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White House: No decision made on banning Russian oil

OPEC Oil Prices
Posted at 1:29 PM, Mar 07, 2022

President Joe Biden has not made a decision on whether the U.S. will ban Russian oil imports.

The president has faced bipartisan calls, including from House Speaker Nancy Pelosi, to ban Russian oil as punishment for the country's invasion of Ukraine.

Press Secretary Jen Psaki said Monday that banning Russian oil is not off the table.

"Those discussions are ongoing internally and with our counterparts and with our partners in Europe and around the world," Psaki said.

Psaki added that the president spoke with world leaders Monday about a range of issues, including the possibility of banning Russian oil.

The U.S. imported about 700,000 barrels of crude oil and petroleum a day from Russia in 2021, according to Psaki. She said Europe imported more than 4 million barrels a day.

The conversations about a potential ban come as Americans are paying for a gallon of gasoline. According to GasBuddy, the average price for a gallon of gas in the U.S. is now $4.104 per gallon, breaking the previous record of $4.103, which was set in 2008.