What is the price of the Russian oil ban for Americans

What is the price of the Russian oil ban for Americans?

TAX OR ANOTHER ROUND OF STIMUSUL TAX -- STIMULUS ECCHKS TO HELP AMERICANS PAY THEIR BILLS. AS ACTION 7’S JOHN CARTER NOBLY FOUND, THE SANCTIONS ARE NOT JUST AFFECTING RUSSIA BUT EVERYONE. >> ACCORDING TO ABC NEWS, LAST YEAR, ROUGHLY 8% OF U.S. IMPORTS OF OIL AND PETROLEUM PRODUSCT CAME FROM RUSS.IA THAT MEANS THE IMPACT OF THE SANCTIONS ARE LIKELY TO BE MINIMAL BUT COSTLY HERE AT HOME. IF YOU HAVE BEEN TEO TH PUMP IN THE LAST WEEK, IT IS OBVIOUS GAS PRICES ARE GOING UP. >> THE NEXT FEW MONTHSRE A GOING TO BE TOUGH ONES FOR THE WALLETS OF MANY CONSUMERS HERE IN NEW MEXICO. >> UNM ECONOMIST RILEY WHITE SAYS THE OIL SANCTIONS ALREADY IS DRIVING UP THE PREIC OF OIL GLOBALLY. >> WE HAVE SEEN THAT ALREADY ONCE NEWS BROKE ABOUT THE OIL SANCTIONS AGAINST RUSS.IA OIL PRICES SHOT TOHE T HIGHEST LEVEL ENSE SINCE 2008. >> AND THEY ARE STILL RISING. ALL METRO AREAS BROKE THEIRG. ERAGEAV PRICE OF GAS PROPELLTAN GALLON WITH THE STATE AVAGEER AT 4.17. >> WE SHOULD EXPECT TO CONTINUE TO SEE OIL PRISCE HIGH. >> WHILE THE FUTURE OF THE RUSSIAN INVASION IS UNCERTAIN, HE SAYSE H DOES NOT SEE GAS PRICES BUDGING ANY TIMESTAMP SHOULD >> IF THE RUSSIAN INVASION OF UKRAINE OR THE WAR ENDS, WE SHOULD EXCITE A POSITIVE REACTION BUT ETH FUNDAMENTALS AT PLAY SLLTI MEAN WE SHOULD EXPECT PRETTY EXPENSIVE GASOLEIN THROUGHOUT 2022. >> ENEYRG ANALYSTS WARN PRICES COULD BILL HIGH AS 160 TO $200 A BARREL IF THE BAN CONTINUES AND THIS WOULD AVERAGE -- THIS WLDOU SEND AVERAGEAS G PRICES PAST FIVE DOLLARS A GALNLO PIT DARLENE: WE WILL EXPLAIN

What is the price of the Russian oil ban for Americans?

Last year, roughly 8% of U.S. imports of oil and petroleum products came from Russia. That means the impact of the sanctions on Russia is likely to be minimal, but costly here at home. “The next few months are going to be tough ones for the wallets of many consumers here in New Mexico,” said economist Reilly White White said the oil sanctions the U.S. placed on Russia are already driving up the price of oil globally. "It will affect prices because oil is a globally traded commodity. And we've seen that already. Once news broke about oil sanctions against Russia, oil prices shot to the highest levels we've seen since 2008," White said. "We should expect to continue to see oil prices rise. Whether or not they continue at record levels or advance further depends on the geopolitical situation, and wherein the oil market situation we are week to week."While the future of the Russian invasion is uncertain, White said he does not see gas prices budging anytime soon. “If the Russian invasion of Ukraine ends, or the sanctions end, we should expect a positive reaction in oil prices. But the fundamentals at play right now still mean we should still expect pretty expensive gasoline throughout 2022," White said.Energy analysts warn prices could go as high as $160 to $200 a barrel if the ban continues. This would send average U.S. gas prices past $5 a gallon. Watch the video above for the full story.

ALBUQUERQUE, N.M. —

Last year, roughly 8% of U.S. imports of oil and petroleum products came from Russia.

That means the impact of the sanctions on Russia is likely to be minimal, but costly here at home.

“The next few months are going to be tough ones for the wallets of many consumers here in New Mexico,” said economist Reilly White

White said the oil sanctions the U.S. placed on Russia are already driving up the price of oil globally.

"It will affect prices because oil is a globally traded commodity. And we've seen that already. Once news broke about oil sanctions against Russia, oil prices shot to the highest levels we've seen since 2008," White said. "We should expect to continue to see oil prices rise. Whether or not they continue at record levels or advance further depends on the geopolitical situation, and wherein the oil market situation we are week to week."

While the future of the Russian invasion is uncertain, White said he does not see gas prices budging anytime soon.

“If the Russian invasion of Ukraine ends, or the sanctions end, we should expect a positive reaction in oil prices. But the fundamentals at play right now still mean we should still expect pretty expensive gasoline throughout 2022," White said.

Energy analysts warn prices could go as high as $160 to $200 a barrel if the ban continues.

This would send average U.S. gas prices past $5 a gallon.

Watch the video above for the full story.

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