Delays in the global economy due to COVID-19 threats pushed up crude oil this week. Decreased air travel, declining Chinese oil imports, and rising US dollar have reduced U.S. crude oil demand. The trip was marked south by diesel, heating oil and gasoline.
Crude oil for September traded at $ 62.85 a barrel on Friday afternoon, $ 1.91 per gallon and $ 1.93 a barrel.
Water scarcity is widespread
When the fires and fires of our western provinces affect all aspects of life, especially our farmers, ranchers, fishermen, woodworkers, miners, producers, and hydroelectric power.
The Rehabilitation Office has for the first time declared water shortages in the Colorado River Basin. Funds from the river have been cut by 18 percent for next year. Since Arizona gets approximately 40 percent of its water from Colorado, the mission could hurt producers. Minor reductions apply in Nevada and New Mexico.
The price of clean water is gaining momentum with utilization policies. Water quality and government subsidies play an important role in consumption and expenditure. Due to water shortages, some regions are building more dams and digging deeper wells – but these solutions could exacerbate the problem. In Western America, 90 percent of the water is used for agriculture. Megadrid has been there for over 20 years. According to some estimates, the Colorado River basin has been very dry since the 1500’s. Lake Mead, the country’s largest reservoir, is currently at an all-time low. Field-dependent farmers have to move or stop their crops.
John Dere developing robots
John Dere, the largest agricultural equipment maker in the United States, announced last week that he bought a bear flag robot. Similar to the driverless cars that are changing the automotive industry, self-driving tractors can plant and harvest crops without a farmer. Robotic tractors allow for 24 hours of planting, fertilizing and harvesting. Just as cotton wool and its internal combustion engine have dramatically changed agricultural production, so can energy shortages.
In some dry-growing areas, a small drink has reduced the demand for grain this week. Maize for December earned $ 5.41 per bushel, September wheat for 8 cents and $ 13.10 for beans on Friday and November.
Comments are for author only. Walt Brittoner is a futures broker with Paragon Investments in Silver Lake, KS. It can be reached at (800) 411-3888 or www.paragoninvestments.com. This is not a request for any order to buy or sell any market.