SoCal gas prices drop to lowest since 2017
The average price of a gallon of self-serve regular gasoline in Los Angeles County dropped for the 27th consecutive day today, falling 2.5 cents to $3.144, its lowest amount since Dec. 30, 2017. The average price is 16.1 cents less than a week ago, 41.8 cents lower than a month ago and 49.5 cents lower than one year ago, according to figures from the AAA and Oil Price Information Service.
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1 Barrel Oil is now cheaper than 4 pc. Chicken Mcnuggets
U.S. oil benchmark crashes below $2 a barrel, on track for lowest close and biggest one-day fall on record. West Texas Intermediate crude (WTI) for May delivery was down 94%, at $1.92 a barrel. In the US, one barrel of oil is now cheaper than the 4 pc Chicken Mcnuggets. Oil demand crashed due to coronavirus pandemic and a price war between the largest producers
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MarketWatch
Dow Jones plunges again
Dow Jones plunges again
Stocks in US markets today continued to plunge due to the coronavirus crisis coupled with the Saudi-Russian oil price war, with the Dow Jones industrial average dipped below the 22,000 level after suffering its worst first quarter in the institution's entire 135-year history. Major financial institutions like Goldman Sachs and JP Morgan predict an unprecedented first-quarter contraction in the US economy of between 25 to 34 percent.
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Fed cuts rates to zero, moves to stabilize mortgage rates
Amidst climbing mortgage rates and widespread economic uncertainty caused by the COVID-19 pandemic, the Fed has decided to make dramatic changes in its policies, cutting interest rates to zero and investing 200 billion USD in mortgage-backed bonds to stabilize the spike in mortgage prices last week, as part of a 700 billion USD financial package to ease the economic fallout from the coronavirus outbreak.
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CNBC
Russia not part of the oil price war, says energy minister
Pavel Sorokin, Russia's deputy energy minister, has stated that the country is not in an oil price war with Saudi Arabia and will not be reducing production due to market uncertainty caused by the coronavirus outbreak. Sorokin revealed that Russia can up its oil output to 11.8 million barrels per day, but it would still not be sufficient to match Saudi Arabia's promised supply of 12+ million BPD in April.
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Reuters