California gas prices may continue rising after President Biden announced the U.S. will ban all Russian imports of gas, oil and energy. Here's how high an expert says prices could get.
The average price of a gallon of self-serve regular gasoline in Los Angeles County rose to $5.247 on Saturday, but some gas stations in the area have even higher prices."We don't import a lot of Russian oil," Holian said."I think it's in the single digits in terms of the fraction of oil that we import. So, effectively it's not a big hit to our supply."
Both experts anticipate the pace of the increase in price should slow down. But, that could change if further sanctions come from other countries."If other countries stopped importing Russian oil, that would cause the price of oil to go up even more," Holian said. "If the EU would cut off Russian energy, that would cause an absolute explosion in the cost of oil," De Haan said.
DeHaan added that isn't anticipated to happen, but the U.S. sanctions will still be felt at the pumps in the coming days.
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