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• Gas prices remain roughly 30% higher than a year ago, but demand is now matching levels seen during the pandemic
  EIA data shows that demand for fuel dropped to the same rate as July 2020, when COVID-19 kept drivers...
  EIA data shows that demand for fuel dropped to the same rate as July 2020, when COVID-19 kept drivers off the roads. This is where the US energy landscape stands now.
  
  
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• So Friday's jobs data was strong, but experts are sounding the alarm?
   Yes — because an extra-hot labor market effectively confirms the Federal Reserve is going...
   Yes — because an extra-hot labor market effectively confirms the Federal Reserve is going to keep hiking interest rates to stem inflation. 
  
  Bank of America analysts pointed out the surging labor market foreshadows a slowdown because it mimics the lead-up to recessions in 2001 and 2008.
  
  The Fed's tightening cycle will weaken momentum in the labor market, they noted, which tips the economy closer to a recession.
  
  And Friday's strong reading means the Fed has no reason to ease its aggressive policy path.
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• OPEC warns of severely limited excess capacity of oil
  The shortfall of global oil supplies sent prices up more than 50% this year, and the group of oil exporting...
  The shortfall of global oil supplies sent prices up more than 50% this year, and the group of oil exporting countries warned this week the shortage probably will continue beyond 2023.  The current problem for consumers is the obvious shortage of petroleum as the global economy expands.
  
  OPEC noted that “preliminary data for OECD commercial oil stocks level stood at 2,712 million barrels in June 2022, which was 163 million barrels lower than the same time last year, and 236 million barrels below the 2015-2019 average and that emergency oil stocks have reached their lowest levels in more than 30 years.”
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• Natural gas market soars
  Odessa oilman Kirk Edwards looks for the futures market to stay strong for the rest...
  Odessa oilman Kirk Edwards looks for the futures market to stay strong for the rest of this year and next year.  Asked what he expects for the rest of 2022, Edwards said, "It depends on Russia."
  
  "If they decide to pipe gas to Germany, things will be much better. If Russia keeps choking off Europe, there'll be very high gas prices this winter and that will cause shortages in the U.S., too."
  
  Edwards' company, Latigo Petroleum, is one of the largest natural gas producers in the Texas Panhandle.
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• China suspends military ties and talks on key issues with the US
  China is halting all dialogue with the US on a range...
  China is halting all dialogue with the US on a range of areas, including military defense, climate, illegal drugs, and transnational crimes. The action follows House Speaker Nancy Pelosi's (D, CA-12) visit to Taiwan, which China views as de facto recognition of the island's sovereignty. See more on China and Taiwan here.
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