Source: NurPhoto / Getty
Shell said Tuesday that it will stop buying Russian oil and natural gas and shut down its service stations and other operations in the country as international pressure mounted to sever ties over the invasion of Ukraine.
The announcement comes after Ukraine’s foreign minister criticized Shell for continuing to do business with President Vladimir Putin’s government.
Shell warned, however, that changing its crude oil supply chain to remove Russian suppliers will “take weeks” and lead to reduced output at some of its refineries.
Shell’s decision comes as gas prices topped $4 a gallon in the U.S. over the weekend for the first time since July 2008. AAA reported that’s a 45% spike from an average of $2.76 a gallon one year ago.
Do you think gas prices could hit $5 by the summer?
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