{"id":1631113,"date":"2022-09-02T12:48:48","date_gmt":"2022-09-02T16:48:48","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1631113"},"modified":"2022-09-02T12:49:35","modified_gmt":"2022-09-02T16:49:35","slug":"g7-finance-ministers-commit-to-russian-oil-price-cap-will-help-ukraine-for-as-long-as-it-takes","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/g7-finance-ministers-commit-to-russian-oil-price-cap-will-help-ukraine-for-as-long-as-it-takes\/","title":{"rendered":"G7 Finance Ministers Commit To Russian Oil Price Cap, Will Help Ukraine \u2018For As Long As It Takes\u2019"},"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\">36<\/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%2Fg7-finance-ministers-commit-to-russian-oil-price-cap-will-help-ukraine-for-as-long-as-it-takes%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=1631113&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><a href=\"http:\/\/dailywire.com\/topic\/g7\" target=\"_blank\" rel=\"noopener\">G7<\/a> finance ministers committed on Friday to jointly pursue a price cap on <a href=\"http:\/\/dailywire.com\/topic\/russia\" target=\"_blank\" rel=\"noopener\">Russian<\/a> <a href=\"http:\/\/dailywire.com\/topic\/russia\" target=\"_blank\" rel=\"noopener\">oil<\/a>.<\/p>\n<p>Members of the forum, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, <a href=\"https:\/\/www.dailywire.com\/news\/biden-and-other-world-leaders-want-a-global-price-cap-on-russian-oil\">announced<\/a> the policy three months ago during a conference in Austria. A <a href=\"https:\/\/www.gov.uk\/government\/news\/g7-finance-ministers-statement-on-russias-war-of-aggression-against-ukraine\">statement<\/a> from the nations\u2019 finance ministers published on Friday affirms that the bloc \u201cwill continue to stand with Ukraine for as long as it takes\u201d by banning the sale of Russian oil above a certain price.<\/p>\n<p>\u201cWe seek to establish a broad coalition in order to maximize effectiveness and urge all countries that still seek to import Russian oil and petroleum products to commit to doing so only at prices at or below the price cap,\u201d the statement explained. \u201cWe reaffirm our own measures to phase out Russian oil and products from our domestic markets and underscore that the price cap measure aims to relieve pressure on global oil prices and support oil-importing countries globally by enabling continued access to Russian oil at or below the price cap for countries that continue such imports.\u201d<\/p>\n<p>The initial price cap will be established based upon \u201ca range of technical inputs,\u201d according to the statement, which acknowledged that each of the 27 nations in the European Union must unanimously affirm the plan.<\/p>\n<p>Treasury Secretary Janet Yellen said in a <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0936\">statement<\/a> that the price cap is \u201cone of the most powerful tools we have to fight inflation\u201d caused by future geopolitical events. \u201cBy committing to finalize and implement a price cap, the G7 will significantly reduce Russia\u2019s main source of funding for its illegal war, while maintaining supplies to global energy markets by keeping Russian oil flowing at lower prices,\u201d she remarked. \u201cWhile we\u2019ve seen energy prices ease in the United States, energy costs remain a concern for Americans and continue to be elevated globally.\u201d<\/p>\n<p>The national average price of gasoline was $2.38 per gallon when President Joe Biden assumed office, according to <a href=\"https:\/\/www.eia.gov\/dnav\/pet\/hist\/LeafHandler.ashx?n=PET&amp;s=EMM_EPMR_PTE_NUS_DPG&amp;f=W\">data<\/a> from the Energy Information Administration, and increased to $3.53 per gallon by the start of the Russian invasion. Prices surpassed <a href=\"https:\/\/www.dailywire.com\/topic\/gas-prices\">$5.00 per gallon<\/a> in early June before subsiding to $3.81 per gallon as of Friday, according to <a href=\"https:\/\/gasprices.aaa.com\/\">AAA<\/a>.<\/p>\n<p>Natural gas prices in some parts of Europe have <a href=\"https:\/\/www.dailywire.com\/news\/back-to-the-dark-ages-tucker-carlson-details-europes-self-induced-energy-crisis\">increased tenfold<\/a> compared to normal levels, prompting various countries to introduce energy consumption quotas ahead of the winter months. Germany \u2014 the largest economy in Europe \u2014 imported roughly 55% of its natural gas from Russia before the invasion and has since <a href=\"https:\/\/www.dailywire.com\/news\/germany-poised-to-shut-down-last-nuclear-plants-despite-gas-shortage-ahead-of-winter-months\">reduced its dependence<\/a> to 35%, although German gas supplies are slated to last only three months if Russia decides to end all exports.<\/p>\n<p>The European Union has adopted the official <a href=\"https:\/\/ec.europa.eu\/clima\/eu-action\/climate-strategies-targets\/2050-long-term-strategy_en\">policy<\/a> of becoming \u201ca climate-neutral society\u201d by 2050 in accordance with the European Green Deal and the Paris Agreement. Earlier this week, Tesla and SpaceX CEO Elon Musk <a href=\"https:\/\/www.dailywire.com\/news\/civilization-will-crumble-elon-musk-issues-dire-warning-about-rapid-shift-to-green-energy\">cautioned<\/a> that the global economy places itself at risk by pursuing a rushed transition to renewable power.<\/p>\n<p>\u201cRealistically I think we need to use oil and gas in the short term, because otherwise civilization will crumble,\u201d Musk told reporters at an energy summit in Norway. \u201cOne of the biggest challenges the world has ever faced is the transition to sustainable energy and to a sustainable economy. That will take some decades to complete.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>G7 finance ministers committed on Friday to jointly pursue a price cap on Russian oil. Members of the forum, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, announced the policy three months ago during a conference in Austria. A statement from the nations\u2019 finance ministers published on Friday affirms &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1631115,"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-1631113","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\/1631113","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1631113"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1631113\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1631115"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1631113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1631113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1631113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}