Yellen Says Expects To See 'Significant' Energy Supply Response In US, World

US Treasury Secretary Janet Yellen said on Wednesday that she expects to see a significant energy supply response in the United States and all over the world in order to avoid further price increases for energy products

WASHINGTON (UrduPoint News / Sputnik - 18th May, 2022) US Treasury Secretary Janet Yellen said on Wednesday that she expects to see a significant energy supply response in the United States and all over the world in order to avoid further price increases for energy products.

"We expect to see a significant supply response in the US and other parts of the world," Yellen said, adding that global oil prices have now stabilized at around $100 per barrel and supply begins to ramp up.

Yellen pointed out that the Biden administration releasing oil from the US Strategic Petroleum Reserve has enabled to stabilize the situation.

"We are doing what we can to avoid further increases in energy prices," she said.

On Tuesday, US Treasury Department officials said the United States intends to propose that European countries impose tariffs on Russian oil as an alternative to an oil embargo, according to media reports.