National Average Price Per Gallon: $3.063
U.S. oil producers are having an extraordinary year so far.
“We are seeing United States production rising very, very dramatically before our very eyes and that’s likely to continue in 2018,” said Neil Atkinson of the International Energy Agency (IEA).
Due to high global demand, oil prices have “skyrocketed” around 50% since the middle of last year.
But United States production has risen to the challenge. The IEA predicted at the start of this year that the U.S. could overtake Russia and Saudi Arabia as the world’s leading energy producer by 2019.
Framing lumber: $492
Trading in framing lumber products slowed this week after heavier-than-normal activity in January. Prices did continue to rise, although not as sharply.
Prices for structural panel products jumped as demand outstripped supply. Mill offerings were so limited in the Southwest and Western Canada that most producers were off the market entirely.
The Bureau of Labor Statistics released an exceptionally strong jobs report for January. Wages are finally starting to rise, and unemployment remains at 4.1%, the lowest since 2000.
But America still has nearly 6 million job openings, which is a near-record high.
“There is no question that employers are now having to be more aggressive to compete for workers,” said Peter Harrison, CEO of Snagajob.
Sources: Random Lengths, EIA, CNBC, CNN
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