(Daily Caller) President Joe Biden’s Treasury Secretary Janet Yellen said Sunday that Americans might pay more for gas this winter due to upcoming European Union (EU) sanctions on Russian oil.
Yellen told CNN that there was a “risk” of gas prices spiking at the beginning of 2023 because the EU will no longer buy Russian oil at the end of 2022, meaning that global oil prices could rise and also hike gas prices. Yellen added that the Group of Seven wealthy nations (G7) and the EU were working to place a price cap on Russian oil to prevent gas prices from getting too high. (RELATED: Putin Threatens To Halt All Energy Exports If West Imposes Price Cap)
“It is possible that it could cause a spike in oil prices,” Yellen said when asked about the potential of higher prices at the pump during the winter. “It’s a risk, and it’s a risk that we’re working on the price cap to try to address.”
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)
The average national gas price, which peaked at more than $5 a gallon in June, has been falling for the past three months and is currently $3.72, according to AAA data. However, gas prices are on average $0.55 higher than they were on Sept. 13, 2021, according to AAA.
