Yellen: Gas Prices Might Rise During Winter When EU Stops for the Most Part, Buying Russian Oil

‘Our price cap proposal is designed to both lower Russian revenues... ‘

EXCERPT:

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."

Video files
Full
Compact
Audio files
Full
Compact
Similar stories
ABC’s Karl: ‘If You Look at the Numbers, Inflation Started to Rise Almost Exactly When Biden Came in the W.H.’
Ingraham: Mary Poppins Came Out When Conyers Was Elected So It’s Time for Him to Step Aside
Yellen: Prices Will Go Back to Normal as ‘We Get the Pandemic Under Control, the Global Economy Comes Back’
Yellen: A Recession Is a Risk When Tightening Monetary Policy
Tapper: Trump’s ‘Not Winning and the Last Few Weeks Have Been Pretty Bad for Him’