US Treasury Secretary Yellen is speaking, mainly on oil and gas:
- We are making supply chains more resilient to protect us.
- They Keystone XL pipeline is up to Biden to decide, and it would take years to have an impact
- I do not see resuming the Keystone XL oil pipeline as a short term measure that can address high oil prices
- The US is having talks on oil-price caps
- We are continuing to have productive conversations on restricting energy revenues to Russia without spillovers to the global economy
- An exception, or ban on insurance for certain Russian oil shipments would effectively provide a price cap on oil
- Gas tax reductions from US states have reasonably high pass-through to prices, but less at federal level
- A gas-tax holiday should be under consideration
- Evidence is mixed on the level of pass-through from gasoline tax holiday to lower prices
- Canada can supply critical metals and minerals needed by US industries
- The discussions with Canada on friend-shoring of supply chains at a relatively early stage
LOL on this one:
- Evidence is mixed on the level of pass-through from gasoline tax holiday to lower prices
I know it's a holiday there in the US but Yellen should probably not be smoking whatever it is she is smoking if speaking with the media.
