Could gas prices spike ahead of holiday road trips? What to know
Global News
Oil prices typically bottom out around this time of year, but with the Red Sea crisis adding to the uncertainty in the world, will cheap gas prices stick around?
With the holidays here, Canadians are set to hit the road to meet up for family gatherings.
However, the price at the pump could play the role of the Grinch as oil prices rise given the current geopolitical uncertainty exacerbated by recent attacks on commercial vessels in the Red Sea.
“It’s very traditional that oil prices and gasoline prices bottom around the middle of December,” said Tom Kloza, global head of energy analysis with the Oil Price Information Service.
“Then after that … the market will grab pieces of news to justify price advances.”
Houthi strikes on commercial vessels in the Red Sea are part of the Yemen-based group’s attacks on Israel and countries trading with it. Israel is fighting Hamas in Gaza following that group’s deadly Oct. 7 surprise attack in Israel.
The Houthis’ actions have echoed the role of the Iran-backed Lebanese group Hezbollah, which has been attacking Israeli positions at the Lebanese frontier, and Iraqi militias which have been firing at U.S. interests in Iraq and Syria.
Stepping up their threats, the Houthis said on Dec. 9 they would target all ships heading to Israel, regardless of nationality, and warned all international shipping companies against dealing with Israeli ports.
An estimated 10 to 12 per cent of the world’s trade travels through the Red Sea, a narrow waterway that separates Yemen from East Africa and leads north to the Suez Canal. It is the shortest shipping route between Europe and Asia.
Putin’s endorsement of the new nuclear deterrent policy comes on the 1,000th day after he sent troops into Ukraine, on Feb. 24, 2022.
Nearly 2,200 layoff notices went to workers in Washington and another 220 in South Carolina, the two states where Boeing builds commercial airliners.
The deadly haze covered monuments and high-rise buildings in the capital of New Delhi, with visibility so low that airlines warned of delays.
The death is being investigated by federal authorities but "the preliminary cause" has been ruled an accident.
The incident took place more than a month ago, on October 13, but it wasn't reported until the British tabloids got wind of the story.
Health officials said Saturday they have confirmed the first U.S. case of a new form of mpox that was first seen in eastern Congo.
Washington is easing limits on what Ukraine can strike with U.S.-made weaponry, U.S. officials told The Associated Press on Sunday.
Ukraine plans to conduct its first long-range attacks in the coming days, sources said, without revealing details due to operational security concerns.
Concerns storm surges could raise water levels between one and three feet above ground level as Tropical Storm Sara makes landfall in Belize.
Air defenses could be heard engaging drones over Kyiv in the night, and a series of powerful blasts rang out across the city as the missile attack was under way in the morning.
John Kirton, head of the G20 Research Group, says the forum is the main tool countries have to prepare for the second Donald Trump presidency.