President Biden has decided to ban Russian oil imports into the U.S., multiple outlets reported this morning. Russian oil accounted for about 3% of crude oil imported into the U.S. last year. Pressure for such a move has been mounting in Congress. Banning Russian oil imports is expected to further increase prices, and U.S. producers are expected to reap the profits of higher margins instead of increasing extraction which would bring down prices. (Bloomberg $, AP, CNN, New York Times $)