Sec. Yellen: If You Go Back to Last Summer When Oil Prices Peaked, Gas Prices Are Down $1.20
YELLEN: "Well, I think we're really on a good path toward a soft landing, and net over the last year, if you go back to last summer when oil prices peaked, gas prices are down $1.20 a gallon, but it's true that oil prices have risen recently. Gas prices are up somewhat. That’s not desirable. I think it reflects, in part, Saudi Arabia’s decision to continue oil supply cuts that it put into effect earlier. Of course, the ending of the pandemic in China, even though China’s growth is slower than expected, has raised demand for oil. So oil prices are up somewhat. My hope is, and I think what you see built into market expectations, is that they will stabilize or move down over time. That’s my hope and expectation."