Joe Biden


One of President Joe Biden’s economic advisers said China and India are buying more Russian oil than ever before, easing supply shortages in global markets and potentially driving prices down recently.

value of West Texas Intermediate (WTI) Crude It has dropped from more than $122 earlier this month to just above $105 – with hopes that the pressure on the gas pump may ease.

“Right now, in particular, oil markets are quite volatile,” Cecilia Rouse, chair of the Biden 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 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.” Biden wants Congress to “suspend the tax as a bridge to see more oil in the market, let us get inflation through these choppy waters” below, resolve this war and create a stable, more reach a 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.

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“We need more creativity and collaboration to get out of this unprecedented situation,” Granholm said at a White House briefing on Wednesday. It’s time to reinvest those benefits to better meet the needs of our citizens. able to accomplish.”

This story has been published without modification in text from a wire agency feed. Only the title has been changed.

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