Citing well-informed sources, The Wall Street Journal (WSJ) reported that the US authorities are striving to maintain stable oil prices ahead of the presidential elections. This strategy facilitates a more lenient sanctions policy toward Russia, Iran, and Venezuela.
Analysts believe that US President Joe Biden greenlights lenient oil sanctions to keep gasoline prices low domestically. The White House is interested in the influx of petroleum products into global markets. However, some US Treasury officials are dissatisfied with insufficient measures to combat oil trading networks that are redirecting Russian and Iranian oil. This situation is linked to the Biden administration's aim to "do everything possible to ensure the lowest gasoline prices for American consumers" before voting in November, as highlighted by the WSJ. Some analysts reckon these measures will give Joe Biden an advantage and help him surpass long-time rival Donald Trump.
According to some US officials, these decisions are "delicately balanced" and help keep oil prices in check while reducing budget revenues for Russia and Iran. Bloomberg experts note that dozens of tankers, sanctioned by Washington for transporting Russian oil invoiced above $60 per barrel, remain idle. However, many countries have to purchase crude oil from these intermediaries.
Previously, Bill Gates, billionaire and Microsoft founder, stated that if Donald Trump is elected as the US president, the country will face economic upheaval, and the business community will have to deal with considerable uncertainty.
