Tag: Oil Prices

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U.S. to Release Oil from Strategic Petroleum Reserve (SPR)

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photo by Boyd Loving

the staff of the Ridgewood blog

Washington DC, the White House announced the release of 50 million barrels from the Strategic Petroleum Reserve (SPR) Tuesday morning. The announcement was made in concert with South Korea, China, Japan, India and the U.K., all of which will also release oil from their own strategic reserves. The oil market, however, had largely priced in SPR releases, as last week’s slide in prices showed. Analysts also point out that one-off sales from strategic reserves cannot do much to move oil prices significantly lower.

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Back to the 70’s: Inflation, Oil and Commodities Prices Surge

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the staff of the Ridgewood blog

Washington DC, the Bureau of Labor Statistics posted a CPI number of 5% over the last 12-months, the highest rate since 2008. Gas prices rose 56.2% in 12 months, the highest since Jimmy Carter’s last year in office.

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Cyberattack Shuts Down Pipeline that Transports 45% of the Fuel Supply for the Entire US East Coast

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the staff of the Ridgewood blog

Linden NJ, Colonial Pipeline, the largest refined products pipeline company in the US, says it has experienced a major cyber-attack. The incident has prompted the company to halt all its pipeline operations.

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Prices at the Pump Continue to Rise as Oil Prices Skyrocket

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the staff of the Ridgewood blog

Ridgewood NJ, gas prices increased again in New Jersey and around the nation as a whole despite lower demand as travel restrictions remain in place due to the pandemic. AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $2.58, up three cents from a week ago. Drivers were paying an average of $2.53 a gallon a year ago at this time. The national average price for a gallon of regular gasoline was $2.45, also up three cents from last week. Drivers were also paying an average of $2.45 a gallon a year ago at this time.

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