‘Well, It’s A Risk’: Janet Yellen Admits Gas Prices Could Spike Again This Year | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.

    Treasury Secretary Janet Yellen noted on Sunday that there remains a "risk" of gas prices spiking again this year.

    Europe is presently grappling with an energy crisis emerging from limited oil and natural gas supplies due to the Russian invasion of Ukraine. In an interview with CNN anchor Dana Bash, Yellen indicated that the situation could also lead to higher prices in the United States.

    "Well, it's a risk. And it's a risk that we're working on the price cap to try to address," she said. "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. And it is possible that that could cause a spike in oil prices."

    The national average price of gasoline was $2.38 per gallon when President Joe Biden assumed office and increased to $3.53 per gallon by the start of the Russian invasion. After surpassing $5.00 per gallon in early June, prices have subsided to $3.72 per gallon as of Monday, according to data from AAA.

    Finance ministers representing the G7, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, committed earlier this month to pursue a joint price cap on Russian oil. The ministers affirmed that the bloc "will continue to stand with Ukraine for as long as it takes" by banning the sale of Russian oil above a given rate.

    "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," Yellen told CNN. "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."

    However, energy ministers representing European Union member states failed to reach a consensus on the price cap during a Friday meeting. The nations may instead compel fossil fuel companies to pay a "solidarity contribution" that would ease soaring energy prices, which have increased more than tenfold for some households and businesses.

    After the finance ministers announced the price cap, Russia severed natural gas flow through the Nord Stream 1 pipeline. Meanwhile, Russian President Vladimir Putin doubled down on the restricted shipments, remarking at the Eastern Economic Forum that he is prepared to ignore existing supply agreements. "Will there be any political decisions that contradict the contracts? Yes, we just won't fulfill them. We will not supply anything at all if it contradicts our interests," Putin said. "We will not supply gas, oil, coal, heating oil - we will not supply anything."

    Several member nations of the European Union, which abide by the official policy of becoming "a climate-neutral society" by 2050, are now implementing energy use policies of varying stringency. France has called for a 10% reduction in energy consumption, while Spain and Switzerland (which is not part of the EU but has close economic ties to the bloc) are introducing regulations for thermostat levels.

    In a departure from other European officials, however, British Prime Minister Liz Truss reversed the nation's ban on fracking and proposed a return to oil and gas drilling in the North Sea. Meanwhile, Biden has leased less government land for oil and gas drilling than any of his predecessors since World War II at this point in his first term, according to an analysis conducted by The Wall Street Journal.

poll#162

In what may be the most divisive period in modern American History, even more divisive than the turbulent sixties due to today's lack of patriotism, consider what are the major catalysts causing so much of this calamity of conflict, and vote: What most instigates the division of America, on this day September 20, 2022?

  Racism within our society

  Sex realignment to the detriment of our society.

  Biden /Harris Wide Open Southern Border Policy for the Demographic Upheaval of OUR Constitutional Republic

  Rampant Crime in Democratic controlled cities, and the possible contagion elsewhere

  Covid Pandemic, and its mishandling at the political, and bureaucratic levels.

  The unresolved questions /allegation regarding the flawed 2020 General Election

  January 6th Riot or "Armed Insurrection", depending upon patriotic perspective

  Joe Biden as Divisive Leader; Ineffective and Corrupt Executive

  Failed Education Industry, from an overall perspective, regarding all levels of education.

  Propagandistic Media in complete conflict with the First Amendment's guarantee of Freedom of Speech, and the awesome responsibility of a Free Press..

  "Orangeman Bad!"

  Bureaucracy rushing to a behemoth size, its unjustified expense, and far too often overreach.

  The Weaponized Deep State for political purposes

  A secular ambivalence to all that is real.

  Record number of overdose deaths from opioids and now Fentanyl

  Biden Administration's disastrous Foreign Policy

  Bidenflation /supply chain failure inevitably evolving into stagflation and recession.

  "Ultra MAGA Extremists" freely speaking louder AND LOUDER!

927 total vote(s)     What's your Opinion?

poll#154

Inarguably, the policies of the Democrats in congress and Joe Biden as the Executive is plunging the United States into a recession, if we are not already there; a recession that was completely avoidable. Will abrupt changes in policies occur in time?

  Yes, the Democrats have a bold plan, yet to be revealed, to save us.

  No, there will have to be a complete undoing of the damage done by these Democrats.

  I can't do simple math, so how am I to understand the concept of basic economics.

1,216 total vote(s)     What's your Opinion?