Transcripts for CNN CNN Newsroom With Poppy Harlow and Jim S

CNN CNN Newsroom With Poppy Harlow and Jim Sciutto March 4, 2022 15:54:00

>> banning russian oil into the united states probably wouldn't be that big of a deal for the simple reason that we don't really use much russian oil here. just 90,000 barrels per day were sent into the united states by russia in december. that's less than 2% of total u.s. oil import. the bigger question is whether or not there's outright sanctions put on russian oil. not only the united states wouldn't use it but virtually no one would be able to. our allies and europe use a lot of russian oil. that would be a bigger deal. in the meantime, people just don't know what's going to happen with sanctions. no one really wants to touch russian oil, banks, there's been this de facto ban on russian oil. that's driven up oil prices at the pump. national average up to $3.84 a gallon. highest level in a decade. 11 cents increase overnight. haven't seen anything like that since hurricane katrina in 2005.

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