🇺🇸🇷🇺 Washington is now considering letting the shadow fleet back in to bring down oil shipping costs
Days after lifting sanctions on Russian diesel, the administration is weighing a license system that would let companies apply to Treasury to move "legal oil" on tankers that were sanctioned for hauling Russian, Iranian and Venezuelan crude.
Energy Secretary Chris Wright floated it in a video to the World Petroleum Congress in Riyadh, and a US official says the goal is to get more crude and refined products out of the Gulf.
The reason is a number: supertanker rates hit $805,000 a day last week, which has priced American crude out of Asia.
The problem is another number.
Energy Aspects says most of those tankers are old, badly maintained, and already trading anyway, so the move adds maybe a few Hormuz shuttle runs and won't move freight rates, and EU and UK rules still bind the insurers.
Meanwhile the US Navy has spent three months blowing up shadow fleet tankers in its Iran blockade.
The administration is sanctioning the fleet with one hand and licensing it with the other, which tells you how badly Nov. 3 needs a lower pump price.
Source: Reuters / Writer: Daniel
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Nicholas Merten 🇺🇸 @NicholasMertenK ·
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Trump needs to stop listening to the absolute clowns advising him on energy because you cannot claim you are being tough on Iran and Russia with a blockade while simultaneously opening the back door for their sanctioned fleets to bail out our own short-sighted shipping bottlenecks, it is completely contradictory and it actively hurts American credibility












































































