China, India may buy more Russian oil than is known, says the United States
China, India may buy more Russian oil than is known, says the United States

China, India may buy more Russian oil than is known, says the United States

WASHINGTON: China and India may buy more Russian oil than previously thought by the United States, easing supply-side crises in global markets and potentially driving a recent fall in prices, one by President Joe Bidensaid financial advisers.
The price of West Texas Intermediate crude has dropped to just over $ 105 from more than $ 122 earlier this month – raising hopes that the pressure on the gas pump could ease.
“Right now, especially the oil markets are quite volatile,” said Cecilia Rouse, president Biden‘s Council of Economic Advisers, said Wednesday in an interview with Bloomberg Television. “I have heard part of the explanation is that China and India are actually buying more Russian oil than we might think, so there is more supply in the market.”
Rouse spoke after Biden called on Congress to suspend the federal gas tax, which is 18 cents per gallon, for three months in an effort to give consumers some relief. Rouse said she hopes the global price drop will be passed on to consumers, but that there are still long-term challenges.
“We welcome these price drops, hope they are passed on to the consumer at the pump. But we also know that Russia – this war will not end tomorrow,” she said. Biden wants Congress to suspend the tax “as a bridge to see more oil in the market, get us through these troubled waters as we bring inflation down, get this war resolved and get on a stable, more sustainable economic footing.”
There is no evidence that Congress has plans to take up Biden at his request. The president also called on states to suspend their own gas taxes; some had already done so. In addition, Biden called on energy companies to pass on a fall in crude oil prices to petrol buyers. On Thursday, Minister of Energy Jennifer Granholm will meet with top managers in the energy sector.
“We need more creativity and cooperation to get us through this unprecedented situation,” Granholm said at a briefing in the White House on Wednesday. “This is the time to reinvest the profits that will enable them to better meet the needs of our citizens.”


Leave a Reply

Your email address will not be published.