Crude Oil
Diesel prices are just 20 cents from a record high, with multiple states already setting new records. Experts warn relief is uncertain as prices could remain elevated through 2026.
As brent crude futures soar toward $100, it’s creating a new battle in the Federal Reserve’s effort to fight inflation. One money manager warns another rate hike is likely.
DOE will call for bids on 60 million barrels of oil come Fall 2022. However, the department anticipates deliveries will not be fulfilled until fiscal year 2023—when future oil prices and demand will be lower.
UPDATE: WASHINGTON (AP) - Biden: US ban on Russian oil a ‘powerful blow’ to ‘Putin’s war,’ warns Americans ‘defending freedom is going to cost.’
Farmers worldwide are feeling the pinch as fuel costs rise to near four-year highs just as they plant and harvest their fields, eroding agricultural income already hamstrung by depressed crop prices.
The price of biofuel blending credits tumbled Friday on mounting speculation that the fight by independent oil refiners to change U.S. laws mandating the use of ethanol will lead to rule changes.