Headline RoundupSeptember 12th, 2022

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."

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