Axios reporter Ben Geman joins LiveNOW’s Austin Westfall to discuss the latest on the global oil supply amid the Iran war. Treasury Secretary Scott Bessent announced Thursday that the U.S. will temporarily lift sanctions on Russian oil currently
The United States “is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea,” Bessent wrote in a social media post.
“This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction. President Trump’s pro-energy policies have driven U.S. oil and gas production to record levels, contributing to lower fuel prices for hardworking Americans. The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term.”
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