With the ban on Russian oil, expect gas prices to climb even higher says economics expert
The ban on Russian oil won’t just be felt by Russia. Americans will feel an impact too
BRYAN, Texas (KBTX) - President Joe Biden announced a U.S. ban on Russian oil and gas imports Tuesday in retaliation for Russia’s invasion of Ukraine.
The move takes aim at Russian President Vladimir Putin’s main revenue source. Raymond Robertson, a Texas A&M Bush School of Government and Public Service professor and holder of the Helen and Roy Ryu Chair in Economics and Government, joined First News at Four to discuss the impact this ban will have on Russia and here at home.
“With this additional restriction on our imports, it suggests that prices might continue to go up a bit more, depending on how much other sources of oil start kicking in,” explained Robertson.
The White House has taken a number of steps to help ease what Americans are having to pay at the pump. For example, they have reached out to Venezuela, a significant member of OPEC, to try to reopen talks there. Trading partners in the Middle East, such as Saudi Arabia, have been asked to increase the supply of oil.
On how Russia will be affected by all this, Robertson admits it would pack a bigger punch if the Entire EU joined in.
“This effect might be relatively small compared to the effect it could have if we were able to get all of our allies to follow suit,” said Robertson.
These European allies are very dependent on Russian oil exports. One of the things they are discussing right now is how quickly they can transition into alternative fuels, however this transition takes time.
What more can the U.S. do to get Russia out of Ukraine?
Robertson says “next steps have to do with diplomacy and trying to get other allies to take similar steps. So we need to start thinking about how we can support our allies in meeting their energy needs if they were to take the same steps.”
Watch the full interview in the player above.
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