House GOP urges Trump to choke off Iran ally's oil profits as Middle East turmoil spikes US gas prices
This feels like a quiet policy shift.
FIRST ON FOX: A group of House Republicans is urging the Trump administration to choke off Russia's profits from one of its largest energy companies as global oil prices spike.
It comes as the U.S. and Israel's conflict with Iran, one of Russia's closest allies on the world stage and another major energy producer, is threatening to spiral the market out of control both overseas and here at home.
Rep. August Pfluger, R-Texas, who chairs the Republican Study Committee, is leading five fellow GOP lawmakers in a letter to Treasury Secretary Scott Bessent regarding Lukoil — which accounts for roughly 2% of the world's oil output.
Western sanctions have forced Lukoil to announce it would sell certain international assets as countries like the U.S. and U.K. attempt to whittle down Russia's control over global energy.
AIRLINES MAY CUT FLIGHT SCHEDULES AS IRAN TENSIONS DRIVE UP FUEL COSTS, EXPERTS WARN
"The U.S. government has a significant role — in fact, a responsibility — in determining the ultimate fate of these oil and gas assets. We encourage you to exercise the utmost caution to ensure we do not inadvertently squander this opportunity and relinquish our leverage to U.S. adversaries," the Republicans wrote.
They warned against a situation where "transaction loopholes or back-room deals with Lukoil’s senior management" could allow Lukoil assets to "slip back into Russia’s hands as tensions subside or U.S. sanctions are lifted."
The six Republicans on the letter, all from Texas, are also lobbying the administration to ease a pathway for Lone Star State companies to acquire those assets.
SHADOW FLEET UNDER FIRE: IRAN’S STRAIT SHUTDOWN COULD SQUEEZE RUSSIA’S WAR CHEST, CHINA’S OIL LIFELINE
"President Trump has created a once-in-a-generation opportunity not only to defund Russia’s war machine but also for leading American energy companies — including at least two headquartered in the great State of Texas — to acquire the LIG portfolio, permanently removing globally significant oil and gas assets from Russian control, enhancing energy security, affordability, and reliability, and strengthening President Trump’s America First agenda," they argued.
"[W]e encourage the Department of the Treasury — in concert with the White House and Departments of Energy, State, and War — to scrutinize every detail of the various proposals to ensure that any sale of LIG’s assets ‘completely severs’ ties with the Russian parent company, paving the way for American energy companies to meet this moment with the urgency and precision it so deserves."
The push comes at a particularly …
This feels like a quiet policy shift.
FIRST ON FOX: A group of House Republicans is urging the Trump administration to choke off Russia's profits from one of its largest energy companies as global oil prices spike.
It comes as the U.S. and Israel's conflict with Iran, one of Russia's closest allies on the world stage and another major energy producer, is threatening to spiral the market out of control both overseas and here at home.
Rep. August Pfluger, R-Texas, who chairs the Republican Study Committee, is leading five fellow GOP lawmakers in a letter to Treasury Secretary Scott Bessent regarding Lukoil — which accounts for roughly 2% of the world's oil output.
Western sanctions have forced Lukoil to announce it would sell certain international assets as countries like the U.S. and U.K. attempt to whittle down Russia's control over global energy.
AIRLINES MAY CUT FLIGHT SCHEDULES AS IRAN TENSIONS DRIVE UP FUEL COSTS, EXPERTS WARN
"The U.S. government has a significant role — in fact, a responsibility — in determining the ultimate fate of these oil and gas assets. We encourage you to exercise the utmost caution to ensure we do not inadvertently squander this opportunity and relinquish our leverage to U.S. adversaries," the Republicans wrote.
They warned against a situation where "transaction loopholes or back-room deals with Lukoil’s senior management" could allow Lukoil assets to "slip back into Russia’s hands as tensions subside or U.S. sanctions are lifted."
The six Republicans on the letter, all from Texas, are also lobbying the administration to ease a pathway for Lone Star State companies to acquire those assets.
SHADOW FLEET UNDER FIRE: IRAN’S STRAIT SHUTDOWN COULD SQUEEZE RUSSIA’S WAR CHEST, CHINA’S OIL LIFELINE
"President Trump has created a once-in-a-generation opportunity not only to defund Russia’s war machine but also for leading American energy companies — including at least two headquartered in the great State of Texas — to acquire the LIG portfolio, permanently removing globally significant oil and gas assets from Russian control, enhancing energy security, affordability, and reliability, and strengthening President Trump’s America First agenda," they argued.
"[W]e encourage the Department of the Treasury — in concert with the White House and Departments of Energy, State, and War — to scrutinize every detail of the various proposals to ensure that any sale of LIG’s assets ‘completely severs’ ties with the Russian parent company, paving the way for American energy companies to meet this moment with the urgency and precision it so deserves."
The push comes at a particularly …
House GOP urges Trump to choke off Iran ally's oil profits as Middle East turmoil spikes US gas prices
This feels like a quiet policy shift.
FIRST ON FOX: A group of House Republicans is urging the Trump administration to choke off Russia's profits from one of its largest energy companies as global oil prices spike.
It comes as the U.S. and Israel's conflict with Iran, one of Russia's closest allies on the world stage and another major energy producer, is threatening to spiral the market out of control both overseas and here at home.
Rep. August Pfluger, R-Texas, who chairs the Republican Study Committee, is leading five fellow GOP lawmakers in a letter to Treasury Secretary Scott Bessent regarding Lukoil — which accounts for roughly 2% of the world's oil output.
Western sanctions have forced Lukoil to announce it would sell certain international assets as countries like the U.S. and U.K. attempt to whittle down Russia's control over global energy.
AIRLINES MAY CUT FLIGHT SCHEDULES AS IRAN TENSIONS DRIVE UP FUEL COSTS, EXPERTS WARN
"The U.S. government has a significant role — in fact, a responsibility — in determining the ultimate fate of these oil and gas assets. We encourage you to exercise the utmost caution to ensure we do not inadvertently squander this opportunity and relinquish our leverage to U.S. adversaries," the Republicans wrote.
They warned against a situation where "transaction loopholes or back-room deals with Lukoil’s senior management" could allow Lukoil assets to "slip back into Russia’s hands as tensions subside or U.S. sanctions are lifted."
The six Republicans on the letter, all from Texas, are also lobbying the administration to ease a pathway for Lone Star State companies to acquire those assets.
SHADOW FLEET UNDER FIRE: IRAN’S STRAIT SHUTDOWN COULD SQUEEZE RUSSIA’S WAR CHEST, CHINA’S OIL LIFELINE
"President Trump has created a once-in-a-generation opportunity not only to defund Russia’s war machine but also for leading American energy companies — including at least two headquartered in the great State of Texas — to acquire the LIG portfolio, permanently removing globally significant oil and gas assets from Russian control, enhancing energy security, affordability, and reliability, and strengthening President Trump’s America First agenda," they argued.
"[W]e encourage the Department of the Treasury — in concert with the White House and Departments of Energy, State, and War — to scrutinize every detail of the various proposals to ensure that any sale of LIG’s assets ‘completely severs’ ties with the Russian parent company, paving the way for American energy companies to meet this moment with the urgency and precision it so deserves."
The push comes at a particularly …
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