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US Could Face Higher Gasoline Prices Again in Winter: Yellen

OIL PRODUCTS

US Treasury Secretary Janet Yellen said over the weekend Americans could experience a spike in gasoline prices this winter.

  • "Well, it's a risk. And it's a risk that we're working on the price cap to try to address," she told CNN.
  • "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. And it is possible that that could cause a spike in oil prices," she added.
  • Yellen continued: "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. 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.”
  • Higher gasoline prices which soared this summer have significantly dented US buying activity this summer driving season.
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