Invasion Sparks Increasing Fuel, Oil Prices

The Russian invasion of Ukraine boosted fuel prices last week. For the ninth straight week, U.S. fuel prices increased, with gas claiming 7.5 cents to an average of $3.59 per gallon, according to GasBuddy. The national average is up 23.2 cents from a month ago and 87.6 cents per gallon higher than a year ago. The national average price of diesel increased 5.5 cents in the last week and stands at $3.98 per gallon, the highest since March 23, 2014. GasBuddy’s Patrick De Haan says, “The Russian invasion of Ukraine has sparked high level concern that oil production could eventually be stifled, or even sanctioned, from the world’s second largest oil producer, leading to less supply as demand grows.” That comes at a time of year when seasonality issues push gasoline prices up by anywhere from 25 to 75 cents by Memorial Day. De Haan says, “it’s looking like a perfect storm,” adding, there is “little to no relief anytime soon.”

Related articles

Tuesday, November 29th, 2022 Video and Audio Program

On today's show, Jesse Allen is broadcasting live from the Tar Spot Summit hosted by AgReliant Genetics. We learn about some of the latest research into Tar Spot with Dr. Marty Chilvers of Michigan...

Monday, November 29th, 2022 Video and Audio Program

On Monday, we saw a mixed trade to start the week with soybeans higher and wheat under pressure. We discuss the market moves with John Heinberg of Total Farm Marketing. Learn more at https://www.totalfarmmarketing.com. https://www.youtube.com/watch?v=-_siRu_CPL8 Also,...

Biden Asks Congress to Help Avert Potential Rail Strike

On Monday, President Joe Biden issued a statement which called on Congress to step in and avert a potentially devastating U.S. rail strike. The strike, which could happen as early as December 9th, would...

U.S. Threatens Legal Action over Mexico’s GMO Corn Ban

During a meeting on Monday between Ag Secretary Tom Vilsack and Mexican President Andres Manuel Lopez Obrador, Vilsack mentioned that legal action against Mexico’s GMO corn ban in 2024 was on the table. Read more...

EPA Expected to Propose RFS Targets This Week

The Environmental Protection Agency this week is expected to finally propose renewable fuel volumes for 2023 and beyond, following months of delays. EPA has until Wednesday to propose RFS volumes under a consent decree with...

Latest articles

%d bloggers like this: