US Treasury Chief Blames High Fuel Prices on Ukraine’s Attacks on Russian Energy Assets

Scott Bessent tried to place part of the blame for rising energy prices on Ukraine’s attacks against Russian oil facilities. In an interview with Fox News, the US treasury secretary said the strikes were creating pressure on global prices, alongside the conflict involving Iran.

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Currently we are going through an energy shock because of the war in Ukraine, because, you know, Ukraine decided that it wants to destroy Russian energy assets and refined products, so that is creating pressure for prices to rise globally, and then because of the conflict in Iran. The conflict in Iran will end and prices will fall.

“Currently we are going through an energy shock because of the war in Ukraine, because, you know, Ukraine decided that it wants to destroy Russian energy assets and refined products, so that is creating pressure for prices to rise globally, and then because of the conflict in Iran. The conflict in Iran will end and prices will fall,” Bessent said.

The article takes issue with the way Bessent presented the explanation. It says he quickly moved past the war in Iran without mentioning that Donald Trump had encouraged Ukrainian attacks on Russian territory two months earlier. In July, Trump described the attacks on Russian oil refineries and military targets deep inside Russia as an escalation, but added that they could also help bring the war to an end.

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That is an escalation

Ukrainian President Volodymyr Zelenskyy also told the Financial Times that Trump had said Ukraine was “doing very well” with its long-range drone campaign against Russia’s oil industry. Reuters reported in July that the campaign had briefly caused fuel shortages inside Russia.

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But it is also an escalation that could help bring the war to an end

Oil prices reached their highest level in six weeks on Thursday. Recent US attacks on Iran and renewed Israeli threats against Tehran added to fears of disruption to Middle Eastern supplies, while ships continued passing through the Strait of Hormuz at reduced traffic levels. The wars in Ukraine and Iran, and their economic effects, could also influence whether Trump’s Republicans retain control of both chambers of Congress in the November 3 elections.

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doing very well