Treasury Sec.  Jelen says the only way to fix the energy crisis is 'switch to renewable energy'

Treasury Sec. Jelen says the only way to fix the energy crisis is ‘switch to renewable energy’

Finance Secretary Janet Yellen said on Sunday that the Biden administration’s policy was not responsible for record high gas prices and that the only way to solve the energy crisis was in the “medium term” transition to “renewable energy sources to address climate change”.

During an appearance on ABC’s “This Week” show, Jelen was asked to respond to a statement from the American Petroleum Institute on Wednesday, which said that the Biden administration’s policy of moving away from domestic oil and natural gas was “wrong.” intensified inflationary pressures and further hampered companies’ day-to-day efforts to meet growing energy needs while reducing emissions. “

Secretary of Finance Janet Yellen testifies before the Senate Committee on Banking, Housing and Urban Affairs on May 10 in Capitol Hill, Washington, DC (Tom Williams / Pool via AP / Associated Press)

Jelen retorted that historically high gas prices have nothing to do with politics and reflect low-cost oil companies.

“Well, I don’t think politicians are responsible for what’s going on in the oil market,” she said. “In fact, gas and fuel consumption are currently at lower levels than before the pandemic, and it happened that production dropped. Refinery capacity in the United States has declined, and oil production has declined. I think the producers are partially unconscious. strength of recovery in the economy and were not ready to meet the needs of the economy. High prices should encourage them to increase inventories over time. “


Yellen argued that the best way to address the energy crisis is in the country’s “medium-term” transition from fossil fuels.

    Janet Yellen and Joe Biden

US Treasury Secretary Janet Yellen (C) listens to President Joe Biden during a hybrid meeting with corporate executives and members of his cabinet to discuss the upcoming federal debt limit at the South Court Hall in Eisenhower Eckecu (Chip Somodevila / Getty Images / Getty Images)

“And look, in the medium term, the way we can provide reasonable energy costs for households is to switch to renewable energy sources to address climate change, as a medium-term issue,” she said. “It is a way to free us from the geopolitical movements of oil prices.


Jelen added that President Biden is considering options to help reduce gas prices, including the federal gas tax.

“President Biden wants to do everything in his power to help consumers,” she said. “Gas prices have risen a lot and that obviously burdens households, so he is ready to cooperate with the Congress, and that is an idea that is definitely worth considering.”

President Joe Biden

President Joe Biden and the White House Response Team for COVID-19 are taking part in a virtual conversation with the National Association of Governors from the South Court Hall in the building of the executive office of the Eisenhower complex of the White House on Monday, December. (Kent Nishimura / Los Angeles Times via Getty Images / Getty Images)


The national average of gallons of unleaded gas reached $ 4.99 on Sunday after reaching a high of $ 5 for a solid week earlier this month. Biden blamed the Russian war in Ukraine and the COVID-19 pandemic for fueling rising prices and record inflation, while Republicans blamed excessive government spending and U.S. dependence on foreign oil markets.

In a statement last week, the American Petroleum Institute called on the administration to “give priority to the release of American energy resources – which the world envies – instead of increasing reliance on foreign sources.”

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