Gas Prices Rise , Above $4 a Gallon, as U.S. Considers <br />Sanctioning Russian Oil .<br />NPR reports that oil prices in the United States <br />have reached a 14-year high, while gasoline <br />prices surged to a near national record. .<br />The surging prices reportedly come as <br />the U.S. and its allies are considering possible <br />restrictions on the purchase of oil from Russia. .<br />The surging prices reportedly come as <br />the U.S. and its allies are considering possible <br />restrictions on the purchase of oil from Russia. .<br />NPR reports that in the time since <br />the invasion of Ukraine began, Russian oil <br />has been spared by western sanctions. .<br />NPR reports that in the time since <br />the invasion of Ukraine began, Russian oil <br />has been spared by western sanctions. .<br />We are now talking to our European partners <br />and allies to look in a coordinated way at the <br />prospect of banning the import of Russian oil. <br />That's a very active discussion as we speak, Antony Blinken, United States Secretary of State, via CNN.<br />We are now talking to our European partners <br />and allies to look in a coordinated way at the <br />prospect of banning the import of Russian oil. <br />That's a very active discussion as we speak, Antony Blinken, United States Secretary of State, via CNN.<br />NPR points out that the increased <br />energy prices come as U.S. consumers <br />face the highest inflation in decades. .<br />According to AAA, U.S. gas prices have jumped <br />45 cents a gallon in the last week, reaching a national average of $4.06. .<br />Depending on the form sanctions on Russian oil takes, energy prices could climb even higher. .<br />Russia exports approximately 7% of the world's oil, equalling about seven million barrels daily. .<br />Analysts predict that sanctions on Russia could see<br />crude oil prices could climb to $200 per barrel, which <br />would lead to average gas prices of $5.84 per gallon. .<br />Analysts predict that sanctions on Russia could see<br />crude oil prices could climb to $200 per barrel, which <br />would lead to average gas prices of $5.84 per gallon. .<br />NPR reports that the invasion has also contributed to rising grain prices, as both Ukraine and Russia are major exporters of wheat and corn. .<br />While this could add to rising prices in U.S. supermarkets, <br />a shortage of grain would profoundly impact developing <br />countries which are dependent on imported food supplies. .<br />While this could add to rising prices in U.S. supermarkets, <br />a shortage of grain would profoundly impact developing <br />countries which are dependent on imported food supplies.
