China and India may be buying more Russian oil than the U.S. previously believed, easing a supply crunch in global markets and potentially driving a recent price decline, one of President Joe Biden’s economic advisers said.
“Right now, in particular, oil markets are rather volatile,” Cecilia Rouse, chair of Biden’s Council of Economic Advisers, said in an interview with Bloomberg Television. “I’ve heard part of the explanation is that China and India are actually purchasing more of Russian oil than maybe we believe, so that there’s more supply on the market.”
Rouse spoke after Biden called on Congress to suspend the federal gasoline tax, which is 18 cents per gallon, for three months in a bid to deliver consumers some relief. Rouse said she hopes the global price dip is passed on to consumers but that long-term challenges remain.
“We need more creativity and collaboration to get us through this unprecedented situation,” Energy Secretary Jennifer Granholm said at a White House briefing on Wednesday. “This is the time to reinvest those profits that will enable them to better meet the needs of our citizens.”
