White House Considering Many Options for Import of Russian Oil

Ryan Ertlschweiger, Staff Writer

The war between Russia and their bordering country of Ukraine has yet to show any signs of slowing down, and according to projections from the White House, may be expected to last years. With western countries siding with their NATO allies and backing Ukraine, the options to isolate Russia continue to affect lives globally.

FIFA, or the Federal International Football Association, has already banned Russia from competing in their games this year. Russia has experienced similar consequences amid this attack on Ukraine, and the severity of these consequences seems to be increasing as this war prolongs. According to Cecilia Rouse, the chair of the Council of Economic Advisors, the White House has been discussing the possibility of cutting Russian oil imports. Even though Russia only accounts for 10% of oil imports to the U.S, the price of oil would see a noticeable increase, something Americans have had issues with all year. 

Last year, the average price of gasoline was $2.75, with that number rising to $3.84 per gallon this year, according to AAA. As a matter of fact, this past Sunday saw the price of gas in the U.S. hit $4.009, the highest seen since July 2008. The banning of Russian oil would directly raise these prices even more, with some experts believing a record breaking $5 per gallon or more may be a possibility in the foreseeable future.

The U.S. is not the only country discussing the possibility of this ban, as other European countries are speaking with the U.S. about a range of ideas. Japan, a country who considers Russia as their 5th largest crude oil import, have discussed the possibility of this banning Russian oil from entering their country. As Russia remains steady in their attack on Ukraine, allied countries will continue to help, and hopefully soon we will see a decrease in gas prices and the end of this ongoing war.