Oil Futures Gain Following Russia's Voluntary Reduction in Oil Production Next Month 

In early action Friday, the April Brent crude oil futures contract is up by nearly 3% from Thursday’s close at $85.74 per barrel. The March West Texas Intermediate (WTI) futures contract was last trading at $79.11 per barrel, up 1.2% from yesterday's settlement price. 

Traders are digesting Russia’s recent announcement that it will voluntarily reduce its oil production by 500,000 barrels per day starting next month. The move comes in response to the recent Western price limits and bans on Moscow’s gasoline and oil products due to the war in Ukraine. 

“Russia believes that the price ceiling mechanism for the sale of Russian oil and oil products is an interference in market relations and a continuation of the destructive energy policy of the countries of the collective West,” according to a statement published on the government website. 

Foodservice Update Q3 2022: Revisiting Growth Perspectives

The writing is on the wall: economic growth is in jeopardy due to macroeconomic challenges around the world. From severely high natural gas prices in Europe, which affect everything from fertilizer prices to milk powders, to a housing crisis, and continued partial lockdowns in China. Coupled with rising interest rates, softening equity markets, and negative real wage growth, consumer confidence surveys unsurprisingly outline a worsening outlook for demand. It is likely that the US and Europe will both be entering a recession over the next 12 months.

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Biden to Take Side on Gas Tax Soon

President Biden said Monday that he may make a decision within days on seeking a pause to the federal gasoline tax as Americans deal with soaring gas prices.

"I hope to have a decision based on the data I'm looking for by the end of the week," he said in Rehoboth Beach, Del.

Gas prices started increasing last year and surged following Russia's invasion of Ukraine, which disrupted the global oil market. The average cost of a gallon of unleaded fuel in the U.S. hit $4.98 on Monday, according to AAA...

Record Gas Prices Heighten Supply Chain Concerns 

The national average for regular gasoline hit a fresh record high at $4.96 a gallon on Wednesday, according to AAA. This is up 28 cents in the latest week and nearly $1.90 a gallon higher than the year-ago average. 

The national average has been steadily climbing in the latest month with 14 states now recording their average gas price at $5 a gallon or more. 

Diesel prices are also forging new records and surged to $5.72 a gallon today based on the latest AAA data. This is 17 cents higher than this week last year and is heightening concerns for participants throughout the supply chain.

Diesel is an essential input for the production and transportation of a variety of goods. For instance, higher diesel costs are raising the trucking costs of livestock to the processing plants, intensifying inflationary pressures on consumer prices...