As Biden administration weighs cutting Russian oil imports, know how much oil US imports from Russia
Categories: FOREIGN COUNTRIES
The United States and European allies are exploring banning imports of Russian oil amid intensifying conflict between Russia and Ukraine.The US House of Representatives Speaker Nancy Pelosi also said in a Sunday letter that the chamber is "exploring" legislation to ban the import of Russian oil and that Congress intends to enact this week USD 10 billion in aid for Ukraine in response to Moscow's military invasion of its neighbour, said a Reuters report. The White House is also talking with the Senate Finance Committee and House of Representatives Ways and Means Committee about a potential ban, Reuters added. Forbes further reported that while the 3.5% attributed to Russia last year "might have been the highest percentage" in at least two decades, but it wasn’t the most by value. It was only the fifth highest total since 2008, Forbes reported.The US national average for a gallon of gasoline hit $4.009 on Sunday, the highest level since July 2008, according to AAA. Consumers are on average paying 40 cents more than a week ago, and 57 cents more than a month ago.Americans are by far the world's heaviest consumers of gasoline, thanks to big cars, long driving distances and little public transportation in many areas, added Reuters.