With new sanctions announced by President Joe Biden against Russia following the invasion of Ukraine, the News4JAX I-TEAM is looking into how much the U.S. actually relies on Russia when it comes to gas and oil.
Russia’s invasion of Ukraine is set to reshape the world’s energy markets as nations are cutting off oil and natural gas purchases from Russia, which is the third largest producer of both.
The U.S. imports Russian oil, but it’s not highly dependent on the country for its supply, according to U.S. energy experts. “Expect a further jump in the price of oil with this announcement,” said Patrick De Haan, analyst with GasBuddy. “Makes it a little bit harder but compared to the EU, which imports about four-and-a-half million barrels of Russia’s crude oil. The U.S. is relatively safe without Russian imports. Europe is much more hostage to the Russians for oil.”
Last year, the United States relied on Russia for about 8% of its energy imports, and only 3% of that is crude oil.According to the U.S. Energy Information Administration, America get most of its crude imports from Canada and Mexico.Energy experts say, in the short term, Americans can expect gas to rise to $4.50 cent a gallon mark, but the price of diesel fuel is also expected to reach a record high.
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