in order to keep gas prices in the U.S. low.

U.S. oil prices have recently risen amid national inflation, and global oil prices had already reached their highest point since 2014 when worries over the Russia-Ukraine conflict slightly increased oil prices even more. These rising fuel costs, combined with low approval ratings and a struggling economy, could cause trouble for President Joe Biden and his fellow Democrats in the 2022 midterm elections.

To prevent a further increase in global fuel costs, the Biden administration is considering pausing the U.S. gasoline tax, using the country's strategic oil reserves and restricting its oil exports, administration officials told Reuters.