National Average Price Per Gallon: $3.007
The International Energy Agency (IEA) has again affirmed that oil production in the United States will overtake Russia’s.
The agency is predicting that the U.S. will become the world’s biggest oil producer by 2019 “at the latest.”
U.S. oil is increasingly being exported to big petroleum markets in Asia. This is reducing the market share of OPEC countries like Russia and Saudi Arabia.
Framing lumber: $509
With many framing lumber products still at record high prices, traders have finally started pulling back on placing orders. Regardless, demand remains high enough for producers to quote elevated prices for new orders.
The pace for trading in structural panel products also slowed. But as with framing lumber, demand is still high, and so prices rose for yet another week.
According to Federal Reserve Governor Randal Quarles, “…It has been quite some time since the economic environment has looked as favorable as it does now.”
During a speech at the National Association for Business Economics in New York, Quarles also said that GDP has been growing around 3% since the second quarter of 2017, which is “a considerable step-up” from the last eight years.
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