Tonight on this CNBC Special Hour oil rockets higher again as President Biden bans Russian

energy.

The unprecedented move sending shockwaves to the global markets.

Tonight we are drilling down on the move and the fallout and we are coming to you live

from Houston, Texas at the most important oil conference in the world right now.

Sir O'Reilly ahead on this hour you're going to hear from some of the biggest players

in this space including the CEOs of Occidental Petroleum, Pioneer Natural Resources and

Williams companies as well as OPEC expert Helene McCrawff and just how high gasoline prices

may go across the nation in the coming weeks and maybe the coming months.

Welcome everybody to this CNBC Special, the oil shock I am Brian Sullivan and Jim Kramer

is off tonight.

Welcome.

Alright let's get right now to the big headline of the day, the White House taking bold new

steps against Russia.

Taking all imports of Russian oil and oil related products.

Kaila Towsche is live in our Washington newsroom with the very latest Kaila.

Brian it's more than just that today the White House pointed to US production capacity

as the reason why the US was able to move to ban new investments in Russian oil, gas

and coal.

A senior administration official says Treasury will allow 45 days for companies to wind down

existing contracts but other allies need more time.

The UK planning to phase out Russian oil by year end.

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