U.S. Treasury Secretary Janet Yellen said Thursday that gas prices, which just reached $5 a gallon in some U.S. states, were unlikely to fall soon.
Yellen also said she expected the U.S. economy to “absolutely” slow down amid the Federal Reserve’s rising interest rates, but that there’s “nothing” to suggest the country would face a recession.
She told a New York Times Dealbook D.C. policy forum that gas prices were “unlikely” to fall anytime soon, adding that President Joe Biden had done “what he can do” to try to bring down high gas prices.
Republican lawmakers recently raised concerns over Biden’s plans to release some 260 million barrels of crude oil from the U.S. Strategic Petroleum Reserve (SPR) from November 2021 through October 2022—the largest drawdown from the SPR in history….