Treasury Secretary Scott Bessent has said oil and gasoline prices are "down substantially under President Trump," and could fall further.

MOSCOW (Reuters) -Here is a look at how U.S. sanctions on Russian oil firms Rosneft and Lukoil, which take effect at 1701 GMT on Friday, may affect the Russian foreign currency market. Ahead of the deadline,

The Trump administration is proposing new oil drilling off the California and Florida coasts for the first time in decades, as President Donald Trump seeks to expand U.S. oil production that is already leading the world.

A Treasury Department analysis indicates that new U.S. sanctions on Russian oil producers have sent prices there tumbling, choking off a key revenue source that Russia has used to fund its war in Ukraine.

A plan to expand oil and gas drilling, including seven areas in the Gulf of America off Florida, has been released by the Trump administration.

U.S. sanctions on Russia’s largest oil producers, Lukoil and Rosneft, have kicked in and are starting to test Moscow’s ability to sell crude, its economic lifeblood.

Thursday’s announcement by Reliance Industries that it had stopped importing crude oil from Russia was a seemingly significant concession to Washington.

The sanctions were intended to force Russian President Vladimir Putin to the negotiating table and bring an end to the war that began when Russia invaded in February 2022. U.S. officials on Thursday pointed to the price of key grades of Russian oil now selling at multiyear lows, citing publicly available data.

Tullow Oil Plc sank to a record low, with trading of the shares briefly halted in London, after the company raised its net debt forecast as it holds talks with creditors over various options.

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Democrat-led states sue fossil fuel companies like tobacco firms while struggling to maintain power grid reliability during clean energy transitions.