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

Biden will declare a ban against Russian energy Tuesday. Russia has warned that Russian oil could exceed $300 per barrel, if Russia is not allowed to access the global oil market.

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

Biden first resisted bipartisan demands to ban Russian oil imports. It claimed that it would lead to an increase in already high-priced gas.

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 say that Russia’s natural gas and coal imports will be affected by the ban. 

RELATED: Elon Musk, CEO of the Electric Car, urges Biden to Increase Oil And Gas Production

Russia is ready for $300 oil

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.

Russian oil was also banned Monday after Alexander Novak (Russian Deputy Prime Minister) warned that prices could reach $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.

A barrel of oil costs $300, which is more than double the current rate.

After the Russian invasion in Ukraine, Brent Crude and West Texas Intermediate have seen their prices rise by more than 35%. They now cost $124.90 and $129.42 a barrel respectively.

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

Miss Him Yet?

American citizens are suffering from a new level of financial and fiscal problems due to rising gas prices.

Average gas prices in 28 US states are above $4/gallon. Biden has set new records in 19 states, Washington, D.C., and this list continues to grow.

The gas prices have risen

Last note: The ex-President sent out this morning a humorous statement regarding the gas crises.


Republicans think that high gas prices will amplify the red wave ahead of 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).

There are many more.

“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.

It is a good moral position against Russian President Vladimir Putin and his invasion in Ukraine. However, it’s not a ban on oil imports. To counter rising oil prices, the President must have a plan for promoting energy production in America. 

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