Russia Warns Oil Could Reach $300 If West Bans Imports – As Biden Announces He’ll Do Just That

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President Biden will announce a ban on Russian energy Tuesday, as Russia warned that oil could reach and even surpass $300 per barrel if Russian oil is cut off from the global market.

As of this writing, oil is about $130 per barrel – and the resulting gas prices are reaching record levels. The national average for gas is $4.17.

Biden initially balked at bipartisan calls to ban Russian oil imports, saying it would increase already skyrocketing gas prices.

The White House announced that before Noon, the President would “announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine.”

Multiple sources tell CBS News that he will “announce a U.S. ban on Russian oil imports over the country’s invasion of Ukraine.”

Sources note that the ban will also apply to Russian natural gas and coal imports. 

BREAKING: President Biden is set to announce a U.S. ban on Russian oil imports over the country’s invasion of Ukraine. https://t.co/ui5KfeURJ6

— CBS News (@CBSNews) March 8, 2022

RELATED: Electric Car CEO Elon Musk Urges Biden To Increase Oil And Gas Production

Russia: Get Ready For $300 Oil

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Biden’s impending announcement comes despite his initial concerns that such a move would cause already-soaring gas prices to rise even higher.

“We don’t have a strategic interest in reducing the global supply of energy and that would raise prices at the gas pump for the American people around the world because it would reduce the supply available,” White House press secretary Jen Psaki said last week.

The ban on Russian oil also comes after Russian Deputy Prime Minister Alexander Novak on Monday warned that prices could go up to $300 per barrel.

“It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,” Novak warned.

“The surge in prices would be unpredictable. It would be $300 per barrel if not more,” he added.

Oil prices hit 14-year high as talks of US mulling Russian oil import ban spooks markets. Moscow has threatened to stop Europe’s gas supplies.

Crude oil price touched $139 a barrel on Monday, but Russia says it may rise to $300. @PriyankaSh25 speaks to @RosieBirchard for more pic.twitter.com/A5YH0BirdT

— WION (@WIONews) March 8, 2022

The $300 price tag for a barrel of oil represents more than twice the rate as of this moment.

The prices of oil benchmarks West Texas Intermediate and Brent Crude have soared more than 35% to $124.90 and $129.42 per barrel, respectively, since the Russian invasion of Ukraine.

#gasprices pic.twitter.com/5xNCqGHxnZ

— Rusty Weiss 🇺🇸 (@rustyweiss74) March 8, 2022

RELATED: Journalist Scolds Americans: Support Ukraine And ‘Stop Whining’ About Higher Gas Prices

Miss Him Yet?

Gas prices are negatively impacting the finances and budgets of the American people to a level not ever seen before.

In 28 states, Americans are paying average gas prices above $4 per gallon. 19 states and Washington, D.C. have hit new record highs under Biden, and the list is growing.

Gas prices are up:

On that last note, the former President sent out a snarky statement this morning regarding the gas crisis.

“BREAKING NEWS: HIGHEST GAS PRICES IN HISTORY! DO YOU MISS ME YET?” the brief statement read.

NEW!

President Donald J. Trump:

“BREAKING NEWS: HIGHEST GAS PRICES IN HISTORY! DO YOU MISS ME YET?” pic.twitter.com/lXvepwMHyg

— Liz Harrington (@realLizUSA) March 8, 2022

Republicans believe that out-of-control gas prices are going to accentuate the coming red wave in the midterm elections.

“I once read that the party in power always loses when gas prices are above a certain threshold. They are currently above that threshold,” says Senator Bill Cassidy (R-LA).

And then some.

“One year of Democrat rule has destroyed American energy independence and driven up gas prices on every family,” House Republican Conference Chair Elise Stefanik (R-NY) added.

The ban on oil imports is all well and good as a moral stance against Russian President Vladimir Putin for his invasion of Ukraine. But the President needs to have a plan to promote energy production in the United States as a way to counter the rising prices. 

Now that @POTUS has finally consented to halting Russian oil imports, he must follow through with the logical second step and open the tap on America’s clean, abundant energy resources.https://t.co/bxxjf5Il12

— Mike Lee (@SenMikeLee) March 8, 2022

Without that, without a goal for energy independence, there’s only more pain for the American people.

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