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By Kristin Myers, Editor-in-Chief

What's Happening Today

Happy International Women's Day! It's Kristin with your daily morning digest.

This morning, the White House announced that it will ban oil imports from Russia, working with European allies to enact this new round of sanctions.

Stocks continue to lose ground after the Dow hit correction territory and the Nasdaq entered a bear market yesterday, down more than 20% from its most recent high. Commodity prices have also been climbing, with wheat prices setting new records and oil prices surging on the ban of Russian oil imports. The London Metal Exchange (LME) also suspended the trading of nickel today after an unprecedented rise in price on concerns about Russian supplies.

Russia is the world's biggest exporter of oil, one of the largest producers, and the Russian oil ban will likely lead to higher gas prices here in the U.S., at least in the short term. Gas prices have been creeping upward since the Russia-Ukraine conflict began, and the average price of a gallon of regular gas hit a record $4.17 today, according to AAA. Rising oil prices also mean higher costs for businesses, which can increase inflation and sting your wallet as you buy groceries and other goods and services.

A new survey from The Balance also found that more adults in the U.S. support than oppose President Joe Biden's Build Back Better plan. While there is broad support for the plan's provisions for lowering prescription drug costs, tax reforms, and helping people with lower incomes, a majority of respondents fear the plan will cause inflation to go even higher.

- Kristin

Editors' Picks

U.S. and U.K. Move To Ban on U.S. Import of Russian Oil Today (Bloomberg)

Banning Russian Oil Will Likely Mean Higher Gas Prices (The Balance)

How High Is Inflation? It Depends Which One (The Wall Street Journal)

Major Credit Card Networks Pull Out of Russia (The Balance)

Nearly One-Third of US Adults Supports Build Back Better (The Balance)

Dejected Student Loan Borrowers Have Reason for Hope (The Balance)

Investing for Kids: 5 Tips for Success (The Balance)

Off the Charts

Nearly 1 in 5 adults had trouble making ends meet in January, highlighting how roaring inflation is taking its toll on households, according to a recent survey by Morning Consult.

Number of the Day

$4.17 - That's how expensive a gallon of gas was on Tuesday, a staggering 55 cents more than a week earlier and a record high since at least 2000, according to AAA.

Season 2 of the "Money Confidential" podcast is back with "Taxes in Ten," a six-episode mini-season covering your top tax questions. Host and nationally recognized money expert, Stefanie O'Connell Rodriguez, is teaming up with The Balance's very own Editor-in-Chief, Kristin Myers, as well as Caleb Silver, Editor-in-Chief of Investopedia, to talk about everything from doing your own taxes to the specific tax considerations of different life stages. You can listen now to "Taxes in Ten."