After two difficult years for the global economy and in the midst of an energy crisis fueled by the Russian invasion of Ukraine, U.S. diesel inventories are currently “unacceptably low,” National Economic Council Director Brian Deese said on Bloomberg TV last week. This supply crunch is raising concerns among analysts and energy experts of an […]
Category: Business
Left meltdown over Musk Twitter takeover
Billionaire industrialist Elon Musk took over Twitter Thursday night and immediately fired several top executives, sending shockwaves throughout the social media platform. CEO Parag Agrawal, CFO Ned Segal and head of legal policy, trust, and safety Vijaya Gadde were all fired after Musk had accused them of misleading him and investors over the number of […]
Lucrative stock trades made by US officials in preparation for Covid-19
Dozens of federal officials made lucrative stock and mutual fund trades in early 2020 as the government was preparing for the onslaught of Covid-19, according to a Wall Street Journal investigation. In January of that year, while the public was broadly unaware of the scale and severity of the threat posed by the virus, US […]
Small gunmakers find a lucrative niche
Two friends from high school had just gone into business selling guns in New York when the Sandy Hook Elementary School massacre prompted state lawmakers there and elsewhere to try to ban so-called assault rifles. For Edward Newman and Peter Morrisey and their company, Dark Storm Industries, the crackdown brought new opportunities. Neither man had […]
US emergency oil stockpile is at a 38-year low
Presidents don’t have magic wands to make inflation disappear. But they do have a powerful tool that can help ease the pain of high gas prices: The Strategic Petroleum Reserve. More than any of his predecessors, President Joe Biden has aggressively leaned on this emergency oil stockpile to knock down the high pump prices that […]
US recession forecast hits 100%
The US economy falling into recession within the next 12 months is a virtual certainty, according to the latest Bloomberg Economics forecast model released on Monday. The dire projection surfaced just weeks before national midterm elections that will determine control of Congress. Just one week ago, an embattled President Biden insisted a recession was unlikely […]
Halloween candy is up a scary 13% this year
Halloween candy is getting a little scarier this year – about 13% scarier. Those who prefer treat over trick will be paying 13.1% more than last year, according to the most recent inflation report from the Bureau of Labor Statistics. It’s the largest yearly jump in candy prices the CPI has ever recorded. (For comparison, […]
Higher Heating Bills will hit U.S. This Winter
High fuel prices have been a big driver of inflation, pumping up the cost of summer travel and air conditioning, and federal energy forecasters say that staying warm this winter will be more expensive as well. Americans should expect bigger home-heating bills compared with last winter, thanks to higher prices for natural gas, heating oil, […]
The global economy is in chaos & the worst is yet to come
America is driving the West’s response to the war in Ukraine. But U.S. officials are struggling to project a global response to a worldwide economic slowdown. A sense of dread surrounded meetings of finance ministers and central bankers in Washington this week, amid one of the most foreboding moments for the world economy in years. […]
Inflation surges in September
Inflation ran hotter than expected in September as persistent prices continued to squeeze U.S. households and worsen a political headache for President Biden with just one month until midterm elections. The Labor Department said Thursday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose […]
Wholesale Prices Increase 8.5% in September
U.S. producer prices increased more than expected in September amid strong gains in the costs of services and goods, suggesting inflation could remain uncomfortably high for a while. The producer price index (PPI) for final demand rebounded 0.4% last month, the Labor Department said on Wednesday. Data for August was revised lower to show the […]
After 100 days of decline, gas prices are rising
It was the longest losing streak for gasoline prices since the early months of the pandemic: For 98-consecutive days this summer, American drivers experienced declining gas prices thanks in part to a slower worldwide demand for oil. Now, a cut in oil production signaled by the OPEC+ group last week has sent global crude prices […]