National u s average on highway diesel fuel price

Share to Twitter Share to Linkedin Topline President Joe Biden proposed Wednesday a federal gas tax holiday, as gas prices hover around record highs nationally, in a move that would instantly provide some relief to consumers—though some warn may not be the cure-all Biden seeks. Key Facts Biden called on Congress to pass a three-month federal gas tax holiday, which would suspend federal taxes on gas during the period. This would make gas 18 cents cheaper per gallon and diesel 24 cents cheaper. The proposal actually comes as prices are slightly decreasing: the national average price per gallon of gas is $4.955 Wednesday, according to the American Automobile Association, a slight drop from its peak of $5.016 last Tuesday but still a sharp increase from a year ago, when it was $3.069 average per gallon. Despite the holiday likely providing some quick relief at the pump, it may contribute to further inflation by providing an indirect … [Read more...] about What Is A Federal Gas Tax Holiday? Here’s How It Could Impact Prices At The Pump.

Share to Twitter Share to Linkedin Topline Gas prices are steadily but slowly dropping ahead of July Fourth and further relief at the pump may be coming ahead of one the most popular driving days of the year, though prices are still elevated compared to 2021. Key Facts The average national gas price Monday is $4.897 per gallon, according to the American Automobile Association, which is down 12 cents from its peak of $5.016 on June 14. Patrick De Haan, GasBuddy’s head of petroleum analysis, predicted Sunday the national average for gas prices could fall to as low as $4.75 by July Fourth as crude oil prices fall. That would still represent a more than 50% increase from last July Fourth, when the national average gallon of gas was $3.13, per AAA. Still, AAA forecasts a record-high 42 million Americans will travel 50-plus miles over the holiday weekend – a telling sign as demand for gas remains largely unfazed by the historic … [Read more...] about What To Expect For July 4th Gas Prices

Share to Twitter Share to Linkedin Topline The average price for a gallon of gas was $4.822 nationally Saturday, according to AAA, continuing a steady decline after briefly topping $5 per gallon last month–but gas prices are still much higher than all prior July Fourth weekends, one of the most popular driving periods of the year. Key Facts The average national gas price was down 2 cents per gallon Saturday from Friday, 8 cents from a week ago and 19 cents from the highest-ever recorded price of $5.016 on June 14, according to AAA. Gas cost more than $5 per gallon in just 10 states Saturday, a far cry from the 21 states that reached that milestone when prices peaked nationally last month. AAA reports prices are falling the fastest in Texas, Arizona, Indiana and Delaware, all of which logged 13-cent declines over the last week. But even if gas prices trickle down a few more cents before July 4, the national average will still be at a … [Read more...] about Gas Prices Drop Ahead Of July 4th–Here’s How Much Higher They Are Than Prior Years

Share to Twitter Share to Linkedin Topline Energy stocks once again outperformed the rest of the market as oil and gas prices remain elevated due to inflation; despite ongoing risks to tight global supply such as Russia’s invasion of Ukraine, some experts are now predicting that prices will decline by next year. Key Facts Energy prices have been surging in recent months: Demand remains high but supply has been tight ever since the West imposed sanctions on Russian oil after the country’s invasion of Ukraine in late February. Despite their first weekly loss in over a month last Friday, oil prices jumped again on Tuesday: The price of U.S. benchmark West Texas Intermediate sits at nearly $111 per barrel, while international benchmark Brent crude trades at more than $114 per barrel. Major energy companies were among the best-performing stocks on Tuesday as the market rebounded from its worst week since March 2020, with the Dow gaining over … [Read more...] about Energy Stocks Jump As Oil Surges Again—Prices Will Remain Elevated Through Summer

Colombo, Sri Lanka Doctors and bankers were among hundreds of Sri Lankans who marched on Wednesday to demand the government resolve a severe fuel shortage at the heart of the Indian Ocean island's worst economic crisis in decades or step down. Weeks of street demonstrations against cascading woes such as power cuts and shortages of food and medicine brought a change in government last month after nine people were killed and about 300 injured in protests. Left with just enough fuel for about a week and fresh shipments at least two weeks away, the government restricted supplies on Tuesday to essential services, such as trains, buses and the health sector, for two weeks. The prime minister's office said in a statement a government-ordered petrol shipment would arrive on July 22, while Lanka IOC, a unit of Indian Oil Corporation, is expecting a shipment of petrol and diesel around July 13. "The government is also attempting to secure fuel shipments … [Read more...] about As Sri Lanka runs out of fuel, doctors and bankers protest ‘impossible situation’

Having the retail price of rice at P20 per kilo sounds nice in a speech, but is so far away from the market price to be feasible in six, or even 12, years, that it is doomed to failure. Making oneself personally responsible for the failure by becoming the secretary of agriculture seems like taking the advice of one’s enemies. Rice has grown more expensive in terms of money just like everything else, due to general inflation, which gradually lowers the value of money. The inflation that matters is the general increase in the cost of living for consumers. This general inflation rate is the strongest correlate—stronger than agricultural productivity—with poverty and hunger. It averages the increases in prices of very many consumer goods, not just rice. For any single item, such as rice, the market price is determined by supply and demand. For the government to interfere with the market is too costly. To return to the monopolization of rice imports by the National Food Authority—the … [Read more...] about Fight inflation, not prices

- A + A KUALA LUMPUR (June 24): Kenanga Research expects crude palm oil (CPO) prices to stay firm, averaging at RM4,500 per tonne in 2022 and RM4,000 per tonne in 2023. In a note on Friday (June 24), the research house said the outlook is mainly based on supply needs, resilient demand for the golden commodity and supportive biofuel demand. “Current global edible oil tightness began when production dipped and failed to meet demand in 2020. Inventory slipped and continued doing so in 2021. “If the pending second-half season goes well, 2022's inventory should edge up year-on-year but unlikely to exceed 2019 levels,” it said. It also said that a favourable 2023 scenario is possible given that prices are still good but helpful weather is also needed, and Malaysia’s labour shortage does not curtail palm oil output substantially. Meanwhile, the research house said that demand for CPO continues to be resilient, underpinned by rising populations and affluence where … [Read more...] about Kenanga Research expects CPO prices to stay firm in 2022 and 2023

Copper or Doctor Copper as market analysts refer to it due to its reputation of having a “Ph.D. in economics” because of its ability to predict the direction of global economy, has tumbled significantly in the recent past and is currently trading at its 15-month low on the London Metals Exchange (LME). The past trends of copper prices and global economic growth have signified that both the copper prices and global economy move in tandem and one can predict the turning points in global economy based on the direction of global copper prices. Experts are of the opinion that the correlation between copper prices and global economic health does largely hold good, though, at times there might be some brief aberrations. “Aberrations may occur due to governments’ interventions in the form of fiscal stimulus, or the major central bankers’ trying to respond to the changing macro-economic conditions by the way of change in their monetary policies”, said Praveen Singh, AVP, Fundamental … [Read more...] about Dr Copper’s falling prices indicate more ailments on the cards for global economy

Representative image. It only took 24 hours last month for Prime Minister Narendra Modi's government in India - the world's second-largest producer of wheat - to shelve its plans to "feed the world". In April, Modi had said publicly that the world's most populous democracy was ready to fill part of the gap left by Ukraine in global grains markets by increasing its wheat exports, following five consecutive record harvests. India traditionally exports only a modest amount of wheat, retaining most of its crop for domestic consumption. On May 12, India's Ministry of Commerce & Industry said it was preparing to send delegations to nine countries to export a record 10 million tonnes of wheat this fiscal year - sharply up the previous season. But a barrage of alarming data changed all that. First came a downward revision to India's wheat crop in early May as a sudden heatwave hammered yields. Then data on May 12 showed inflation in the nation of 1.4 billion had jumped to a … [Read more...] about Food export bans, from India to Argentina, risk fueling inflation

White House economic advisor Brian Deese told Americans struggling to afford surging gas prices that it’s worth the pain for the “future of the liberal world order” Thursday on CNN. “What do you say to those families that say, ‘Listen, we can’t afford to pay $4.85 a gallon for months, if not years?’” CNN’s Victor Blackwell asked Deese . “This is about the future of the Liberal World Order and we have to stand firm,” Deese replied. “You have a presidential administration that is going to do everything in its power to blunt those price increases and bring those gas prices down,” Deese added. “The good news is that in the last two weeks we’ve seen gas prices at the pump go down about 20 cents but still unacceptably high.” CNN: “What do you say to those families that say, ‘listen, we can’t afford to pay $4.85 a gallon for months, if not years?’” BIDEN ADVISOR BRIAN DEESE: “This is about the future of the Liberal World Order and we have to stand firm.” … [Read more...] about Biden Economic Advisor Dismisses High Gas Prices