After a peace agreement was reached, getting oil to flow through the Persian Gulf region again and helping gas prices return to pre-war levels may be more of a challenge.
After a peace agreement was reached, getting oil to flow through the Persian Gulf region again and helping gas prices return to pre-war levels may be more of a challenge.
Anthony Albanese has signalled the federal government is open to extending the temporary cut to the fuel excise to help cushion motorists from a months-long tail from the Middle East conflict.
The prime minister also welcomed the announcement of a peace deal between the US and Iran to end the war and reopen the strait of Hormuz.
Spiking energy prices sent inflation to a three-year high in May, up 4.2% annually. The Labor Department said the cost of energy was responsible for over 60% of the increase. Core inflation, which strips out volatile food and energy prices, was up a more modest 2.9%. Geoff Bennett discussed more with Roben Farzad of Full Disclosure.
Rising gas prices pushed inflation to its highest level in three years last month, a headache for the Federal Reserve and a potential political challenge for the Trump administration as midterm elections near.
The Middle East conflict has caused global stockpiles of oil to plummet to their lowest level since 2003 while petroleum prices have spiked, according to a new energy data report.
The Middle East conflict has caused global stockpiles of oil to plummet to their lowest level since 2003 while petroleum prices have spiked, according to a new energy data report.
Gas prices in Canada are expected to start climbing again, as any progress made towards a peace deal between the U.S. and Iran appears to be unravelling.
Gas prices in Canada are expected to start climbing again, as any progress made towards a peace deal between the U.S. and Iran appears to be unravelling.
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