{"id":1529277,"date":"2022-06-27T11:50:30","date_gmt":"2022-06-27T15:50:30","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1529277"},"modified":"2022-06-27T11:50:50","modified_gmt":"2022-06-27T15:50:50","slug":"biden-and-other-world-leaders-want-a-global-price-cap-on-russian-oil","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-and-other-world-leaders-want-a-global-price-cap-on-russian-oil\/","title":{"rendered":"Biden And Other World Leaders Want A \u2018Global Price Cap\u2019 On Russian Oil"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-and-other-world-leaders-want-a-global-price-cap-on-russian-oil%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1529277&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President <a href=\"http:\/\/dailywire.com\/topic\/biden-administration\">Joe Biden<\/a> and other world leaders are pursuing a cap on Russian <a href=\"http:\/\/dailywire.com\/topic\/oil-and-gas\">oil<\/a> prices.<\/p>\n<p>Members of the <a href=\"http:\/\/dailywire.com\/topic\/g7\">G7<\/a> are meeting in Austria to discuss the <a href=\"http:\/\/dailywire.com\/topic\/russia\">Russian<\/a> invasion of <a href=\"http:\/\/dailywire.com\/topic\/ukraine\">Ukraine<\/a>, as well as climate change and public health. In one background <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/press-briefings\/2022\/06\/27\/background-press-call-by-a-senior-administration-official-on-president-bidens-second-day-in-germany\/\">press call<\/a>, a senior Biden administration official announced that G7 leaders would \u201cset a global price cap for Russian oil in shipments\u201d to countries outside of the seven nations, which include Germany, Italy, the United Kingdom, France, Japan, Canada, and the United States.<\/p>\n<p>\u201cThe goal here is to starve Russia \u2014 starve Putin of his main source of cash and force down the price of Russian oil to help blunt the impact of Putin\u2019s war at the pump,\u201d the official said. \u201cThe dual objectives of G7 leaders have been to take direct aim at Putin\u2019s revenues, particularly through energy, but also to minimize the spillovers and the impact on the G7 economies and the rest of the world.\u201d<\/p>\n<p>Meanwhile, an Iranian official <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/qatar-host-indirect-talks-between-iran-us-reviving-2015-nuclear-deal-2022-06-27\/\">confirmed<\/a> that Qatar would host indirect talks between the United States and Iran on a revival of the Obama administration\u2019s defunct <a href=\"https:\/\/www.dailywire.com\/news\/iran-escalates-enrichment-at-underground-nuclear-facility-now-has-enough-material-for-weapon-reports\">nuclear<\/a> deal \u2014 a reality that could lead to the <a href=\"https:\/\/www.cfr.org\/backgrounder\/what-iran-nuclear-deal\">lifting of oil sanctions<\/a> against the Islamic nation.<\/p>\n<p>West Texas Intermediate and Brent crude oil prices rose slightly on Monday morning amid the news. The national average gas price in the United States is currently $4.90, according to <a href=\"https:\/\/gasprices.aaa.com\/\">AAA<\/a>.<\/p>\n<p>Financial sanctions imposed against Russia have \u201csignificantly disrupted Russia\u2019s ability to receive payments for exports, pay for imports and engage in cross-border financial transactions,\u201d according to the <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/03\/05\/pr2261-imf-staff-statement-on-the-economic-impact-of-war-in-ukraine\">International Monetary Fund<\/a>. However, the sanctions also <a href=\"https:\/\/www.reuters.com\/business\/imf-warns-russia-sanctions-threaten-chip-away-dollar-dominance-ft-2022-03-31\/\">threaten the status of the dollar<\/a> as the global reserve currency.<\/p>\n<p>Russian President Vladimir Putin has acknowledged the impact of the sanctions on his nation. \u201cOur economy will need deep structural changes in these new realities, and I won\u2019t hide this \u2014 they won\u2019t be easy; they will lead to a temporary rise in inflation and unemployment,\u201d Putin said in March, per <a href=\"https:\/\/www.wsj.com\/articles\/putin-acknowledges-impact-of-sanctions-on-russian-economy-11647462258?mod=article_inline\">The Wall Street Journal<\/a>.<\/p>\n<p>Earlier this month, President Biden <a href=\"https:\/\/www.dailywire.com\/news\/bidens-abuse-of-defense-production-act-will-drive-gas-prices-even-higher\">invoked the Defense Production Act<\/a> \u2014 a federal law allowing the commander-in-chief to prioritize manufacturing certain goods in times of national crisis \u2014 to accelerate green energy production. Even as prices at the pump continue to rise, Energy Secretary <a href=\"http:\/\/dailywire.com\/topic\/jennifer-granholm\">Jennifer Granholm<\/a> repeated her <a href=\"https:\/\/www.dailywire.com\/news\/energy-secretary-lays-out-the-only-way-to-avoid-high-gas-prices-and-its-not-producing-more-oil\">argument<\/a> that the \u201conly way out\u201d of \u201cboom-and-bust cycles\u201d in energy prices is \u201cdeploying clean energy.\u201d<\/p>\n<p>\u201cThe real truth is that as long as our nation remains overly reliant on oil and fossil fuels, we will feel these price shocks again,\u201d Granholm said last week. \u201cThis is not going to be the last time. The next time there\u2019s a war, the next time there\u2019s a pandemic or another hurricane, these extreme weather events we are experiencing \u2014 they will impact the access that we have to fossil fuels.\u201d<\/p>\n<p>The Biden administration also proposed a three-month suspension on the federal gas tax \u2014 a move that would <a href=\"https:\/\/www.dailywire.com\/news\/report-shows-how-much-bidens-gas-tax-suspension-would-save-the-typical-american\">save<\/a> the typical American a paltry $4.79 to $14.31 over the course of three months. Sen. Joe Manchin (D-WV) \u2014 a key moderate \u2014 said last week that he <a href=\"https:\/\/www.dailywire.com\/news\/democratic-senator-not-a-yes-right-now-on-bidens-proposed-gas-tax-holiday\">had not signed on to the idea<\/a> since the policy does not guarantee that the amount would \u201cpenny-for-penny come off of that price.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden and other world leaders are pursuing a cap on Russian oil prices. Members of the G7 are meeting in Austria to discuss the Russian invasion of Ukraine, as well as climate change and public health. In one background press call, a senior Biden administration official announced that G7 leaders would \u201cset a &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1529325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1529277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1529277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1529277"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1529277\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1529325"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1529277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1529277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1529277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}