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24.06 - 13:39
Yellen Sees High Gasoline Prices Persisting
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WASHINGTON—Treasury Secretary Janet Yellen said elevated gasoline prices—near $5 a gallon—are likely to persist, but she doesn’t see a slowing U.S. economy slipping into recession.
Disruptions in global oil markets caused by Russia’s war against Ukraine and the subsequent sanctions imposed on Russia are likely to keep oil prices elevated, she said Thursday. Oil prices typically drive gasoline costs. She said President Biden’s decision to release oil from the strategic petroleum reserve this year was the administration’s main tool to put downward pressure on prices.
Read more on wsj.comAbout this in other media
U.S. Push for Exceptions in Europe’s Sanctions on Russian Oil Gains Traction wsj.com /2 years ago
High Gas Prices Hit Demand as Drivers Cut Back at the Pump wsj.com /2 years ago
Gasoline Tax Holiday ‘Worth Considering,’ Yellen Says wsj.com /2 years ago
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