OREANDA-NEWS The U.S. needs to increase oil refining. This was stated by U.S. President Joe Biden, reports TASS. He noted that the notion that the oil and gas industry does not need to increase the volume of oil is simply not true.

According to him, one should develop mechanisms, according to which the volume of processing will be increased. At the same time, renewable energy sources must not be abandoned. That is all these approaches are quite feasible.

He added that the possible suspension of the federal tax on gasoline may have very little effect on the construction and repair of roads. At the same time, the issue itself is still under consideration.

Earlier Janet Yellen, the head of the U.S. Treasury Department, spoke about the mechanism of reducing Russia's profits from oil during a visit to Canada. The initiative is being worked out by the USA and its allies and is designed to expand the supply of Russian oil to the world market, but at the same time to reduce its cost.