US oil reaches all-time high amid sanctions on Russia
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US citizens are bearing the brunt of Western sanctions on Russia, as gas prices are rising in a suffocating manner.
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Oil prices in the United States have been rising in light of the rising western sanctions on the Russian economy
The Biden administration is planning to announce a ban on imports of Russian oil as early as Tuesday, US media reports said.
"US to ban imports of Russian oil... White House announcement as soon as TODAY," a Bloomberg reporter wrote on Twitter, citing sources.
The plans to ban Russian oil come amid a US-spearheaded Western effort toward sanctioning Russia over its special military operation in Ukraine.
US House Majority Leader Steny Hoyer said Tuesday following a meeting of the US House of Representatives that lawmakers may vote on the legislation to ban oil imports from Russia this week.
"I think we could see it on the floor this week," Hoyer said, according to The Hill.
Amid Washington's sanctions on Moscow, due to the huge share of the oil market that Russia makes up, gas prices in the US reached an all-time high.
US gasoline prices reached the all-time high record of $4.17 per gallon on Tuesday, according to the American Automobile Association (AAA).
"Current Average (regular) $4.173," the AAA said, with some states seeing gas reaching as high as $5.44 per gallon.
The AAA stressed that this is the highest recorded national average price, surging from $4.065 per gallon on Monday, which was a spike of around half a dollar from a week earlier when the price was $3.619.
US stocks have been on a downward march, driven by the impact of the West's sanctions on Russia for its military operation in Ukraine.
The Dow Jones index fell Monday by 797.42 points, the Nasdaq Composite fell 482.48 points and the S&P 500 fell 127,78 points.
