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President Trump said Sunday that increasing prices of oil are “a very small price to pay” for “safety and peace” amid the U.S. conflict with Iran. “Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace,” Trump said in a Sunday evening Truth Social post. “ONLY FOOLS WOULD THINK DIFFERENTLY!” he added. The U.S. conflict in Iran caused a recent surge in domestic oil and gas prices, with the U.S. national average for a gallon of regular gasoline...

Last | 6:25 PM EDT $108.17 up+$17.27 (+19.00%)

Iran has threatened to attack any oil tanker passing through the Strait of Hormuz, through which 20% of the world’s oil transits. US oil futures rose 18% to about $108 a barrel, their highest level since July 19, 2022. Brent futures, the global benchmark, increased 16%, near $108 a barrel. Surging oil prices have weighed heavily on stocks in recent days, as traders fear that a prolonged spike in fuel prices could lead to another spike in inflation and hurt the economy. Dow futures dropped more than 800 points, or 1.7%. S&P 500 and Nasdaq futures fell 1.6%. Triggered by...

Global oil prices could breach the $100 (£74) a barrel mark within days, and reach $150 a barrel by the end of the month, without a solution ​to the severe disruption in crude flows through the strait ‌of Hormuz, Goldman Sachs has warned. Oil exports via the vital trade route linking the world’s biggest oil producers to buyers in the global market have fallen further than the US investment bank had initially expected after the US-Israeli attack on Iran a little over a week ago. Goldman Sachs had anticipated that flows of crude through the strait would fall to 15%...

The largest increases in gas prices were reported in these states: Indiana — $3.448 (+64.0¢) Ohio — $3.399 (+62.6¢) West Virginia — $3.375 (+55.1¢) Florida — $3.407 (+53.7¢) Texas — $3.094 (+53.2¢) Colorado — $3.357 (+52.9¢) Iowa — $3.159 (+52.5¢) New Mexico — $3.247 (+52.1¢) Maryland — $3.456 (+51.6¢) Oklahoma — $2.922 (+50.8¢) Even considering these recent increases, California drivers are still facing the highest gas prices in the country, at $5.048 per gallon of regular gas. Washington and Nevada followed with a price of $4.557 and $4.119, respectively.

The nationwide average price for regular gas hit a reported six-month high of $3.60 a gallon on Tuesday, spiking more than 50 percent under President Joe Biden. In the past month, gas prices rose more than 20 cents. They are over a dollar more expensive ($2.38) than when Trump left office. Gas prices remain high and could go higher due to industry and political factors. Biden’s economic war on American energy independence during instability in the Middle East and in Ukraine are significant factors.

U.S. gasoline prices are headed higher in the nation’s corn belt, and could rise by as much as $1 per gallon at some gas stations, the head of petroleum analysis at GasBuddy warned on Thursday. GasBuddy’s Patric DeHaan implored the EPA to issue fuel waivers ASAP, as the wholesale price of gasoline spikes in Oklahoma, Missouri, South Dakota, North Dakota, Nebraska, Montana, and Kansas. “ALERT: #GasPrices will likely rise 25-75c/gal in OK, MO, SD, ND, NE, MN and KS over the next few days. Some stations may go up closer to $1/gal as the wholesale price of gasoline is spiking...

Saudi Arabia, whose relationship with the United States has taken a nosedive during President Joe Biden’s tenure, announced on Sunday it would lead the members of the Organization of the Petroleum Exporting Countries (OPEC), including Russia, to cut over one million barrels of output a day starting next month, which could cause higher U.S. inflation. Saudi Arabia also stated it would cut production by another 500,000 barrels a day starting in May. Oil prices soared 7.5% at the week’s open after the Saudi announcement. Kevin Book, managing director of Clearview Energy Partners, told CBS News the cuts could cause U.S....

While the Biden administration is hoping and praying that someone – anyone – will watch the comical “Jan 6” kangaroo hearsay court taking place in Congress and meant to somehow block Trump from running for president in 2024 while also making hundreds of millions of Americans forget that the current administration could very well be the worst in US history, it is quietly preparing for the worst. As none other than pro-Biden propaganda spinmaster CNN reports, when it comes to what really matters (at least according to Gallup), namely the economy, and specifically galloping gasoline prices, the White House is...

The following is adapted from the author’s June 14, 2022, testimony before the Pennsylvania House Majority Policy Committee. The story on food prices keeps getting worse. Food prices in May 2022 were a whopping 10.1% higher than prices in May 2021. The size of these food price increases have not been seen in over 40 years and are occurring across food categories, from fresh fruits (8.5%) to fish and seafood (12.2%). Over the past nine months, each month’s year-over-year food price increase has been above 4%, with each successive month higher than the previous—starting at 4.6% in September and reaching...

The EPA is considering a new label for parts of the Permian Basin that could deter or slow oil and gas drilling in certain parts of the prolific Permian Basin. According to a regulatory notice, the EPA could label parts of the Permian Basin as violating federal air quality standards for ozone. If the EPA does indeed label parts as violating the standards, state regulators would need to find a way to clean up the air quality—and they would have three years to come up with a plan to do that. Their plans could include keeping new industrial facilities from...

...It’s easy to look at the gas pump right now and think that station owners are taking you for a ride. But the business model of gas stations is a bit counterintuitive. Most gas stations barely turn a profit on their core product — and when the price of oil goes up they may even take a loss on it. Battling small margins, cutthroat competition, and the looming threat of electric vehicles, many gas stations are more reliant than ever on secondary revenue streams.... The profit pipeline Gasoline begins its journey as crude oil, largely sourced on home soil in...

Americans are more worried about inflation hurting their wallets than they should be — and they should “calm down” and “stop complaining” about it, according to a Washington Post columnist. “Overall, many Americans aren’t suffering as much as they think they are and we can think things into existence because we are unrealistically fearful of something that hasn’t happened yet,” the paper’s personal finance columnist Michelle Singletary said during a Wednesday appearance on MSNBC. “We don’t know if we’re in a recession yet.” Singletary downplayed concerns about the impact of rising prices after MSNBC anchor Chris Jansing pointed out a...

It wasn’t just the epic confusion unleashed by the Biden admin in the past few days over how to lower record gas prices (suggesting that Biden really has no idea what the 79-year-old president is doing), that sparked today’s jump in crude oil and surge in energy names. Monday: gas-tax holiday under consideration Tuesday: Russian oil price-caps https://t.co/uoaN73gSkJ — zerohedge (@zerohedge) June 21, 2022 Providing some bullish support for the oil cash, in his latest weekly note, Bank of America’s energy analyst Fernando Blanch writes that even if the world goes into recession, Brent oil could average more than $75/bbl...

Bank of America has sounded the alarm on the US economy, predicting growth will stall next year and that the likelihood of a recession will surge. In a note published on Friday — two days after the Federal Reserve hiked interest rates by 75 basis points — analysts said the Fed was too slow to aggressively tackle inflation, which is running at a 40-year high, and abruptly scrambling to get on top of it. Now the bank sees GDP growth slowing to nearly zero by the second half of 2023 because of the influence of tighter financial conditions. While the...

JUST IN – Fed Chair Powell: "Rapid changes are taking place in the global monetary system that may affect the international role of the dollar." 👀— Bitcoin Magazine (@BitcoinMagazine) June 17, 2022

Data out Thursday further indicated a dramatic slowdown in economic activity. Housing starts dropped 14% in May, topping the 2.6% decline expected by economists polled by Dow Jones. The Philadelphia Fed Business Index for June came in with a negative 3.3 reading, its first contraction since May 2020. Home Depot, Intel, Walgreens, JPMorgan, 3M, and American Express hit new 52-week lows amid growing recession fears while tech shares dropped after a bounce on Wednesday. Amazon, Apple and Netflix all slid more than 3%. Tesla and Nvidia dropped more than 6% and 5%, respectively. Continue reading… https://www.cnbc.com/2022/06/15/stock-market-futures-open-to-close-news.html

President Joe Biden said Exxon made 'more money than God last year' as he attacked oil companies for not 'drilling' or paying taxes while gas prices are breaking records in a speech Thursday where he continued to blame 'Putin's price hike' on 41-year high inflation. Biden spoke at the Port of Los Angeles just hours after a report was released showing annual inflation in the US has jumped 8.6 percent, blowing past expectations and dashing any hopes that consumer price increases had peaked. 'Today's inflation report confirms what Americans already know — Putin's price hike is hitting America hard,' he...

Gas prices on Thursday soared to a national average of $5.00 per gallon, according to GasBuddy. The $5.00 per gallon mark has never been reached before and represents a twelve consecutive record-day high. BREAKING: According to GasBuddy, the national average has reached $5 per gallon. — Patrick De Haan ⛽️📊 (@GasBuddyGuy) June 9, 2022 In all 50 states on Thursday, the average price of a gallon of gas reached above $4.40, according to AAA data. In California, gas prices on Thursday reached $6.40 per gallon. JPMorgan commodities analyst predicted gas prices may increase to more than $6.00 per gallon before...

Joe Biden's Commerce Secretary admitted Tuesday that the administration can't do anything to help relieve the surging price of gas – instead placing the blame on Russian President Vladimir Putin for invading Ukraine at the end of February. 'Unfortunately, that is the brutal reality,' Gina Raimondo told CNN when asked what President Biden can do to relieve Americans' wallets at the gas pump. 'You know,' Raimondo added, 'this is, in large part, caused by Putin's aggression. You know, since Putin moved troops to the border of Ukraine, gas prices have gone up over $1.40 a gallon, and the President is...