EU Approves Sweeping Energy-Market Intervention

BRUSSELS—European energy ministers on Friday approved the main tenets of a €140 billion plan, equivalent to around $137 billion, to counter Moscow’s efforts to deprive the continent of natural gas and hobble its economy. The European Union plan aims to cap most non-gas electricity producers’ revenue, claw back some oil- and gas-company profits and lower … Read more

$8 a gallon gas? RBC energy guru on why we should brace for higher oil prices

American consumers may have gotten a bit of a break from sky-high gas prices over the past few months as the prices for oil and natural gas in the US have eased off their peaks from earlier this year. But any US consumers who think $5-a-gallon gasoline is a thing of the past might want … Read more

High Natural-Gas Prices Push European Manufacturers to Shift to the US

AMSTERDAM—A big winner from the energy crisis in Europe: the US economy. Battered by skyrocketing gas prices, companies in Europe that make steel, fertilizer and other feedstocks of economic activity are shifting operations to the US, attracted by more stable energy prices and muscular government support. As wild swings in energy prices and persistent supply-chain … Read more

Electric Bills Soar Across the Country as Winter Looms

US utility customers, faced with some of their largest bills in years, are set to pay even more this winter as natural-gas prices continue to climb. Natural-gas prices have more than doubled this year because of a global supply shortage made worse by the war in Ukraine, and they are expected to remain elevated for … Read more

Your Utility Bill Is Going to Hurt, but the Market Might Benefit

Thanks to cheap natural gas, electricity prices have been a relatively stable part of Americans’ budgets for many years. But the commodity’s price surge this year could lead to a rude awakening for consumers and a moment of reflection for policy makers. Consumers spent 16% more on utility payments in August than they had a … Read more

For Every Vacation-Home Fantasy, There Is a Harsh Financial Reality

As mortgage rates rise and the housing market cools, financial advisers say it is critical for buyers to weigh the unexpected costs and pitfalls that come with that beach house. The largest share of vacation-home purchases close from the fall to early in the new year, which is typically the offseason for primary home buying, … Read more

A Bad Year for Crypto Is a Really Bad One for Crypto Miners

Last year was harvest time for crypto miners. Now, they’re getting hit on all sides. Crypto prices are plunging. Miners’ electricity bills are surging. Practically no one wants to buy their equipment. It is a sharp turnaround from 2021, when crypto prices were soaring and many mining firms went on a mostly debt-funded buying spree … Read more

Mortgage Rates Hit 5.89%, Highest Level Since 2008

Mortgage rates touched their highest level in nearly 14 years this week, another blow to the rapidly cooling housing market. The average rate on a 30-year fixed mortgage rose to 5.89%, topping an earlier high from June, according to a weekly survey by Freddie Mac released Thursday. This time last year, rates were below 3%. … Read more

Ocean Shipping Rates Have Plunged 60% This Year

Freight rates on the main ocean trade routes are sinking during what is typically the industry’s peak season after cargo owners shipped holiday goods early and inflation dented consumer demand. The cost to ship a 40-foot container from China to the US West Coast now stands around $5,400 a box, down 60% from January, according … Read more

Russia’s Nord Stream Pipeline Closure Lands Economic Blow Against Europe

Power prices surged, European currencies hit multidecade lows and governments scrambled to contain the economic hit after Russia cut its main natural-gas pipeline to Europe. The cutoff, which the Kremlin blamed Monday on Western sanctions and said would be long-lasting, realizes the worst-case scenario Europe had been girding for since Russia invaded Ukraine in February. … Read more