Eric
Crude Oil (WTI) and Crude Oil Diffusion Index (DI)
Headline: Drivers catch a break as gasoline prices fall
A summer road trip may not be such a bad idea after all.
Gasoline prices are falling fast. In the past 7 weeks, the average U.S. retail prices has dropped 38 cents to $3.60 per gallon. Another 25-cent drop is expected by mid-July.
When prices approached $4 in early May, drivers were worried that $5 gasoline was a possibility this summer. But since then, oil prices have collapsed, the result of slowing economic growth in developed countries, weaker demand for oil and gas and this week's decision by the U.S. and other countries to release 60 million barrels of oil from strategic reserves. Economists say falling prices will benefit consumers by leaving money in their wallets, and making them feel freer to spend on travel, shopping and dining.
Source: finance.yahoo.com
Maybe the Italians will release from Strategic Stockpile pasta in a vain attempt to hold down the cost on Angle Hair & Penne. It will work as poorly as the release from of oil to try and control the oil price.
Jim
Headline: Pasta Price May Jump as North Dakota Durum Floods Boost Campbell’s Costs
Unrelenting rainfall may have slashed U.S. planting of durum wheat to the lowest level in more than 50 years, fueling a surge in the price of pasta and noodles as mills scramble for supply of the grain.
Farmers who normally are finished planting by now had completed just 44 percent as of June 19 in North Dakota, which produces more than two-thirds of U.S. durum, government data show. It’s too late to sow more without delaying the harvest to the winter-frost period, said Frayne Olson, an agricultural economist at North Dakota State University in Fargo.
Source: bloomberg.com
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