Would this work like Biden's proposal to cut the price of U.S. oil?
“Would this work like Biden’s proposal to cut the price of U.S. oil?”
I doubt that it is going to work significantly, and not in the long run, but that was among what they talked about during the G7 summit.
The big economic lever is Russian oil and gas exports. Until Europe has substantially weaned itself from those, there is not much more they can likely do (existing sanctions are having significant effects on Russian industries, like manufacturing, banking, advertising and airlines, but oil and gas are the big fish).
They are on a crash program to cut off their Russian oil and gas imports, especially through the end of this year (goal to reduce gas by 2/3rds and oil by 90% by then), but this Winter will likely be the real test of both sides wills and abilities.
If Europe meets those reduction goals (they have a funded plan to achieve them), and gets through the Winter (despite expected sabotage and Russian countermeasures), they will then be in a position to squeeze other Russian customers (India and China) with secondary sanctions. So far, Russia has been significantly successful in shifting oil exports to India and China, as Europe has reduced their purchases. Gas is inherently harder for Russia to get to other buyers.
Several producers have started pumping more, and a flurry of long term supply and development deals have been signed. Tens of billions of euros have been committed already. Higher prices seem to have finally gotten American producers off the sidelines to start committing their resources to increase production.
A big factor is going to be the Global economy, and its effect on oil and gas demand. A Global recession would reduce demand for oil and gas, reducing prices and speeding the cutoff of Russian imports. Demand is already being reduced in the West, due to the high prices.
Ultimately, the market forces of supply and demand will have their day on prices.