Janet Yellen Warns High Gas Prices May Be Right Around The Corner

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.

“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.”