Treasure Secretary: Fuel prices may rise during winter

Treasury Secretary Janet Yellen said on Sunday that there is an opportunity to raise gas prices in the United States during the winter period, when the European Union would significantly cut the purchase of Russian oil. Mrs. Yellen said a Western country proposal is under consideration regarding the introduction of a ceiling price for Russian oil with the aim of controlling prices.

“There is danger, so we're working on putting a ceiling price in an effort to address the” situation, Mrs. Yelen said of CNN network.

The price increase could be caused by the halting of Russian oil purchase by the European Union and the ban on services allowing Russia to transport oil by shipping”, she said.

The ceiling price plan, agreed on by wealthy G7 countries, requires that participating countries ban the provision of insurance, financing, navigation and other services for oil transports at the price of what will be determined by G7 countries for crude oil and its byproducts.

Ms Yellen said setting the fuel price limit is intended to cut profits Russia could use to finance the war in Ukraine, while preserving Russian oil supplies to keep global prices low. / VOA/