Gas prices top $4 per gallon as US considers banning Russian oil imports

Drivers across the country are feeling the sticker shock as the average price per gallon of gas soared above $4 this weekend for the first time since 2008. On Monday, the national average of $4.065 stood just five cents shy of the national record for regular unleaded, and the price at the pump is 62 cents higher than just one month ago, according to American Automobile Association. The latest surge in price is fueled by Russia’s invasion of Ukraine.

In California, the average price is $5.34 per gallon, the highest in the country. Across the board, fuel-related organizations like GasBuddy predict prices will set a new national record in the coming days. GasBuddy’s latest release said “geopolitical tensions, could propel prices upward of $4.25 per gallon by Memorial Day.” Its updated fuel forecast shows the country’s average won’t dip back below $4 until November, meaning the average household will spend nearly $800 more on gas this year than last.

While the Western world economically squeezes Russia over its Ukraine invasion, sanctions on oil remain untapped over fears of collateral damage. Russia is the world’s third largest oil producer behind the U.S. and Saudi Arabia, accounting for roughly 10% of the global supply. While the U.S. imports just a small fraction of oil from Russia, Europe relies on Russia for nearly 40% of its natural gas.

“I think there are ways to backfill so that the impact isn’t on the United States, the real question is what the impact is on Europe and whether Europeans will go along with that,” former Rep. Donna Edwards (D-MD) said about sanctioning Russian oil on CNBC.

Bloomberg has reported that the White House is considering banning Russian oil on its own, without Western allies, while House Speaker Rep. Nancy Pelosi (D-CA) said Congress is looking into the same.