A cap on Russian oil prices will be crucial to help bring down inflation as U.S. consumer inflation soared to a 40-year high, Treasury Secretary Janet Yellen said.
BALI, Indonesia — A cap on Russian oil prices will be crucial to help bring down inflation as U.S. consumer inflation soared to a 40-year high of 9.1% this week, U.S. Treasury Secretary Janet Yellen said on Thursday.
A price cap on Russian oil is one of our most powerful tools to address the pain that Americans and families across the world are feeling at the gas pump and the grocery store right now.She said the U.S. will continue conversations with other countries to see "what we can do together to help others around the world impacted by Russia's war." It includes addressing food insecurity, and the design and implementation of a price cap on Russian oil, she added.
As Washington bans Russian oil and European countries look to cut Russian oil use, prices of oil have surged. Crude oil prices rose above $120 a barrel in March after the Russia-Ukraine war started.Shell's Vito Offshore Oil Platform docked at Kiewit Offshore Services while under construction onshore in Ingleside, Texas, U.S., on Wednesday, April 6, 2022.The price cap mechanism involved the U.S.
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