USCommodity 12 Month Oil ETF News

The spike in gasoline prices has created consternation and political finger pointing in the U.S., but a look at prices paid in countries around the world shows what Americans pay for gas is actually right about in the middle. The average price of a gallon of regular gasoline is $4.31 as of March 16, according to AAA, compared to $2.87 a year ago and $3.51 a month ago. According to data from GlobalPetrolPrices.com , an energy data tracking company, gas prices in the SEE MORE Gasoline Prices to Ease a Bit U.S. ranked 85th out of 170 countries it tracks, with the top spot being the least expensive (Venezuela) and 170 being the most expensive (Hong Kong). GlobalPetrolPrices updates its gasoline data weekly and has a different U.S. price, $4.69 a gallon as of March 14. Have a look at how the U.S. compares with other countries, and then we’ll discuss what factors contribute to differences between nations. Country Price as of March 14 in USD per gallon Australia $5.38 Belgium $8.06 Benin $3.81 Brazil $4.94 Canada $5.94 China $5.14 Denmark $9.17 France $8.23 Finland $9.20 Germany $9.12 Greece $8.74 Hong Kong $10.90 Iceland $8.41 India $5.09 Ireland $7.95 Israel $8.38 Italy $9.08 Japan $5.50 Jordan $5.79 Kuwait $1.31 Madagascar $3.87 Malawi $5.40 Mexico $4.18 Mozambique $4.09 Netherlands $9.21 Norway $8.83 Pakistan $3.17 Poland $5.99 Qatar $2.18 Russia $1.63 Saudi Arabia $2.35 Sierra Leone $3.88 Singapore $8.28 Sweden $9.04 Turkey $4.81 Ukraine $4.57 United Kingdom $8.06 United States $4.69 Zimbabwe $8.15 Gas Prices Affected By Taxes, Oil Production Nevin Valev, owner of GlobalPetrolPrices, says several factors influence the differences between countries, mainly whether countries produce oil and the amount of taxes they charge.

Aaron David Miller writes that while President Joe Biden is standing up to Russian President Vladimir Putin, he''s courting authoritarians elsewhere to help American interests like oil and stability.

Aaron David Miller writes that while President Joe Biden is standing up to Russian President Vladimir Putin, he''s courting authoritarians elsewhere to help American interests like oil and stability.

Blinken Planning Trip To Saudi Arabia Amid Ukraine-Induced Scramble For More Oil Starting last month there were unconfirmed reports that the White House could be mulling a high level admin trip to Riyadh - possibly even President Biden himself - in order to beg the Saudis to pump more oil, as the Russian invasion of Ukraine and resulting sanctions have put the question of sufficient energy supplies to Europe in peril. Axios reports Wednesday the White House is looking to send Secretary of State Antony Blinken on a " possible trip to Saudi Arabia, the United Arab Emirates, Israel and the occupied West Bank later this month , according to five U.S., Israeli and Palestinian sources" cited in the report . If confirmed, this would mark the first time Blinken travels to visit directly with Washington''s two close oil producing Mideast allies. Apparently this will include stopovers to meet with the Israelis and Palestinians, following closer official relations between Tel Aviv and Gulf Cooperation Council countries in the wake of the Trump-brokered Abraham Accords.

Even as prices for crude oil were on pace to reach their highest level in more than a decade following Russia’s invasion of Ukraine, wagers against energy stocks rose nearly 70 basis points since November 2021 to 3.7% at the end of February.

‘Understanding’ in desert kingdom that economic instability not in their interests, says PM

Boris Johnson is facing criticism over a planned trip to Saudi Arabia to push for a rise in oil output in a bid to reduce the UK’s dependence on Russian fuel Continue reading…

PM accused of ‘trading blood for oil’ as he seeks increased Middle East output to lessen reliance on Russia Boris Johnson has hinted Saudi Arabia could speed up oil production to help calm spiralling energy prices for Britons, as he praised the country for improving its human rights record despite three more people being executed during his visit. With pressure rising at home over a cost of living crisis compounded by western countries trying to end their reliance on Russian imports, the UK prime minister made a dash to the Middle East to urge leaders to help stabilise oil prices by ramping up supply. Continue reading…

The energy watchdog sees a potential supply shock for oil on the horizon, but also greater opportunities to transition away from fossil fuels.

The Federal Reserve is widely expected to raise interest rates in the next few days to address the surging inflation as oil and gas prices remain volatile due to the ongoing Ukraine war and the broader…

The rupee spurted by 41 paise to close at a nearly two-week high against the US dollar on Wednesday, tracking positive domestic equities and Asian currencies ahead of the US Federal Reserve''s decision on interest rate hike. FII inflows into capital markets and crude oil prices retreating to USD 99 per barrel level boosted the rupee sentiment, forex traders said. At the interbank forex market, the local unit opened strong at 76.40 against the greenback and witnessed an intra-day high of 76.19 and a low of 76.44. The rupee settled at 76.21, registering a rise of 41 paise over its previous close of 76.62. "Rupee appreciated against US dollar taking cues from stronger Asian currencies and risk-on moods. Forex markets are little tepid ahead of Wednesday''s Fed decision while US 10-year bond yields retraced after touching 2.20 per cent, the highest level since 2019," said Dilip Parmar, Research Analyst, HDFC Securities. The US Federal Reserve likely to raise rates by 25bps, as well as ..

https://www.investing.com/analysis/how-oil-could-hit-200-and-beyond-part-ii-200620035

The IEA lowers its forecast for world oil demand for the second to fourth quarters of 2022 by 1.3 million bpd

U.S. Futures Rise Ahead of Fed as Russia Shifts Ground; Oil Falls Further

Oil prices have plunged in recent days, partly on hopes over cease-fire talks between Russia and Ukraine and China’s fresh lockdown restrictions, which could weaken demand.