WASHINGTON: China and India could buy more Russian oil than ever before, easing supply shortages in global markets and potentially causing the recent price crash, one of the presidents said. Joe Bideneconomic advisors said.
The price of West Texas Intermediate crude has tumbled from more than $122 earlier this month to more than $105 — on hopes that pressure on the gas pump may ease.
“Right now, in particular, the oil markets are rather volatile,” said Cecilia Rouse, president of BidenThe Council of Economic Advisors said in an interview with Bloomberg Television on Wednesday. “Part of the explanation I hear is that China and India are actually buying more Russian oil than we probably believe, so that there is more supply in the market.”
Rouse spoke after Biden called for suspending the federal gasoline tax, which is 18 cents a gallon, for three months to give consumers some relief. Rouse said he expects the fall in global prices to impact consumers, but long-term challenges remain.
“We welcome those price reductions, hopefully they’ll be passed on to the consumer at the pump. But we also know that Russia — this war is not going to end tomorrow,” she said. Biden wants Congress to “suspend the tax as a bridge to see more oil in the market, getting us through these choppy waters as we reduce inflation, resolve this war.” and descend to a stable, more sustainable economic level.”
There is no indication that Congress has plans to take on Biden at his call. 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 down falling crude prices to gasoline buyers. Energy Secretary Jennifer Granholm is scheduled to meet with energy sector CEOs on Thursday.
“We need more creativity and collaboration to get out of this unprecedented situation,” Granholm told a White House briefing on Wednesday. “It is time to reinvest those benefits that will enable them to better meet the needs of our citizens.”
The price of West Texas Intermediate crude has tumbled from more than $122 earlier this month to more than $105 — on hopes that pressure on the gas pump may ease.
“Right now, in particular, the oil markets are rather volatile,” said Cecilia Rouse, president of BidenThe Council of Economic Advisors said in an interview with Bloomberg Television on Wednesday. “Part of the explanation I hear is that China and India are actually buying more Russian oil than we probably believe, so that there is more supply in the market.”
Rouse spoke after Biden called for suspending the federal gasoline tax, which is 18 cents a gallon, for three months to give consumers some relief. Rouse said he expects the fall in global prices to impact consumers, but long-term challenges remain.
“We welcome those price reductions, hopefully they’ll be passed on to the consumer at the pump. But we also know that Russia — this war is not going to end tomorrow,” she said. Biden wants Congress to “suspend the tax as a bridge to see more oil in the market, getting us through these choppy waters as we reduce inflation, resolve this war.” and descend to a stable, more sustainable economic level.”
There is no indication that Congress has plans to take on Biden at his call. 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 down falling crude prices to gasoline buyers. Energy Secretary Jennifer Granholm is scheduled to meet with energy sector CEOs on Thursday.
“We need more creativity and collaboration to get out of this unprecedented situation,” Granholm told a White House briefing on Wednesday. “It is time to reinvest those benefits that will enable them to better meet the needs of our citizens.”