>> Welcome back Over the ░░░░░░░░ the State Department announced ░░░░░░░░ may soon support an ░░░░░░░░ on Russian oil to ░░░░░░░░ them for the invasion ░░░░░░░░ Ukraine but it seems ░░░░░░░░ be translating to higher ░░░░░░░░ prices state side Nationwide ░░░░░░░░ price of a gallon ░░░░░░░░ 11 since last week ░░░░░░░░ highest since 2008 Tonight ░░░░░░░░ talk about it with ░░░░░░░░ Thanks for joining us ░░░░░░░░ you Jim great to ░░░░░░░░ you look here we ░░░░░░░░ Obviously we re talking ░░░░░░░░ the increase here but ░░░░░░░░ think it s reasonable ░░░░░░░░ say we re not ░░░░░░░░ of woods yet we ░░░░░░░░ definitely not out of ░░░░░░░░ woods yet as Washington ░░░░░░░░ still discussing the potential ░░░░░░░░ on Russian imports of ░░░░░░░░ And also one of ░░░░░░░░ ripple effects through the ░░░░░░░░ supply chain We ve ░░░░░░░░ The National average reach ░░░░░░░░ 4 07 across the ░░░░░░░░ which is a parity ░░░░░░░░ you see gas prices ░░░░░░░░ about 115 a barrel ░░░░░░░░ this evening those prices ░░░░░░░░ continuing to go up ░░░░░░░░ it s possible weren ░░░░░░░░ expect at least another ░░░░░░░░ increase at the pump ░░░░░░░░ depending on how that ░░░░░░░░ concerns across the world ░░░░░░░░ the access to energy ░░░░░░░░ s possible you could ░░░░░░░░ see another 10 on ░░░░░░░░ of that moving forward ░░░░░░░░ again a very fluid ░░░░░░░░ with a lot of ░░░░░░░░ as we know These ░░░░░░░░ best estimates as of ░░░░░░░░ point in time the ░░░░░░░░ has been noncommittal to ░░░░░░░░ point about stopping any ░░░░░░░░ of Russian oil Now ░░░░░░░░ may be willing to ░░░░░░░░ on that There seems ░░░░░░░░ be tremendous sentiment towards ░░░░░░░░ that but that could ░░░░░░░░ contribute to an even ░░░░░░░░ increase in the prices ░░░░░░░░ s absolutely correct I ░░░░░░░░ right now in Washington ░░░░░░░░ president is under a ░░░░░░░░ of political pressure to ░░░░░░░░ because the crisis in ░░░░░░░░ has turned into a ░░░░░░░░ issue The European however ░░░░░░░░ more dependent on imports ░░░░░░░░ Russia and are thinking ░░░░░░░░ things differently as a ░░░░░░░░ to enforce sanctions and ░░░░░░░░ on the Russian economy ░░░░░░░░ well as Vladimir Putin ░░░░░░░░ think right now we ░░░░░░░░ see how it plays ░░░░░░░░ over the course of ░░░░░░░░ week Right now Washington ░░░░░░░░ they haven t made ░░░░░░░░ decision but it seems ░░░░░░░░ this is the direction ░░░░░░░░ the U S will ░░░░░░░░ In addition talking to ░░░░░░░░ parties around the world ░░░░░░░░ increase supply of natural ░░░░░░░░ and oil to offset ░░░░░░░░ increase at the pump ░░░░░░░░ as we ve seen ░░░░░░░░ this weekend and into ░░░░░░░░ week so far just ░░░░░░░░ threat of these sanctions ░░░░░░░░ causing the prices to ░░░░░░░░ up at the pump ░░░░░░░░ we don t expect ░░░░░░░░ to fade any time ░░░░░░░░ and as we debate ░░░░░░░░ policy here state side ░░░░░░░░ on what direction they ░░░░░░░░ here this is clearly ░░░░░░░░ issue that s not ░░░░░░░░ You mentioned the problems ░░░░░░░░ Europe It s not ░░░░░░░░ to the United States ░░░░░░░░ think we tend to ░░░░░░░░ a lot of these ░░░░░░░░ as how they impact ░░░░░░░░ state side but this ░░░░░░░░ a global problem mainly ░░░░░░░░ back to what we ░░░░░░░░ seeing in Russia and ░░░░░░░░ Are we seeing as ░░░░░░░░ as that conflict continues ░░░░░░░░ s how long we ░░░░░░░░ be talking about these ░░░░░░░░ when it comes to ░░░░░░░░ supply that s a ░░░░░░░░ question I think it ░░░░░░░░ several variables impacting the ░░░░░░░░ Just to put it ░░░░░░░░ the right context the ░░░░░░░░ S only imports about ░░░░░░░░ of foreign oil So ░░░░░░░░ a consequence we are ░░░░░░░░ little bit less sensitive ░░░░░░░░ these price dislocations than ░░░░░░░░ countries around the would ░░░░░░░░ However t fact that ░░░░░░░░ is an interconnectedness around ░░░░░░░░ uncertainty impacting us all ░░░░░░░░ to the crisis in ░░░░░░░░ and supply chain concerns ░░░░░░░░ resources around the world ░░░░░░░░ just the fact we ░░░░░░░░ about to reopen hopefully ░░░░░░░░ services part of the ░░░░░░░░ and there s still ░░░░░░░░ demand do mystically for ░░░░░░░░ that s also a ░░░░░░░░ impacting the price at ░░░░░░░░ pump So as I ░░░░░░░░ before we should budget ░░░░░░░░ further increases moving forward ░░░░░░░░ hopefully as uncertainties evaporate ░░░░░░░░ this crisis and hopefully ░░░░░░░░ resolved sooner than later ░░░░░░░░ s where the relief ░░░░░░░░ be seen moving forward ░░░░░░░░ looking at what they ░░░░░░░░ dealing with in Ukraine ░░░░░░░░ now it s life ░░░░░░░░ death This is part ░░░░░░░░ our day to day ░░░░░░░░ right now that s ░░░░░░░░ there s so much ░░░░░░░░ Thanks for joining us ░░░░░░░░ tonight on fox 5. ...