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Biden Team Sees Easing Pump Price as Payoff From Russia Oil Cap

  • Plan to cut Russian revenue designed to keep oil prices steady
  • Biden’s Democrats face midterm challenge, anger over inflation
Bloomberg business news
Gas Prices Surge as Russia Keeps Crucial Pipeline Closed

The Biden administration sees its effort to cap the price of Russian oil as also damping domestic gasoline prices, a key pocketbook issue heading into the midterm elections.

The Russia plan, still being finalized, aims to cut revenues that fund President Vladimir Putin’s war in Ukraine while keeping ample oil supply on the market. While stable prices would aid growth and temper inflation globally, the White House is particularly focused on the political benefit of less painful pump prices heading into the November contest.