Yellen: Gas Prices Could Spike Again
Gas prices hit record highs earlier this year before their recent decline, but we may be headed back in the wrong direction.
From Fox Business. Gas prices in the U.S. have gone down significantly since the national average hit a high of just over $5 per gallon in June, but Treasury Secretary Janet Yellen warns that prices could shoot back up. …
Appearing on CNN on Sunday, Yellen was asked whether Americans can expect to see an increase in the coming months.
“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 national average gas price was at a high of approximately $5.02 on June 14, according to AAA, and it is currently down to about $3.72 per gallon.
President Biden has largely blamed the price jump on Russia’s invasion of Ukraine, which began on February 24. …
On Jan. 20, 2021, when Biden took office, the national average price per gallon was approximately $2.39.
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(Excerpt from Fox Business. Photo Credit: Getty Images)
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