- SmartHER Consideration: Reuters reported the White House might provide waivers for countries purchasing Iranian oil to continue to do so; others reports indicate sanctions will keep more than 1 million gallons of Iranian crude oil from the market. Sanctions expected in early November.
- Gas Prices Rise to Highest Since June on High Oil Prices:
“The national average gas price has broken out of a well-established rut, climbing above $2.90 per gallon for the first time since mid-June on rising oil prices ahead of the reinstatement of sanctions against Iran and OPEC failing to pump enough oil to meet robust demand,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “We may see prices continue to lift ahead of the mid-terms, however completely unrelated to the elections, but due to constant threats from an improving economy: higher demand and lower supply is tipping the balance of the oil market and pushing prices higher. We may even soon see $3 per gallon nationally, which would be the first time since October 2014, if oil prices continue to rise. I, along with motorists, will be eagerly awaiting any relief at the pump, but don’t hold your breath – it may get worse before it gets better.”
- How Falling Gas Prices Fuel the Consumer:
- Risks are rising that oil prices will cause next recession:
- OPEC oil output boost in September limited by Iran losses: Reuters survey: