President Joe Biden has used various means to try to bring crude oil prices lower, including tapping the nation’s strategic reserves. But few, if any, of his efforts have worked.
The Yamal-Europe pipeline carries gas from Russia to Germany and Poland through Belarus. For another key pipeline, the European Union proposed banning seaborne oil from Russia while delaying restrictions on imports from that pipeline in an effort to satisfy Hungarian objections and clinch an agreement on a stalled sanctions package that would target Moscow for its war in Ukraine.
Oil market analysts will focus on a summit of EU leaders, who are considering tighter restrictions on Russian crude and natural gas. The outcome will depend on whether the EU members can agree to a carve-out for Hungary, which is heavily dependent on Russian energy and has blocked efforts to impose sanctions.
U.S. production is increasing, but. as the inventory declines show, it’s hardly enough ease the strain on supplies. President Joe Biden has used various other means to try to bring crude oil prices lower, including tapping the nation’s strategic reserves.
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