Secretary Yellen: Biden ‘Administration Has Done Everything that They Can’ to Reduce Gas Prices

Janet Yellen, US Treasury secretary, speaks during a Senate Finance Committee hearing in Washington, D.C., US, on Tuesday, June 7, 2022. Yellen, worried by the specter of inflation, initially urged Biden administration officials to scale back the $1.9 trillion American Rescue Plan by a third, according to an advance copy …
Sarah Silbiger/Bloomberg via Getty Images

Treasury Secretary Janet Yellen on Tuesday claimed the Biden administration has exhausted efforts to reduce energy costs for American citizens.

Gas soared to a tenth day consecutive record high of $4.91 per gallon on Tuesday. Prices have more than doubled since former President Donald Trump left office.

Speaking at the Senate Finance Committee, Yellen said “the administration has done everything that they can” to reduce energy prices.

Yellen did not mention Biden’s war on American energy, which includes driving up private and public financing costs of oil drilling, halting drilling on public lands, and canceling the Keystone pipeline.

Instead, Yellen claimed the energy price shocks were due to the coronavirus and the war in Ukraine.

“We currently face macroeconomic challenges, including unacceptable levels of inflation as well as the headwinds associated with the disruptions caused by the pandemic’s effect on supply chains, and the effects of supply side disturbances to oil and food markets resulting from Russia’s war in Ukraine,” Yellen claimed.

Last week, Yellen also admitted she and the president had failed to accurately assess that inflation would climb to a 40-year-high. “I think I was wrong then about the path that inflation would take,” she said.

According to Bloomberg, inflation will cost American households on average an extra $5,200 in 2022, or $433 per month. Inflation will also delay 25 percent of Americans from retiring, a BMO Real Financial Progress Index survey revealed.

Follow Wendell Husebø on Twitter and Gettr @WendellHusebø. He is the author of Politics of Slave Morality.


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