Yellen: Gas Prices Might Rise During Winter When EU Stops for the Most Part, Buying Russian Oil
YELLEN: "Well, it's a risk. And it's a risk that we're working on the price cap to try to address. This winter, the European Union will cease, for the most part, buying Russian oil and, in addition, they will ban the provision of services that enable Russia to ship oil by tanker. It is possible that that could cause a spike in oil prices. Our price cap proposal is designed to both lower Russian revenues that they use to support their economy and fight this illegal war, while also maintaining Russian oil supplies that will help to hold down global oil prices. So, I believe this is something that can be essential, and it's something that we're trying to put in place to avoid a future spike in oil prices."