 Energy & Environment |
Energy & Environment |
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To cool prices, Trump eyes un-sanctioning Russia oil |
The U.S. is lifting some restrictions on Russian oil and considering more actions to "unsanction" it as the conflict in Iran raises prices globally, Treasury Secretary Scott Bessent said Friday. |
Bessent told Fox Business that the U.S. would allow India to buy Russian barrels. "Yesterday, Treasury agreed to let our allies in India start buying Russian oil that was already on the water," Bessent said. "The Indians had been very good actors. We had asked them to stop buying sanctioned Russian oil this fall. They did. They were going to substitute it with U.S. oil, but to ease the temporary gap of oil around the world, we have given them permission to accept the Russian oil," he continued. "We may unsanction other Russian oil," he added to host Larry Kudlow. "The other thing Treasury can do here, Larry, is, there are hundreds of millions of… barrels of sanctioned crude on the water and in essence, by unsanctioning them, Treasury can create supply," Bessent said. "We are looking at that. We're going to keep a cadence of announcing measures to bring relief to the market." Oil prices have been on the rise all week after U.S. began its strikes on Iran, which is located near the Strait of Hormuz, a key oil shipping channel. The equivalent of about 20 percent of the world's oil consumption typically flows through the strait daily. On Friday, both international benchmark Brent Crude and U.S. benchmark West Texas Intermediate oil were trading at more than $90 per barrel, up about $20 in the last week. Read more at TheHill.com. |
Welcome to The Hill's Energy & Environment newsletter, I'm Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. |
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Senate Democrats will return to the table to negotiate an energy and infrastructure bill, they announced Thursday night. |
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Energy Secretary Chris Wright is projecting that gas prices will fall within "weeks, not months" amid growing concern about energy instability as the U.S. and Israel escalate their military operations in Iran. |
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As the legal battle over the firing of Yosemite National Park ranger Shannon "SJ" Joslin heats up, Joslin tells The Hill that their termination is part of a broader Trump administration campaign against the transgender community and the federal workforce. |
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News we've flagged from other outlets touching on energy issues, the environment and other topics: |
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Upcoming news themes and events we're watching: |
- The Senate Environment and Public Works Committee will hold a hearing on Wednesday about on a bill related to the use of diesel in cold weather
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Two key stories on The Hill right now: |
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President Trump said Thursday that Department of Homeland Security (DHS) Secretary Kristi Noem would leave her role and be appointed as a special envoy for “The Shield of the Americas,” bringing her tumultuous tenure atop DHS to an end.Noem faced scrutiny and intense questioning about the fatal shooting deaths of two American citizens by federal immigration authorities in Minnesota earlier this year. More recently, she was met with skepticism at a Senate hearing from Sen. John Kennedy (R-La.), who argued that a more than $200 million ad campaign she oversaw and appeared in for DHS was primarily "effective in your name recognition." Read more |
| The House passed a Department of Homeland Security (DHS) funding bill Thursday, even as most Democrats defied Republican pressure to end the agency shutdown in light of the Iran conflict. Read more |
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You're all caught up. See you Monday! |
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