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Metro Atlanta drivers can expect higher gas prices after Biden announces ban on Russian oil imports

US strikes harder at Putin, banning all Russian oil imports
Published: Mar. 8, 2022 at 6:34 PM EST
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ATLANTA, Ga. (CBS46) - As President Biden announced a ban on all Russian oil imports into the United States, some drives in metro Atlanta saw gas prices rise shortly after.

The major trade action, responding to the pleas of Ukraine’s embattled leader, thrust the U.S. out front as Western nations seek to halt Putin’s invasion into Ukraine. Americans will feel pain, too – at the gas pump – Biden acknowledged, declaring, “Defending freedom is going to cost.”

On Tuesday, there was a steady flow of drivers filling up their tanks at the Sam’s Club gas station in Tucker. Gas at the members-only warehouse store was $3.03 on Sunday, according to drivers. It had jumped to $3.84 by Tuesday morning; then to $3.92 shortly following the president’s announcement.

RELATED: US strikes harder at Putin, banning all Russian oil imports

“I was trying to catch the $3.03, but I missed it,” said one driver who had been waiting in line for 25 minutes.

“We have some spring break plans and I hope we can keep them because the gas keeps going up,” said one mom who read a book to her two boys as she waited in line.

So many Americans are wondering just how high will gas prices go up and for how long. Dr. Tibor Besedes, a professor at Georgia Tech’s School of Economics, said, while the U.S. doesn’t import a lot of oil from Russia – roughly 8% - the ban it’s likely to create some consequences.

“For this to truly be effective, to cut off Russia from the global oil and natural gas market, Europe would really need to join in because Europe relies on like 40% of energy supply from Russia,” Besedes said.

For most Americans, Dr. Besedes said to expect to pay more for oil and natural gas. He added the higher prices will be dependent on how long the Russian-Ukrainian conflict lasts.

EXPLAINER: What does a US ban on Russian oil accomplish?

“The longer it goes on for, the higher the increase in prices and higher those increases remain,” Besedes explained.

Drivers who spoke to CBS46 acknowledged the U.S. must do something to stop Russia but many added that they are feeling the pain at the pump.

“It’s partly politics and it’s partly like the right thing to do,” said one driver.

“It’s a tough decision for all of us,” added another.

You can read more about the ban and the impacts it’s expected to have on Americans, by clicking here.