Gasoline reached its highest price since 2008, reaching an average of over $4 nationwide, while solid bipartisan support is building for banning Russian oil and gas, and oil exec suggest ways to reduce gas prices for Americans.
Gas prices highest since 2008, highest in history for some states, could break all-time record this week
On Sunday, the price for a gallon of regular unleaded gasoline rose to over $4, the highest amount since 2008, and as of Monday was only a nickel away from the all-time US high of $4.11 per gallon reached in July 2008 and could topple that record this week.
According to the gas pricing tracker at AAA, the national average was $4.065 as of March 7, 2022. Gasoline prices recorded an average increase of $0.45 for the week, although gas rose more than fifty cents in many states.
California had the highest gas prices at $5.343, followed by Hawaii at $4.69, Nevada at $4.59, Oregon at $4.51, and Washington at $4.44, rounding out the highest five.
At least half of US states had gas prices of $4 or higher.
Missouri had the lowest at $3.62, followed by Oklahoma at $3.64, Kansas at $3.67, Arkansas at $3.69, and South Dakota at $3.70, rounding out the lowest five.
In the state of New Hampshire on Monday, gas reached an average of $4.07, which is the highest in the state’s history, WMUR reported.
How can the US reduce gasoline prices?
Lipow Oil Associates President Andy Lipow told FOX Business that “the quickest thing that the government can do to ease the pain is to suspend the 18-cent-per-gallon federal excise tax on gasoline and the 24 cents per gallon federal excise tax on diesel fuel.”
Pelosi, Schiff signal bipartisan support for banning Russian oil and gas
House Speaker Nancy Pelosi (D-CA) and Rep. Adam Schiff (D-CA) have both expressed their belief there is “strong” bipartisan support for the United States banning imports of Russian oil and natural gas.
“Our bill would ban the import of Russian oil and energy products into the United States, repeal normal trade relations with Russia and Belarus, and take the first step to deny Russia access to the World Trade Organization,” Pelosi said in a letter to colleagues on Sunday, The Hill reported. “We would also empower the Executive branch to raise tariffs on Russian imports.”
“It’s anathema, I think, to many of us in Congress that while we were sanctioning them and trying to cripple their economy, that we would help them in any way by purchasing their petroleum,” Schiff said in an interview with Face the Nation, CBS reported “but I think the administration wants to make sure that we work with our allies.”
Blinken: US in active talks with allies to ban Russian oil
Secretary of State Antony Blinken said Sunday that the US is in talks with European allies discussing banning imports of Russian oil.
“I spoke to the president and the leading members of the Cabinet about this just yesterday from Europe, and we are now in very active discussions with our European partners about banning the import of Russian oil to our countries, while of course at the same time maintaining a steady global supply of oil,” Blinken said during an interview with NBC’s Meet the Press.
When asked whether the US would ban Russian oil unilaterally, Lincoln said: “A hallmark of everything we’ve done to date has been this coordination with allies and partners. We are much more effective across the board.”
Haley compares buying Russian oil to sleeping with the devil
Former US ambassador to the United Nations Nikki Haley criticized the Biden administration for continuing to buy oil from Russia, the Daily Wire reported.
“We know the one thing that punches Putin in the gut is to hit his energy sector,” Haley said. “There is no reason we should be taking money from an enemy. We should go ahead and sanction all those energy companies right now.”
“Why are we even ho-humming around the fact that we’re still taking Russian oil?” Haley continued. “Why are we doing that? Why would we take money from evil dictators?”
“You never sleep with the devil because then the devil owns you,” Haley added. “The Europeans are finding that out right now. We need to be smarter than that.”
