How much higher can oil prices climb this year? Goldman Sachs now forecasts the price to hit $75 a barrel by summer, $10 above its prior forecast, and $70 by the spring – due to lower expected inventories and higher marginal costs.
The federal government says it will support the ethanol industry in a lawsuit over biofuel waivers granted to oil refineries under President Trump’s administration. The EPA is reversing course and will support a January 2020 decision by an appeals court in a lawsuit filed by the Renewable Fuels Association and farm groups. The lawsuit is headed to arguments before the Supreme Court this spring.
Royal Caribbean CEO Richard Fain told CNBC the cruise operator has seen a number of optimistic signs in its early booking data that suggest a positive recovery from the pandemic. Fain says more older people are signing up for cruises than expected, and there are more first-timers.
