US fuel prices continue to rise. August NYMEX gasoline futures price cleared $3 a couple of days ago and is now at the highest level for 2013. This introduces two new challenges for the US economy: 1. Fuel prices tend to influence consumer sentiment and spending. The sentiment is not necessarily linked to how much consumers actually spend on fuel.
Coal will surpass oil as the key fuel for the global economy by 2020 despite government efforts to reduce carbon emissions, energy consultancy firm Wood Mackenzie said on Monday.
Rising demand in China and India will push coal past oil as the two Asian powerhouses will need to rely on the comparatively cheaper fuel to power their economies. Coal demand in the United States, Europe and the rest of Asia will hold steady.
Econ Grapher submits:This week we look at the GDP numbers for Q2 from the US and South Korea. Then we look at the US consumer confidence and Case Shiller housing market data, and finish up with a look at inflation and unemployment in Japan, and New Zealand monetary policy.1. US GDP