National Average Price Per Gallon: $2.992
Some analysts are worried that Trump’s steel tariffs will disrupt the United States’ oil industry.
Oil producers have already faced challenges in laying enough steel pipelines to accommodate booming oil production.
According to Colton Bean, director of equity research at Tudor, Pickering, Holt and Co.Bean, pipeline construction costs could rise 3 to 5 percent if the tariffs are imposed.
Framing lumber: $512
Trading in framing lumber markets slowed, but prices still gained modestly. The gain in prices was enough to push the Random Lengths Framing Lumber Composite Price to a record high of $512.
Structural panel prices continued to climb. Demand is so high for OSB that supply shortages are hitting many mills.
On March 5, the Institute For Supply Management released its Non-Manufacturing Report On Business for the month of February.
The following industries all reported growth: Transportation & Warehousing, Construction, and Retail Trade.
The report noted that intermodal and over-the-road carriers are struggling with both slower-than-normal transit times and the ELD mandate.
And in construction, lumber-related costs are continuing to increase. This is negatively affecting supply. The continued construction labor shortage is also making long-term planning more of a challenge for builders.
Sources: Random Lengths, EIA, CNBC, Institute of Supply Management
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