US Treasury Secretary Warns Gas Prices Will Go Back Up

Objectivity 4.8 | Credibility 4.8 | Relevance 4.8

Treasury Secretary Janet Yellen is warning that, despite the reprieve that Americans have had since gas prices peaked in June at over $5 per gallon, prices are likely to surge again this winter. Yellen explained that with the EU cutting oil imports from Russia, combined with a ban on receiving Russian oil shipments via tanker, that it “could cause a spike in oil prices.” Yellen further explained that G7 nations are negotiating a “pre-cap” on Russian imports to balance providing Russia with potential war revenue and holding down global oil prices.