After a jump of more than 20% in just two weeks, oil prices remained over $113 a barrel Friday morning.
And, according to analysts, the cost of crude could skyrocket into uncharted territory if the U.S. implements a ban on Russian oil imports, as Congressional lawmakers from both parties are urging.
The Biden administration is not willing to go that far at this point, simply saying "all options are on the table."
In Houston, Bloomberg Oil & Gas reporter Kevin Crowley said a U.S. ban would make the world's current energy crisis much worse, and have a "staggering" impact on prices. He said, "These things are very easy to bring in, but very difficult to take off. The long-term implications could be huge."
Not factoring in a potential ban on Russian oil imports, the latest estimate from J.P. Morgan is that oil could hit $185 by the end of the year if the Russia-Ukraine war continues. Could that mean Texans paying $7 or $8 a gallon for gasoline? Crowley said, "It would certainly be a lot higher from where we are now, for sure."
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