President Donald Trump is urging NATO allies to stop buying Russian oil to cut off its main source of funding for its war in Ukraine, a move that experts warn could impact global oil supply and raise gas prices in the U.S.”We’re not buying oil from Russia. (NATO) is buying a lot of oil from Russia. That’s not the deal,” Trump said Sunday to reporters. “The sanctions that they’re putting on are not tough enough, and I’m willing to do sanctions, but they’re going to have to toughen up their sanctions commensurate with what I’m doing.”President Trump called on NATO countries to step up and enforce a full boycott of Russian oil, including what experts say are hundreds of millions of dollars in profits from the 8 to 9 billion barrels of oil Russia produces each day.No country has enough spare capacity to quickly replace the lost supply, according to energy experts. In addition, the U.S. produces a different type of oil—a lighter crude compared to Russia’s heavier crude—and many refineries are not equipped to make that switch.”That’s going to mean there’s less global supply of crude oil, and that would likely lead to higher prices,” Patrick De Haan from Gas Buddy said. “It’s hard to put an exact number on it, because there are so many different circumstances that could change, and even a small change could change the trajectory for a potential impact on gas prices.”According to AAA, the national average for a gallon of gas as of Monday is $3.17. Energy experts warn that if Trump is successful, that number could skyrocket.”It could cause U.S. and global gasoline prices to shoot up 25 to 50 cents, maybe even 75 cents in a worst-case scenario,” De Haan said.Experts say gas prices may soon fall due to lower demand and cheaper winter gas, typically falling anywhere between 10 and 35 cents a gallon. They warn that relief may be short-lived if Trump moves forward with his plan to cut Russian oil.President Trump is also pushing NATO countries to impose 50% to 100% tariffs on China due to its influence over Russia, which experts say could further impact gas prices, especially in transporting Chinese exports.Watch the latest on the Russia-Ukraine war:
President Donald Trump is urging NATO allies to stop buying Russian oil to cut off its main source of funding for its war in Ukraine, a move that experts warn could impact global oil supply and raise gas prices in the U.S.
“We’re not buying oil from Russia. (NATO) is buying a lot of oil from Russia. That’s not the deal,” Trump said Sunday to reporters. “The sanctions that they’re putting on are not tough enough, and I’m willing to do sanctions, but they’re going to have to toughen up their sanctions commensurate with what I’m doing.”
President Trump called on NATO countries to step up and enforce a full boycott of Russian oil, including what experts say are hundreds of millions of dollars in profits from the 8 to 9 billion barrels of oil Russia produces each day.
No country has enough spare capacity to quickly replace the lost supply, according to energy experts. In addition, the U.S. produces a different type of oil—a lighter crude compared to Russia’s heavier crude—and many refineries are not equipped to make that switch.
“That’s going to mean there’s less global supply of crude oil, and that would likely lead to higher prices,” Patrick De Haan from Gas Buddy said. “It’s hard to put an exact number on it, because there are so many different circumstances that could change, and even a small change could change the trajectory for a potential impact on gas prices.”
According to AAA, the national average for a gallon of gas as of Monday is $3.17. Energy experts warn that if Trump is successful, that number could skyrocket.
“It could cause U.S. and global gasoline prices to shoot up 25 to 50 cents, maybe even 75 cents in a worst-case scenario,” De Haan said.
Experts say gas prices may soon fall due to lower demand and cheaper winter gas, typically falling anywhere between 10 and 35 cents a gallon. They warn that relief may be short-lived if Trump moves forward with his plan to cut Russian oil.
President Trump is also pushing NATO countries to impose 50% to 100% tariffs on China due to its influence over Russia, which experts say could further impact gas prices, especially in transporting Chinese exports.
Watch the latest on the Russia-Ukraine war: