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Economy

Oil Prices Fall Below $100 For First Time Since May, Giving Hope to Less Pain at the Pump

Ernice Gilbert | July 06, 2022

Fears of recession and slowing demand have led to a pullback in the cost of a barrel of oil, with the U.S. benchmark falling below $100 for the first time since may. The cost of a barrel of oil had soared to over $130 earlier this year, spurred by a confluence of Russia's war against Ukraine that disrupted once reliable supply lines, and the reopening of economies around the world from Covid-induced lockdowns. Those conditions contributed to sky-high inflation of 8.6 percent in the U.S., a level not seen in over 40 years. To tame inflation, the Federal Reserve has been increasing its benchmark interest rate to cool the economy, which in turn has dimmed traders' demand for oil. According to the Wall Street Journal, contracts for Brent crude, the international benchmark, dropped $10.73, or 9.5 percent, to $102.77 Tuesday. West Texas Intermediate,…

As Fuel Costs Surge, Bryan Says Declaration of Energy…

Linda Straker | June 14, 2022

Governor Albert Bryan has said that a state of emergency declaration for the V.I. Water and Power Authority…

USVI Economy Experiencing Strong Rebound, OMB Says,…

Linda Straker | June 14, 2022

Office of Management and Budget Director, Jenifer O'Neal on Monday told lawmakers that more than 94…

Bryan Announces Study Led by Virginia-Based Firm 'to…

Staff Consortium | February 23, 2022

Governor Albert Bryan on Tuesday announced a new USVI labor shed study whose aim is to support economic…

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