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Russia'southward invasion of Ukraine has triggered astringent economic sanctions and condemnation from the The states and its allies.

Oil prices have surged due to concerns about disruptions to global supply, eight percentage of which comes from Russian exports, leading traders to seek out alternative sources in an already tight market.

The spiralling prices are a particular concern for the U.s., the world's biggest oil consumer, where aggrandizement is already running at a four-decade high.

How much oil does the U.s. import from Russia?

The US imports Russian oil, but information technology is not highly dependent on the state for its supplies.

In 2022, the US imported an average of 209,000 barrels per day (bpd) of crude oil and 500,000 bpd of other petroleum products from Russia, according to the American Fuel and Petrochemical Manufacturers (AFPM) merchandise association.

This represented three per centum of U.s.a. crude oil imports and one percent of the total crude oil processed by U.s.a. refineries. By contrast, the United states of america imported 61 per centum of its crude oil from Canada, ten percent from Mexico, and six pct from Kingdom of saudi arabia in the same twelvemonth.

According to the AFPM, imports of Russian rough oil accept increased since 2022, when the United states imposed sanctions on Venezuela'due south oil industry. United states of america refiners also temporarily boosted Russian imports concluding yr after Hurricane Ida disrupted oil product in the Gulf of Mexico.

INTERACTIVE- US OIL from Russia

How would restrictions on Russian oil exports affect the Usa?

There are two potential scenarios to consider, according to analysts.

"The first is with the oil supply, and the short answer is it would not affect the United states of america that much," Adam Pankratz, a professor at the Academy of British Columbia's Sauder School of Business, told Al Jazeera.

"If information technology actually goes drastic the Usa has a strategic petroleum reserve," he said.

However, according to Pankratz, there is also a broader economic issue to consider.

"If the Usa stopped importing Russian oil, that would mean that probable many other countries would also no longer be importing Russian oil, and that would make a very tight oil market already much tighter, and that would drive upwardly the price of oil and that in plow tin bulldoze inflation, which in plow can affect the United states economy," Pankratz said.

While the sanctions against Russian federation have non specifically targeted its energy supply, the measures do cover banks and financial institutions, which indirectly hampers the country's ability to export oil and other fuels.

On Midweek, crude prices surged to more than $110 a barrel, posing a claiming for governments trying to curb rising inflation.

"While there aren't sanctions in place [confronting the oil market] we are seeing a lot of cocky sanctioning," Pankratz said.

"Then banks and traders … they don't know exactly what's going to get caught up in the Russian sanctions, and they don't want to risk getting an investigation for having imported or dealt with a Russian company when they shouldn't have been doing that."

Pankratz said Russian oil and gas "haven't really been moving" in recent days.

"It'southward not sanctioned fully, merely it'due south having trouble existence sold, because people are nervous [about violating sanctions]," he said.

What will be the political fallout of ascension oil prices for the Biden administration?

Inflation in the U.s. rose at an annual charge per unit of 7.5 percent in January, the Bureau of Labor Statics said, the fastest pace since July 1982.

That translates into a $276 increase in monthly expenses for the average American household, according to a contempo study past Moody's Analytics.

The state of war in Ukraine is likely to only make the state of affairs worse.

Rising prices have already dealt a blow to US President Joe Biden's approval ratings, which are in the doldrums after sinking to a record low of 33 percent in January. Further increases in inflation would further weaken the president'south standing alee of crucial mid-term elections in November.

Pankratz said rise aggrandizement could result in "enormous" political consequences.

"People tend to vote on what we would telephone call the kitchen tabular array issues," Pankratz said. "What's the price of gas? How much can we afford to go on vacation? Families are asking themselves if they are richer this year … and in that regard, inflation could be a serious problem."

Aggrandizement is robbing families of the gains they might otherwise experience from our growing economy. I get information technology.

That's why my meridian priority is getting prices under command.

— President Biden (@POTUS) March ii, 2022