Russia oil exports increased 40%; What’s the timeline? ASAP, sooner rather than later


On 8/31/2022, during White House press conference, a reporter asked White House Press Secretary Karine Jean-Pierre, “I know you’ve been asked a couple times about it. But in a January speech, the President singled out Jackson, Mississippi, as well as Flint, as two communities that could be benefited from the infrastructure package and specifically men- — mentioned their water system. Does the administration still believe that Jackson, through the infrastructure package, can receive the funds that it needs to actually fully replace its water system?

And just a follow-up to that is: What is the timeline? I know the money is on the way.

Jean-Pierre: Yeah.

Reporter: You guys have released statements saying the funding is on the way. But what is the timeline for residents on the ground to actually start feeling the impact of that infrastructure package funding?

Jean-Pierre: So the impact — when it comes to them getting — the residents getting their water back, clearly, we want them — that timeline to happen as soon as possible, and so that is our hope, rather — sooner rather than later. And so, we’re going to continue — we are committed to — to work with the people of Jackson and the state of Mississippi during this urgent time of need … As far as the date or a timeline, I don’t have that for you. But clearly, we have — I just listed out our commitment …

Reporter: When residents in these communities are — hear those numbers, they’re going to be wondering why does this keep happening then. So, I mean, has the administration identified any impediments, whether it’d be the formula-based funding or the actual state process of implementing these funds that —

Jean-Pierre: So —

Reporter: — that actually prevent the impact from being felt immediately?

Jean-Pierre: It’s a very good question. And if I were — if we were in the community, we would be frustrated as well …

Reporter: So the International Energy Agency summer report shows that the Russian revenue from oil exports increased 40% from last year. It seems that the sanctions are not cutting off revenue to the Russian president.

Jean-Pierre: So this is exactly why — I think you’ve heard us say this before — President Biden and the G7 leaders have directed relevant members of their team to explore a mechanism to set a global price cap. You heard us talk about that when the President was in Europe — most recently, in Germany. And this would be for Russian oil and — and starving Putin of his main source of cash and forcing down the price of Russian oil to help blunt the impact of Putin’s war on the pump. So, it will be discussed further this week at the G7 Finance Ministers’ meeting. This is happening on Friday.

The U.S. has already taken strong action on — action to ban Russia oil, and U.S. allies have announced plans to wind down their own imports of Russian oil.

But again, Putin, as you’ve heard us say, has continued to try to find new markets for Russian oil. This is the most effective way, we believe, to fit — to hit hard at Putin’s revenue. And doing so will result in not only a drop in Putin’s oil revenue but also global energy prices as well.

Reporter: But why not signal the policy change for long-term support to oil — open oil production here at the U.S. or natural gas pipelines here in the U.S. to undercut the Russian supply of oil on the global market?

Jean-Pierre: I mean, look, we think that working with our allies in making this announcement, this price cap on Russian oil, is going to be very effective. Again, you’ve heard directly — you heard the President speak about this very recently. We’ll hear more on Friday how this is going to work … And also, as you know, we’ve taken — we’ve also taken actions already that we think has had an effect. But again, as we know, as I just stated, Russia is always looking at other markets, which is why doing this particular piece, we think, will be effective.

Reporter: But those other markets are China and India. Is the President then going to use his relationship to stand up to China and India and say, “Stop buying oil from Russia”?

JEAN-PIERRE: Look, we’ve been also very clear about that. I don’t have anything more to add. But, again, we think by doing these price caps is going to hit Russia in a way that is going to be the most effective.

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Russia oil exports increased 40%; What’s the timeline? ASAP, sooner rather than later

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