UK Has Lagged Europe in Helping With Petrol Price Surge - Bloomberg

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UK Has Lagged Europe in Helping With Petrol Price Surge  Bloomberg

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Ford, GM Push Harder to Stop New Car Flipping and Price Gouging - Car and Driver

• As new-car prices rise and demand continues to outstrip supply, some dealers have been known to raise the price of their offerings, and some are doing it by tens of thousands of dollars. Some dealers are also placing orders with false names to increase their supply.
• Ford has been trying all year to get its dealers to stop overcharging customers by issuing stronger and stronger warnings. Last week, Ford had to update its definition of a "broker" and warned all of them that flipping a new vehicle for a large profit could result in not getting more of that model in the future.
• GM has had to issue similar warnings to its dealer network, and said this week that some warranties for popular models could no longer be transferred to a new buyer if the car was resold within the first year.

Too many people are taking advantage of the new-car shortage by selling their own just-purchased, highly in-demand vehicles. In many cases, dealers are in on the actions, and affected automakers are not pleased.

Social media has been full of people posting new-car window stickers that show dealers are adding $20,000, $30,000, or even $50,000 to the asking price of a new model, under the guise of a "market adjustment."

Ford’s taken the most heat for these markups, and has also tried multiple times to get its dealers to knock it off. In January, according to Carbuzz, Ford admitted that a "limited number" of dealerships were requiring customers to pay more than the agreed-upon price for the 2022 F-150 Lightning electric truck, even after the order had been placed. The price gouging was "negatively impacting customer satisfaction and damaging to the Ford Motor Company brand and Dealer Body reputation," Ford said in a letter to dealers. That letter also warned that any dealers caught increasing prices might not get all the Lightnings they and their customers had ordered. Other popular Ford models getting marked up were the Bronco, Bronco Sport, F-150 Raptor, and the Mustang Mach-E. As far back as December 2021, Ford's Mike Levine suggested customers look for a dealer that won't pull any fast ones about pricing:

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In February, Ford CEO Jim Farley said during an earnings call that around 10 percent of its dealers were responsible for these extra charges. Farley said the automaker knew which dealers were causing the problems and repeated the threat about future allocations.

Ford said in May that it would implement a stronger name-match policy, requiring a higher percentage of sales to be delivered to the person for whom the dealer originally told Ford had ordered the vehicle. This change was meant to prevent dealers from using a fake name to order a vehicle, then flip it by selling it for more money to another, real customer.

Despite all of these new rules, Ford had to send an even stronger letter to dealers last week. The automaker has now changed the definition of who is considered a broker, and warns that any broker (now, basically, anyone who might be involved with ordering and flipping a popular model) will be punished. A first offense could result in not getting vehicles in a future order at a 1:1 ratio. So, overcharge for a Lightning today and your next Lightning order will be one vehicle short. A second strike means a dealer might not get any more of that model to sell for the current or next model year, Ford said.

GM Limiting Warranty Transfers

Ford isn’t the only automaker dealing with these problems. GM North America president Steve Carlisle sent a letter to dealers in January that warned the "small minority of bad actors" who were price gouging that GM might not send them the vehicles they were allocated in the future. Last week, the automaker escalated its efforts to stop dealers and individuals from reselling their sought-after models. Corvette Blogger reported on a letter to dealers that describes the new tactic is to limit the transfer of some warranties for "certain high-demand models (as identified by GM) if the vehicle is resold within the first 12 months of ownership," making flipping far less appealing. The list of affected models includes the Corvette Z06, GMC Hummer EV, and Cadillac Escalade V.

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Twin Cities area home price reductions more common, but it's still a seller's market - Star Tribune

Price reductions are becoming more common on homes for sale in the metro area, a sign that higher interest rates are cooling one of the hottest parts of the Twin Cities economy.

In June, about 14% of active sellers cut the price of their house at least once, according to Zillow.com. That's still below the national average, but it's up from 10% in May and 7.6% in April.

Since the mid-2010s, Twin Cities residential real estate has been a seller's market, and it's become more imbalanced in favor of sellers during the pandemic.

But with the jump in mortgage rates that started early this year, buyers, sellers and agents have been watching for the market to start swinging back in buyers' favor. Data for May and June sales activity suggest it has — but only a little.

"Sure, things are rebalancing in a way that hopefully eases the landscape for buyers, but we are still quite far from becoming a buyer's market," said David Arbit, director of research for the Minneapolis Area Realtors.

While more sellers are offering discounts, few are slashing prices. The median price reduction in the metro in June was just 3%. Meanwhile, buyers are also coping with the diminished spending power that higher mortgage rates have wrought. And the number of homes for sale remains near historic lows.

"For what we wanted, I felt like there were slim pickings," said Jenna Gerlach of Denver, who has been watching the market closely. She and her husband Mike want to move to the Twin Cities this fall.

"It feels like there's less inventory and we don't know what's happening with [mortgage] rates," Gerlach said.

Rates have been volatile, putting would-be buyers on edge. Even though the Federal Reserve raised its key rate again on Wednesday, mortgage rates dipped slightly last week.

A weekly survey released Thursday said the 30-year fixed-rate mortgage averaged 5.30% with an average 0.8 point. That's down from the previous week, when it averaged 5.54%. A year ago at this time, the 30-year averaged 2.80%.

The jump in rates means that fewer people are able or willing to buy a house in the Twin Cities. During June, nearly 20% fewer buyers signed purchase agreements compared with last year. Through the first three weeks of July, the drop looks even steeper.

On average, people who listed their house in June received an offer in just 21 days. That was one day faster than the year before and the fastest pace in nearly a year, according to MAR.

"The pace remains rapid historically and is still half the market time of 2018, 2019 and 2020," Arbit said.

That's because although buyers had more choices at the end of June than they did last year, there's still a dramatic shortage of listings. At the current sales pace, there were only enough houses on the market during June to last 1.6 months. While that's up from 1.3 months last year at the same time, it's still well below the five- to six-month supply that's considered evenly balanced between buyers and sellers.

That imbalance is why the market is still relatively competitive and many sellers are still getting more than their asking price. On average, sellers in June received 103.3% of their list price. While that is down from 104.1% a year earlier, it's still the second-strongest June in 20 years.

"That still leaves us in a strong seller's market, just not quite as strong as it was last June," Arbit said.

On a national level, a deceleration in the housing market is more clear. Mortgage applications declined last week for the fourth week in a row, the Mortgage Bankers Association reported. And an index of pending home sales fell nearly 9% in June, the National Association of Realtors said last week.

Kath Hammerseng, a Twin Cities area sales agent and former MAR president, said buyers have become more hesitant. Some are assessing the interest rate situation and the impact of rising house prices. Last month, the median price of all closings increased nearly 9% to a record $380,000.

She said the housing market feels like it did in 2018 and 2019, when buyers had a little more time to make decisions and sellers had to work harder to ready their homes for sale.

"More than ever, houses that are not turn-key or priced competitively ... are lingering," she said. "Sellers who are overconfident aren't seeing the results they think they're going to see. On the pretty ones, buyers are still competing and it's the same multi-offer situation."

Arbit said that while the market is adjusting, it's unlikely to quickly pivot to one that's more favorable to buyers.

"That doesn't happen overnight or even in a matter of months," he said. "We've underbuilt and been undersupplied for so long that it'll take time to tip the scales back even towards a balanced market, much less a buyer's market."

The Gerlachs weren't willing to wait. They planned a buying trip to the Twin Cities area in September, but like many first-time buyers the threat of rising rates made them a bit more eager to buy sooner than later. And friends who'd shopped in the area warned them that the best houses were still selling quickly, and sometimes for more than the asking price.

Plus, they were somewhat surprised when one of the first houses they looked at remotely checked nearly all the items on their wish list.

So almost immediately after doing several virtual walk-throughs this month, the Gerlachs offered the sellers of a house in Maple Grove slightly more than the asking price even though there were were no other offers. The couple knew that houses in the area are selling quickly and they wanted to avoid a competing offer.

"It did not feel like we were in the driver's seat. It definitely felt like it was a sellers' market," Jenna Gerlach said. "I just didn't want to be in a position where we had to make an offer and settle for a house we didn't want."

At the top of her wish list was a fireplace and a big yard for their boxer. Less than a day after listing the house, their seller quickly accepted their offer. The Gerlachs are getting ready to move.

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Food Price Inflation and Health - JSTOR Daily

Whatever the cause(s) of inflation in food prices—economic crisis, supply chain chaos, the disruptions of war, corporate profiteering—the effects can be quite grim. Especially amongst the poor. And especially amongst the poorest of the poor.

“High and increasing food prices generate an immediate threat to the security of a family’s food supply, thereby undermining population health,” write scholars Hyun-Hoon Lee, Suejin A. Lee, Jae-Young Lim, and Cyn-Young Park. They analyzed a panel dataset that covered ninety-five developing countries between 2001, when global food prices were at a historic low, and 2011. This date range spans the startling upsurge of food prices in 2006 and the global food crisis of 2008 and its aftermath. Their lessons may be a window into the results of current and future global food price surges. As they note,

Rising food prices have a significant detrimental effect on nourishment and consequently lead to higher levels of both infant and child mortality in developing countries, especially in least developed countries (LDCs).

While this may seems obvious, especially for countries with precarious food security—poverty and dependence on food importation are a dangerous combination—the authors argue that their study was the first to attempt to “assess the precise effects of food price inflation on child health in developing countries.”

Fifty percent of childhood mortality is attributed to undernutrition.

Short-term effects aren’t the only issue. In addition to the immediate threat to food security, malnutrition and undernutrition can retard human development and “lower labor productively for the economy in the long term.”

Fifty percent of childhood mortality is attributed to undernutrition. Maternal nourishment, meanwhile, is key to a child’s development. Low birth weight, preterm birth, and intrauterine growth restriction (IUGR, also known as fetal growth restriction, FGR), all put babies at greater than-normal risk for a variety of health problems before and after birth. Such outcomes include increased risk to infectious disease, another reminder that public health depends on the health of all members of the public. Micronutrient deficiency is another factor to consider. Supplements of Vitamin A can reduce childhood mortality thirty percent and supplements of zinc van reduce the mortality of one–three-year-olds by eighteen percent.

“Protecting the health status of infants and children in developing countries may become especially important during periods of concurrent economic downturn and high food price inflation,” writes Lee’s team.

A government’s strong commitment to public health is “especially crucial to improving child health.” The “international community’s enhanced efforts to provide food and health aid to these countries are in great need during these difficult periods.”

Bertolt Brecht’s infamous remark that famines “do not occur, they are organized by the grain trade” may be simplistic, but it does point to the truth that there’s plenty of food in the world. It’s the distribution of that food that is telling.

The research team studied developing countries, but their findings should be considered in light of conditions in the poorest regions of so-called developed countries, especially those marked by great wealth disparities, massive inequality, and undeveloped or nonexistent social safety nets. With consumer prices, including for food, reaching a four decade high in the US, and the continuing war in Ukraine undermining the global wheat market, the price of food isn’t just a matter of politics. It’s also health, welfare, and life itself.

---

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AG's Office opens inquiry after conversation between Duckett, Balderas - Farmington Daily Times

California aims to make its own insulin brand to lower price - The Philadelphia Inquirer

SACRAMENTO, Calif. — A vial of insulin cost $25 in 1995, back when Chris Noble was 5 years old and just learning how to manage his Type 1 diabetes with the help of his parents and his doctors.

Nearly three decades later, Noble says that same vial of insulin costs more than $300 — a 12-fold increase for something he and millions like him can’t live without.

“It’s as essential as water,” Noble said.

Health-care advocates have bemoaned for years that insulin, while inexpensive to produce, is held hostage by a U.S. health-care system stubbornly resistant to reforms as companies monopolize and maximize profits.

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Now, with several insulin patents nearing their expiration dates, California is looking to disrupt that market by making its own insulin and selling it for a much cheaper price. In June, after a few years of study, state lawmakers approved $100 million for the project, with $50 million dedicated to developing three types of insulin and the rest set aside to invest in a manufacturing facility.

Gov. Gavin Newsom and state lawmakers still have many details to work out, including contracting with a private company to do most of the work. But the budget was a put-his-money-where-his-mouth-is moment for Newsom, who has been calling for the state to launch its own brand of generic drugs to lower the overall price of medication.

“Nothing epitomizes market failures more than the cost of insulin,” Newsom said in a video posted to his Twitter account. “California is now taking matters into our own hands.”

A cornered market

This wouldn’t be the first time California has made its own medicine. In 1990, about half of all cases of infant botulism — a rare illness that affects the large intestine — were in California. The California Department of Public Health got a federal grant to develop and test a treatment. The treatment won federal approval in 2003, and California has been making it ever since.

But the market for infant botulism treatments is small, with about 110 cases reported each year, according to the U.S. Centers for Disease Control and Prevention. One course of California’s botulism treatment costs more than $57,000, according to a legislative analysis.

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Meanwhile, about seven million people in the United States require insulin to manage their diabetes. The human body converts most of the food we eat into sugar. The pancreas then produces insulin, which converts that sugar into energy. People who have diabetes don’t produce enough insulin. People with Type 1 diabetes must take insulin every day to survive.

» READ MORE: From 2021: Decades of Penn research shows how structural racism affects Black children with type 1 diabetes

Insulin was first discovered in the 1920s by a team of Canadian scientists. They sold the patent to the University of Toronto for just $1, hoping the school would license the product to multiple companies to prevent a monopoly that would lead to high prices.

But over time, the insulin market was slowly cornered. Today, just three companies produce most of the world’s insulin. In the United States, the line between an insulin manufacturer and a patient is not straight. It zigs and zags between insurance companies and pharmacy benefit managers — third parties that managed prescription drug benefits for health plans.

It’s that system that has kept the cost of insulin much higher in the United States than in other countries, as more companies benefit from the higher price tag, said Kasia Lipska, an associate professor at the Yale School of Medicine.

“It creates this really weird incentive,” Lipska said.

Potential savings for taxpayers

California will try to break that incentive. The reason more companies haven’t entered the insulin market is because if they did, the established manufacturers would just undercut them, making it impossible to recoup their investment, said Anthony Wright, executive director of Health Access California, a consumer advocacy group.

But California is in a different position because aside from selling insulin, it also buys the product every year for the millions of people on its publicly funded health plans. That means if California’s product drives down the price of insulin across the market, the state would still benefit.

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“That’s why California’s market power matters,” Wright said. “To a Wall Street investor, driving down the cost of insulin means you might not be able to get your investment back. To California, driving down the price of insulin is a real savings to both taxpayers as well as to our residents.”

» READ MORE: From 2020: Insulin is being sold illegally on Craigslist for a fraction of its retail price, study finds

Still, there’s no guarantee California’s plan will work. For one thing, insurers and pharmacy benefit managers might not cover California’s insulin products, making it more difficult for patients to get them.

Sarah Sutton, director of public affairs for the Pharmaceutical Research and Manufacturers of America, said a better idea would be for California to focus on “commonsense solutions” to address the role pharmacy benefit managers play in insulin pricing.

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“That would bring real relief to patients right now,” she said.

Mark Ghaly, secretary of the California Health and Human Services Agency, said he hopes a state as large as California making its own insulin would significantly diminish the role of pharmacy benefit managers in insulin pricing.

If successful, Ghaly said he thinks the price of California-branded insulin would be so competitive that patients could buy it off the shelf cheaper than going through their insurance plan.

“We expect to save hundreds of millions of dollars for California because of this,” Ghaly said. “This gives us an opportunity to create a blueprint for health-care affordability that has been so far out of reach for states and, frankly, the federal government, and it’s really exciting to see where it can go.”

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Google Pixel 6a Review: Stellar Performance, Down-To-Earth Price - Forbes

Here's Why the Price of Beef Is Skyrocketing - GOBankingRates

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Beef — it’s what’s for dinner. If you can afford it. The price of meat has skyrocketed in recent years, beyond the already high 9.1% inflation rate.

Learn: SNAP Updates To Know for Summer 2022
Find: Fed Raises Interest Rates 75 Basis Points Again in July – What Does The Increase Mean for You?

According to Vox, animal products including milk, eggs and meat have seen some of the highest surges, with beef increasing by nearly 15% from April 2021 to April 2022. The American Farm Bureau Federation put those estimates even higher, reporting that people looking to buy meat for summer barbecues can expect a 17% price hike this year. And that’s a big pressure on many, as 2019 USDA data showed individuals consume roughly 55 pounds of beef annually.

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The increases, and their impact on American families, forced the Biden Administration to act. In early January, the White House announced the Biden-Harris Administration’s Action Plan for a Fairer, More Competitive, and More Resilient Meat and Poultry Supply Chain. The idea was to make the marketplace more competitive and bring more affordable prices to consumers through four key strategies.

One of the main issues, according to the action plan, is an apparent monopoly in the market, as four meat-packing companies control 85% of production and outsourcing. Those companies buy from farmers and sell to grocery stores, and the middleman process has put a “bottleneck” in the system. It has been affecting the bottom line of consumers and farmers alike, while corporate profits soar. To combat this, Biden’s administration allocated $1 billion to help expand independent processors.

There have been other factors contributing to the rise in the price of beef, as well. This week, the Texas Farm Bureau reported on the drought that is affecting their livestock, which makes up a substantial portion of sourcing. Not being able to grow feed and hay has meant a reduced capacity in herds, and has forced many farmers to sell off cows in numbers not seen since a similar drought in 2011.

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Eat This, Not That! reported droughts have also been affecting Midwest farmers — no rain means less stable grass for cows to feed on. Coupled with the increased cost of gasoline, it’s affected the supply chain via higher costs to transport goods.

There’s also the issue of price gouging, with consumer advocacy groups alleging that major meat producers are adjusting price tags for their own record profits. In the case of Tyson (with chicken also seeing increases), Claire Kelloway of the Open Markets Institute told Vox the company has $2 billion in price increases, compared to the $1.5 billion in increased costs. “That is a solid half a billion dollars that is not related to an increased cost of business. That’s purely an exercise of their market power and ability to charge more, and their profits really speak to that.”

The increases, as well as growing concern for the environment and animal welfare, have prompted some people to start looking at meat alternatives. Plant-based food consumption is on the rise, with Bloomberg estimating that the market will be valued at $162 billion by 2030 (compared to $29.4 billion in 2020) and taking up a 7.7% share of the global protein market. With new products coming to market every day and carried by major retailers like Trader Joe’s and Kroger, supply is meeting the demand.

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Consumer Price Index: 5 Things You Didn’t Know Were Impacted by Inflation
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In fact, as GOBankingRates recently reported, 27% of Americans said they are cutting down on meat-based meals to lower their food costs, with vegetarian diets estimated to cost around $23 less per week.

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Tampa Bay’s average gas price is back below $4 per gallon - Tampa Bay Times

Six weeks after an all-time spike put Tampa Bay gas prices close to $5 per gallon, drivers are finally seeing that price dip back below $4.

Average gas prices in Hillsborough, Pinellas, Manatee and Citrus counties fell to between $3.96 and $3.99 on Thursday, the first time drivers have seen costs that low since early March. Pasco, Polk and Hernando counties fell below $4 earlier this week, and Sarasota was sitting at $4.03. The statewide average is $4 on the dot, according to AAA, The Auto Club Group.

While some stations around Tampa Bay and Florida have been advertising regular unleaded gas for under $4 for a while, the county-by-county average means prices are falling pretty much everywhere.

The reason? Earlier this week, AAA spokesperson Mark Jenkins said the drop is due to decreased demand, combined with the loosening of sanctions against Russian gas companies, allowing them to deliver more fuel.

“This has those in the market believing that Americans are changing their driving habits to offset rising gas prices,” Jenkins said in a statement. “Those prices at the pump are moving lower as a result.”

Prices remain historically high; Thursday’s statewide average of $4 remains well above the mark of $2.98 at this time last year. But they are back below historic averages. Before this year’s price hikes, the previous statewide record, set during the great recession in 2008, was $4.08 per gallon.

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European gas price rise accelerates as Russia cuts flows - Financial Times

European gas prices jumped higher on Wednesday after Russia followed through on its threat to further reduce supplies to the region, increasing the risk the continent could face shortages in the winter months.

Gas prices rose as much as 13 per cent on Wednesday as flows on the Nord Stream 1 pipeline were cut to just a fifth of normal capacity.

European politicians have accused Russia of weaponising gas supplies in retaliation for sanctions imposed following the invasion of Ukraine. The key Nord Stream 1 pipeline, which connects Russia with Germany, was first cut to 40 per cent of capacity in June before Moscow threatened to make further cuts this week.

Soaring energy prices have stoked a cost of living crisis and boosted costs for industry, threatening to push the region into recession. It has already forced European capitals to take steps to try to protect consumers and industry from runaway prices.

Germany has spent billions of euros bailing out gas utilities to try to ensure it has enough supplies for the winter. France is nationalising state-backed power company EDF to help cap costs for households, while the UK has put together a £15bn package to support voters with rising bills.

But the gas crisis has intensified in recent weeks as Russia has tightened its squeeze on supplies. The European benchmark TTF contract on Wednesday reached a high of €222.5 a megawatt hour, before easing back to €202.5.

The contract is up by about a quarter this week and more than double the level it traded at in early June, leading to expectations that more government help will be necessary. At these levels, the gas price is equivalent to an oil price of $380 a barrel, almost four times the current price.

“Prices are so high that we really don’t know how the economy or demand is going to respond — we’ve never had anything even remotely close to these price levels,” said Ira Joseph, an energy consultant with decades of experience in the industry.

“We don’t know yet how all governments will respond. It’s safe to say few options will be taken off the table at this point.”

The EU has moved to reduce reliance on Russian gas, which made up about 40 per cent of the bloc’s supplies before the invasion of Ukraine. It has also asked members this week to make voluntary cuts to demand, to reduce consumption by 15 per cent to help with filling storage sites ahead of the winter.

But fears remain that industry and households could face rationing or shortages this winter, with the potential for Russia to make further cuts to supplies.

Analysts at Goldman Sachs said this week that “price-driven demand destruction” was increasingly becoming necessary “to help compensate for such large supply losses”.

Gas traders said their ability to seamlessly buy and sell contracts on the market had deteriorated, leading to increased volatility, with financial investors stepping back and utilities doing the bare minimum of trading to secure supplies.

Russia has blamed the reduction of flows on Nord Stream 1 on problems with turbines that it said had been exacerbated by western sanctions. But the country’s state-owned gas export monopoly, Gazprom, has not made up the shortfall on alternative routes.

Kremlin spokesman Dmitry Peskov denied Gazprom was limiting supplies to force the EU to roll back sanctions against Russia and said the sanctions themselves were holding up gas flows.

“Gazprom is shipping as much as necessary and as much as possible. We know that the technical opportunities for pumping gas have been reduced. They have shrunk. Why? Because technical maintenance has been complicated due to the restrictions and sanctions imposed by the EU,” Peskov told reporters, according to Interfax.

German utility Uniper said flows were down to 20 per cent of what it had requested from Gazprom.

Eni, the Italian energy company, said it had been informed by Gazprom that it would receive 27mn cubic metres of gas on Wednesday, down 20 per cent from the 34mn it had received in recent days.

Italy has reduced its dependence on Russian gas, from about 40 per cent of its total gas imports to near 25 per cent, with a large increase in imports from Algeria — which is now Italy’s single largest supplier — picking up the slack.

Mario Draghi, in a speech to Italy’s parliament last week before he resigned as prime minister, said the country’s “unacceptable energy dependence” on Russia was “the consequence of decades of shortsighted and dangerous choices”.

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Chevy Tahoe Reported Price Bump Trails Inflation - Kelley Blue Book

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Chevy Tahoe Reported Price Bump Trails Inflation  Kelley Blue Book

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FACT SHEET: Department of Energy Releases New Notice of Sale as Gasoline Prices Continue to Fall - The White House

Treasury Department Estimates that Strategic Petroleum Reserve Releases by President Biden and International Partners Reduced the Price of Gasoline by up to 40 Cents Per Gallon

Today, the Biden Administration announced that it is releasing the next Notice of Sale to supply additional barrels of crude oil from the Strategic Petroleum Reserve (SPR) onto the global market, building on the more than 125 million barrels of oil that have already been sold. A new analysis from the Department of the Treasury estimates that these releases, along with coordinated releases from international partners, have reduced gasoline prices by up to about 40 cents per gallon compared to what they would have been absent these drawdowns.

The Administration is also announcing steps to repurchase oil for the SPR in future years, likely after FY2023, to help stabilize the market and encourage near-term supply. These actions will enable the Administration to continue the work of shoring up supply and bringing prices down. 

Continuing Unprecedented SPR Releases

Since the President authorized the historic release of one million barrels per day from the SPR earlier this spring, the Department of Energy has already sold more than 125 million barrels into the market, including nearly 70 million barrels that have already been delivered to purchasers and additional barrels planned to be delivered to customers in the weeks and months to come.

The President’s historic action is in addition to agreements with International Energy Agency member countries for collective action to address the market disruption caused by Russia’s invasion of Ukraine. The President and his team engaged in round-the-clock diplomacy resulting in the release of 240 million barrels from the United States as well as allies and partners globally to meet this moment.

With these releases, the President has executed a drawdown of unprecedented size and scope to respond to the energy market disruptions posed by Russia’s invasion, and his actions are having an impact. It is, as one leading analyst noted at the time of announcement, “hard to overstate the scale of this intervention.” And the Department of Energy is delivering.

There is no precedent for this level of drawdown, and one major bank estimated in March that the maximum drawdown capacity of the SPR was only 500,000 barrels per day. Nonetheless, the SPR is executing at a speed that is about twice that level.

And those actions are helping mitigate the Putin price hike. In fact, the Department of the Treasury estimates that as a result of these drawdowns both domestically and internationally, the price at the pump for Americans is up to about 40 cents per gallon lower than it otherwise would have been.

Today, as part of the President’s historic release, the Department of Energy is issuing a notice to sell 20 million barrels from the Reserve. This is the fifth sale that the President has authorized to shore up crude oil supplies in response to Putin’s war in Ukraine by releasing one million barrels per day into the market. The Administration expects to continue to deliver barrels for several more months.   

Using Repurchases to Promote Stability and Encourage Supply

The Administration is also moving forward with a proposal to allow fixed-price forward purchases of crude oil to replenish the SPR and encourage short-term production. Relative to conventional purchase contracts that expose producers to volatile crude prices, the fixed-price contracts can give producers the assurance to make investments today, knowing that the price they receive when they sell to the SPR will be locked in place, providing them with some protection against downward movements in the market. This proposal, if finalized as proposed, would encourage near-term production, promote market stability, and put the federal government in a better position to respond to future market volatility.

The Department of Energy is proposing rulemaking this week that would allow for these purchases. The new rule, if finalized as proposed, would enable the Department to enter into purchase contracts for future delivery at a fixed price. Under current regulations, the Department can enter into contracts for future delivery, but the price paid reflects prices at the time that product is delivered. By instead allowing for the price to be fixed at the time the transaction is executed between the parties, this regulatory change would provide greater certainty to producers regarding the revenues they could expect to generate if they produce more crude oil in the short-term, knowing that the Department has contracted to purchase these barrels at a previously agreed-upon price to replenish reserves.

Importantly, the actual delivery of these volumes back to the Reserve will not take place until well into the future, likely after FY 2023. This means that the repurchase agreements will encourage greater near-term investment in supply but will not raise demand for barrels now or in the near-future.   

Update on Gasoline Prices

Gasoline prices have fallen for six straight weeks, and are nearly 70 cents below where they were last month. According to an industry analyst, more than 40,000 stations across the United States are selling gasoline for less than $3.99 per gallon. As a result of this price decline, Americans are collectively saving hundreds of millions of dollars on gasoline every day compared with prices last month, and prices continue to fall.

While energy markets are unpredictable and subject to further disruption from Putin’s war in Ukraine, the Administration will continue to use every lever available to address supply disruptions, bring prices down and provide relief for Americans at the pump.      

###

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Home price growth slowed for the second straight month in May, S&P Case-Shiller says - CNBC

New homes under construction in Tucson, Arizona.

Rebecca Noble | Bloomberg | Getty Images

Home prices in May were 19.7% higher compared with the same month last year, according to the S&P CoreLogic Case-Shiller National Home Price Index.

This marks the second month of slower increases, as the housing market cools due to higher mortgage rates and increasing concern over inflation. In April, the annual gain was 20.6%.

The 10-city composite rose 19% year over year, down from 19.6% in the previous month. The 20-city composite increased 20.5%, down from 21.2% in April.

Cities seeing the strongest gains were Tampa, Florida, Miami and Dallas, with annual increases of 36.1%, 34% and 30.8%, respectively. Four of the 20 cities reported higher price increases in the 12 months that ended in May versus the 12-month period that ended in April. In February of this year, all 20 cities in the survey were seeing increasing annual gains.

"Despite this deceleration, growth rates are still extremely robust, with all three composites at or above the 98th percentile historically," Craig Lazzara, managing director at S&P DJI, said in a release.

"We've noted previously that mortgage financing has become more expensive as the Federal Reserve ratchets up interest rates, a process that was ongoing as our May data were gathered. Accordingly, a more-challenging macroeconomic environment may not support extraordinary home price growth for much longer," he added.

Mortgage rates have been rising steadily since January of this year, when the average rate on the 30-year fixed loan hovered around 3%. It spiked to just over 6% in June and has since settled back to around 5.75%. Given the recent inflation in home prices, which are up 40% since the start of the coronavirus pandemic, the fast rise in interest rates hit affordability hard. Potential buyers have been sidelined.

"In the short-term, transactions are feeling the pressure, with sales of existing homes down for five consecutive months. In addition, with less competition, houses that would have flown off the market within hours last year are lingering," said George Ratiu, manager of economic research at Realtor.com. "The share of homes seeing price cuts has doubled from a year ago, as motivated homeowners want to close a deal before more buyers drop out of the market."

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'Move Over, Expensive Gas' As The Most Common Price At The Pump Drops Below $4 - Forbes

Gasoline prices are soaring well above the price of crude oil. Here’s why - Houston Public Media

Justin Sullivan / Getty Images

A sign shows gas prices at a Shell station in San Francisco on Feb. 23.

Gasoline prices may have eased off their peak, but they're still far higher than they were the last time crude oil traded at or above the $100-a-barrel mark eight years ago. Several factors have combined to drive prices at the pump into record territory.

Back in June 2014, the West Texas Intermediate (WTI) spot price of a barrel of crude oil crested at close to $108 a barrel, according to the U.S. Energy Information Administration. The average U.S. price of a gallon of gasoline that month registered about $3.77.

Compare that to the numbers in June of this year. The spot price of WTI crude went as high as $121.94 a barrel, 13% above its June 2014 price. But the average price of a gallon of gasoline peaked at $5.03, a whopping 33% higher than eight years earlier.

One major reason why is that the U.S. and Europe both lost a significant amount of refining capacity in recent years, particularly during the early phases of the COVID pandemic and the resulting recession.

"When oil demand collapsed and prices collapsed, a number of refineries closed, and companies made strategic decisions to close them permanently, on the expectation that more aggressive climate policies and more aggressive penetration of electric vehicles would mean that we wouldn't need as much gasoline down the road," said Mark Finley, fellow in energy and global oil at Rice University's Baker Institute.

Most of the U.S. oil refinery fleet is well over 40 years old and nearing the end of its operational lifespan. "For instance, in Houston, the LyondellBasell refinery is closing, because it would require many, many millions of dollars to just make it usable, to extend its life for the next five to 10 years," said Ed Hirs, energy fellow at the University of Houston.

Recent years have also seen the closing of refineries in California, Louisiana, Alabama, and especially the Northeast.

"Back in 2012, we had double the refining capacity in the Northeast as where we have today. We had about 1.6-1.8 million barrels a day of refining capacity. Today, we're at about 800,000 barrels a day of refining capacity," said Debnil Chowdhury, head of Americas refining at S&P Global Commodity Insights.

When the U.S. economy recovered from the COVID recession, and people began driving again, the demand for gasoline rebounded. Rising demand and constricted supply pushed prices up. The temporary shutdown of many refineries for spring maintenance gave those prices an extra bump.

Russia's war in Ukraine raised the problem to a whole new level, as much of the developed world slapped sanctions on Russian petroleum exports to put the screws to President Vladimir Putin's regime.

"It turns out Russia is not only a big exporter of crude oil," Mark Finley said. "It's (also) a big exporter of refined products, and those flows have also been disrupted by the crisis and the various measures that companies and countries are putting in place."

Most of that Russian gasoline typically goes to European markets. Europe has to replace that gasoline somehow, and the easiest way to do that is with U.S. exports. That competition for U.S. gas pushes up the prices at American pumps further.

"Keep in mind that European purchasers easily pay double what U.S. consumers pay for gasoline," said Ed Hirs. "It's an open market. There are no prohibitions against exporting crude oil and refined products from the United States."

There's one additional factor in play: China. The Chinese market represents a huge demand for gasoline, but it's also a major producer of refined products.

"China – which now has the biggest fleet of refineries in the world, having surpassed the United States recently – they're not a huge exporter of refined products, but they do export some refined products, and they put quotas on the export of refined products from their country," said Mark Finley. That means the main customers for Chinese gasoline exports, notably Pakistan and Singapore, are bidding up the price of gasoline on international markets as well.

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Mint 1952 Mickey Mantle card could fetch record price at auction - ESPN

10:41 AM ET

• Associated Press

NEW YORK -- A decades-old, mint condition Mickey Mantle baseball card could break a record at auction.

The collectors' item from 1952 features one of baseball's most celebrated and charismatic legends, and is widely regarded as one of just a handful in near-perfect condition.

It's estimated the card could exceed $10 million when the auction ends Aug. 27. The record is $6.6 million for a 1909 Honus Wagner card that was sold at auction a year ago, months after another 70-year-old Mantle card fetched $5.2 million.

Interest was already heavy Monday when the auction debuted online, with bidding up to at least $4.2 million.

Heritage Auctions

No matter the final price for the rare Mantle rookie card, it will be a hefty profit for the current owner, a New Jersey waste management entrepreneur who bought the card for $50,000 at a New York City show in 1991.

"Every time he got up to the plate, the crowd would go crazy, the roars would be there. And he never disappointed you. ... He had that aura about him," card owner Anthony Giordano said of Mantle, who spent his entire career with the New York Yankees from 1951 to 1968. "Whether you're from the New York area or not, or a Yankees fan, it was always Mickey Mantle that was highlighted."

The switch-hitting Mantle -- the Mick -- was a Triple Crown winner in 1956, a three-time American League MVP and a seven-time World Series champion. The Hall of Famer, who died in 1995, was considered a humble player on the field. When he hit a home run, he would often run the bases with his head bowed.

• 

"I figured the pitcher already felt bad enough without me showing him up rounding the bases," Mantle once said.

As for the baseball card, its rarity is on par with its subject's mythical reputation.

"The quality of the card is the key," said Derek Grady, the executive vice president of sports auctions for Heritage Auctions, which is running the bidding. "Four sharp corners, the gloss and the color jumps off the card."

Grady said that the collectibles market is having a renaissance, noting that cards that are "the crème de la crème, the best of the best, are still selling despite the economy right now," and that Mantle, "the king" of baseball cards, "has always done well."

Giordano, 75, said it was time to give the Mantle card a new home.

"It's the right thing to do," he said. "My boys and I have had the cards for over 30 years, and we've enjoyed it. We've enjoyed showing anybody that's close to me -- friends and relatives -- and I think it's time for someone else."

The card will be on display in Atlantic City from Wednesday through Sunday at the National Sports Collectors Convention, and at the New York office of Heritage Auctions the following week.

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Analysis: Colgate, Tide maker P&G rejig price tactics to keep cash-strapped shoppers - Reuters

People shop in a supermarket as rising inflation affects consumer prices in Los Angeles, California, U.S., June 13, 2022. REUTERS/Lucy Nicholson/File Photo

NEW YORK, July 25 (Reuters) - The makers of everyday staples such as Colgate toothpaste and Charmin toilet paper are readying new strategies to keep cash-strapped consumers buying pricier products as the threat of recession looms, executives have told investors.

Manufacturers of household staples are also now spending more on discounts and promotions on goods including sodas and paper towels to keep shoppers in higher-end stores and buying brand name products, according to data prepared for Reuters from research firm IRI.

The moves come as U.S. consumers - who so far have continued to buy higher-priced goods, from diapers to shampoo - show signs of buckling under new rounds of price increases.

Some hikes are hitting shelves this month, including from cleaning company Clorox Co (CLX.N) and Church & Dwight Co Inc (CHD.N), the maker of Arm & Hammer products. read more

Church & Dwight increased prices for the second time on laundry detergents and cat litters July 1, while Clorox said its "broadest and deepest" hikes went into effect this month.

The growing risk of consumer cutbacks is forcing manufacturers to reconsider their pricing playbooks by targeting shoppers during certain periods and offering more discounts.

Oral care company Colgate-Palmolive Co (CL.N) will work with retailers to see if shoppers spend more when paychecks clear, generally in the first and third weeks of the month, head of investor relations John Faucher said.

That suggests consumers face more financial stress and living paycheck to paycheck.

"You want to make sure that your merchandising strategy is aligned (with) those weeks when consumers are a little more strapped," Faucher told a retail conference last month.

Colgate would prioritize premium products, such as its $10 Optic White Pro Series toothpaste, in the beginning of the month when paychecks clear, and then focus on budget items later in the month as shoppers' cash runs low, he said.

Colgate may also increase prices on a few but not all of its cheapest products so that some remain within reach for consumers who are "struggling a little bit more," which prevents those buyers from seeking budget options elsewhere, Faucher said.

Consumer products companies are strategizing as foot traffic at U.S. dollar stores, which sell off-brand home and grocery items, outpaces competitors. Dollar Tree Inc's (DLTR.O) Family Dollar saw foot traffic climb 16% in the second quarter, according to Placer.ai, which provides data on consumer movements.

"Manufacturers are beginning to promote more at the request of retailers," said Krishnakumar Davey, president of client engagement at market research firm IRI.

"They don't want to lose business to value channels," such as dollar stores or other discounters, he said.

According to IRI data, 47% of breakfast meats like bacon were bought using a coupon or other discount in the four weeks ended July 10, the highest in six months. Half of crackers were bought with promotions, according to IRI data.

In the four weeks ended July 10, 39% of toilet paper and paper towels were bought with discounts, the highest since the beginning of the year. Toilet paper and paper towels face steep competition from store brands.

PREMIUM FOCUS

Household goods and food producers are also looking at pricing tactics used during the 2008-2009 financial crisis.

Some beer brewers then increased prices more on economy brands than they did mainstream offerings, according to a research note from Evercore ISI, to prevent consumers from trading out a more costly Budweiser for Natural Ice.

Makers of household staples, including in packaged food and candy, have also reduced portion sizes, keeping prices the same or higher.

"It's more likely that we and others will resort to pack size changes," said Church & Dwight chief executive Matthew Farrell at Deutsche Bank dbAccess Global Consumer Conference last month.

The Xtra detergent maker has already slimmed down its laundry detergent by 10% by removing water, said Michael Read, an executive vice president with the company, at the conference. The dosing for wash loads is the same, he said.

National brands are for now trying to convince shoppers they are getting more bang for their buck with premium products like Dawn dish soap and Clorox wipes - rather than cheaper store brand alternatives.

Procter & Gamble Co (PG.N) executives said last month in a conference they anticipate more price hikes as the Tide manufacturer doubles down on its "superiority" strategy - offering detergents, diapers and razors that promise to work better in higher-quality packaging.

The maker of Bounty paper towels has also built out a price tier for customers who care about "cash outlay" alone over the last five to six years, its chief executive Jon Moeller said in the conference. Only about 15% of P&G's customers are lower income, finance chief Andre Schulten said.

Reporting by Jessica DiNapoli in New York; Editing by Sam Holmes

Our Standards: The Thomson Reuters Trust Principles.

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Mark Price Reacts To Shoutout From LeBron James - The Spun

Why the U.S. thinks plan to force cap on Russian oil prices could actually work - Yahoo Finance

The U.S. still remains ‘a ways away’ from reaching an international agreement to impose a price cap on Russian oil exports, with limited enthusiasm from the world’s largest energy buyers India and China, so far, a Senior Biden energy advisor said.

But Amos Hochstein, Special Coordinator for International Energy Affairs for President Biden, said he remains optimistic that Russia would ultimately continue its output despite a price limit, in large part because ‘their economy has nothing else.’

“We already are seeing evidence in the market that Russia is selling its oil at a significant discount. So we wanna put that max,” Hochstein told Yahoo Finance. “So we know that they're willing to sell it at a discount in order to be able to sell it, because frankly they have cash in the bank, that is true, but they don't have anything else.”

Hochstein’s comments come after Russian Central Bank Governor Elvira Nabiullina said Friday, Moscow had no plans to supply crude oil to countries that choose to impose a price cap on its exports. Speaking to reporters, Nabiullina added that any Russian oil would be redirected to countries that are ready to “cooperate” with the country.

U.S. President Joe Biden speaks about gas prices during remarks in the Eisenhower Executive Office Building's South Court Auditorium at the White House in Washington, U.S., June 22, 2022. REUTERS/Kevin Lamarque

The Biden administration has proposed a price cap on Russian oil exports to limit President Vladimir Putin’s revenues from oil, which Hochstein said is being used directly to fund the country’s war against Ukraine. The cap is intended to keep Russian oil prices low, without cutting off supply altogether, triggering a devastating spike in global oil prices.

But some EU countries largely dependent on Russian oil have been hesitant to embrace such a move. This is partially because of fears Putin will refuse to sell at the price, and cut off Moscow’s supply altogether.

'Trying to perfect the mechanism'

Last month, the G7 nations agreed in principle to explore ways to prohibit “all services, which enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners.” Hochstein said the U.S. has yet to settle on the specifics of a framework for a global price cap.

“We're trying to perfect the mechanism of how that would actually look and how it would work. We're not at a point where we have an agreement,” Hochstein said. “We have an agreement in principle with the major economies, but not an actual agreement.”

Brent crude, the global benchmark, has pulled back significantly since climbing near $140 a barrel since Russia began its war on Ukraine earlier this year. Oil futures settled near $103 a barrel on Friday, though that still marks an increase of more than 30 percent this year.

Gas prices are displayed at a petrol station in Monterey Park, California, on July 19, 2022. (Photo by Frederic J. BROWN / AFP) (Photo by FREDERIC J. BROWN/AFP via Getty Images)

U.S. crude prices fell below $95 a barrel for the first time since April, following a decision by European Union member states to adjust sanctions to allow Russian state-owned companies to ship third countries.

Yet, critics of the administration’s proposed policy remain skeptical of its efficacy, in part because Washington has yet to receive any commitments from the world’s largest buyers, India and China, who remain wary of disrupting their long-term relationship with Moscow.

The plan will prevail

Since the war began, China has nearly doubled its imports from Russia to 1 million barrels per day, while India’s Russian crude imports have soared 24-fold to 600,000 barrels per day, according to the Eurasia Group.

Jorge Montepeque, who is credited with reforming benchmark oil pricing, told Reuters, the mandates to fix prices have been tried before and failed.

“The U.S. tried to fix prices for oil in the 1970s, the U.K. tried fixed forex prices in the 80s, Mexico tried fixed tortillas prices. And then — boom! — the market settles. It is a waste of time," Montepeque said.

Hochstein is convinced the economics of the plan will prevail, arguing that “every country wants to pay as low a price as possible.” He added, that Russia has very limited options, and is likely to force Putin to come to the table.

“Their economy has nothing else. They produce weapons and they produce and they drill for oil and gas,” he said.

Akiko Fujita is an anchor and reporter for Yahoo Finance. Follow her on Twitter @AkikoFujita

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Nationals Set Huge Asking Price for Juan Soto, per Report - Sports Illustrated

With Juan Soto on the trade block, the Nationals are setting an extremely high bar for any deal for their superstar, The Athletic’s Ken Rosenthal reports.

“My understanding right now from multiple clubs is that the Nationals are asking for four to five top young players, a combination of prospects and major leaguers with low service time,” Rosenthal said. “That’s a monstrous ask but it’s Juan Soto. He’s 23 years old and you’re getting him for three pennant races. Teams are not offended by what the Nationals want, but they are worried they cannot beat that price.”

A deal of this magnitude will be incredibly difficult to pull off in just 10 days, but according to Rosenthal, the Nationals are not interested in moving off the asking price.

“At this point, it’s not really a negotiation,” he said. “The Nationals are saying ‘either you express a willingness to meet our price or we go to the next club.’”

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If Washington does agree to deal Soto by August 2, it has the chance to alter the race for the World Series for the next 2.5 seasons. However, it is going to take an extremely aggressive team to be willing to part with as much capital as Washington wants.

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Want a device at a low price? Check out these 11 deals on refurbished iPads and MacBooks. - Mashable

We’ve talked before about how useful buying refurbished computers and mobile devices can be, both in terms of the quality of tech you can get, the price you can get it for, not to mention the environmental benefit of reducing e-waste. If you’re looking for a new-to-you device that gets the job done, even if it may have a scuff or scratch, then we may have a deal (or 11) for you during the Weekend Refurb Sale for iPads and MacBooks. Take a look and find something to help get the job done at school, work, or on the road. 

This refurbished 2014 MacBook Air has a nine-hour battery life, a 1.4 GHz Dual-Core Intel i5 Processor, and the LED-backlit retina display that MacBooks are known for. It could be used for light computing and low-demand apps, and it’s on sale for $449.99(opens in a new tab) (Reg. $999). 

Credit: Apple

Refurbished with a “B” rating, this 2015 MacBook Air may have light scuffing or scratches, but it also has a 256GB SSD and Bluetooth to make streaming movies and music easier. With the i5 1.6GHz processor, this refurbished MacBook Air would also be useful for low-demand apps, streaming, and browsing, and it’s on sale for $447.99(opens in a new tab) (Reg. $999). 

Credit: Apple

The nine-hour battery life on this grade “B” refurbished MacBook Air could make it an excellent travel computer. At only 11.8-inches wide, it should be able to neatly fit into your travel bags and be ready for working on the road, plus it’s only $265.99(opens in a new tab) (Reg. $599).

Credit: Apple

Refurbished but possibly lightly scuffed, this 2013 iPad still has Bluetooth, an 8MP back camera, a 9.7-inch Retina Display, and Siri functionality. With 16GB of storage, you could download a variety of apps and use them on the go with this iPad that’s on sale for $105.99(opens in a new tab) (Reg. $499).

Credit: Apple

The 13.3-inch display on this refurbished MacBook Air uses the still-impressive Intel HD Graphics 4000 to display content and smoothly stream videos, which you could do for seven hours at a time on a single charge. Razor-thin, portable, with a 720p FaceTime HD webcam, this refurbished laptop could be a useful way to stay entertained and connected, and it’s only $307.99(opens in a new tab) (Reg. $1499).

Credit: Apple

Combine the Apple A8 chip with an 8MP iSight camera, 64GB SSD, a 10-hour battery life, and a matching accessory kit, and you’ve got an iPad that could be invaluable as a portable workstation or laptop replacement in a pinch. This bundle comes with a 2019 model iPad mini along with a tempered glass screen protector, a snap-on case, a lightning cable, and an AC wall adapter. All together, it’s on sale for $239.99(opens in a new tab) (Reg. $499).

Credit: Apple

Refurbished with a “B” grade, this 2014 MacBook Air has the 5th Gen Intel Core i5 processor and Turbo Boost 2.0. WiFi-enabled with 128GB of storage and Intel HD Graphics 5000, this computer with an included black case could be a useful starter laptop for school, and it’s currently $295.99(opens in a new tab) (Reg. $1199).

Credit: Apple

Pair this Bluetooth-enabled iPad mini 4 with a wireless keyboard, and you almost have the processing power of a small laptop. With 128GB of storage, the Apple A8 chip, 4G, and a 10-hour battery life, all you need is a signal to turn this iPad into a mobile powerhouse, on sale for $289.99(opens in a new tab) (Reg. $729).

Credit: Apple

This 2016-model Apple iPad Pro has a 10-hour battery life, a 12MP iSight camera, and 32GB of internal storage. Between the camera, the processing power of an iPad Pro, and tempered glass screen protector and snap-on case, you have a one-stop digital photography lab complete with its own internal storage, and it’s all only $225.99(opens in a new tab) (Reg. $599).

Credit: Apple

Refurbished to near-mint condition, this MacBook Air has a 12-hour battery life, WiFi and Bluetooth capabilities, and the stunning Intel HD Graphics 6000 for vivid color and picture on the 13.3-inch display. Only five years old, this like-new laptop could have plenty of years of labor left in it, and right now it’s 74% off at $413.99(opens in a new tab) (Reg. $1599). 

Credit: Apple

With 8GB of RAM and a 256GB SSD, you could download and run a wide variety of apps for school, work, or play on this 2017 WiFi-enabled MacBook. Though it may have some visible scratches, this refurbished and work-ready MacBook is only $560(opens in a new tab) (Reg. $700).

Credit: Apple

Prices subject to change.

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