The average price for gas in Indiana is getting close to setting an all-time record. Now that President Biden has announced a U.S. ban on Russian oil, gas prices are only expected to go higher.

“That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to [Russian President Vladimir] Putin’s war machine,” said Biden at a news conference Tuesday.

Patrick DeHaan with GasBuddy predicts prices will get worse before it gets better.

“The problem is that global consumption is nearly at 100 million barrels a day and the problem is that Russia is a significant producer of about 10 million barrels a day of oil production, and suddenly with the loss of Russian oil, the balance has been significantly tipped in a way we’ve never fully seen before,” said DeHaan in an interview with WISH-TV.

The average gas price is $4.17 nationwide, which is the highest in history.

IU Economics professor Kyle Anderson said rising gas prices will impact two big parts of the U.S economy, how much money we spend and the cost of goods.

“One thing that gets talked about that could maybe have a short term impact is the suspension of the federal gas tax, but that would only bring down prices by probably less than 10 cents and it would have a negative impact on our highway funds and those important things that need to be funded,” said Anderson to WISH-TV.

GasBuddy says the average price for gas across Indiana is $4.14.

DeHaan and Anderson both recommend that you limit driving and conserve gas to the best of your ability.