U.S. Secretary of Energy Chris Wright [UPI Yonhap News]

U.S. Secretary of Energy Chris Wright stated on the 19th (local time) that the U.S. reversed its previous stance and extended the waiver on sanctions for Russian oil due to strong requests from Group of 20 (G20) nations to lower oil prices.

Appearing on U.S. CNN, Secretary Wright said, "The G20 meeting was held, and central bank governors from around the world pleaded, 'Lower energy prices, help us, respond constructively.'"

He further explained, "In any case, all Russian crude oil is flowing to China, and what we are implementing is a temporary measure. Instead of letting crude oil go to China, we are aiming to lower energy prices in Asia and Europe by allowing it to go to other Asian refineries."

When asked if the U.S. sanctions on Russian oil would be reinstated at some point, Secretary Wright answered, "Absolutely yes."

The G20 meeting mentioned by Secretary Wright is presumed to refer to the G20 Finance Ministers and Central Bank Governors meeting held in Washington D.C. on the 16th.

Previously, on the 15th, U.S. Treasury Secretary Scott Bessant announced that the one-month waiver on sanctions for Russian crude oil, which expired on the 11th, would not be extended. However, the U.S. Treasury Department reversed its previous stance just two days later, on the 17th, announcing that it would allow the sale of Russian crude oil and petroleum products for another month, raising questions about the background.

The U.S. Treasury Department had allowed the sale of Russian crude oil, which was subject to sanctions, for 30 days on the 12th of last month. This measure was credited with contributing to alleviating supply pressure in the global energy market, which was hit by the blockade of the Strait of Hormuz.

However, this easing of sanctions on Russian crude oil is also facing criticism for potentially aiding Russia's war in Ukraine or its support for Iran.

Meanwhile, Secretary Wright told CNN on the same day that U.S. gasoline prices appear to have peaked, but predicted that they are unlikely to return to pre-war levels until next year.

Regarding when he expects U.S. gasoline prices to return below $3 per gallon (approximately 1,200 won per liter), he said, "It could be by the end of this year, or it may not be possible until next year. Clearly, prices will come down once the conflict is resolved."

The average U.S. gasoline price was in the $2.9 per gallon range until February of this year. However, after the outbreak of the U.S.-Iran conflict, it surged by more than 40% and is currently hovering around $4.1 per gallon.