If you’re like most Americans, you probably rely on your car to get around. And if you rely on your car to get around, then you know that gas prices are a big deal. Well, according to Janet Yellen, the future of gas prices is looking pretty grim.
According to the Daily Caller, Due to upcoming EU sanctions on Russian oil, Treasury Secretary Janet Yellen said Sunday that Americans may pay more for gas this winter.
Since the EU will no longer buy Russian oil at the end of 2022, Yellen told CNN there was a “risk” of gas prices rising at the beginning of 2023. The G7 and the EU are working to cap Russian oil prices to prevent gas prices from rising too high, Yellen said.
Based on AAA data, the average national gas price has fallen for three months from more than $5 a gallon in June to $3.72 today.
According to AAA, gas prices are on average $0.55 higher than they were on Sept. 13, 2021.