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March 7 (Reuters) - U.S. Democratic Senator Mark Kelly proposed on Friday to suspend the federal gasoline tax of 18.4 cents per gallon until October 1 to help Americans facing rising gas prices due to the U.S.-Israel-Iran conflict. According to data from AAA, a U.S. travel organization that tracks fuel prices, national gasoline prices rose 35 cents in the past week, reaching an average of $3.32 per gallon. Political analysts say the continued rise in gasoline prices could be detrimental to Trumps Republican allies in the November midterm elections, who are striving to retain their congressional majority. Kelly plans to submit the bill to the Senate next week. If the bill passes, the U.S. Treasury Department will oversee the implementation of the tax suspension to ensure that the saved tax revenue is truly used to lower gasoline prices and benefit consumers.March 7 – According to AFP and other foreign media reports, the White House confirmed on March 6 that US President Trump will attend the handover ceremony for the remains of six US soldiers on March 7. White House spokesman Levitt stated, "Tomorrow he (Trump) will travel to Joint Base Dover to attend the handover ceremony for the remains of six service members killed in the Iranian attack on our forces." The report states that the ceremony will be held at Dover Air Force Base in Delaware, which is responsible for receiving the remains of US soldiers killed overseas.According to Iranian media, an airstrike targeted the area near Freedom Square in downtown Tehran.According to The Economist India: India has instructed refineries to increase liquefied petroleum gas (LPG) production after activating emergency powers.March 7 - The State Council Information Office will hold a briefing at 3:00 p.m. on Saturday, March 7, 2026, inviting Zheng Bei, Vice Chairman of the National Development and Reform Commission, to interpret the "Outline (Draft)" of the 15th Five-Year Plan and answer questions from reporters.

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

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After reverting from the weekly high, WTI crude oil traders seek clear direction around $87.50 during Wednesday's Asian session. However, the present hesitation in the price of black gold may be attributable to the mixed concerns regarding the demand-supply matrix.

 

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a monthly report that oil consumption will climb by 3,1 million barrels per day (bpd) in 2022 and by 2,7 million barrels per day (bpd) in 2023, which is unchanged from last month. Despite obstacles such as rising prices, the news also highlighted indications that major economies were performing better than projected.

 

The news that the United States intends to replenish its emergency oil reserves, as well as the German and European move to control Russian oil and gas prices, could also be favorable for energy prices. In addition, rumors that the Western oil deal with Iran is a long way off are bolstering fears of a supply bottleneck and should have helped energy bulls.

 

Tuesday's US inflation statistics revived concerns about the Federal Reserve's fast rate hike and exacerbated recession concerns. Also acting as downward drivers for WTI crude oil are expectations of economic slowdown due to China and Russia-related concerns.

 

In spite of this, the US Consumer Price Index (CPI) for August increased by 8.3% year-over-year, surpassing market expectations by 0.1%. However, the monthly data increased to 0.1%, exceeding the -0.1% projected and the 0.0% shown in previous assessments. The core CPI, or CPI excluding food and energy, likewise exceeded the 6.1% consensus and 5.9% prior to printing at 6.3% for the month in question.

 

It should be mentioned that the weekly prints of the American Petroleum Institute's (API) industry inventory report also contributed to the commodity's downfall. The API Weekly Crude Oil Stock climbed to 6,035 million during the week ending September 9, up from 3,645,000 the previous week.

 

In the future, the price of black gold may stay under pressure due to a stronger US dollar and economic troubles. Before today's official weekly inventory data from the U.S. Energy Information Administration, however, the supply crisis concerns could test the bears (EIA). Thursday's US Retail Sales for the month of August and Friday's preliminary reading of the September Michigan Consumer Sentiment Index will also warrant close attention.

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