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National Average Price Per Gallon: $3.244
According to IHS Markit, the Permian Basin in Texas and New Mexico will become the third-largest oil producing region in the world.
The Permian is already the biggest shale-oil producing region in the U.S. In a few years, its output could beat every nation’s except Russia and Saudi Arabia.
The region is already producing 3.2 million barrels per day. This is more than oil-producing nations like Kuwait, Nigeria, and Mexico.
Framing lumber: $571
Panels/plywood: $573
The lumber futures market is finally weakening after several record-breaking weeks in May. Buyer demand fell enough to drive the Composite Framing Lumber price down by $11.
Most structural panel traders reported a quiet week of sales. Buyers showed resistance to the current price levels of certain products, keeping the Structural Panel Composite Price somewhat flat.
Staffing agencies are employing the highest number of temporary and contract workers since 1992.
In the first quarter of 2018, staffing companies employed 3.10 million temporary workers, which is a 1.2% increase over last year.
Temporary and contract workers are filling vacancies created by low unemployment and the skills gap. And with the arrival of summer, wages and shifts are on the rise as employers compete for workers.
Sources: Random Lengths, EIA, CNBC, HR Dive
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