US officials defend the decision to temporarily lift sanctions on Russia. “Kind of common sense”
Officials in the Trump administration said on Sunday that the waiver issued to allow Indian purchases of Russian oil will ease some of the pressure on the global market, which is dealing with the effects of the war in the Middle East, reports Reuters.
The US ambassador to the UN, Mike Waltz, told NBC that it was about “a 30-day pause to allow, which is just kind of a common sense thing, for the millions and millions of barrels of oil that are sitting on ships to go to Indian refineries.”
U.S. Energy Secretary Chris Wright told CNN that the waiver can help “alleviate this fear of oil shortages, alleviate the spikes in prices and the concerns that we're seeing in the market.”
Americans are facing higher prices at the pump after the outbreak of war, a new problem for a US economy that lost 92,000 jobs in February.
A problem of “fear and perception”
The national average price for regular gasoline was $3.32 a gallon, up 11 percent from the previous week and the highest since September 2024, according to data from the American Automobile Association on Friday.
Diesel was at $4.33, up 15% from a week ago, hitting its highest level since November 2023.
“We think that's a small price to pay to get to a world where energy prices return to their original level,” Wright said on “Fox News Sunday.”
The official assured there were no shortages of oil or natural gas and said the price hikes were based on “the fear and perception” that the operation against Iran would be prolonged.
“But it won't be like that,” Wright added, echoing US President Donald Trump's estimate that the war would last weeks rather than months.
In an interview with Reuters on Thursday, Trump said gas prices would “come down very quickly” after the war ends.
Political analysts say a persistent rise in gas prices could hurt Republicans ahead of November's midterm elections, when control of Congress will be up for grabs.
