The US hopes there will be an agreement on capping the price of Russian oil by December, U.S. Deputy Treasury Secretary Wally Adeyemo said at a security forum on Wednesday.
“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,” U.S. treasury secretary Janet Yellen said earlier this month at a finance ministers and Central Bank governors summit in Indonesia.
“A limit on the price of Russian oil would deny Putin revenue his war machine needs and would build on the historic sanctions we’ve already implemented to make it more difficult for him to wage his war or grow his economy,” Secretary Yellen added.
Biden Pronounces Wind Turbine Plan for Oil-Rich Gulf of Mexico
President Joe Biden announced plans to advance offshore wind power in the Gulf of Mexico and in Atlantic waters near the Southeast U.S. An expert, the president, National Ocean Industries Association, Erik Milito said restoring U.S. energy security must include the resumption of domestic offshore oil and gas leasing, which did not happen with Biden’s Wednesday announcement of Executive Actions on Climate to Address Extreme Heat and Boost Offshore Wind.
“Our country is in dire need of a cohesive national energy policy. The opportunity is before us to produce reliable, affordable, lower carbon, and secure domestic energy,” Milito said.
“We can only get there through an all-of-the-above approach, which must include the resumption of domestic offshore oil and gas leasing.”
Global electricity demand slows on weaker economic growth and soaring prices
Electricity demand growth worldwide is slowing sharply this year as the global economy slows and energy prices remain high, according to the International Energy Agency.
Demand is forecast to grow by 2.4% in 2022, lower than the IEA’s roughly 3% growth forecast at the start of the year and down from the 6% increase recorded in 2021, the IEA said in its latest Electricity Market Report on Wednesday.
The latest expectation brings electricity demand growth for this year in line with its average growth rate over the five years prior to the Covid-19 pandemic.
While the rapid economic recovery that boosted demand in 2021 was expected to slow, demand this year has been affected by a combination of factors such as high commodity prices, rising inflation — which led to interest rates hikes, and China’s strict Covid-19 lockdown measures, which affected industrial production and increased tension across already tight global supply chains, the report said.
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