Keep an eye on the oil markets today. Europe is taking action on Russian imports.
The 27-member European Union is set to enact restrictions on Russian oil, setting a price cap of around 60 dollars a barrel, meaning it won't buy from Russia if the price is higher than that.
"Really, what this means for drivers right here at home , is this is just another disruption in the oil and gas market that we've really been dealing with most of the year," said Nick Chabarria with AAA.
"Fortunately, the price cap, the EU ban on Russian...oil isn't really meant to stifle the oil market," Chabarria said. He explained that the idea behind the price cap is to only by Russian oil if it is cheap enough that Russia cannot use the profits to fund its war against Ukraine.
He also says it may largely be symbolic.
"There are other countries like China and India that have not agreed to the price cap," said Chabarria. "Of course, both of those countries (are) major consumers of oil."
More than a third of the world's population lives in those two countries.
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