The Russian-Ukrainian war caused severe inflation in the United States and the West. The picture shows a resident of Berlin, Germany refueling at a gas station.Figure: Retrieved from Xinhuanet
The world is facing the trend of rising oil prices. In response, US President Joe Biden said on Wednesday (1st) local time that the United States is still unable to significantly reduce gasoline prices and is considering other proposals. Russian crude oil sets a lower selling price, allowing it to enter the market.
According to foreign media reports, Biden pointed out at the White House press conference that the idea that we can reduce the cost of gasoline at the flip of a switch seems unlikely in the near future, and the same is true for food prices.
The soaring oil prices and prices have angered many American citizens. It is even more precarious for the Democratic Party to enter the US mid-term elections in the fall. It is difficult to suppress inflation, which has caused Biden’s support rate in the Democratic Party to gradually decline, and may even be in the mid-term elections. Lost seats in the House and Senate.
According to data from the American Automobile Association (AAA), the current gasoline price in the United States has reached $4.67 per gallon, a record high. Although the United States has used the Strategic Petroleum Reserve (SPR) to try to lower oil prices, the actual effect has been minimal. Biden remained reassured, emphasizing that the administration’s efforts could help prevent further increases in oil prices.
Foreign media pointed out that oil exports from Russian ports to EU member states have continued to rise since April. (The picture shows Rosneft gas station). Photo: Rosneft gas station (taken from Twitter Photography: A.Savin)
With Europe winding down its purchases of Russian oil and reaching a deal to ban 90% of Russian oil imports by the end of the year, Biden hinted that it would also sell for well below current market prices as Russia desperately needs to sell it , so the United States may allow a cap on the price of Russian crude oil and allow it to be sold abroad.
In addition, according to the “Sputnik” (Sputnik) report, Biden said that the West is exploring the possibility of buying Russian oil at below market prices, rather than giving up imports.
In this regard, U.S. officials familiar with the matter revealed that in the face of inflation that has seriously threatened Biden’s approval rate, there have been differences within the Biden team on how to deal with the Russian sanctions.
It is said that many officials in the U.S. State Department and the White House advocate tougher sanctions against Russia; the other faction is concerned that supply chain issues, inflation, oil price volatility and food crises, if more severe sanctions are imposed, will be a threat to the global economy. Bringing more pressure will also hit the Democratic Party’s approval ratings in the upcoming midterm elections.
The world is facing a trend of rising oil prices, US President Joe Biden said on Wednesday (1st) local time
U.S. still unable to significantly lower gasoline prices, other proposals under consideration
Not ruling out trying to set a lower selling price for Russian crude to get it into the market.
The United States continues to face rising oil prices, and Biden said it would consider allowing Russian oil to be sold at low prices. Source: Exxon Mobil (Exxon Mobil) official website (file photo)