Treasury Secretary Janet Yellen warns gas prices could 'spike' again this winter

Gas prices in the U.S. have gone down significantly since the national average hit a high of just over $5 per gallon in June, but Treasury Secretary Janet Yellen warns that prices could shoot back up this winter.

Appearing on CNN on Sunday, Yellen was asked whether Americans can expect to see an increase in the coming months.

"Well, it’s a risk, and it’s a risk that we’re working on the price cap to try to address," Yellen said, referencing an effort by G7 countries to place a price cap on Russian oil.

The secretary explained that with the European Union severely cutting back on Russian oil purchases to the point that they "will mostly stop buying" from Moscow, plus a ban on providing services that allow Russia to ship oil via tanker, "It is possible that that could cause a spike in oil prices."