Russian oil bans could lead to a winter spike in fuel prices

The cost of heating fuel and gasoline may move higher in the coming months as countries ban Russian oil for that nation’s unprovoked attack on Ukraine. “This winter, the European Union will cease, for the most part, buying Russian oil and in addition, they will ban the provision of services that enable Russia to ship oil by tanker,” said Treasury Secretary Janet Yellen. “It is possible that could cause a spike in oil prices.”