Mike Sommers, the American Petroleum Institute president and CEO, says the U.S. energy industry wants ‘to make sure that we’re supplying the world with both natural gas and oil during this time of crisis.’
The average price of diesel fuel in the United States reached $5 per gallon on Wednesday, according to gas price tracking service GasBuddy.
Patrick De Haan, head of petroleum analysis at GasBuddy, said on Twitter that diesel prices have reached the “highest level ever recorded.”
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President Biden announced a ban on Russian oil, gas and energy imports to the United States on Tuesday amid the country’s decision to invade Ukraine, sparking a war that has killed at least 516 people and injured another 908, according to figures posted by the United Nations on Wednesday.
While announcing the sanctions, Biden said that Americans will feel the effects of the ban on Russian oil imports.
“Putin’s war is already hurting American families at the gas pump since Putin began his military buildup on Ukrainian borders,” Biden said. “And with this action, it’s going to go up further. I’m going to do everything I can to minimize Putin’s price hike here at home and coordination with our partners.”
BIDEN ANNOUNCES BAN ON US IMPORTS OF RUSSIAN OIL, WARNS GAS PRICES WILL ‘GO UP FURTHER’
President Joe Biden speaks during an event to announce an investment in production of equipment for the electrical infrastructure in the South Court Auditorium on the White House campus, Friday, March 4, 2022, in Washington. (AP Photo/Patrick Semansky / AP Newsroom)
GasBuddy announced on Monday that the average price of gasoline has hit an all-time record of $4.104 per gallon, beating the old record of $4.103 per gallon, reached in 2008.
Patrick De Haan, head of petroleum analysis at GasBuddy, said that the price increases are partially due to the sanctions placed on Russia.
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Signage with fuel prices at a Shell gas station in Hercules, California, U.S., on Wednesday, March 9, 2022. The average price of gasoline in the U.S. jumped above $4 a gallon for the first time since 2008 in a clear sign of the energy inflation that (David Paul Morris/Bloomberg via Getty Images / Getty Images)
“Americans have never seen gasoline prices this high, nor have we seen the pace of increases so fast and furious. That combination makes this situation all the more remarkable and intense, with crippling sanctions on Russia curbing their flow of oil, leading to the massive spike in the price of all fuels: gasoline, diesel, jet fuel and more,” De Haan said.
He added that gasoline prices are expected to continue to rise.
“It’s a dire situation and won’t improve any time soon. The high prices are likely to stick around for not days or weeks, like they did in 2008, but months. GasBuddy now expects the yearly national average to rise to its highest ever recorded,” De Haan said.
FOX Business’ Brooke Singman contributed to this report