The US may try to buy some cheap Russian oil after the European oil embargo drives the price down, US President Joe Biden indicated on Wednesday. He aired the idea while talking to media about his administration’s plan to deal with the shortage of baby formula and surging prices for basic commodities such as food and gas.
Biden took credit for keeping US gas prices, currently at all-time highs, from going even higher. He blamed Russia and its military campaign in Ukraine for driving food and energy prices up and said his administration was working hard to deal with the problems.
“The issue that is occurring now is you have Europe deciding that they’re going to further curtail the purchase of Russian oil,” he said, referring to the sixth package of anti-Russian sanctions.
EU members reached an agreement several days ago partially banning imports of Russian crude. The Europeans want to cut oil trade with Russia by 90% by the end of the year. But Russia’s loss of European market may be an opportunity for the US, Biden implied.
“There’s a whole lot of consideration going on about what can be done to maybe even purchase the oil but at a limited price so that it has to be sold,” he said. “There’d be an overwhelming need for the Russians to sell it, and it would be sold at a significantly lower price than the market is generating now.”
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