Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received. The Labor Department said Tuesday that its consumer price index jumped 8.5% in March from 12 months …
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OPEC and the EU met on Monday amid pressure on the EU to impose a ban on Russian oil. OPEC’s Secretary-General Mohammad Barkindo said it would be “nearly impossible” to replace Russian oil. Barkindo said the highly volatile market is not based on fundamentals and is out of its control. The Organization of the Petroleum …
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The EU has doubled down on becoming the world’s first net-zero region. The West hasn’t done enough to secure crucial supply chains to provide raw materials for their energy transition plans. Import dependency has made Western economies more vulnerable. There has been an unspoken assumption that the West knows what it’s doing because it has …
Continue reading “The West Is Suffering The Consequences Of Poor Energy Decisions”
LONDON (Reuters) – OPEC told the European Union on Monday that current and future sanctions on Russia could create one of the worst ever oil supply shocks and it would be impossible to replace those volumes. OPEC Secretary General Mohammad Barkindo made the remarks in a meeting on Monday with EU officials, according to a …
Prices of crude oil futures went down by 4% on Monday amid supply worries prompted by the release of oil from strategic reserves of both the United States and other International Energy Agency members. And China lockdowns affecting the demand side, the investors were seemingly worried by the COVID-19 containment measures in China, and the …
Continue reading “Oil down 4% as as supply fears persist amid China COVID-related lockdowns”
Russian President Vladimir Putin has appointed a new general to direct the war in Ukraine as his military shifts plans after a failure to take Kyiv, according to a US official and a European official. The officials told CNN Army Gen. Alexander Dvornikov, commander of Russia’s Southern Military District, has been named theater commander of …
Continue reading “Ukraine Update: U.S. Officials Wary of Putin’s New Commander”
The oil price rally has really cooled down over the past two weeks, with oil prices declining to levels last seen prior to Russia’s invasion of Ukraine. Brent oil (CO1:COM) prices fell ~2% Thursday to trade below $100/b, while the price for a barrel of Brent for June 2022 delivery has fallen from $127/b one …
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Former Federal Reserve Bank of New York President Bill Dudley says the Fed “hasn’t really accomplished much yet” with its efforts to control inflation, and will need to tighten financial conditions to push bond yields higher and stock prices lower. “If financial conditions don’t cooperate with the Fed, the Fed’s going to have to do …
Continue reading “Bill Dudley Says Fed Might Need to Force Stocks to Fall”
The airport in the central Ukrainian city of Dnipro has been completely destroyed in fresh Russian shelling, a local official said Sunday. “There has been another attack on Dnipro airport. There is nothing left of it. The airport itself and the infrastructure around it has been destroyed. Rockets keep flying and flying,” the head of …
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Most of the time, President Biden doesn’t wear a mask, but occasionally he’s spotted with one. Sometimes his events are in crowded indoor rooms, other times outdoors. And through it all over the past two weeks, people close to Biden — if not in “close contact” as defined by the Centers for Disease Control and …
Continue reading “Mask, no mask: Biden’s pandemic practices vary as covid risks grow”