by Kevin Killough In the past few years, America has seen high inflation rates and a faltering economy that some observers say will go into a recession. The latest conflict in the Middle East could likely pose a significant disruption in global energy supplies. Where the GOP contenders stand on energy policies…
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Average gas prices in Minnesota have jumped by more than 30 cents in a week, according to AAA data.
The current average price is $3.98 per gallon, up 36 cents from a week ago, the AAA data says. Average prices in the seven-county metro are over $4.
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Oil prices reached a nine-month high amid concerns about tight oil supplies after Russia and Saudi Arabia extended supply cuts.
Brent futures, a global benchmark to measure oil prices, rose to $91.01 a barrel on Friday, according to MarketWatch, and sits at $90.44 a barrel as of Sunday morning.
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President Joe Biden’s attempts to reduce the cause of high gas prices to the war in Ukraine initially, and corporate greed more recently, are disingenuous.
On day one this president clearly stated his opposition to oil and gas production and development. The president’s words and even more so his actions, have serious impacts on the costs of commodities, including oil.
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Americans are changing their shopping habits because of soaring food prices. And disruptions in the international farming community have some worried about the food supply heading into 2023.
The BMO Real Financial Progress Index, a quarterly survey from BMO and Ipsos, shows that 42% of surveyed adults “are changing how they shop for groceries,” including “opting for cheaper items, avoiding brand names and buying only the essentials.”
The report found “46% are either dining out less or consciously spending less when dining out.”
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In what has become a seemingly every day occurrence, gas prices rose to a new record high Sunday as the national average approaches $5 a gallon.
Nine states already have surpassed the $5 threshold, and several others are just pennies away.
According to AAA, the average cost of a gallon of regular gasoline reached $4.85 Sunday, up an additional three cents from Saturday and 24 cents from last week.
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If the coronavirus pandemic exposed the fragility of our supply chains, Russia’s invasion of Ukraine has laid bare the precarious state of global food security. While inflation and sanctions on Russia have pushed up the price of food and fuel, the latest U.N. climate report provides a further urgent warning to change the status quo for the sake of our planet. It claims that global CO2 emissions must peak by 2025 to avoid catastrophic effects.
But there is an alternative to the uncomfortable choice between economic sacrifice, moral compromise, and ecological ruin. It’s called the bioeconomy, and it has the potential to address the existential challenges posed by climate change, global pandemics, and growing economic inequity. Imagine bio-based antiviral face masks, or carbon-neutral cement produced in facilities located in America’s former industrial hubs.
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America’s southeast is seeing the worst of the growing energy crisis after a devastating hack of a major American pipeline, with well over 1,000 gas stations running out of fuel altogether, the New York Post reports.
Following the hack of the Colonial Pipeline, a critical system that serves 17 states, the situation was made even worse by a spike in panic-buying of fuel, which led to even more gas stations running out than caused by the initial hack. North Carolina felt the worst of the shortage, with approximately 8.5 percent of its roughly 5,400 gas stations running empty. Virginia was not too far behind, after around 7.7 percent of its 3,900 stations also ran dry.
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A gas shortage is expected this summer not because there won’t be enough fuel but because there aren’t enough highly trained and licensed tanker drivers to transport it.
Many tanker drivers retired last year after demand for oil and gas plummeted because fewer people were traveling during the height of the pandemic. And most driving schools where new drivers could have received their training were closed due to state-mandated shutdowns. The two factors combined is resulting in a shortage of roughly 25% of tanker truck drivers needed to transport fuel, says the National Tank Truck Carriers, the trade association representing the tanker truck industry.
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Reuters Oil producer group OPEC on Monday scrapped its planned meeting in April and will decide instead whether to extend output cuts in June, once the market has assessed the impact of U.S. sanctions on Iran and the crisis in Venezuela. A ministerial panel of OPEC and its allies…
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by Michael Bastasch French President Emmanuel Macron decided to scrap the planned carbon tax on fuels after weeks of protests rocked Paris and other major cities across the country. An Élysée Palace official told The Associated Press Wednesday that “the president decided to get rid of the tax.” Macron’s decision comes one…
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President Donald Trump will allow year-round sales of renewable fuel with blends of 15 percent ethanol as part of an emerging deal to make changes to the federal ethanol mandate. Republican senators and the White House announced the deal Tuesday after a closed-door meeting, the latest in a series of…
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A record spike in fuel prices following the summer’s back-to-back hurricanes drove up a closely watched US inflation measure in September, but the underlying trend remained weak, government figures showed Monday. The new figures come as the Federal Reserve prepares to begin a two-day meeting on Tuesday, with policymakers widely…
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