Trump’s former Treasury secretary calls G-7 Russian oil price cap ‘the most ridiculous idea I’ve ever heard’
Former US secretary of the treasury Steven Mnuchin on a panel at the Future Investment Initiative in Saudi Arabia in October 2022. Mnuchin this week criticized the G-7’s plan for a cap on
Fayez Nureldine | Afp | Getty Images
Former U.S. Treasury Secretary Steve Mnuchin described the G-7’s plan for a price cap on Russian oil as “ridiculous.”
Speaking to CNBC’s Hadley Gamble during a panel at the Milken Institute’s Middle East and Africa Summit, Mnuchin said the idea was “not only not feasible, I think it’s the most ridiculous idea I’ve ever heard.”
He added that while there were no certainties, sanctions on Russia and Russian officials — which the U.S. and other nations have continued to roll out since Russia’s unprovoked invasion of Ukraine — could have had an impact before the war started rather than after.
“Sanctions would have had a big impact back then. I think the problem now is that there’s limited options … there’s parts of the world that are now buying Russian oil outside of U.S. sanctions,” he said.
“But look, a price cap, the market is going to set the price. So if you put sanctions on at higher prices, in a way you’re just making the situation worse, in my opinion.”
The Group of Seven nations — the U.S., Canada, France, Germany, Italy, Japan and the U.K. — along with Australia, have reportedly agreed to set a fixed price cap on Russian oil from Dec. 5, but the level has not been announced.
The plan, which has been under discussion for several months, involves a ban on the provision of certain services, such as maritime routes, insurance and financing, to buyers of Russian oil unless it is sold at or below the cap.
It is intended to limit the Kremlin’s ability to fund the war in Ukraine while also protecting consumers and households from sky-high energy prices. New sanctions are also due in early December that will end all Russian crude oil deliveries to the EU by sea, ahead of a ban on all Russian refined products in 2023.
As Europe seeks to wean itself off Russian oil and gas, Moscow has ramped up its sale of oil to countries including China and India. Energy analysts say it will be vital to get those countries’ cooperation for any price cap to be effective, but it remains unclear how they will react to any final announcement.
Current U.S. Treasury Secretary Janet Yellen said last week India would still be able to buy oil from Russia at any price so long as it avoided the Western sanctions, and that this scenario would still dampen global oil prices and curb Russian oil revenues.
Mnuchin served for the full term of President Donald Trump and now works in private equity investing.
At the Milken Institute panel, he said getting Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy to the negotiating table was “long overdue” and that a best-case scenario in the near term may be a pause in fighting.
Ukraine has previously said it will only enter talks following the “restoration of Ukraine’s territorial integrity.”
A Kremlin spokesperson on Thursday told reporters it was “difficult to imagine public negotiations … One thing is for sure: the Ukrainians do not want any negotiations.”
Mnuchin also said he viewed energy security and national security as the same thing, and that one of the things he had wanted funding for during the coronavirus pandemic, when oil prices plunged, was to fill up the U.S. strategic reserve.
He said that the Biden administration had an “extreme focus on the issue of global warming” and that while he was “not minimizing” the issue, he believed it was important not to “discourage investment in the carbon economy.”
“With approvals, and again this stuff doesn’t need legislation, there are things the current administration could do, you know, there’s a need for pipeline, there’s a need for infrastructure, there’s a need for more drilling. There’s plenty of shale oil and at these numbers it’s very economic to produce.”
The industry was being “starved of capital,” he said.
“We can’t turn around and say to OPEC+, Why are you not producing more oil, when we’re not doing it ourselves.”
Toyota has the worst climate lobbying score of any automaker, and the third-worst 2030 EV production plans, according to InfluenceMap’s annual report on climate lobbying.
Another year, another report showing how bad Toyota is for the environment.
Toyota has routinely ranked at the bottom of InfluenceMap’s climate policy engagement rankings, and this year is no different.
InfluenceMap routinely ranks automakers and auto industry associations based on how much they lobby to stop climate policy goals. These rankings don’t just show automakers’ EV plans, but also show how much each automaker is doing to try to stop governments from protecting the populace from pollution.
Some of this lobbying comes from automakers themselves, and some of it comes from their membership in trade associations, which aggregate the positions of several companies to increase lobbying power.
InfluenceMap looks at the actions of these trade associations across the globe, and ranks automakers based on how many associations they’re a member of, how many briefs they’ve filed in favor of or against various climate policy goals, and what their plans are for the future of their manufacturing.
This is broken down into an “organization score” (how much the organization itself lobbies), “relationship score” (membership in trade organizations and how positive their lobbying efforts are), “engagement intensity” (how involved in lobbying the corporation is), and what the manufacturer’s EV manufacturing plans total up to.
Tesla led the list, but only received a “B” score because of its low engagement intensity. While Tesla supports positive climate policy and is generally a member of groups pushing positive instead of negative climate policy, it doesn’t lobby as much as other organizations do (a situation that may be made worse by the departure of Tesla’s policy head in April).
Some other automakers were given kudos for occasional positive moves, like Ford, GM, VW and Mercedes. But pretty much nobody got what could be considered a passing score – with “C-” grades or worse for all but three automakers.
And as usual, the Japanese automakers are ranked among the lowest. The Japanese EV industry has been slow to electrify, putting an important national industry at risk. Nissan is the standout from amongst the Japanese, but it still did not receive a passing grade.
On production plans, most automakers score poorly, with only 3 of the 15 automakers analyzed having commitments compatible with the International Energy Agency’s target of 66% EVs by 2030. This number is necessary to have any chance of limiting climate change to 1.5ºC. Forecasts suggest the industry will only produce 53% EVs by 2030 at current pace.
Toyota does not actually rank last place on this measure – Honda and Suzuki are behind it. But given the intensity of Toyota’s negative climate lobbying, it gets the crown for worst automaker on climate once again, continuing the several years it has worn it.
For more detail into the rankings, read the full InfluenceMap report here.
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To ensure its new Mustang Mach-E Rally car is ready to tackle any terrain, Ford set up a secret course to test it. Ford says its new electric rally car is a testament to what’s possible when you combine passion with design and engineering. Check out how the Mach-E Rally car evolved below.
The electric Mustang rally car is here
“Can we make a rally-inspired version of the Mustang Mach-E?” Ford’s product planners, Peter Schultz and Craig Migliori, were asked in 2022. Their answer? Absolutely.
Shultz and Migliori took a “hand-me-down” Mustang Mach-E GT and added new wheels and off-road tires. After testing it at Ford’s Michigan Proving Grounds, they were confident it could become a reality.
The team lifted the Mach-E GT 1″ with RallyCross-tuned shocks and springs to enable it to tackle rougher terrain. Meanwhile, 19″ wheels wrapped in Michelin CrossClimate 2 rubber and underbody shielding are added to help protect the vehicle.
Not only did the Rally car need off-road capability, but the team also knew it needed a rugged design to accompany it.
Contrasting accents on the upper and lower body moldings, a front splitter and rear spoiler, and a black painted steel roof are added for a more aggressive style. The Mustang Mach-E also features built-in rally-inspired fog lights.
To prove the modifications were worthy, Ford off-road attributes engineer Chris Berchin and vehicle engineering supervisor Jay Kistler put the electric Rally car up to the test.
Ford sets up secret rally course for testing
The team set up a secret 500 combined mile “torture test” course at Ford’s Michigan Proving Grounds. The new course was designed to put the Mustang Mach-E Rally through the equivalent of about ten years of monthly rallycross racing.
Tests included tight turns through loose dirt terrain. “We tested in numerous different weather scenarios and temperatures with conditions ranging from muddy to dry – typical of what rallycross competitors might face,” Berchin explained.
“Likewise, the surface is dirt of varying composition, allowing for different traction scenarios.” Before building the course, the team went to Rallycross events and interviewed drivers to make sure they were projecting a true representation of what the environment looks and feels like.
Using this info, Ford engineers plotted the course with a full computer-aided engineering (CAE) analysis, complete with mapping elevation, exact speeds, timing, and more.
Ford used the tech to make it feel and look like a rally course with data to back it up. The secret in-house course enabled Ford to keep cost and development time down while keeping the electric rally car under wraps.
Ford’s RallySport drive mode unlocks the full potential of the electric Rally car, enabling bigger slides, a more linear throttle response, and aggressive damping for better control.
The Mustang Mach-E Rally has 265 miles EPA estimated range with up to 480 hp and 700 lb-ft of torque. Charging from 10% to 80% is expected in 36.5 minutes. Ford’s new Mustang Mach-E electric Rally car is available for order starting at $59,995.
Are you ready to drive off in a new Ford Mustang Mach-E? You can use our link to view deals on the 2024 Ford Mustang Mach-E in your area.
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