What’s Driving Energy Prices This Week?

Earlier this month, Saudi Arabia and OPEC+ oil producers announced they would cut oil output by more than one million barrels per day. Subsequently, energy prices spiked, with the current national gas average sitting at $3.65 per gallon. But oil and gas prices aren’t the only thing shifting right now…worldwide trade currency is for some countries, too.

“China is buying LNG and paying yuan, and they’re encouraging Brazil to begin transacting their international trade into yuan as well,” explained Tim Snyder, host of Gasonomics. China is also encouraging India to start trading in their national rupee currency instead of the USD. Why are these changes mean for the U.S.’s future economic position?

The dollar has been the world’s principal reserve currency since the end of WWII and is crude oil is exchanged in USD via the petrodollar system, serving as a symbol of its stance as a world leader. Countries look to hold reserves in currencies with large, open financial markets that are quickly accessible.

Snyder stated, “Every bit of this shows the United States has advocated its position as a world leader in not only world trade, but in energy trade as well. This could have consequences for not just the United States but the world as we move through the year.”

Will these oil currency changes cause inflation to ensue in the U.S. as we push farther into 2023? Tim Snyder, host of Gasonomics, provides input on how diminishing oil output, rising energy prices, and changes in oil trading currencies intersect and impact the economy.

Follow us on social media for the latest updates in B2B!

Image

Latest

DXpedition
Icom Powers 3Y0K : Ham Radio’s Most Ambitious DXpedition to Remote Bouvet Island Part 1
July 11, 2025

Bouvet Island sits at the edge of the world. It is frozen, uninhabited, and almost impossible to access. Fewer people have set foot there than in space. That level of remoteness is exactly what makes it so valuable to amateur radio operators. The island ranks tenth on ClubLog’s list of Most Wanted DXCC entities,…

Read More
entrepreneurial success
The Hidden Key to Entrepreneurial Success: Build Momentum Through Personal Branding and Authentic Networking
July 10, 2025

What if the biggest pivot of your career started with a conversation?  In this episode of Professional Quotient, host Jason Winningham welcomes Fanny Dunagan, CEO and Content Strategist of PathLynks, LLC. Fanny shares her journey from high-pressure consulting in Singapore to founding her own media and branding company — and why learning to network…

Read More
Q2 2025
RM Q2 2025 Wrap Up
July 9, 2025

Rogue Marketing continues to lead with intention in a space often driven by noise. Q2 2025 reflected a strategic focus on substance, where each initiative supported long-term brand growth. The team transformed internal recognition efforts into enduring brand assets and refined event strategies through immersive, results-driven experiences. Website launches during the quarter balanced visual…

Read More
amateur radios
Hamvention Spotlight: Emergency Preparedness Led PrepHam Paul to Amateur Radios and a Rising Voice in the Field
July 9, 2025

PrepHam Paul (K5VLP) celebrated his first visit to Dayton Hamvention by marking a major channel milestone. He hosted a giveaway of the  IC-2370B mobile radio from Icom to thank viewers for helping him reach 10,000 subscribers. His passion for emergency preparedness, rooted in his experience as an Eagle Scout and later studies in emergency management,…

Read More