Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

U.S. Treasury's Yellen says oil prices could spike in winter

Published 09/11/2022, 12:47 PM
Updated 09/11/2022, 01:40 PM
© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen holds a news conference in the Cash Room at the U.S. Treasury Department in Washington, U.S. July 28, 2022. REUTERS/Jonathan Ernst/File Photo

By Katharine Jackson

WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Sunday said Americans could experience a spike in gas prices in the winter when the European Union significantly cuts back on buying Russian oil, adding that a proposed Western price cap on Russia's oil exports is being designed to keep prices in check.

"It's a risk, and it's a risk that we're working on the price cap to try to address," Yellen told CNN.

The possible price increase could come because the EU "will cease for the most part buying Russian oil" and impose a ban on services that allow Russia to ship oil by tanker, she said.

The price cap plan agreed to by G7 wealthy nations calls for participating countries to deny insurance, finance, brokering, navigation and other services to oil cargoes priced above a yet-to-be-determined price cap on crude and oil products.

Yellen said the price cap is aimed at lowering revenue Russia could use to wage war in Ukraine while maintaining Russian oil supplies to keep global prices down.

Latest comments

If Yellen said OIL could go up this winter (in September), get ready for north of $120, unless Russian/Ukrainian war is halted. Putin is feeling the heat from the Citizens of Russia. They have had enough. Don't blame them.
Can’t get anything past Grandma Yellen. She’s a joke.
her track record of predictions is.....flawless
India and China have already negotiated a discount on Russian oil. There is no benefit to either Country to join the west in this price cap. Putin already warned he would not sell oil to Countries who participate in the cap. It would take India and China signing on for it to work. That will not happen due to too much risk vs reward.
BUY OIL STOCKS with 10 hands
Literally by like I have been doing for the last eight years as much oil and gas stocks as you can. Preferably small and MidCap. Parabolic is the word for oil and gas any day. And flush out in the markets especially the NASDAQ any day
And the entire European continent will be left without any oil and gas or very little. Price gap lol good luck. You’re about to see oil and gas go parabolic
Guaranteed like I’ve said forever $150 barrel WTI incoming. That’s a fact and higher. All you have to do is the math.
Majority of Russian oil goes to china and now India maybe. Europe count for less than 20% of total russan oil output. The main thing that Europe needs is gas
No one allowed in government over age 65 please ..🙂
Strange that it could spike..oh wait, forgot they completely destroyed the strategic oil reserve for the election facade.
she is a liar.
Buy oil stocks
price cap is just an excuse not to cut the Russian oil totally, because they know it is impossible to go throught winter without that amount of oil. also is a very good way to show an excuse to the media that they are working against the Kremlin
either way, by fundamentals (because of the end of SPR), the price has very good chances to spike. If they double their bets and release even more oil from the SPR, American stocks can go really under pressure and the next spike would be much more intensive
She said oil "could" spike globally and that is obvious when the EU is putting Russian oil under embargo. She also said that was why the EU is doing a price cap
Yeah, the EU is totally in control… haha NOT!
US gas prices will likely go higher in winter, though it has nothing to do with Europe cutting down on Russian oil purchases. The price of oil/gas will go higher, because SPR releases will be discontinued after US elections.
They are not cutting down they are doing a full embargo in December
 EU agreed to ban seaborne purchases of Russian oil from February 2023. Why seaborne? That’s because EU buys oil from Russia through pipelines, not seaborne.
CNN? Nobody believes CNN.
What do u believe Newsmax and "truth" social?
'twas /s
Truth Social is full of citizen journalists. If they don’t tell the truth they get blocked, ignored, muted, called out. We are the party of truth. And now we are watching elections, have you noticed? We are winning all of them. God bless DJT!
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.