US Treasury Secretary says oil price could rise later this year

The Treasury Secretary United States Janet Yellen, said this Sunday (11) that Americans may see a rise in gas prices in the Northern Hemisphere winter, when the European Union significantly reduce the purchase of Russian oil.

Yellen added that a proposed western ceiling on exports of Petroleum gives Russia is being worked on to keep prices under control.

“It’s a risk, and it’s a risk that we’re working on the price cap to try to address,” he said. Yellen The CNN .

The possible rise in price could come as the European Union “will largely stop buying Russian oil” and will impose a ban on services that allow Russia to ship oil by tanker, she said.

The price cap plan agreed by the rich nations of the G7 defines that participating countries deny insurance, finance, brokerage, navigation and other services for oil cargoes with prices above a limit yet to be established for oil and other derived products.

Yellen said the price cap is aimed at reducing revenue Russia can use to curb a war in ukraine while maintaining Russian oil supplies in order to keep global prices low.