Treasury Secretary Janet Yellen Warns Gas Prices Could Rise This Winter – Says ‘It’s a Risk’ CryptoGlobe

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US Treasury Secretary Janet Yellen has warned that gas prices could rise further this year. “It’s a risk that we’re working on the price cap to try to address,” she pointed out. “Our price cap proposal is designed to both reduce Russian revenues … while maintaining Russian oil supplies, which will help keep global oil prices down.”

Janet Yellen on rising gas prices, inflation, EU sanctions and Russian oil

Treasury Secretary Janet Yellen spoke about the US economy, inflation, Russian gas and oil prices in a CNN “State of the Union” interview on Sunday.

When asked if Americans should be worried about rising gas prices again later this year, Yellen replied:

Well, it’s a risk. And that’s a risk that we’re working on the price cap to try to address.

“Our price cap proposal is designed to both reduce the Russian revenue they use to support their economy and fight this illegal war, while maintaining the supply of Russian oil which will help maintain global oil prices.” , detailed Yellen. “So I think that’s something that can be critical, and that’s something that we’re trying to put in place to avoid a future spike in oil prices.”

The European Union imposed a sanctions package in June that will ban maritime imports of Russian crude oil from December 5 and imports of petroleum products from February 5, 2023. The sanctions also ban EU companies from provide marine insurance, brokerage services or financing of oil exports from Russia to other countries.

“This winter, the European Union will essentially stop buying Russian oil,” Yellen said on Sunday. “In addition, they will ban the provision of services allowing Russia to ship oil by tanker.”

The Treasury Secretary warned:

And it is possible that this will cause oil prices to spike.

The average price of gasoline in the United States has been falling steadily since hitting a record high in June. However, the Treasury Department has estimated that banning insurance for Russian marine supplies could take up to five million barrels a day of crude and refined products off the market, triggering a massive price spike.

During Sunday’s interview, Yellen also expressed confidence in the Federal Reserve to determine the best course of action to avoid an economic recession. She admitted that a recession is “a risk when the Fed tightens monetary policy to get inflation back on track,” noting that “it’s definitely a risk we’re watching.”

Stating that the US economy was already in bad shape in 2021 when Joe Biden took office as President of the United States, Yellen said:

We are seeing some slowdown in growth, but that is natural.

Yellen reiterated that she is optimistic about the US economy. In July, she said the US economy was in a state of transition, not recession. Despite rising food and energy prices, the Treasury Secretary said: “We have a good, strong labor market, and I think it is possible to sustain that.

Keywords in this story

eu sanctions, european union gas price, gas price cap, janet yellen, janet yellen gas price, janet yellen inflation, janet yellen recession, oil price, russia, gas price in russia, american gas prices

What do you think of Treasury Secretary Janet Yellen’s comments? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

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