Gasonomics: What’s Up in Energy? More Oil Getting Pulled from Reserves
Explore the latest in the energy complex on the new podcast, Gasonomics with host Tim Snyder of Matador Economics. From the latest renewable energy news to the economic implications of the oil and gas industry, join Snyder as he gives an engaging and in-depth look at the energy sector.
In the inaugural episode of Gasonomics, host Tim Snyder of Matador Economics revealed the latest energy complex news and its economic implications.
Snyder opened with news of President Biden’s administration plans to withdraw another 26 million barrels of crude oil from the strategic petroleum reserve (SPR) — leaving the SPR with 345.6 million barrels remaining. With this administration releasing a total of 292.5 million barrels since 2020, this is the largest withdrawal seen since the 1970s.
The Bureau of Labor Statistics released the January 2023 consumer price index, showing a .5% increase to 6.4% year-over-year. Since December came in at a -.1%, Snyder believes this trend will concern fed watchers. Snyder noted that this “casts some shade on the idea that the fed will wrestle inflation back to its targeted 2% by years’ end.”
Additionally, Snyder covered the US Energy Information Administration’s report showing the national average gas and diesel prices dropping 2.5 cents per gallon and diesel fuel also dropped .16 cents per gallon. However, Snyder cautioned this is likely a seasonal trend and demand may cause prices to climb again. In relation, the Organization of the Petroleum Exporting Countries (OPEC) announced an adjustment to the 2023 demand forecast for crude oil and refined products as Chinese demand will influence markets around the world.
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