” data-hero=”” height=”726″ i-amphtml-layout=”responsive” i-amphtml-ssr=”” layout=”responsive” src=”https://static.independent.co.uk/2022/03/08/15/SEI92237760.jpg?quality=75&width=982&height=726&auto=webp” width=”982″>US gas prices have hit an all-time high at the pump.
American motorists are now paying an average of $4.173 a gallon when they fill up, according to AAA, previously known as the American Automobile Association.
The previous record, $4.10 a gallon, was set in July 2008 – adjusted for inflation that would be around $5.37 in 2022 prices.
AAA data shows that gas prices increased 10 cents in one day and 55 cents compared to last week.
The spike in prices comes as President Joe Biden is expected to announce a ban on imports of Russian oil and gas as part of his administration’s efforts to “continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine”.
Mr Biden is expected to announce the move at a White House address this morning.
How high could gas prices go?
The US imports about 100,000 barrels a day from Russia, only about 5 per cent of Russia’s crude oil exports, according to Rystad Energy. Last year, roughly per cent of US imports of oil and petroleum products came from Russia.
Any curbs on Russian oil exports would send already soaring oil and gasoline prices higher in both the US and Europe and further squeeze consumers, businesses, financial markets, and the global economy.
Energy analysts warn that crude oil prices could go as high as $160 or even $200 a barrel if oil sanctions are imposed by the West or if buyers continue shunning Russian crude.
Oil prices that high could send an average gallon of US gasoline past $5 a gallon.
AP
Oliver O’Connell8 March 2022 16:20
‘DO YOU MISS ME YET?’
Donald Trump hit President Joe Biden for gas prices being the highest they have been in years with a simple statement: “DO YOU MISS ME YET?”
The former president’s statement comes as the Biden administration is set to announce a ban on Russian-imported oil into the United States amid Russia’s assault on Ukraine and gas prices were skyrocketing.
Eric Garcia reports from Washington, DC.
Oliver O’Connell8 March 2022 16:10
EU to end all imports of Russian oil and gas ‘well before 2030’
The EU has unveiled major new plans to end all imports of fossil fuels from Russia “well before 2030”, following the invasion of Ukraine.
“The case for a rapid clean energy transition has never been stronger and clearer,” the European Commission said in a statement.
The rapid reduction in fossil fuel imports from Russia will begin with reducing dependency on Russian gas, the Commission said.
Harry Cockburn, environment correspondent for The Independent, has the latest.
Oliver O’Connell8 March 2022 16:00
Brent oil now trading above $130/barrel
Brent crude oil, the benchmark oil price, is now trading above $130 a barrel with West Texas Industrial not far behind.
Oliver O’Connell8 March 2022 15:53
Senate Democrats push back on sourcing oil from Venezuela, Iran
On the suggestion that imports of Russian oil could be replaced by imports from countries such as Venezuela, Iran, and Saudi Arabia, Senator Jon Tester says: “We shouldn’t be advancing other countries who don’t share our values.”
CNN’s Manu Raju also spoke with Senator Joe Manchin: “Go back to the policies that we’ve had before,” he said, calling for more domestic energy production.
“That’s all we’re asking for. And if we’re asking the rest of the world to step up, let’s show that we’re going to step up.“
Oliver O’Connell8 March 2022 15:49
Manchin: American public would pay more given carnage in Ukraine
CBS News’ Scott McFarlane asked Senate Energy Committee Chair Joe Manchin about the prospect of a further jump in gas prices should a ban on Russian oil imports go into effect.
Citing the carnage in Ukraine, the senator said: “If there’s a price increase and someone says you’re going to pay a nickel or a dime more, I think the American public would pay them.”
Oliver O’Connell8 March 2022 15:46
Biden announcement on Russian oil imports expected soon
President Joe Biden is expected to announce a ban on imports of Russian oil and gas as part of his administration’s efforts to “continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine”.
According to the White House press office, Mr Biden’s schedule for Tuesday — originally set to consist only of his daily national security briefing and a trip to Fort Worth, Texas — will now include televised remarks delivered from the White House’s Roosevelt Room at 10.45 am.
A source familiar with the plans told The Independent Mr Biden’s remarks would contain such an announcement.
Andrew Feinberg reports from Washington, DC.
Oliver O’Connell8 March 2022 15:43
AAA says motorists now paying $4.17/gallon
Good morning,
American motorists are now paying an average of $4.173 a gallon when they fill up, according to AAA.
The previous record, $4.10 a gallon, was set in July 2008 during the global financial crisis.
Adjusted for inflation that would be approximately $5.37 in 2022 prices.
Gustaf Kilander has the latest.
Oliver O’Connell8 March 2022 15:38
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