U.S. Treasury Secretary Janet Yellen has warned that gas prices could rise again this year. 'It’s a risk that we're working on the price cap to try to address.' recession inflation
Treasury Secretary Janet Yellen Warns Gas Prices Could Spike This Winter — Says 'It's a Risk'
When asked whether Americans should be worried about gas prices rising again later this year, Yellen replied:“Our price cap proposal is designed to both lower Russian revenues that they use to support their economy and fight this illegal war, while also maintaining Russian oil supplies that will help to hold down global oil prices,” Yellen detailed. “So I believe this is something that can be essential, and it’s something that we’re trying to put in place to avoid a future spike in oil prices.
“This winter, the European Union will cease, for the most part, buying Russian oil,” Yellen explained Sunday. “In addition, they will ban the provision of services that enable Russia to ship oil by tanker.”The average gas price in the U.S. has fallen steadily since hitting a record high in June.
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