Prices for diesel fuel are soaring, and shortages of the critical transportation fuel could leave economies, including America's, in shambles. At MarketWatch, Dan Molinski reports on the fears of a shortage of diesel, writing: One of the U.S.'s largest truck stops, Love's, said Wednesday it is closely watching its diesel fuel supplies in the Northeast amid growing concerns of industry-wide shortages, but said it has no plans to limit purchases. "Love's is monitoring the fluid situation on the East Coast, we have experienced minimal outages during low traffic hours," Oklahoma-based Love's … [Read more...]
Institutional Investors Fall in Love with Oil, Again
By G B Hart @ Shutterstock.com It's been a few years since oil was a favorite of institutional investors, but the hiatus appears to be over. Institutional investors are coming back to energy as it becomes the market's best-performing sector. Gregory Zuckerman reports for The Wall Street Journal: Big investors are starting to warm to energy. For more than five years, endowments, pension funds and other so-called institutional investors shunned the oil-and-gas industry because of big losses and concerns about climate change. Now some investors are coming back as energy emerges as the stock … [Read more...]
Add Fertilizer to the Growing List of Shortages Threatening America
The world has plenty of food, for now, but the reason that is has much to do with high yields on farmland acreage doused with fertilizers. Without modern farming techniques and the inputs that supply them, food will become more difficult to produce, and perhaps scarce. News 10 reports on Michigan farmers' trouble with fertilizer shortages, writing: A fertilizer shortage is putting the food supply at risk. Fertilizer prices have tripled from where they were in 2021 and it’s forcing Mid-Michigan farmers to change how they grow their crops. “You’re cutting off one hand to save the other,” … [Read more...]
Raiding the SPR Is a Failure for “Foreign Policy Expert” Joe Biden
Joe Biden has long been touted as a "foreign policy expert," after his years of service on the Senate Foreign Affairs Committee, even serving as the committee's ranking member. In the Financial Times, Derek Brower and Myles McCormick report that it was a failure of foreign policy that has driven Biden to tap into the Strategic Petroleum Reserve. The failure was Biden's inability to convince Persian Gulf oil-producing states to pump more oil. They write: Joe Biden’s decision to unleash a torrent of crude from the emergency US reserve is a gamble that he can tame petrol prices in time for … [Read more...]
Biden’s European Gas Promises Are Driving Up Prices in America
Joe Biden has promised European countries that America will fill in lost gas supplies banned by Russian sanctions by shipping LNG across the Atlantic. That promise has driven up demand for American gas, and prices with it. Ryan Dezember reports in the Wall Street Journal: The U.S. is shipping more natural gas than ever overseas, which is keeping domestic inventories lean and power prices high. Natural-gas prices usually decline into spring, when heating demand drops but before air-conditioning season begins. Gas producers and traders use the off-season to build up inventory for summer, … [Read more...]
India and China Quietly Eschew Sanctions, Buy Russia’s Oil
Despite international approbation of commerce with Russia, India and China have quietly been buying Russian oil. Bloomberg News reports: China’s oil refiners are discreetly purchasing cheap Russian crude as the nation’s supply continues to seep into the market. Unlike India’s state-run oil refiners, which have issued a number of tenders seeking to buy Russia’s flagship Urals crude among other grades, traders say China’s state processors are negotiating privately under the radar with sellers. The nation’s independent refiners are also quietly buying, according to traders who asked not to be … [Read more...]
BIDENFLATION: Yes, Gasoline Prices ARE Rising Faster than Ever
You are not imagining it, prices for gasoline are rising faster than ever before. Not even the devastation of Hurricane Katrina, which caused outages for oil rigs and infrastructure in the Gulf of Mexico could rival today's price increases for gasoline. The Wall Street Journal's Kara Dapena reports: As summer driving season approaches, average prices for regular gasoline have been at record highs the past two weeks after going up for 11 straight weeks. Prices reached $4.32 a gallon on March 14, according to weekly figures from the U.S. Energy Information Administration. They were $4.24 this … [Read more...]
War Uncertainty Plagues Middle East with Threat of Famine
Ukraine is the breadbasket of Europe and the surrounding regions of the Middle East and North Africa. Without grain supplies from Ukraine and nearby Russia, food could become scarce and unaffordable in the region. Heba Saleh and Emiko Terazono report for the Financial Times: Russia’s invasion of Ukraine has made life even harder for Fadia Hamieh, a Lebanese university lecturer who was already struggling to make ends meet in a country with a failing economy. Since the start of March, flour has disappeared from the shops and the price of bread has increased by 70 per cent. “Supermarkets are … [Read more...]
Is there Any Oil Left? Saudi Aramco Says Market Is Tight
Saudi Arabia and the United Arab Emirates hold the bulk of the world's spare oil capacity. With prices for oil surging, Saudi Arabia's state run oil company, Saudi Aramco was asked if there was much oil to spare, and its answer was, essentially, "not much." Reuters reports: Global oil demand is growing healthily as economies recover from the pandemic and spare production capacity is declining, the CEO of Saudi Arabia's state oil company Aramco said on Sunday. Oil prices have surged to 14 year highs above $100 per barrel in recent weeks as Russia's invasion of Ukraine prompted fears of … [Read more...]
Record Orders for E-Bikes in Response to Surging Oil Prices
As oil prices have surged, Americans are turning to electric bikes to fill their transportation needs without relying on petroleum fuels. Bloomberg's Ira Boudway reports: The Pedego Electric Bike store in St. Louis normally closes for the month of February because there are not enough sales to justify keeping it open through the winter. This year, with an unusually large number of phone calls coming through, it re-opened early. February wound up being a “bonanza of a month” at the store, according to Pedego chief executive officer Don DiCostanzo, who oversees the e-bike brand’s 208 … [Read more...]
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