Why are Gas prices in America rising when it barely uses oil sourced from Russia?

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The effect of war between Russia and Ukraine has affected the Russian oil prices to a large
extend. This effect can be seen in Asia and Europe, the countries where Russia exports the
oil, as well as other countries like USA. We cant look at American gas prices in isolation; it is important to understand the global supply chain for oil as well. 
Oil prices are dependent a lot on the global requirements as the global commodity market is interconnected. Therefore, disturbances in one part of the world affects the overall price
scenario.

Currently, Russia exports the largest volumes of oil globally. The export of Russia in
December 2021 was 8 million oil barrels and oil products, out of this there were 5 million
crude oil barrels. Out of these, the export to USA was meagre 90,000 barrels in December
2021, therefore the over-all supply to USA is substantially low.

As the nature of business, the oil prices are controlled by the global commodity market. Due to lower supply, the prices are affected globally. It is a general rule that the prices for
products high in supply will rise as the supply will reduce.

Earlier, USA has exempted Oil and natural gas from its list of sanctions from Russia. Where-
as recently on Tuesday, the US administration reversed it stand, banning Oil and natural gas
from Russia. On the other hand, UK has decided to phase out imports from Russia by end of 2022. The European Union is in a difficult situation as they are highly dependent on Russia for imports of Oil.

After Russia has attacked Ukraine, there is a de facto ban for imports of oil from Russia,
which is leaving its supplies remain unsold. There is a high tension in this Oil trading business, as the traders are sceptical to touch the stocks from Russia. Sales and Payment are affected as the banking system is also expected to be affected by the sanctions.

Additionally, tankers are not willing to go to Russian ports due to the risk of war.
This leaves Russia with stock pile-up as no one is buying it.

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