Janet Yellen admits ‘risk’ US gas prices could surge again this winter
By Thomas Barrabi
September 12, 2022 9:28amTreasury Secretary Janet Yellen admitted there is a “risk” that US gas prices will surge again this winter after months of steady declines.
Yellen cited potentially fraught conditions in Europe as members of the European Union wean off Russian oil shipments and mull the imposition of a price cap in response to the brutal invasion of Ukraine.
“It’s a risk and it’s a risk that we’re working on the price cap to try to address,” Yellen said during an appearance on CNN’s “State of the Union” on Sunday. “This winter, the European Union will cease, for the most part, buying Russian oil and in addition, they will ban the provision of services that enable Russia to ship oil by tanker. It is possible that could cause a spike in oil prices.”
“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 to hold down global oil prices,” Yellen added.
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https://nypost.com/2022/09/12/janet-yellen-admits-risk-us-gas-prices-could-surge-again-this-winter/
