Treasury Secretary Janet Yellen on Tuesday claimed the Biden administration has exhausted efforts to reduce energy costs for American citizens.
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.
Treasury Secretary Janet Yellen concedes Biden has no plan to lower gas prices: "the administration has done everything that they can."
Gas prices have more than DOUBLED since Biden took office. pic.twitter.com/5lFHIcqwQ1
— RNC Research (@RNCResearch) June 7, 2022
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.