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APsplainin | Yellen warns of failure to agree on Russia oil price cap, 1 Sep
[CAPTION: [US] Treasury Secretary Yellen, right, gestures to the United Kingdom's Chancellor of the Exchequer Nahhim Zahawi during their meeting at the Treasury Department, Wednesday, Aug. 31, 2022, in Washington]
Yellen said a price cap also would limit the impact of higher oil prices on inflation in consuming countries, with the cost of gasoline and diesel still squeezing consumers and businesses hard, especially in Europe. To be effective, participating countries would have to collectively agree to purchase the oil at a lower-than-market price.
G7 "effective" scenario

volDemoRT | Russia issues oil supply warning to G7, again, 1 Sep embargo fu

"In my opinion, this ["price cap"] is a complete absurdity... To those companies or countries that will impose restrictions, we will not supply our oil and oil products, because we are not going to work under non-market conditions," he told reporters, commenting on a plan to limit prices on Russian oil currently being discussed by the Group of Seven (G7) countries.
so go ahead. Pay more for less "free market" oil and gas. OPEC+ Norway+ Seven Sisters thank you.
by Cat on Thu Sep 1st, 2022 at 09:20:12 PM EST
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