Putin on high gas prices: There is ‘space for cooperation here’

Russian President Vladimir Putin said there’s “a space for cooperation” between the U.S. and Russia when it comes to lowering gas prices.

Speaking at a joint press conference with President Trump on Monday in Helsinki, Putin tamped down accusations that Russia has been arbitrarily raising gas prices and said the U.S. and Russia “can work together” to determine the right pricing for Russia’s Liquid and Natural Gas (LNG) exports, adding that Trump is aware of Russia’s need to keep prices from dropping.

“We can work together on the regulation of oil and gas international markets because neither of us is actually interested in the plummeting of the prices — and the consumers will suffer as well — the shale gas will suffer,” Putin said.

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“Beyond a price bracket, it is no longer profitable to produce oil and gas, but also we are not interested in driving prices up.”

Gas prices have soared in the U.S. in recent months, getting close to an all-time high that topped $100 a barrel in 2014. This past Memorial Day weekend saw the most expensive gas prices nationally since 2014, according to the American Automobiles Association.

A number of factors including orchestrated oil production cuts by Russia and OPEC as well as the U.S.’s decision to leave the Iran nuclear deal could contribute to the costs of gas climbing higher.

The price surge has led to a number of lawmakers to criticize Trump for failing to put pressure on world leaders to increase more production of oil abroad.

“If the president wants to take action, he can,” Senate Democratic Leader Charles Schumer (N.Y.) said. “One: OPEC. He’s very, very tight with the crown prince [of Saudi Arabia]. He’s very, very tight with the head of [United Arab Emirates].

“Why doesn’t he use that for the American people?,” he asked in May at an event on Capitol Hill.

Trump in July tweeted about OPEC but not Russia specifically, warning the group to reduce their pricing.

“The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $’s. This must be a two way street. REDUCE PRICING NOW!” he tweeted.