Yellen says 'impossible' to insulate U.S. from oil market shocks

U.S. Treasury Secretary Janet Yellen said it is "virtually impossible" for the United States to insulate itself from oil market shocks such as those caused by Russia's invasion of Ukraine, so it is important to shift toward renewable energy sources.

Yellen told the Senate Finance Committee that U.S. oil producers failed to anticipate the recovery in demand and prices following the COVID-19 pandemic, but they now have incentives to increase production.