Last weekend we all welcomed the month of September, Labor Day celebrations and the unfortunate realization that summer has ended. Though technically the summer doesn’t end until the equinox on September 22nd, the Labor Day weekend traditionally marks the end of summer for schools, as well as the close of the summer driving season.
This week the Environmental Protection Agency (EPA) and National Highway Traffic Safety Administration (NHTSA) are set to announce a joint proposal dubbed the “Safer and Affordable Fuel Efficient Vehicles Rule.” This decision comes after months of “deliberative discussions” between the agencies “as is typical for any joint rulemaking, the agencies provided feedback to each other as they developed their policy and analysis for the proposal,” the NHTSA said.
Among the many geopolitical issues going on in the world effecting the oil market, there have been reports this week that President Trump is considering tapping into the Strategic Petroleum Reserve (SPR) in an effort to lower gasoline prices. According to Bloomberg, “options are under consideration ranging from a 5 million barrel test sale to a more sizeable release of 30 million barrels and a third option of a larger release that would be coordinated with other nations.” Utilizing any of these options would create a shift in global crude oil prices.