PUMPING THE BRAKES: Biden admin races to stave off another gas price disaster
The Biden administration has continued private negotiations with Western allies to implement a global cap on the price of Russian oil to avoid aThe Department of the Treasury, which is leading the effort, said it continues to negotiate the policy which it has argued is necessary to ensure global and U.S.in the coming months. The agency, which has engaged in discussions with a number of nations both in and out of the G7, could reach a resolution with partners as soon as September.
"A price cap on Russian oil will both deny Putin money for his war machine and put downward pressure on the high oil costs caused by Russia’s unprovoked war against Ukraine," a Treasury Department spokesperson told FOX Business in a statement. "We continue to have productive discussions with the G7 and other allies and partners, who share a common interest in helping consumers by preventing further disruptions to the global supply of oil and reducing revenue to the Kremlin," the spokesperson added.In late June, the U.S. and G7 alliesto implement the price cap, which would effectively disallow international oil buyers to purchase Russian product for a price greater than some figure set during negotiations.
For example, the nations could set a cap of $50 per barrel of Russian oil even as the benchmark price of oil remains near $100 a barrel, an unprecedented move forcing all purchases of the Russian product to come at a significant discount. Much-needed oil would continue to flow while Russia's government would take a financial hit.
Wessel said it is important to ensure Russian oil continues to flow to ensure adequate supply. Russian industry accounts for 10% of the world's petroleum supply and produces about 10 million barrels per day of oil , exporting roughly 5 mbd of oil and another 3 mbd of petroleum products like gasoline, according to a Federal Reserve report from March.
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