Month: May 2022

It’s going to get even more volatile in energy markets – and hence for gasoline prices. Crude prices jumped on Wednesday after the European Union proposed a ban on oil imports from Russia as part of a new round of sanctions targeting the country after its invasion of Ukraine. The details are still being hammered out, and the proposal needs to be unanimously agreed upon by the 27 members of the bloc before going into effect. What to know about the U.S. emergency oil stash as Biden gears up to…

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Crude oil prices fell slightly today after the U.S. Energy Information Administration estimated oil inventories had added 1.3 million barrels during the week to April 29. At 415.7 barrels, the EIA said, inventories were 15 percent below the five-year average for this time of the year. Last week’s build compared with a modest build of 700,000 bpd reported for the previous week. In fuels, the EIA estimated inventory declines across the board. Gasoline inventories fell by 2.2 million barrels last week, according to the authority. This compared with a decline…

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Diesel prices hit yet another new record on Wednesday at $5.43 per gallon, now some $1.2 more than a gallon of gasoline, according to AAA. While high prices at that pump for gasoline have somewhat leveled off, diesel continues to steadily rise, causing an increase in prices of consumer goods because it fuels the trucks that transport an estimated 70% of consumer goods freighted in the United States. With diesel prices now up more than 75% from the year-ago average, Syracuse University supply chain expert Professor Patrick Penfield told New…

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