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National Average Price Per Gallon: $2.976
American oil production continues to hit record highs.
U.S. shale production is on track to hit 7 million barrels-per-day next month, up 25% from a year ago.
And according to Timothy Dove, president and CEO of Pioneer Natural Resources, the industry is at a technological “tipping point” that could lead to higher efficiency.
“We have the golden goose right before us, and it’s our job as operators to perform at a very high level of efficiency to bring this to bear,” he told the audience at energy conference CERAWeek in Houston.
Framing lumber: $511
Panels/plywood: $541
Higher-than-usual trading and elevated prices for framing lumber products finally came to a halt. Prices barely budged this week versus last week, and buyers have finally backed away from placing orders. Mills have reacted by lowering price quotes to entice buyers.
Likewise, momentum in the lumber panel products market has also stalled.
According to the latest report from the Bureau of Labor Statistics, the economy added 313,000 jobs in February. This is the most since July 2016.
The unemployment rate remains unchanged at 4.1% for the fifth month in a row.
The low jobless rate has made competition for skilled workers especially fierce in the trucking industry.
Diane Swonk, chief economist at the accounting firm Grant Thornton, said she’s heard reports of trucking companies paying drivers six-figure salaries and offering $20,000 signing bonuses.
And in the construction industry, employers added 61,000 jobs last month, bringing four-month total gains to 185,000. This is especially notable given that the industry is still in the off-season.
Sources: Random Lengths, EIA, NY Times, CNBC
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