Chinese officials are expected to be in Washington this week to hold consultations with the U.S. ahead of high-level trade talks in October.World Economyread more
Saudi Arabia's defense spending is the world's third-largest — behind the U.S. and China, says Gary Grappo, former U.S. ambassador to Oman.Energyread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
A 25-cent gasoline tax, reportedly endorsed by President Donald Trump, would help wipe out 60 percent of the benefit from the tax breaks he recently signed into law for individuals, according to Strategas Research.
Daniel Clifton, Strategas' head of policy research, said the increase in gasoline prices would also be nine times larger than the estimated $4 billion workers are receiving from employers due to the corporate tax cut.
The gasoline tax, now 18.4 cents per gallon, has not been raised since 1993 when Bill Clinton was in the White House. Gary Cohn, White House economic advisor, has been discussing a gasoline tax raise.
Government data already show an increase in gasoline prices of 20 cents per gallon this year, costing consumers about $34 billion, Clifton noted.
"The proposed gasoline tax increase adds another $0.25 per gallon. The combined $0.45 per [gallon] increase in gasoline prices eats away $71.6 billion from the $120 billion in individual tax cuts, or 60 percent of the net tax savings for consumers," Clifton wrote in a note.
Trump reportedly endorsed hiking the federal gas and diesel tax by 25 cents. Democratic Sen. Tom Carper of Delaware said Trump said he'd be willing to provide leadership on the increase to pay for improvements to roads, highways and bridges.
The average national price of gasoline Thursday was $2.55 per gallon, down from $2.60 a week ago, but well above last year's $2.28 per gallon, according to AAA. Diesel fuel was selling for an average $2.98 per gallon, up from $2.51 per gallon a year ago.
For an average family, the proposed 25-cent jump in the gasoline tax could become noticeable quickly. For instance, a 12-gallon fill-up would cost $3 more with the new tax.
Strategas charted the negative correlation of a president's approval rating and rising gasoline prices, not a positive for the Republican Party ahead of midterm elections. Post tax bill, Democrats' lead in the generic ballot has been falling.
Clifton notes that by Friday, 90 percent of workers will see higher take-home pay in their weekly paychecks, giving Americans a raise all at the same time.
U.S. energy production could be a cushion against inflation, as higher prices encourage more production. "The recent move in yields has correlated well with the price of oil but as soon as oil prices hit $65 per barrel, the spigots for US oil production were turned back on. An increase in gasoline taxes would offset this," Clifton wrote.