Free Republic

TELFS-BUCHEN, Austria—The Group of Seven leaders are expected to agree to start work on a mechanism to cap the purchase price of Russian oil, with the U.S. also announcing a new round of military aid for Ukraine and sanctions against Moscow, Biden administration officials said Monday. Leaders will direct relevant ministers in their countries to work on the details of Russian oil caps, which would create a buyers’ cartel of Western nations and their allies, the official said. There is no timeline yet on when the details will be worked out. The issue was discussed by G-7 leaders on Sunday,...

PARIS (AP) — Leaders of three French energy companies on Sunday called on the French public to immediately reduce consumption of fuel, oil, electricity and gas amid shortages and soaring prices due to Russia’s supply cuts and the war in Ukraine. “The effort must be immediate, collective and massive,” the leaders of the three companies, TotalEnergies, EDF and Engie said in a rare joint statement that was published in the French weekly Journal du Dimanche. “Every gesture counts,” the statement said. Russia has cut — and in some case shut off — gas supplies to several European Union countries in...

The US is a movin’ on up to the high side ... of energy prices. Today, WTI crude oil futures broke through the $110 barrier. The WTI Crude crack spread, the differential between the price of crude oil and petroleum products extracted from it, is up 535% under President “I HATE OIL!” Biden and diesel fuel is up 121%. WTI crude is up 1% today. “Crack? I thought crack was something that Hunter did!” – Joe Biden