In a Sunday interview, Treasury Secretary Janet Yellen said she does not believe that record-high gas prices are a result of the Biden administration's policies.
Power the Future Executive Director Daniel Turner joins 'Kennedy' to weigh in on the U.S. domestic supply of oil and President Biden's plans to travel to Saudi Arabia.
During an appearance on ABC’s "This Week," Yellen was asked to respond to a statement Wednesday by the American Petroleum Institute, which said the Biden administration’s "misguided policy agenda shifting away fromhas compounded inflationary pressures and added headwinds to companies’ daily efforts to meet growing energy needs while reducing emissions."
Yellen fired back that the historically high gas prices have nothing to do with policies and are reflective of"Well, I don't think that policies are responsible for what's happening in the oil market," she said. "Actually, consumption of gas and fuels are currently at lower levels than pre-pandemic, and what's happened is the production has gone down. Refinery capacity is declined in the United States and oil production has declined.
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