White House: ‘We’ve Chosen’ to Keep Russian Oil ‘on the Market So Supply Is There’ But We Make Sure ‘We’re Not Rewarding Putin Twice’

On Tuesday’s broadcast of CNBC’s “Squawk Box,” Special Presidential Coordinator for Energy Security Amos Hochstein stated that having a price cap on Russian oil “has allowed us to keep Russian products on the market so supply is there” while limiting the amount of oil revenue Russia gets, and that the Biden administration has “chosen to have that kind of approach that will stabilize the markets for the global economy, so that we’re not rewarding Putin twice.”

While discussing the Strategic Petroleum Reserve, the administration’s plans to refill the reserve, and whether the administration thinks more releases from the reserve or delays in refilling the reserve will be needed later on in the year if prices go up, Hochstein said, “I think the difference between this year and last year is also that the market understands that, despite the fact that Russia was part of the war and the remarkable sanctions, the price cap has allowed us to keep Russian products on the market so supply is there while restricting the revenue. And we’ve chosen to have that kind of approach that will stabilize the markets for the global economy, so that we’re not rewarding Putin twice.”

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