Gas Prices Continue to Fall as Yellen Warns of Winter Spike 'Risk'
Summary from the AllSides News Team
Gas prices are dropping after hitting record highs earlier this year, but the U.S. Treasury Secretary said Sunday that it may not last.
When asked if Americans should worry about gas prices rising again, Treasury Secretary Janet Yellen said "it's a risk that we're working on the price cap to try to address." The European Union plans to stop most purchases of Russian oil this winter, which Yellen said "could cause a spike in oil prices." She added that a price cap on Russian oil would hurt Russia's economy amid its invasion of Ukraine while also helping "hold down global oil prices." According to Reuters (Center bias), EU nations aren't yet in agreement on how the price cap should work.
The average cost of gas in the U.S. is $3.72/gallon as of Monday, according to AAA. Prices have fallen over 25% since peaking around $5/gallon in June, but remain 17% higher than they were a year ago.
Left- and center-rated outlets tended to focus more on the drop in gas prices. One Washington Post (Lean Left bias) report highlighted how the Consumer Sentiment Index, which is used to estimate future spending and saving, has risen over 8 points since June. Right-rated sources focused more on Yellen's "risk" remark and long-term gas price inflation. A Daily Caller report noted that "gas prices are on average $0.55 higher than they were on Sept. 13, 2021."
Featured Coverage of this Story
From the Left
Gas prices keep plungingGasoline prices continue to tumble throughout the U.S., taking the starch out of the stiff rise in inflation and cheering up consumers.
Why it matters: Average national gasoline prices hit $5.02 a gallon back in June, amplifying the national fixation on inflation.
Driving the news: According to AAA, a gallon of regular was an average of $3.74 on Friday, more than 25% lower than the June peak.
Yes, but: Not everyone's experience at the pump will mirror the national average.
California typically has some of the most expensive gas because the state requires refiners...
From the Right
Janet Yellen Warns High Gas Prices May Be Right Around The CornerPresident 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...
From the Left
Yellen says inflation and higher gas prices remain a 'risk'Treasury Secretary Janet Yellen said Sunday that there is a "risk" that US gas prices could rise again later this year, as fears grow over the possibility that Americans' wallets could be strained by a spike in prices similar to the one seen this summer.
"Well, it's a risk. And it's a risk that we're working on the price cap to try to address," Yellen told CNN's Dana Bash on "State of the Union" when asked if Americans should be worried about gas prices rising again later this year.
"This winter, the...
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