Russia could soon reduce oil production by 30%, leading to one of the biggest supply crises in decades, CNN reports.

The International Energy Agency on Wednesday reported that Russia could be forced to cut production by 3 million barrels per day in April. The country was producing about 10 million barrels per day before it invaded Ukraine. About half of that production was exported.

But things have changed quickly as a major land war in Europe continues. The United States, Canada, the United Kingdom and Australia have banned Russian oil imports. And "moves by major oil companies and global banks to stop dealing with Moscow following the invasion are forcing Russia to offer its crude at a huge discount," CNN explains.

Washington state is not immune to these risks. Petroleum provides more than 54% of the state's energy needs, followed by electricity at more than 20% and natural gas at 17%, according to the U.S. Energy Information Administration.

As of this morning, the statewide average for a gallon of gasoline was $4.73, AAA reports. The national average gas price is $4.25.

To learn more about energy issues, contact AWB Government Affairs Director Peter Godlewski at PeterG@awb.org.