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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.
This article was originally published by Forexlive.com. Read the original article here.