nsacpi
Expects Yuge Games
It's not 8% of consumption, it's 8% of imports. The US is a massive producer of oil as well. So oil obtained and used domestically wouldn't be counted in that figure.
Also, Russian oil imports were already crashing without Biden doing anything. The 8% isn't terribly difficult to replace from other sources and that process had already started as companies didn't want the baggage and risks that came along with buying Russian oil.
Russian oil exports are crashing because the banks are not sure the transactions can be made with the current sanctions regime. Even though oil and gas are not being sanctioned. It is difficult to find a counterparty in Russia to clear oil and gas sales with. It could become a situation that Russia can sell oil and gas but proceeds have to be kept offshore. There was a piece in the WSJ last week about Russian oil producers offering oil at a discount because no one wanted it. It was a pretty big discount. Something like $20 per barrel.