The United States considers India and China to be buying more oil from Russia

The current political backdrop of Ukraine and Russia has brought to our doors several roadblocks in our economy. Due to the unresting situations, prices of commodities have gone up through the roof. Oil plays a huge role when it comes to a global economic balance. For the past couple of months, oil prices have been on a rise which has created a lot of financial setbacks for the average middle class families.

But things are slowly coming back to normal or it is hoping to as India and China are buying more crude oil from Russia than before. The United States President, Joe Biden believes that the increase in business of crude oil between India, China and Russia has led to the decrease in cost of oil. 

The international market is witnessing more supply of oil than the past few months and the governments are optimistic about the situation. The rate of West Texas Intermediate (WTI) crude has decreased to $ 102 from $ 122 at the beginning of this month.

The scenario might bring forward some sort of an ease at the petrol pumps. Cecilia Rouse, who is an economic advisor to Joe Biden, said that the market is currently volatile and due to India and China buying more Russian oil, the market is now getting more supplies. 

The US President also wants to halt the gas taxes of about 18 percent per gallon for the next three months in order to deliver some relief to the consumers and asked the Congress to initiate the process. Rouse also said that although the long-term crisis of oil in the world still remains, there is some hope to tackle the current situation in reducing the price of oil. By reducing the prices and getting more oil into the market for the consumers, there will be a high chance of tackling the inflation and improving the economic setting of the current society. 

Some of the states of the US have suspended the gas tax but the Congress has not yet announced officially to stop taxes for three months. Through flexibility and innovation, the current crisis can be handled which will allow the global citizens to have more hopes for the future.