The National Retail Federation today recognized more than 300 members of Congress for their support of retail industry priorities including international trade, infrastructure investment, tax reform and labor issues. The “Hero of Main Street” award is being presented as part of NRF’s annual Retail Advocates Summit fly-in, which has retailers from across the country in Washington today through Wednesday to meet with lawmakers on Capitol Hill and discuss the latest issues facing the industry. Recipients will be honored at a reception Wednesday evening. “This bipartisan group of lawmakers has shown that they care about retailers big and small and value the role these businesses play in communities across the country,” NRF President and CEO Matthew Shay said. “We appreciate their advocacy on behalf of a thriving Main Street, their support for the long-term growth of the retail industry, and their recognition of retail’s role as a catalyst for continued growth and opportunity for our nation’s economy.”
National Average Price for Regular Unleaded – Current: $2.861; Month Ago: $2.831; Year Ago: $2.900. National Average Price for Diesel – Current: $3.098; Month Ago: $3.069; Year Ago: $3.156.
Oil prices slipped on Monday as signs of an economic slowdown amid international trade disputes began to outweigh supply fears stoked by attacks on oil tankers in the Gulf of Oman last week. “China’s industrial output growth (is) falling to the lowest level in 17 years amid trade tensions with the U.S. Today, oil markets will have to digest more demand concerns as India implemented retaliatory tariffs on a number of U.S. goods yesterday,” consultancy JBC Energy said in a note. Click Read More below for additional information.
Oil is holding above $50 a barrel as speculation mounts that members of the Organization of Petroleum Exporting Countries will prolong supply curbs to prevent the market returning to surplus next year. At the same time, there are signs that growth in U.S. shale oil, which has kept a lid on prices, may be slowing as drilling declines. “The market will probably take it positively if OPEC can explain their thinking on how it works when they’re not voluntarily holding back oil from the market anymore,” Torbjorn Kjus, analyst at DNB Markets said. “There’s a fear in the market that when the deal runs out, then it’s every man for himself again, and that’s not what they’re thinking.” Click Read More below for additional information.