Sky-high oil prices are a unique chance to pay for climate action
The price of oil is at its highest point in a decade, over...
The price of oil is at its highest point in a decade, over $120 per barrel for Brent crude, the international benchmark. For the climate, that’s mostly good news.
At first glance, high prices could be an incentive for oil and gas companies to drill more. But the opposite is happening: Exxon, Chevron, and their peers are using windfall profits to pump up their stock prices and pay dividends to shareholders (despite desperate exhortations from the Biden administration to invest them in drilling). Record-breaking gasoline prices are blunting the sticker shock of electric vehicles, and could speed their adoption. And higher sales revenue from oil and gas means a tax windfall for fossil fuel-producing US states, which could use it to fund programs that clean up legacy pollution and future-proof their economies.
Gas prices: ‘The solution here, unfortunately, is probably a recession,’ analyst says
Gasoline prices remain above an ...
Gasoline prices remain above an average of $5/gallon nationally, according to AAA data, and energy experts still do not see any relief in sight.
"We’re likely to get record highs on U.S. regular gasoline this summer, when demand typically peaks,” Stewart Glickman, energy equity analyst at CFRA Research, told Yahoo Finance. “Best guess, we peak around $5.50/gallon during the summer.”
Citing refining capacity, he added: “If we’re going to get US gasoline prices to fall, it’s probably not going to be a supply-driven solution. The solution here, unfortunately, is probably a recession that kills demand and reduces scarcity of supply."
Dow futures slump over 500 points as post-Fed meeting gains evaporate
U.S. stock index futures slumped early Thursday, as the gains seen after the Federal Reserve’s...
U.S. stock index futures slumped early Thursday, as the gains seen after the Federal Reserve’s biggest interest rate hike since 1994 quickly faded.
Futures on the Dow Jones Industrial Average YM00, -1.61% fell 507 points, or 1.6%, to 30,144.
Futures on the S&P 500 ES00, -1.94% dropped 74 points, or 2%, to 3,719.50.
Futures on the Nasdaq 100 NQ00, -2.27% shed 254 points, or 2.2%, to 11,375.
On Wednesday, the Dow DJIA, +1.00% rose 304 points, or 1%, while the S&P 500 SPX, +1.46% rose 1.5% as the indexes snapped a bruising five-day losing streak. The Nasdaq Composite COMP, +2.50% ended with a gain of 2.5%.
Environmentalists were also critical of the administration of President Joe Biden for scheduling the sales, after the President during his term and along the campaign trail vowed to reduce pollution caused by extraction in the U.S.
MarketWatch: Dow ends 300 points higher after Fed delivers biggest rate hike since 1994
All three major stock benchmarks closed sharply higher Wednesday, after the Federal Reserve said it was...
All three major stock benchmarks closed sharply higher Wednesday, after the Federal Reserve said it was raising its benchmark interest rate by three-quarters of a percentage point in an effort to fight high inflation. The Dow Jones Industrial Average DJIA, 1.00% rose around 300 points, or 1% higher, while the S&P 500 SPX, +1.46% gained 1.5% and the Nasdaq Composite COMP, 2.50% jumped 2.5%, according to preliminary FactSet data. The Fed's rate hike is the largest since 1994, bringing its benchmark rate to a range of 1.5% to 1.75%.
