ECONOMY

Fuel Prices Reach 10-Year High as the US Considers Russian Oil Ban

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Gasoline prices in the US passed $4 a gallon as the US said it may seek to punish Russia for its invasion of Ukraine by banning imports of its oil. Consumers haven’t paid prices that high since 2012.

The US is in active discussions with European nations about a ban, Secretary of State Anthony Blinken told CNN yesterday. “We are now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil,” he said.

US gasoline averaged $4.06 a gallon, according to AAA’s price summary, about 40 cents higher than a week earlier. Californians are paying an average of $5.34 a gallon. Crude oil passed $130 a barrel as Russia shelled more civilian areas of Ukraine before retreating to around $116.

In a reflection of the desperation of the situation, US officials traveled to Venezuela over the weekend to discuss easing sanctions imposed in 2019 that would permit trading of the country’s oil in international markets, the wall street journal reported.

Bed Bath & Beyond Shares Rocketing

Shares of Bed Bath & Beyond (BBBY) Inc. are gaining nearly 60% after major shareholder RC Ventures sent a letter asking if the housewares retailer is open to “exploring alternative paths to value creation” and suggesting the company put itself up for sale.

Bed Bath & Beyond shares rose to a high of $30.06. They had been declining for about the last nine months.

The letter from RC Ventures’ Ryan Cohen, who’s also Chewy Inc. (CHWY) co-founder and GameStop Corp. (EMG) chairman, disclosed the firm owns a 9.8% stake in Bed Bath & Beyond.

The letter suggests the company should consider spinning off the buybuy BABY unit as its annual sales approach $1.5 billion. As part of a 4-point plan for increasing Bed Bath & Beyond’s value, RC also suggested the company’s “cumbersome strategy” requires “greater focus.”

Bed Bath and Beyond responded to Cohen’s letter this morning, stating that while the board has had no prior contact with RC Ventures, management “will carefully review their letter and hope to engage constructively around the ideas they have put forth.”

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