Inflation grew worse in February amid the escalating crisis in Ukraine and price pressures that became more entrenched. The consumer price index, which measures a wide-ranging basket of goods and services, increased 7.9% over the past 12 months, a fresh 40-year high for the closely followed gauge, according to the Labor Department’s Bureau of Labor […]
With oil prices recently hitting the highest level since 2008, Secretary of Energy Jennifer Granholm took to the stage in front of a room full of energy executives with a simple message: raise output. “We are in an emergency, and we have to responsibly increase short-term supply where we can right now to stabilize the […]
In a complete oil industry turnaround, The UAE’s ambassador to Washington has said in a statement to the press that they “favour production increases and will be encouraging Opec to consider higher production levels.” Yousef al-Otaiba’s statement, carried by the FT, comes as both the UAE and Saudi Arabia—two of the very few, if not […]
Amazon announced its first stock split since the dot-com boom, telling investors on Wednesday that they’ll receive 20 shares for each share they currently own. The stock soared 6% in extended trading. The company also said the board authorized it to buy back up to $10 billion worth of shares. Stock splits are cosmetic and […]
The average price of diesel fuel in the United States reached $5 per gallon on Wednesday, according to gas price tracking service GasBuddy. Patrick De Haan, head of petroleum analysis at GasBuddy, said on Twitter that diesel prices have reached the “highest level ever recorded.” President Biden announced a ban on Russian oil, gas and […]
The European Union announced Tuesday it will reduce its purchases of Russian gas by two-thirds before the end of the year, in response to the country’s invasion of Ukraine. That marks a significant change because the EU is highly dependent on Russian energy imports. The EU imported 45% of its total gas imports from Russia […]
Consumer giants including McDonald’s, Coca-Cola and Starbucks have joined the list of firms halting business in Russia due to the invasion in Ukraine. McDonald’s said it was temporarily closing its roughly 850 restaurants in Russia, while Starbucks also said its 100 coffee shops would shut. McDonald’s said there was “needless human suffering unfolding in Ukraine”, […]
As US gas prices hit record highs in the wake of Russia’s invasion of Ukraine, it seems like electric vehicles may not be a safe haven for those looking to save money. That’s because Russia plays an important part in the production of the nickel that ends up in batteries used by many electric vehicles […]
Stitch Fix shares tumbled in extended trading Tuesday after the online styling service offered a weak outlook for its fiscal third quarter and slashed its forecast for the full year, as it struggles to grow its subscriber base. In its latest quarter, the company said it experienced challenges with onboarding new customers and converting clients. Stitch […]
Mohammad Barkindo, secretary general of OPEC, said Monday that in the face of skyrocketing energy prices the group’s mission remains to act as a reliable supplier. He said the oil-producing alliance has “no control over current events” and that geopolitics have now taken over and are “dictating the pace of the market.” Barkindo’s comments, made […]
The average price for a gallon of gasoline in the U.S. hit a new record high of $4.104 on Monday, surpassing the previous record of $4.103 set in 2008 according to data from GasBuddy. “Americans have never seen gasoline prices this high, nor have we seen the pace of increases so fast and furious,” GasBuddy […]
There is a strong argument to be had regarding the future of blockchain technology, with the impact already rather clear to see in regard to cryptocurrency in general. Of course, one of the major selling points for many in regard to virtual currency is because of the various benefits that blockchain technology provides, however it […]
