August 30, 2022 8:50am EDT
Biden admin races to stave off another gas price disaster with oil price cap negotiations
'It's a very delicate equation here,' the Brookings Institution's David Wessel tells FOX Business
By Thomas Catenacci FOXBusiness
The Biden administration has continued private negotiations with Western allies to implement a global cap on the price of Russian oil to avoid a potential gas price disaster.
The Department of the Treasury, which is leading the effort, said it continues to negotiate the policy which it has argued is necessary to ensure global and U.S. oil prices don't surge in the coming months. The agency, which has engaged in discussions with a number of nations both in and out of the G7, could reach a resolution with partners as soon as September.
"A price cap on Russian oil will both deny Putin money for his war machine and put downward pressure on the high oil costs caused by Russia’s unprovoked war against Ukraine," a Treasury Department spokesperson told FOX Business in a statement.
"We continue to have productive discussions with the G7 and other allies and partners, who share a common interest in helping consumers by preventing further disruptions to the global supply of oil and reducing revenue to the Kremlin," the spokesperson added.
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https://www.foxbusiness.com/politics/biden-admin-races-gas-price-disaster-oil-price-cap-negotiations
