U.S. Treasury Secretary Janet Yellen on Sept. 11 said Americans could experience a spike in gas prices in the winter when the EU significantly cuts back on buying Russian oil, adding that a proposed Western price cap on Russia’s oil exports is being designed to keep prices in check.
“It’s a risk, and it’s a risk that we’re working on the price cap to try to address,” Yellen told CNN.
The possible price increase could come because the EU “will cease for the most part buying Russian oil” and impose a ban on services that allow Russia to ship oil by tanker, she said.
The price cap plan agreed to by G7 wealthy nations calls for participating countries to deny insurance, finance, brokering, navigation and other services to oil cargoes priced above a yet-to-be-determined price cap on crude and oil products.
Yellen said the price cap is aimed at lowering revenue Russia could use to wage war in Ukraine while maintaining Russian oil supplies to keep global prices down.
2022-09-15 - A lease sale for floating wind areas offshore California will take place by year-end 2022 as U.S. aims to lower costs by 70%, according to an announcement by the DOE.
2022-07-22 - Our inconsistent policies are not addressing our energy crisis. The path to lower U.S. energy prices and greater energy security begins and ends right here at home, writes Jack Belcher, principal at Cornerstone.
2022-09-07 - Cornerstone Government Affairs principal of advisory services and tax policy expert John Sandell discusses the Inflation Reduction Act and the various impacts it has on the oil and gas industry.
2022-09-20 - "Freezing or capping energy bills might help consumers in the short term, but it does not address the real causes and is not the long-term solution," Aramco's Amin Nasser said of Europe's energy bill cap plans.
2022-08-10 - The concept of ESG in the energy sector continues to evolve amid increasing backlash as discussion around energy security takes center stage.