Gas & Oil
Russian authorities have rejected a price cap on the country’s oil set by Ukraine’s Western supporters and are threatening to stop supplying the nations that endorsed it.
The Group of Seven nations and Australia have joined the European Union in agreeing to a $60-per-barrel price cap on Russian oil.
The president shot down claims from an oil executive who said dividend payouts for investors was a benefit to the American people.
The president will also open the door to additional releases this winter in an effort to bring gasoline prices down.
“What Saudi Arabia did to help Putin continue to wage his despicable, vicious war against Ukraine will long be remembered by Americans,” the Senate majority leader said.
European Union countries have agreed to impose a price cap on Russian oil and other new sanctions after Moscow illegally annexed four regions in Ukraine.
The OPEC+ alliance of oil-exporting countries on Wednesday decided to sharply cut production to support sagging oil prices.
Rail is never oil producers’ first choice, but a new transcontinental line could become the most attractive backup option when pipelines fail.
Jennifer Granholm said the U.S. will produce a record amount of oil next year.
Falling prices for gas, airline tickets and clothes are giving consumers a bit of relief, although inflation is still close to a four-decade high.