NEW YORK—Europe’s economy is likely already in a recession as a result of the Russian invasion of Ukraine and the U.S. economy may not be far behind, which will likely prompt companies and consumers to look toward technology to lower costs, star stock picker Cathie Wood of Ark Invest said in a webinar on Tuesday….
ARK’S Wood Sees Europe in Recession, High Oil Prices to Drive EV Sales
US Shale Shortages to Limit Efforts to Replace Banned Russian Oil
March 9, 2022
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HOUSTON—U.S. shale producers are unlikely to replace banned Russian oil imports due to a shortage of oilfield materials, equipment, and labor and a dwindling backlog of wells waiting to be completed, energy executives and analysts said on Tuesday. President Joe Biden imposed an immediate ban on Tuesday on Russian oil imports in retaliation for its…
Oil Falls Towards $125 as Investors Weigh US Import Ban
LONDON—Oil slipped towards $125 a barrel in volatile trading on Wednesday as investors assessed the U.S. ban of Russian oil imports and Russia announced a new ceasefire in Ukraine on Wednesday to let civilians flee. A view that the U.S. ban of Russian oil imports may not worsen shortages kept a lid on prices, traders…
Asia Stocks Mixed After Wall Street Falls, US Bans Russian Oil
March 9, 2022
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BEIJING—European stocks and Wall Street futures rebounded Wednesday as investors watched diplomatic efforts to end Russia’s attack on Ukraine, while Asian markets sank after Chinese inflation accelerated. Already high oil prices added more than $1 per barrel following President Joe Biden’s ban on imports of Russian crude. London and Frankfurt opened higher. Shanghai, Tokyo, and…
Britain to Halt Import of Russian Oil by End of Year
Britain will join the United States in halting the import of Russian oil and related products, to ramp up the economic pressure on Russia following the invasion of Ukraine. The move, announced by UK business secretary Kwasi Kwarteng on Tuesday, comes on the heels of other sanctions on Russian financial systems and individuals in Russian…
U.S. Banning Russia Oil Imports; 80% of U.S. Firms in China Want to Stay: Poll | NTD Business
President Joe Biden announced Tuesday a ban on Russia oil and gas imports to the United States, in response to Russia’s invasion of Ukraine. McDonald’s is pulling out of Russia, shuttering hundreds of locations. It’s joining a growing group of companies severing ties with the country. Amid U.S.-China trade tensions, do U.S. companies in China want…
‘Approve Our Permits’: US Oil Industry Responds After Biden Cuts Imports From Russia
March 8, 2022
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On Tuesday, while President Joe Biden announced a ban on Russian oil and gas imports, regular gasoline at one BP on Chicago’s South Side was nearly $5.00 a gallon. “$25 is only giving you half a tank,” said Dacia, who was buying a few dollars of fuel. “I probably have to go to Indiana to…
Democrat Sen. Menendez Tells Biden Not to Ease Sanctions on Venezuelan Oil
March 8, 2022
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As gasoline prices continue to reach record highs across the country, President Joe Biden is considering lifting sanctions on the oil-rich communist nation of Venezuela. The move faced backlash from Sen. Bob Menendez (D-N.J.), who called Venezuelan leader Nicolas Maduro “a cancer to our hemisphere.” In 2019, President Donald Trump imposed tough sanctions on Venezuela…
GOP Expects Midterm Sweep as Gas Prices Spike
Democrats are blaming rising gasoline prices—which have reached unprecedented levels in various parts of the country—on monopolies and price gouging. Republicans have called this “political cover” for the midterms, which they are increasingly optimistic will see a GOP sweep. According to data from the U.S. Energy Information Administration, when President Donald Trump left office, gasoline…
Japan Logs Biggest Current Account Deficit Since 2014 as Oil Import Costs Surge
TOKYO—Japan recorded its largest current account deficit since the start of 2014 in January as a jump in oil import costs offset gains in investment income, with continuing uncertainty due to the Ukraine crisis and COVID-19 pandemic. The current account data highlighted the dependence of Japan’s resource-deficient economy on imports of commodities and raw materials,…
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