US President Joe Biden has found a way to reduce the cost of fuel at American gas stations.
Unlike the previous idea, when gas station owners were required to simply reduce selling prices, economists will have to think hard about how to implement Biden’s new initiative.
Let us remind you that after an unsuccessful visit to the Middle East, Joe Biden fell ill with Covid, but according to statements by the White House administration, he continues to lead the United States remotely.
Biden’s initiative
Meeting with aides on economic issues, Biden, who is sick with Covid, talks about how to stop rising prices in the United States.
It is necessary to introduce a price ceiling on Russian oil, the American president said when the issue of rising gasoline prices was raised during the meeting.
The head of the White House considered the rate of reduction in fuel prices ineffective. But everything should change when an upper limit on the price of Russian oil is introduced.
Biden said that he even convinced his colleagues at the G7 meeting on this issue.
This will increase supply and reduce Russia’s income,” MIA quotes Biden’s statement.
A little history
At the G7 summit held at the end of June, politicians decided to establish a so-called ceiling on oil prices from Russia.
The Kremlin called the new attack an element of psychological warfare, which will be followed by an increase in prices on the energy market rather than a decrease.
Despite all attempts by US allies to limit Russia’s income from the sale of gas and oil, such as embargoes, voluntary refusals and other sanctions, Moscow’s income from the sale of energy resources continues to grow.
