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business Tuesday 8 March 2022
U.S. gasoline prices rise again on talk of banning Russian oil

By DAVID KOENIG U.S. oil imports — up from
AP Business Writer 198 million barrels in 2020.
Gasoline prices are push- That's less than the U.S. gets
ing even farther above $4 from Canada or Mexico
a gallon, the highest price but more than it imported
that American motorists last year from Saudi Arabia.
have faced since July 2008, The increasingly violent
as calls grow to ban imports Russian attack on Ukraine
of Russian oil. has increased calls to cut
Prices at the pump were off Russia from the money
rising long before Russia in- it gets from oil and natu-
vaded Ukraine and have ral gas exports. Europe is
spiraled faster since the heavily dependent on Rus-
start of the war. The U.S. na- sian gas.
tional average for a gallon President Joe Biden has
of gasoline has soared 45 been reluctant to ban Rus-
cents a gallon in the past sian oil, fearing it could fur-
week and topped $4.06 ther fuel inflation heading
on Monday, according to into the midterm elections
auto club AAA. this November.
"I am looking at the possibil- Many Republicans and a
ity of walking to work," said growing number of Dem-
Asiya Joseph, who had just Gas prices are displayed at gas stations in Englewood, N.J., Monday, March 7, 2022. ocrats in the House and
paid $4.29 a gallon at a Associated Press Senate, including House
BP station in Brooklyn, New Speaker Nancy Pelosi, D-
York. "This is the first time break its record price of the pain of the rise in prices to around $119, a 3% gain, Calif., have endorsed ban-
that I am filling up my tank $4.10 a gallon, but that for quite some time." in afternoon trading. The ning Russian crude as a
in like, 10 days." does not account for in- Energy prices are contrib- international price skyrock- way to put more pressure
The price of regular broke flation. In today's terms, uting to the worst inflation eted to $139 before falling on Russian President Vladi-
$4 a gallon on Sunday for the record price would be that Americans have seen back to about $123 a bar- mir Putin. The White House
the first time in nearly 14 equal to about $5.24 after in 40 years, far outpacing rel. Major U.S. stock indexes hasn't ruled out a ban, and
years and is now up nearly accounting for inflation. higher wages. Consumer were down more than 2%. Secretary of State Antony
50% from a year ago. "Forget the $4 per gallon prices jumped 7.5% in Janu- The United States is the Blinken said Sunday that
The price is even higher in mark, the nation will soon ary, compared with a year world's largest oil producer the United States and its al-
Europe, averaging 1.75 eu- set new all-time record earlier, and analysts predict — ahead of Saudi Arabia lies were discussing a ban
ros per liter last week, ac- highs and we could push a 7.9% increase when the and Russia — but it is also "while making sure that
cording to the European closer to a national aver- government reports Febru- the biggest oil consumer, there is still an appropriate
Commission, the equiva- age of $4.50," said Gas- ary figures later this week. and it can't meet that stag- supply of oil" on the world
lent of $7.21 per gallon. Buddy analyst Patrick De Oil prices soared early gering demand with do- market.
GasBuddy, which tracks Haan. "We've never been Monday before retreat- mestic crude alone. Talk of a ban on Russian oil
prices down to the service- in this situation before, with ing. Benchmark U.S. crude The U.S. imported 245 mil- has led U.S. officials to con-
station level, said Monday this level of uncertainty. ... surged to $130 a barrel lion barrels of oil from Russia sider other sources that are
that the U.S. was likely to Americans will be feeling overnight, then moderated last year — about 8% of all currently limited. q

Mastercard, Visa suspend operations in Russia after invasion

NEW YORK (AP) — Master- days. nouncements.
card and Visa are suspend- "We are compelled to act Earlier in the week, Visa
ing their operations in Rus- following Russia's unpro- and Mastercard had an-
sia, the companies said voked invasion of Ukraine, nounced more limited
Saturday, in the latest blow and the unacceptable moves to block financial in-
to the country's financial events that we have wit- stitutions from the networks
system after its invasion of nessed," Visa Chairman that serve as arteries for the
Ukraine. and Chief Executive Officer payments system. Russian
Mastercard said cards is- Al Kelly said in a statement. people have already been
sued by Russian banks will The twin suspensions were hit hard by heavy sanctions
no longer be supported by announced within 16 min- and financial penalties im-
its network and any Mas- utes of each other, and posed by the U.S. govern-
tercard issued outside the they followed a private ment and others.
country will not work at Rus- video call earlier in the day Since the invasion of
sian stores or ATMs. between President Volody- Ukraine, the value of the
"We don't take this decision myr Zelenskyy of Ukraine Russian currency, the ru- In this July 5, 2018 photo, women wearing traditional head
dresses wait to greet Visa cardholders who won trips to the 2018
lightly," Mastercard said in and U.S. lawmakers. Dur- ble, has plunged by more soccer World Cup, at the Marriott Novy Arbat Hotel, taken over
a statement, adding that ing that conversation, Zel- than a third to a record by Visa for the duration of the World Cup in Moscow, Russia.
it made the move after enskyy "asked us to turn off low. That's pushing up infla- Associated Press
discussions with customers, MasterCard and Visa for tion for Russian households,
partners and governments. Russia," Rep. Brad Sherman, and all the fear has helped the financial pressure on panies, such as energy gi-
Visa said it's working with a Democrat from Califor- cause long lines at ATMs. Russia and its people be- ant BP, while others like
clients and partners in Rus- nia, tweeted. "I agree," he Many other companies cause of its attack on Harley-Davidson halted
sia to cease all Visa trans- added, before Mastercard around the world have also Ukraine. Some are selling product shipments to the
actions over the coming and Visa made their an- made moves to increase their stakes in Russian com- country.q