Yellen: US, Allies Discussing Russian Oil Price-Cap Plan

The video discusses the united stance of Canada and its allies against Russia's war on Ukraine, emphasizing the need for short-term fossil fuel production and long-term energy independence. It also explores the concept of price caps to lower Russian oil prices, aiming to reduce Putin's revenues while preventing negative impacts on low-income countries struggling with high food and energy costs.

Explain the concept of price caps or price exceptions in the context of energy restrictions.

What are the implications of high energy costs for low-income and developing countries?