OPEC+ Cuts to Put Pressure On Gasoline Prices, EIA Says
Meanwhile, global liquid fuel consumption is predicted to rise between 1% and 2% over 2023 levels. read more >
Meanwhile, global liquid fuel consumption is predicted to rise between 1% and 2% over 2023 levels. read more >
So far, most of the slowdown in inflation reflects freer-flowing supply chains and earlier declines in gas prices. read more >
Energy Secretary Jennifer Granholm said the bill would make it "harder to offer Americans relief in the future" from oil disruptions that could raise prices. read more >
Drivers now hope the situation doesn't get worse after a series of cutbacks tied to Russia's war in Ukraine, accidents and the slowing global economy have strained the world's oil supply. While oil and gasoline prices have dropped despite a recent supply crunch, those threats could end up pushing costs higher this winter. read more >
Even as inflation gradually slows, it remains a painful reality for many Americans, especially with such necessities as food, energy and rents having soared over the past 18 months. read more >
Measured from month to month, which gives a more up-to-date snapshot, the consumer price index inched up just 0.1%. read more >
Despite the negative outlook, however, most Americans — particularly those with higher incomes — are still spending. read more >
Congress would have to approve any additional taxes on the energy producers — which would be a tall order in the current Congress where Democrats have narrow control of the House and Senate. read more >
Energy ministers cut production by a larger-than-expected 2 million barrels per day starting in November after gathering for their first face-to-face meeting at the Vienna headquarters of the OPEC oil cartel since the start of the COVID-19 pandemic. read more >
The Conference Board said Tuesday that its consumer confidence index rose to 108 in September, from 103.6 in August. read more >
In their updated economic forecasts, the Fed's policymakers project that economic growth will remain weak for the next few years, with rising unemployment. read more >
"This was a disappointing report," said Laura Rosner-Warburton, senior economist at MacroPolicy Perspectives. read more >
Brian Moynihan cited two major issues negatively impacting average Americans — gas prices and rent — as reasons to be concerned. read more >
Still, Wednesday's report contained some positive signs: Excluding autos and auto parts, retail sales rose 0.4% in July. read more >
AAA said the national average for a gallon of regular was $3.99 on Thursday. read more >
On a monthly basis, prices were unchanged from June to July, the first time that has happened after 25 months of increases. read more >
The move comes after President Joe Biden visited Saudi Arabia last month, aiming to improve relations and encourage more oil production from the cartel to draw down high prices at the pump. read more >
The increase of 648,000 barrels per day in August still leaves the world thirsty for oil as it rebounds from the COVID-19 pandemic and runs up against the inability of the 23-member OPEC+ alliance to meet its production quotas. read more >
A sharp decline in auto sales, largely because of higher prices and shortages of new car inventories, depressed the retail sales figure. read more >
"The crunch that families are facing deserves immediate action," the president told seven companies. read more >
