Treasury Secretary Warns of Potential Winter Price Hike

The United States could experience another increase in ⛽Gas Prices in the upcoming months following a recent substantial dip, according to Treasury Secretary Janet Yellen.

⛽Gas Prices reached a national average of just over $5 per gallon in June but have since decreased dramatically since then. However, according to Yellen, Americans should prepare for the possibility that prices could rise again this winter, according to Fox News.

Yellen was questioned about whether Americans should anticipate a raise during her Sunday appearance on CNN.

“Well, it’s a risk, and it’s a risk that we’re working on the price cap to try to address,” Yellen said, referencing an effort by G7 countries to place a price cap on Russian oil.

The treasury secretary said that it is likely the European Union will dramatically reduce their Russian oil purchases, to the point of possibly ending the relationship altogether. That, plus a ban on services that ship oil from Russia could work together to make oil prices increase.

While outlining the possibility that prices could go up, Yellen also explained that this was part of the motivation for the plan by G7 nations to pre-cap Russian oil, which would mean decreasing revenue for Russian President Vladimir Putin during his continued conflict with Ukraine.

According to Yellen, this plan would also allow the nations a chance at “maintaining Russian oil supplies that will help to hold down global oil prices.”