House GOP urges Trump to choke off Iran ally's oil profits as Middle East turmoil spikes US gas prices
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...
By Fox News · Fox News
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 signifi…