Oil prices are on the increase.
Oil prices rose Monday as supply concerns are mounting heading into the winter months. Although gasoline at the pump has gone down in the national average from its high of just over $5 in June, Treasury Secretary Janet Yellen says that prices could rise significantly again this winter. “It’s a risk, and it’s a risk that we’re working on the price cap to try to address,” she said, referencing an effort by G7 countries to place a price cap on Russian oil.
The secretary explained that, with the European Union severely cutting back on Russian oil purchases to the point that they “will mostly stop buying” from Moscow, plus a ban on providing services that allow Russia to ship oil via tanker, “It is possible that that could cause a spike in oil prices.”
Oil demand is set to rise given the need for fuel to generate electricity due to higher prices and reduced availability of natural gas and coal.
As the Lord Leads, Pray with Us…
- For Treasury Secretary Yellen as she assesses the American economy.
- For the president and his energy advisors as they strategize about oil and gas production.
- For administration officials as they evaluate the energy needs of the nation.
Sources: CNN, Reuters, Market Watch
