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Estimates from Wall Street project that if oil prices stay elevated for too long, consumers will lose as much as they gain from the new tax law.
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A day after the price of oil had spiked to nearly $120 a barrel, the S&P 500 ended Tuesday 0.2 percent lower, even as the U.S. bombing campaign of Iran intensified.
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Why should oil and gas companies drill? Prices have been — and still are — too low for them to bother.
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If the war continues for much longer, diesel could soon test its all-time high of $5.82, set in June 2022 after Russia's invasion of Ukraine.
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Olaplex, a prestige hair care brand, has seen its sales and stock price plummet after a lawsuit. Now, the company is trying to turn its business around.
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What's next for crude-oil prices as wealthy nations consider a release of their reserves MarketWatchWhy emergency oil releases won't fix this crisis CNNAsian Stocks Poised for Gains, Oil Swings Higher: Markets Wrap Bloomberg.comIEA countries to meet later Tuesday on release of oil reserves, but no decision made yet CNBC
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American and Israeli airstrikes in Iran closed a critical shipping lane. U.S. businesses and consumers brace for pain at the pump.
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Cruise stocks were among the S&P 500's biggest decliners since the Middle East conflict, and it's not just about rising fuel prices
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Treasury yields were edging up Tuesday, but traded below levels seen Monday when inflation fears tied to oil's surge were rising.
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The Gulf conflict has led to higher fuel prices, and the cost of operating a plane has sharply increased. For travelers, that likely means higher fares.
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Concern that oil production and shipment from the region will remain limited has lifted the price of crude oil — the largest factor in the cost of a gallon of gas — sharply.
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Also in today's newsletter: Chinese consumer prices bounce back and Anthropic sues the Pentagon
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Global oil price surge past $110 per barrel as the Middle East's largest producers curb their output and the war in Iran continues
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President Trump insists the conflict will be brief, but world leaders are preparing for severe economic blowback.
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The escalating conflict in Iran is driving up oil costs, and in turn gas costs.
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The 2022 crypto price crash understandably has some investors concerned. But for those of you who haven't run for the hills, it's worth knowing that cryptocurrency currently has the attention of not only the Biden administration, and Congress, but the IRS as well. In terms of crypto news and taxes, the IRS recently proposed changes to cryptocurrency tax reporting question on the Form 1040. The agency will also receive $80 billion from the Inflation Reduction Act, some of which will be directed to digital asset enforcement—including cryptocurrency tax compliance.
Additionally, you may have heard that the IRS continues to successfully obtain court orders to require cryptocurrency brokers and exchanges to provide information to the IRS. That information concerns investors who failed to report and pay taxes on cryptocurrency transactions.
And while this IRS enforcement focus isn't new, recent crypto announcements and developments from Congress, the Biden administration, and the IRS, mean that it's important to stay up-to-date on crypto tax reporting and compliance. So, here's some information to get you started.
How Crypto is Taxed
A common question about cryptocurrency concerns how crypto is taxed. The answer is that cryptocurrency is considered property, so it's taxed by the IRS in the same way that other capital assets are taxed. As a result, when you sell or trade crypto, you can have asset losses and potential taxable gains depending on the fair market value of the virtual currency, and your basis in the crypto.
SEE MORE 9 Ways to Cut Crypto Taxes Down to the Bone
Given that, it
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Nine state-owned energy giants including Saudi Arabia's Aramco have shelved or delayed plans to sell shares to the public amid volatile crude-oil prices of the past three years.
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