(WBBM NEWSRADIO) — Oil and gas producers in Illinois said they support President Biden's ban on importing oil from Russia.
"I think the move was pretty necessary. Putin's war effort is funded by oil and gas exports,” Seth Whitehead, executive director of the Illinois Petroleum Resources Board, said Tuesday.
He noted that Russia's economy is not diversified, so it relies heavily on the sale oil and gas resources.
J. Nelson Wood, president of the Illinois Oil and Gas Association, does not believe the ban on Russian oil imports will lead to a jump in gas prices.
He said the United States doesn't import that much oil from Russia.
"It's largely symbolic if we ban it in the United States, but it does send a message," Wood said.
The price of oil is approaching the records that were set in 2008. Wood says that will entice more domestic oil companies to ramp up production.
"Make no mistake, the industry will boom again. There will be more oil on the market again, which means lower prices," he said.
Biden’s ban on Russian energy sales to the U.S. is the latest economic sanction imposed on President Vladimir Putin since he invaded Ukraine. Biden warns consumers in the U.S. could feel an impact.
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