This should normalize world fuel prices.
Starting next year, the USA will produce a record amount of oil . US Energy Minister Jennifer Granholm said this in an interview for Fox News Sunday.
“It's about demand and satisfaction. When Russia invaded Ukraine, global markets lost millions of barrels. As oil is traded globally, we have to make up for this lost fuel,” said Jennifer Gränholm.
According to her, the US will produce 12.7 million barrels of oil per day by 2023, now this figure is 12 million per day.
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She added that US President Biden's decision to allocate 1 million barrels per day from the Strategic Petroleum Reserve Fund and his calls to the oil sector to increase production should also have a positive effect on the decrease in fuel prices. Before that, she also spoke in an interview with “Voice of America”.
“Unfortunately, you see how fuel prices in Europe have skyrocketed tremendously. Obviously, because of the invasion, Russia under-exported millions of barrels of oil, in addition to natural gas. That is why prices have increased all over the world, the minister also said. – Now our president and others have called for increased production right now so that we can lower the price of gasoline for consumers. And the president is definitely concerned about how this will affect real people, inflation and so on. But eventually we have to move to clean energy. And this is discussed in the draft law signed by the president for the United States the day before“,
She emphasized that this law is the largest commitment to fight climate change among all countries in the world . She also emphasized that the USA and Europe are united in the understanding that they should completely abandon Russian fuel.
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Let us remind you that the next step of US sanctions against Russia will be measures against Russian energy resources, in particular we are talking about a strict limitation of the price of its oil so that Russia can no longer receive excess profits. But the US will introduce it synchronously with the European Union, i.e. around December.
