U.S., Allies Eye $60 Price Cap For Russian Crude

The United States and its allies hope to establish the price level at which Russian crude oil will be capped, people familiar with the talks told The Wall Street Journal on Tuesday. Officials are talking about setting the price at which Russian crude oil will be capped at $60 a barrel. The group will meet … Read more

Oil Prices Jump As U.S. Inflation Comes Below Expectations

Oil prices erased earlier losses and rose on Thursday just after the US Bureau of Labor Statistics released data for October showing US inflation last month was weaker than expected. Oil prices erased the day’s small losses after colder-than-expected inflation data and jumped more than 1% at 8:50 a.m. ET. The US benchmark WTI Crude … Read more

Fact check: Biden’s midterms message includes false and misleading claims

Washington CNN  —  President Joe Biden has been back on the campaign trail, traveling in October and early November to deliver his pitch for electing Democrats in the midterm elections on Tuesday. Biden’s pitch has included claims that are false, misleading or lacking important context. (As always, we take no position on the accuracy of … Read more

The Fed and White House combine for a day that cuts to the heart of Biden’s political problem

CNN — On Wednesday, two Washington power centers will expose the politically toxic dynamics of the top economic issue threatening President Joe Biden’s congressional majorities with the midterm elections less than a week away. The Fed is likely to trigger another historic interest rate hike and, about half a mile from the White House, Biden … Read more

Opinion: Inflation has driven US politics before

Editor’s note: Meg Jacobs teaches history at Princeton University. Follow her on Twitter @MegJacobs100. The opinions expressed in this commentary are his own. Lily more reviews on CNN. CNN — President Joe Biden is accused of playing politics with oil. His opponents say the reason he releases millions of barrels of oil from the strategic … Read more

Hopes Of Fed Pivot Fade As U.S. Economy Returns To Growth

The US economy surprisingly rocked a series of sharp rate hikes, indicating that the Federal Reserve’s campaign to tame historically high inflation is not yet over, new figures released today show. Gross domestic product (GDP) across the pond rose 2.6% last quarter, from a 0.6% contraction in the three months to June, official US statistics … Read more

America and Saudi Arabia are locked in a bitter battle over oil. The stakes are massive

New York CNN Business — The relationship between the United States and Saudi Arabia is one of the most important on the planet. And lately, it’s also one of the most troublesome. Angry officials in Washington have vowed ‘consequences’ after Saudi-led OPEC sharply cut oil production earlier this month, driving up prices at the pump … Read more

U.S. Accelerates Three-Tier Plan To Reduce Oil Prices

The immediate aftermath of 1973/74 oil embargo in which Saudi Arabia led its OPEC brethren to block oil exports to the US, UK, Japan, Canada and the Netherlands – causing oil prices to soar d around $3 a barrel (bp) to nearly $11 bp and fanning the fire of a global economic slowdown in the … Read more

America’s emergency oil stockpile is at a 38-year low but it’s still got firepower left

New York CNN Business — Presidents don’t have a magic wand to make inflation go away. But they have a powerful tool that can help ease the pain of high gas prices: the strategic petroleum reserve. More than any of his predecessors, President Joe Biden has aggressively leaned on this emergency oil stockpile to bring … Read more

The U.S.-Saudi Rift Over Oil Prices Is Déjà Vu All Over Again

The Biden administration finds itself simultaneously snubbed by two bitter rivals, Saudi Arabia and Iran. It’s quite a costly feat for the United States, a nation that relies on stable oil prices to maintain a healthy economy. The relentless pursuit of a quixotic nuclear deal with Iran — first by the Obama administration and now … Read more