And, with surging oil prices keeping gasoline high, so has anyone who’s filled up a car. Energy costs have been one of the main drivers of what’s become the highest inflation in a generation. In recent days, the price of a barrel of U.S. benchmark crude oil hit a seven-year ...
The U.S. is the largest producer of crude oil, which begs the question: why are we still paying so much? "It is because that oil is traded on a global market. So, today the price of oil per barrel is about $120. People are paying that in countries all...
Gas prices arehitting record highsalmost daily, causing financial pain at the pump for millions of Americans. But it's also spurring questions about why fuel is so expensive — and who's to blame. Consumers are also wondering when they might see some relief. Not surprisingly, soaring gas pri...
For some analysts, the reason crude prices have yet to move even higher is because the oil market is short. This refers to a trading strategy in which an investor hopes to profit if the market value of an asset declines. “There is a very large short position, not only in oil, you [...
“Consumers are just going to face higher prices,” said Shawn Addison, owner of the Olive Oil Source, an olive oil wholesaler in California that supplies grocery stores and restaurants. In July, Addison got an email from his biggest supplier, which sources its oil from Australia and California...
be sorely disappointed. speculation-driven rally in my previous article i talked about how opec is losing its grip on the market as members are not cooperating. however, recent headlines suggest that opec is trying to piece together another deal in a bid to push prices back up. was i wrong...
CHRIS KAHNJOHN PORRETTO
the economic impact of COVID-19 and the drastic slump the pandemic has had on oil demand could see a similar situation materialise in June. Other analysts are more optimistic, saying that while prices may experience some weakness,panic has subsided, and negative territory is no longer a ...
We have all heard at least a partial explanation as to why West Texas Intermediate (WTI) and Brent prices are so far apart. We have been told that the Midwest is oversupplied because of all of the Canadian imports, and the crude oil cannot get down as far as the Gulf Coast, because ...
All of these factors drove the price of crude oil to less than $40 per barrel. 1. The Dollar Strengthens In 2015, the dollar was at a 12-year high against the euro.2 That put pressure on market prices because commodity prices are usually quoted in dollars, and they will fall when the...