Russian Oil Ban: Will FL Gas Prices Climb Higher?

FLORIDA — An announcement Tuesday by President Joe Biden that he has banned Russian oil imports in the United States could drive gas prices higher in Florida, where they’re already at $4.15 on average statewide.

AAA Mid-Atlantic said Florida consumers are paying $4.15 a gallon for regular unleaded gas, $4.34 for mid-grade, and $4.74 a gallon for premium gas.

AAA said fuel prices across the country are at a record high average of $4.17 per gallon.

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, announced at 11:25 a.m., comes as the humanitarian catastrophe deepens in the country of 44.4 million.

To offset the loss of Russian oil, Biden said he will authorize the release of oil from the country's strategic reserve.

Related: What Does U.S. Ban On Russian Oil Accomplish? Explainer

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.

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