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Treasury Sec. Yellen says that the only way to fix the energy crisis is to “go to renewable energy”

Finance Minister Janet Yellen said on Sunday that the Biden administration’s policy is not responsible for record gas prices, and the only way to fix the energy crisis in the “medium term” is to move towards “renewable energy to meet climate change.”

During an appearance on ABC’s “This Week”, Yellen was asked to respond to a statement on Wednesday from the American Petroleum Institute, which said that the Biden administration̵[ads1]7;s “misleading political agenda moving away from domestic oil and natural gas has intensified inflationary pressures and added headwinds. companies’ daily efforts to meet growing energy needs while reducing emissions. “

Treasury Sec.  Yellen says that the only way to fix the energy crisis is to “go to renewable energy”

Finance Minister Janet Yellen testifies before Senate Banking, Housing and City Council hearing May 10 in Capitol Hill, Washington, DC (Tom Williams / Pool via AP / Associated Press)

Yellen retorted that the historically high gas prices have nothing to do with politics and reflect low-producing oil companies.

“Well, I do not think politics is responsible for what happens in the oil market,” she said. “In fact, gas and fuel consumption is currently at lower levels than the pre-pandemic, and what has happened is that production has declined. Refinery capacity has been reduced in the United States and oil production has declined. I think producers were partly unaware of this. “the strength of the upturn in the economy and were not ready to meet the needs of the economy. High prices should cause them to increase supplies over time.”


Yellen claimed that the best way to deal with the energy crisis in the “medium term” is to switch the country from fossil fuels.

    Janet Yellen and Joe Biden

US Treasury Secretary Janet Yellen (C) listens to President Joe Biden during a hybrid meeting with CEOs and members of his cabinet to discuss the looming federal debt limit in the South Court Auditorium at Eisenhower Execu (Chip Somodevilla / Getty Images / Getty Images)

“And see, in the medium term, the way we can ensure affordable energy expenditure for households is to switch to renewable energy sources to deal with climate change, as a medium-term issue,” she said. “It’s the way to free ourselves from geopolitical movements in oil prices.”


Yellen added that President Biden is considering a number of options to reduce gas prices, including a federal gas tax holiday.

“President Biden wants to do everything he can to help consumers,” she said. “Gas prices have risen a lot, and that’s clearly hurting households, so he’s ready to work with Congress, and that’s an idea that is definitely worth considering.”

President Joe Biden

President Joe Biden and the White House COVID-19 Response Team participate in a virtual conversation with the National Governors Association from the South Court Auditorium in the Eisenhower Executive Office Building of the White House Complex on Monday, December (Kent Nishimura / Los Angeles Times via Getty Images / Getty Images)


The national average of one gallon of unleaded gas reached $ 4.99 on Sunday after reaching an all-time high of $ 5 for a solid week earlier this month. Biden has blamed the Russian war in Ukraine and the COVID-19 pandemic for fueling price increases and record inflation, while Republicans have blamed exorbitant public spending and US dependence on foreign oil markets.

In its statement last week, the American Petroleum Institute urged the administration to “prioritize unlocking US energy resources – which is the envy of the world – instead of increasing its reliance on foreign sources.”

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