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The Fed is the 'new arbiter of oil prices' as rate hikes weigh on economic activity, energy historian Daniel Yergin says
The Federal Reserve has become "the new arbiter of oil prices," according to energy historian Daniel Yergin, as the central bank's rate hikes add pressure to energy markets. Yergin told CNBC's Squawk Box on Wednesday that the central bank's benchmark interest rate increases to combat inflation are "permeating the oil market as it is the stock market." Yergin added that demand is down sharply compared to the same period in 2021, further complicating the picture. Yergin also commented on European proposals to cap energy prices, saying that such proposals are "inevitable" given the skyrocketing costs of energy ... (full story)