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• US Treasury’s Yellen Says Oil Prices Could Spike in Winter
  U.S. Treasury Secretary Janet Yellen on Sept. 11 said Americans could experience a spike in gas prices...
  U.S. Treasury Secretary Janet Yellen on Sept. 11 said Americans could experience a spike in gas prices in the winter when the EU significantly cuts back on buying Russian oil, adding that a proposed Western price cap on Russia’s oil exports is being designed to keep prices in check.
  
  “It’s a risk, and it’s a risk that we’re working on the price cap to try to address,” Yellen told CNN.
  
  The possible price increase could come because the EU “will cease for the most part buying Russian oil” and impose a ban on services that allow Russia to ship oil by tanker, she said.
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• Russia is now offering even more discounts to India on oil
  The G7 countries are seeking India’s support to enforce a price...
  The G7 countries are seeking India’s support to enforce a price cap on Russian oil. But Moscow seems to be a step ahead. Russia is now willing to provide petroleum to India at even lower rates than before, The Business Standard reported today.
  
  “In principle, the ask in return is that India should not support the G7 proposal. A decision on this issue will be taken later following talks with all the partners,” the newspaper quoted a foreign ministry official as saying.
  
  Canada, France, Germany, Italy, Japan, the UK, and the US constitute the G7. They are looking to choke Russia’s crude oil revenue streams used to fund the Ukraine war.
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• Oil prices on track for 3-day winning streak as dollar extends retreat from recent highs
  Oil futures rose early Monday, on track for a three-day winning...
  Oil futures rose early Monday, on track for a three-day winning streak, as the U.S. dollar continued to pull back from multidecade highs and investors turn their attention to supply issues.
  

  
  
  • West Texas Intermediate crude for October delivery CL.1, 0.69% CL00, 0.68% CLV22, 0.67% rose 74 cents, or 0.9%, to $87.53 a barrel on the New York Mercantile Exchange.
  
  
  • November Brent crude BRN00, 0.86% BRNX22, 0.86%, the global benchmark, was up 90 cents, or 1%, at $93.74 a barrel on ICE Futures Europe.
  
  
  • Back on Nymex, October gasoline RBV22, +0.58% was up 0.7% at $2.451 a gallon, while October heating oil HOV22, +1.20% rose 1.2% to $3.623 a gallon.
  
  
  • October natural gas NGV22, -0.96% gained 0.7% to $8.055 per million British thermal units.
  
  
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• Californians Can't Catch a Break as Gasoline Prices Rise Again
  A dangerous heat wave is raising the risk of blackouts in the state on top of perennial drought and fires....
  A dangerous heat wave is raising the risk of blackouts in the state on top of perennial drought and fires. And now, after enduring record pump prices in June that were much higher than the national average, Californians face surging gasoline costs again at the end of the summer travel season when they typically fall.
  
  Pump prices jumped by more than 5 cents a gallon overnight in San Francisco and Sacramento, according to auto club AAA, and record wholesale premiums signal they could rise further. At the state level, retail prices average $5.306 a gallon, almost 3 cents more than the previous day.
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• What Else is Brewing This Saturday Morning
  Tennis phenom Carlos Alcaraz ended American Frances Tiafoe’s run at the US Open last night. Alcaraz will face Casper Ruud in the men’s finals.
  
  BYU unbanned a fan from its sporting events after saying its investigation found no evidence that a Duke volleyball player was subjected to racist taunts.
  
  FTX Ventures, the VC arm of Sam Bankman-Fried’s crypto exchange, bought a 30% stake in the fund run by ex-Trump communications director Anthony “the Mooch” Scaramucci.
  
  Burger King plans to pour $400 million into advertising and restaurant face-lifts to juice sales.
  
  ICYMI: Here’s a video recap of everything that happened in the news this week.
  
  
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