U.S. gas prices have been up and down throughout the year and now more uncertainty is on the horizon as a European Union embargo on Russian oil imports kicks in along with a price cap on crude out of Russia. WSJ explains how these moves could impact prices at the pump for Americans. Illustration: WSJ, pitching the energy conflict with Moscow into an unpredictable new phase that could inject further volatility into global oil markets.
The European Union and U.K. barred inbound shipments of Russian crude Monday—a watershed for a continent striving to end its dependence on Russia’s fossil fuels after and weaponized supplies of natural gas. In tandem, the EU, the U.S. and allies placed curbs on shipping, insuring and funding Russian crude anywhere in the world.
A price cap on Russian oil would seem comical, because there is no way to limit Russia's oil sales to China, and Russia could sell oil through other countries.
Didn't Russia say it won't sell oil to countries that impose a price cap? What kind of nonsense is this?