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Gas prices in the US have fallen significantly since hitting a high of more than the national average of more than $5 per gallon in June, but Treasury Secretary Janet Yellen has warned that prices could rise back this winter.

Appearing on CNN on Sunday, Yellen was asked whether Americans can expect to see growth in the coming months.


“Well, it’s a risk, and it’s a risk that we’re working on a price cap to try to address,” Yellen said, referring to an effort by the G7 countries to put a price cap on Russian oil. Told.

The secretary explained that the EU has cut Russian oil purchases to such an extent that they will “stop buying most” from Moscow, as well as a ban on providing services that would have allowed Russia to ship oil via tanker. “It is possible that could lead to a jump in oil prices.”

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G7 one of ‘most powerful’ tools to fight Russian oil price inflation, says Yellen

Yellen explained that this is part of why the G7 nations are offering a prelude,Cap on Russian oil. Not only is the cap meant to reduce Russian revenues as Vladimir Putin continues his war in Ukraine, Yellen said, adding that it also aims to “maintain Russian oil supplies which will help lower global oil prices.” “

According to AAA, the national average gas price hit a high of about $5.02 on June 14, and is currently at around $3.72 a gallon.

Biden admin rushes to prevent another gas price disaster with oil price cap talks

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President Biden has largely attributed the price jump to Russia’s invasion of Ukraine, which began on February 24. On that date, the national average was $3.54 per gallon. A year ago, in September 2021, it was around $3.18.

On January 20, 2021, when Biden took office, the national average price per gallon was approximately $2.39.