By David Lawder

DENVER (Reuters] – The U.S. Treasury Secretary Janet Yellen stated on Friday that a reduction in the gasoline tax is one of the options to help consumers. She also said she believed the economy will perform well for the year ahead.

“We are looking into a number of ways that we can help consumers,” Yellen said. “The gas tax is on the list,” Yellen stated to reporters Friday, Colorado at a Denver social service agency.

But she also said that she was worried that cutting gasoline tax would result in more benefits going to oil companies than to consumers.

Additionally, she stated that tighter monetary policies to combat inflation might lead to recession. However, she added that it was important for the Federal Reserve to be able balance its dual mandate to ensure maximum employment and price stability.

I have faith in the Fed’s ability to bring down inflation without creating a recession. A strong economy, which I can see, will continue to grow, despite inflationary pressures and problems posed by the Russia Ukraine crisis.

When she commented on Russia’s powerful sanctions, the U.S. dollar was declared its reserve currency.

“There’s no currency that can compete it, and allows you to impose very strict sanctions,” Yellen stated when she was asked if the dollar might lose some of its international clout because Russia and China are trying to make other business arrangements.

Yellen stated that China has been involved in search, Russia also has, but they have not yet come up with a substitute for the US dollar.