The Trump (R) Administration on 5/16/2026, Allowed a Sanctions Waiver to Lapse. that had Previously Allowed Countries including India, to buy Russian Seaborne Oil, after a Month Long Extension Aimed at Easing Oil Supply Shortages and High Prices, due to Iran's Closure of the Strait of Hormuz.
U.S. Treasury Secretary Scott Bessent (R) had previously said He would Not Renew the General License, allowing the Purchase of Russian Oil Stored on Tankers.
As of Early Afternoon Washington time on 5/16/2026, No Renewal Notice had been Posted on the Treasury website.
Two Top U.S. Senators, Jeanne Shaheen (D-NH)) and Elizabeth Warren (D-MA), on 5/15/2026) urged the Trump Administration against Renewing the Waiver, arguing that it was providing Revenue to Russia to Aid its War in Ukraine, but there was No Evidence it was bringing Down Fuel Costs for American Consumers.
The Prior Extension was Part of the Trump Administration's Effort to Control Global Energy Pprices, that have Shot Higher during the Iran War, including Loans from the Strategic Petroleum Reserve and a Temporary Waiver of a Shipping Rule known as the Jones Act. In addition, Trump has said He Supported Pausing the 18.4 cent-a-Gallon Federal Tax on Gasoline.
The Moves have done Little to Calm U.S. GGsoline Prices, which are Currently at about $4.50 a Gallon, the Highest since 2022. Both Domestic and International Oil Prices have Hovered around or above $100 per Barrel since the War Began on 2/28/2026.
Trump told Reporters on Friday, Returning from Beijing, that He had Discussed with Chinese President Xi Jinping Possibly Llifting Sanctions on Chinese Companies that Buy Iranian Oil and will make a Decision Soon.
India is the Top Cconsumer of Russian Seaborne Crude, and its Purchases have been near Rrecord Highs in April and May, following previous Sanctions Waivers.
NYC Wins When Everyone Can Vote! Michael H. Drucker
No comments:
Post a Comment