Treasury Secretary Janet Yellen said the ceiling on Russian oil prices will help to reduce billions in revenue for President Vladimir Putin's war in Ukraine.
condemned the production cuts, which threaten to push gas prices higher with midterm elections just one month away.
President Biden boards Air Force One at Andrews Air Force Base, Maryland, Thursday, Oct. 6, 2022, to travel to Poughkeepsie, New York. "The president is disappointed by the shortsighted decision by OPEC Plus to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine," Brian Deese, the director of the National Economic Council, and Jake Sullivan, the national security adviser, said in a statement.
Yellen did not comment on the move on Thursday, but she has previously warned that Americans could once again see a spike in prices at the pump as the EU tries to scale back its reliance on Russian oil. Oil pumpjacks stand in the Inglewood Oil Field on Nov. 23, 2021 in Los Angeles. President Biden announced a plan to release oil from the Strategic Petroleum Reserve in an effort to curb high gas prices."It is possible that that could cause a spike in oil prices," she said in September during an interview on CNN. After hitting a record high of $5.01 per gallon in mid-June, a gallon of gas now costs about $3.86 on average, according to AAA.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Oil Soars as OPEC+ Mulls Huge Output Cut to Defend Prices. What Now for Crude?Oil prices blast higher on reports that OPEC+ will deliver a substantial output cut this week to support the market. WTI and Brent’s near-term outlook appears to be improving following the steep sell-off over the past several months.
Baca lebih lajut »
EU hits Russia with new sanctions, issues price cap on oil following Nord Stream 'sabotage'The European Union agreed to hit Moscow with another round of sanctions and issue a price cap on Russian oil exports in an attempt to target its war chest.
Baca lebih lajut »
EU agrees on price cap for Russian oil over Ukraine warBRUSSELS (AP) — European Union countries agreed Wednesday to impose a price cap on Russian oil and other new sanctions after Moscow illegally annexed four regions in Ukraine amid its monthslong war, EU officials said.
Baca lebih lajut »
OPEC+ makes big oil cut to boost prices; pump costs may riseThe OPEC+ alliance of oil-exporting countries has decided to sharply cut production to support sagging oil prices
Baca lebih lajut »