Joe Biden signed a document banning imports of Russian energy after all. Both oil and natural gas fall under the ban.
Commenting on his decision, the US president said Washington was aware of the consequences for the US energy market but that it “had to take this step. You should agree that this is an interesting formulation.
Gasoline in the U.S. reached new price highs. Photo: Yandex Images
Against this backdrop, oil prices continued their ascent to the highest values in their history, which they showed in 2008
.
West Texas benchmark WTI gained more than 7%, reaching the level of $128 per barrel. North Sea Brent is trading at a similar percentage gain and the European benchmark’s price tag has reached $132.
But while the quotes and value of oil futures have some abstract price for average Americans, the value of gasoline at gas stations in the United States, which they buy every day, is a more substantive indicator of the state of their budget.
Meanwhile, gasoline prices in the U.S. continue to rise more than just higher, with motor fuel prices hitting an all-time high of $4.17 per gallon.
If interested, let’s convert the cost of gasoline in the U.S. to rubles. A gallon comes in British and American. An American gallon of fuel is equal to 3.78541 liters. Let’s multiply a gallon by its cost $4.17 x 123 rubles per $1 = 513 rubles. We divide the ruble price of a gallon by its liter and get 135 rubles per liter.
It is worth noting that the head of European diplomacy, Josep Borrell, has already issued a statement in which he clarified that the European Union does not intend to ban the import of Russian energy carriers, Kommersant reports.
On the subject: Olaf Scholz gave the “backlash. OPEC hasn’t backed the U.S. And other good news. It’s Russia that hasn’t responded in any way yet.
Meanwhile, the financial world continues to live by its own rules. Investors continue to invest in shares of oil companies.
The Anglo-British Shell adds more than 4% to its capitalization. The US oil industry leader ExxonMobil (XOM) is growing +4.6%. Shares of the second biggest U.S. oil giant Chevron (CVX) +6.66% renew price highs for the third session in a row.
The securities of Californian corporation have already risen more than $172, and since the beginning of the current year their rise exceeds 43%. Despite today’s weakness in Occidental Petroleum (OXY) shares, since January 1 the securities of the brainchild of Armand Hammer, a friend of the USSR, are already up 73%.
