Another jump at the pump? How US’s Russian oil ban might impact gas prices

President Joe Biden announced the US is banning Russian oil Tuesday

Man filling up a car with gas. (AP Photo/Gene J. Puskar) (Gene J. Puskar, Copyright 2022 The Associated Press. All rights reserved)

There will be no more Russian oil coming into the United States, President Joe Biden announced Tuesday morning.

“Today I’m announcing the United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil,” Biden said.

On the heels of President Biden’s announcement, a spokesperson for AAA, Mark Jenkins, told News 6 it could impact pricing further.

[TRENDING: Videos show flooding in EPCOT, Disney’s Hollywood Studios after rainy night in Orlando | LISTEN: Alaska Airlines flight relays potential threat to Orlando Air Traffic Control | Become a News 6 Insider (it’s free!)]

“With so much volatility out there in the market, it’s really hard to put any expectations on what we would see in a week, let alone a couple of days, but what we could say right now based on where oil prices are, is that we’re looking at at least another $.10 jump at the pump,” Jenkins said.

And he said that jump could come this week.

“This was something that was in the works for the past 24 hours or so, and I think the oil market got a heads up on that because we saw some increases occurring yesterday,” Jenkins said.

We’re in trying times right now for motorists, and it could get worse, according to Jenkins.

“It really just depends on how the oil market digests this information and responds from here; if oil finishes the day much higher than obviously that’s going to drag gas prices higher as a result,” Jenkins said.

News 6 also spoke with the Director for Economic Forecasting at the University of Central Florida, and he said it’s not just fuel for cars to consider, but also the impact on jet fuel.

He said that’s rising rapidly as well, which would move airline prices higher, just ahead of spring break travel.

About the Author:

Lauren Cervantes was born and raised in the Midwest but calls Florida her second home. She joined News 6 in August 2019 as a reporter.