The outlook for Fed rate hikes after March may become less clear if Russia continues its incursion into Ukraine. That’s because the tensions have pushed up the price of oil and gasoline, and it’s consumers who drive about 70% of the U.S. economy. The prices of commodities have been rising on concerns Russia’s troop movements and sanctions from the U.S. and allies could lead to limited supplies. Russia is a major exporter of oil, natural gas, wheat, palladium, nickel, aluminum and other metals.
The Biden administration is delaying decisions on new oil and gas drilling on federal land and other energy-related actions after a federal court blocked the way officials were calculating the real-world costs of climate change. The administration says a ruling earlier this month by a Louisiana federal judge will affect dozens of rules by at least four federal agencies.
Among the immediate effects is an indefinite delay in planned oil and gas lease sales on public lands.
