A rapid rise in U.S. fuel exports is a major cause of high domestic prices, with seaborne shipments of gasoline, diesel and jet fuel departing the Gulf Coast about 32% higher the past three months than a year ago.
Chinese refinery production dropped 10.9% year over year in May, the steepest decline in a decade.
British gasoline and diesel prices jumped to a record high this week.
More oil news related to the war in Europe:
European gas prices spiked as much as 25% Wednesday on news that Gazprom is halting more shipments to Germany and Italy. Russia’s gas exports to key foreign clients are already down 29% this month to the lowest level in eight years, a move that German officials say is intentional.
Dangerous heat enveloped over 120 million people across the U.S. yesterday, with multiple cities, including St. Louis, Nashville and Charlotte, breaking temperature records.
Water deliveries from the Colorado River may have to be reduced up to 4 million acre-feet next year due to unrelenting drought. By comparison, California is entitled to 4.4 million acre-feet of the river’s water per year.
Top executives of GM and Ford say U.S. consumer demand for cars and trucks remains strong, despite rising interest rates and record-high gas prices. In May, the average monthly car payment hit a record $712.
The auto industry’s top safety regulator reported nearly 400 recent crashes in which autonomous driving was involved. More than two-thirds of those crashes happened in a Tesla vehicle.
GM will invest $81 million to build its future Cadillac Celestiq electric flagship sedan at a plant near Detroit.
Chinese retail sales fell 6.7% in May from a year ago, the third straight month of declines.
Home sales in China rose 26% from April to May, the first month-over-month gain this year in a tentative sign of an improving property market.
Foreign investors cut their holdings of Chinese bonds by another $16 billion in May, as the yuan hit its lowest level in 20 months and institutions continued shifting money into better-performing assets.
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