Yellen: We’ll Watch Oil Prices, Expect them to ‘Stabilize’

Yellen: We’ll Watch Oil Prices, Expect them to ‘Stabilize’

September 19, 2023

Monday on CNBC’s Squawk on the Street, Treasury Secretary Janet Yellen responded to a question on what action the Biden administration could take to combat rising oil prices by stating that they’ll keep watching the situation, but they expect the prices to “stabilize.”

Yellen answered, “Well, the president wants to make sure that gas prices remain affordable for Americans. Americans care a great deal about the price of gas. They’re still down $1.20 off their highs last summer, although they have gone up recently. China’s ended its pandemic lockdowns, and although Chinese growth is slower than expected, China coming back online and the continuation of the production cuts by Saudi Arabia has lifted oil prices somewhat. We’re monitoring the situation very closely. The president has taken action over the last year. Certainly, the releases of oil from the Strategic Petroleum Reserve have been important in holding down oil prices and we’ll continue to monitor that closely.”

The show’s hostess then said, “I just wonder how much space you have and what you would potentially do if — because we are losing progress on this front with oil prices rising.”

Yellen responded, “Well, my expectation is that they will stabilize. But we’ll just keep an eye on it.”

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