00:00The United States will not renew sanctions waivers that had allowed limited purchases of Iranian and Russian oil without triggering
00:06U.S. penalties, Treasury Secretary Scott Besson said on Wednesday, April 15, underscoring a tougher enforcement stance by Washington.
00:14Speaking at a White House briefing, Besson said the general licenses covering both Iranian and Russian oil had fully run
00:22their course and would not be extended.
00:25Reuters reported on Tuesday, April 14, that Washington was set to let expire a 30-day waiver on sanctions covering
00:32Iranian oil already at sea, as well as a similar waiver for Russian oil that lapsed over the weekend.
00:38Besson said the waivers applied only to oil that had been on the water prior to March 11 and confirmed
00:43that all such shipments had now been accounted for.
00:46The Iranian waiver issued by the Treasury Department on March 20 had allowed roughly 140 million barrels of oil to
00:53reach global markets and was due to expire on April 19.
00:57The moves marked an end to the Trump administration's use of sanctions waivers as a tool to boost global oil
01:03supply and ease pressure from high energy prices.
01:07Besson also said the administration continues to engage closely with Middle East partners on the Iran oil issue, adding that
01:14he expects U.S. consumers to see some relief at the pump in the months ahead, with gasoline prices falling
01:19into the $3 per gallon range this summer.
01:22Well, I think that's going to be up to how the negotiations go.
01:29President Trump said this morning that he thinks we're nearing the end.
01:34The U.S. kept their side on the ceasefire.
01:38We've stopped firing.
01:39The straits of our move have not been completely reopened.
01:43So we will see.
01:45And I'm optimistic that during the summer we will see gas with a $3 in front of it sooner rather
01:51than later.
01:53It's bank week here in D.C.
01:56So I've been meeting with a lot of my Middle Eastern counterparts, the finance ministers, and they all say that
02:02once the straits are open, they can start pumping again within one week.
02:07Beyond energy markets, the Treasury Secretary struck an upbeat tone on broader geopolitical and economy issues.
02:13He said there had been great stability in the United States' relationship with China since last year, attributing the steadier
02:20ties to mutual respect between the leaders of both countries.
02:25I actually think we're going to be building on those gains in terms of the trade deficit dropping with China.
02:32Since last summer, there's been great stability in the relationship.
02:36And really the keystone to the relationship is the strong respect that the two leaders have between each other.
02:43My experience has been when the communication is at the top, then we follow that directive and those wishes.
02:54We had the meeting in Busan, Korea in October.
02:58We will be having the state visit in Beijing.
03:01And so I expect great stability in the relationship.
03:04But that doesn't mean that our trade deficit can't continue dropping.
03:10Basin also said he was optimistic that Kevin Walsh, President Donald Trump's nominee for Federal Reserve Chair, would take up
03:17the role on schedule.
Comments