Free Republic

Treasury Secretary Janet Yellen said American consumers will be at the mercy of oil companies this summer, as crude oil is expected to reach $160 a barrel, according to an analysis released Monday by Goldman Sachs. Speaking to the Senate Finance Committee on Tuesday, Yellen took heat from both Republicans and Democrats for inflation that’s near 40-year highs, with gasoline prices up almost 50 percent over the last year. In May, a gallon of gas cost more than $4.50, according to a national average compiled by the U.S. Energy Information Administration. It’s now at $4.86 a gallon, up 25 cents...

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.