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East Texas News’ Blake Holland spoke Tuesday morning with Dr. Harold Doty, UT Tyler professor of management, about the newly announced ban on U.S. imports of Russian oil.
Doty said by the time the announcement was made by President Joe Biden, the markets had already reacted.
“And the effects are not good,” he said. “It looks like the ban on Russian oil is going to add an additional 10 to 12 cents a gallon to the price of gas.”
Doty said that increase had already been factored into gas prices by the time most people awakened Tuesday morning. Considering the amount of Russian oil used by the U.S. is relatively small, Doty believes the global effects will be muted unless European countries also ban Russian oil.