Russian Oil Ban: What It Could Mean For Gas Prices In New Jersey

Toms River NJ

08 March, 2022

11:04 AM

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NEW JERSEY — An announcement Tuesday that President Joe Biden plans to ban Russian oil imports in the United States could drive gas prices higher in New Jersey, where they're already $4.27 per gallon. Oil imports from Russia were a glaring exception in the massive sanctions the U.S. government imposed on Russia in response to its unprovoked attack on Ukraine. Biden's announcement of the ban on Russian oil, expected at 10:45 a.m., comes as the humanitarian catastrophe deepens in the country of 44.4 million. The national average for gas topped $4 a gallon, the highest since the crippling 2008 recession, but analysts are skeptical the embargo on Russian oil exports will have a big effect, since that crude represents about 8 percent of the United States' foreign oil, according to The Wall Street Journal. Biden had been reluctant to ban the imports, which kept a steady influx of cash flowing to Russia at the same time other restrictions were placed on the country's financial sector. Two weeks ago, he explained his reluctance to impose energy sanctions, saying he wanted "to limit the pain the American people are feeling at the gas pump." Related: What Does U.S. Ban On Russian Oil Accomplish? Explainer The United States is acting alone in putting an embargo on Russian oil exports, but is in close consultation with European allies, who depend on Russia for one-third of its consumption of fossil fuels. The United States does not import natural gas from Russia. In the Garden State, gas prices hit a record average of $4.17 as prices rose 52 cents per gallon in the last week, AAA reported on Monday morning. Read More: Gas Prices Climbing Across NJ As Global Supply Is Pinched Morris, Essex, Union, Somerset, and Mercer counties are seeing the highest prices for gasoline in the state, from $4.23 to $4.19 a gallon. Sussex, Warren, Gloucester, Atlantic and Burlington counties had some of the lowest prices at the pump, but only a few cents down, at $4.13 to $4.08 a gallon, AAA reported. Camden County's prices were the lowest at $4.07 a gallon. Prices per gallon fell in the middle for Salem, Cumberland, Cape May, Ocean, and Middlesex counties where motorists paid between $4.13 and $4.17 a gallon. » Read more from The Associated Press on Across America Patch