Gasoline prices are pushing even farther above $4 a gallon, the highest price that American motorists have faced since July 2008, as calls grow to ban imports of Russian oil
Russia invaded Ukraine
The price for gasoline in Europe is even higher, averaging 1.75 euros per liter last week, according to the European Commission, the equivalent of $7.21 per gallon. Oil prices soared early Monday before retreating. In midday trading, benchmark U.S. crude was up 2% to about $118 a barrel, and the international price gained 4% to around $123 a barrel. Major U.S. stock indexes were down about 2%.
President Joe Biden has been reluctant to ban Russian oil, fearing it could further fuel inflation heading into the midterm elections this November.
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