Yellen says inflation and higher gas prices remain a ‘risk’:
WASHINGTON, DC - JULY 28: Treasury Secretary Janet Yellen delivers remarks during a press conference at the Treasury Department on July 28, 2022 in Washington, DC. (Photo by Win McNamee/Getty Images)
On Sunday, Treasury Secretary Janet Yellen said there is a ‘risk’ that US gas prices could rise again this winter. This could lead Americans to face a spike in prices similar to the one seen in summer. When asked during the State of the Union if Americans should worry about gas prices rising, Yellen said “Well, it’s a risk. And it’s a risk that we’re working on the price cap to try to address.” The price cap is meant as a way to both lower the revenue Russia can use to support its war in Ukraine while maintaining current global oil prices. The recent decline in prices owes to recession fears having knocked down oil prices and some Americans cutting back on driving when gas prices spiked above $5 a gallon. Earlier this month, finance ministers from the G7 group of countries said they would ban the provision of “services which enable maritime transportation of Russian-origin crude oil and petroleum products globally” above the price cap. They intend to have the maximum price set by “a broad coalition” of countries. It would take effect alongside the EU’s next batch of sanctions, which include a ban on seaborne imports of Russian oil starting in early December.