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Breaking News: Oil Prices Could Spike In Winter, U.S. Treasury Secretary Yellen Says
NEW YORK (RichTVX.com) — We’ve got breaking news: U.S. Treasury Secretary Janet Yellen said Americans could experience a spike in gas prices in the winter when the EU 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 the media. The possible price increase could come because the European Union “will cease for the most part buying Russian oil” and impose a ban on services that allow Russia to ship oil by tanker, Yellen said.