The firm said the recovery in worldwide demand from the Delta variant has been “even faster than our above consensus forecast” and global supply is “short of our below-consensus forecasts.”
The consumer price index, the nation’s key inflation measure, jumped 0.9% in June, the largest one-month increase in 13 years. Over the last 12 months, prices were up 5.4%, the biggest jump in annual inflation in nearly 13 years. Much of the rise in prices is due to gasoline prices, which are far above last summer’s […]
The House voted Friday to repeal a Trump-era rule that rolled back regulations of methane emissions from oil and gas industries, sending a resolution to President Joe Biden’s desk for his signature as his administration looks to combat climate change. The final vote was 229-191. All Democrats supported the resolution, and 12 Republicans broke ranks and […]
US oil prices are still falling as investors continue to fret about an excess supply of crude at a time when no one wants any. West Texas Intermediate fell 3.5% on Tuesday to $12.33 a barrel. Earlier the US benchmark contract for oil to be delivered in June had fallen as much as 20%, hovering close to […]
Business has been slow at the Shell gas station in Thousand Palms. Managing partner Victor Khouri says coronavirus lockdowns are hurting the bottom line, “Last month I went in the hole close to $12,000 in our books because we had no business, all we had was expense … if it continues on this path this […]
The average price of a gallon of self-serve regular gasoline in Riverside County dropped Friday to its lowest amount since Dec. 26, 2017, decreasing 2.3 cents to $3.052. The average price has dropped 23 consecutive days, decreasing 41.4 cents, including 2.9 cents on Thursday, according to figures from the AAA and Oil Price Information Service. […]
(CNN) — Oil prices suffered an historic collapse Monday after Saudi Arabia shocked the market by launching a price war against onetime ally Russia. US oil prices crashed as much as 34% to a four-year low of $27.34 a barrel as traders brace for Saudi Arabia to flood the market with crude in a bid to recapture market […]
Oil prices tumbled Wednesday as President Donald Trump signaled tensions with Iran are easing, reducing fears of a deeper conflict between the two nations. The decline in crude marks a stunning reversal from an initial spike caused by Iran’s missile strike on bases in Iraq that house US troops. US crude tumbled 4%, hitting session lows […]
