Biden warns Russian oil ban will come with costs to consumers

COLUMBIA, Mo. (KMIZ)

President Joe Biden warned Americans on Tuesday that his ban on Russian energy imports won't be cheap.

"When I first spoke I said defending freedom is going to cost us as well in the United States," Biden said Tuesday during a news conference announcing his plan.

In response to the invasion of Ukraine, Biden said Tuesday that his administration is banning Russian oil, natural gas and coal imports to the United States.

"This means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin's war machine," Biden said.

According to CNN, U.S. imports from Russia make up a small part of American energy, about 8%. And in the last two weeks of February, Russian oil imports dropped to zero, which cut all U.S. ties with Russia.

Biden said Tuesday that Americans will not be part of subsidizing Russian President Vladimir Putin's war by aiding Russia's ability to fund the ongoing offensive. Biden said his administration is working to blunt the impact to Americans at the pump but warned that people will see painfully higher gas prices

"A united response to Putin's aggression has been my overriding focus," said Biden.

So far gas prices have risen by 75 cents on average nationwide. The average price for a gallon of gas in the U.S. hit a record of $4.17 per gallon Tuesday. That number rose by 10 cents in one day.

Victor McFarland, a history professor at the University of Missouri says the decision to ban Russian oil won't have a huge impact on Americans because people use such a small amount of Russian oil.

McFarland says the price jump has more to do with the general climate of fear and uncertainty.

"So some of what you're seeing right now are people bidding up oil prices because they want to have that oil under contract, they won't to have it locked down because they don't know if it will be available at that price tomorrow," said McFarland.

And Mcfarland also says the country is not seeing a big energy disruption like the one at the end of 1973 when gas prices nearly quadrupled in just two months.  

"Were not there yet, we haven't seen that kind of disruption, the price increases haven't been as big as some of what we saw in the past.".