Prices Rise 0.4% in August as Traders Expect Higher Interest Rates

Trump Urges Ukraine to Halt Refinery Strikes as Diesel Prices Surge

Drone Attacks Shut Saudi Oil Route Around Hormuz

Oracle Borrows for AI Expansion as Ellison Cancels Stock Sale

US-Mexico Water Deal Cuts Mexico’s Colorado River Share Through 2028

Prices Rise 0.4% in August as Traders Expect Higher Interest Rates

Consumer prices rose 0.4% in August compared with July, with higher gasoline prices driving much of the increase. After the report, traders put the chance of a Federal Reserve interest rate increase at its Sept. 15-16 meeting at nearly 90%. The Fed, the nation’s central bank, uses interest rates to influence the cost of borrowing money. Higher rates can slow spending by making loans more expensive, which can help ease inflation. For households, that can mean paying more to finance a car or carry a credit card balance. The Fed has not yet announced its decision.

BLS / CNBC / CBS News / NBC News / CNN / Federal Reserve

Trump Urges Ukraine to Halt Refinery Strikes as Diesel Prices Surge

President Donald Trump said Sept. 13 that he had asked Ukrainian President Volodymyr Zelenskyy to stop attacks on Russian oil refineries, blaming the strikes for diesel shortages. Russia accounted for about 6% of world diesel and heating oil production in 2023, according to United Nations data. Russia banned diesel exports in July to keep more fuel at home after Ukrainian refinery attacks caused shortages, leaving less available to buyers elsewhere and adding to pressure on global prices. The American diesel price reached a record above $6 a gallon on Sept. 11, according to AAA. Zelenskyy said Ukraine would continue answering Russian attacks on its power grid, while the Hormuz closure has also constrained fuel supplies. Higher diesel costs can make food and other goods more expensive to produce and deliver, adding to inflation, the broad rise in prices across the economy.

PBS / CBS News / Al Jazeera / UPI / NBC News / Time / UN / EIA / Reuters

Drone Attacks Shut Saudi Oil Route Around Hormuz

Saudi Arabia shut its East-West oil pipeline Sept. 11, interrupting a route carrying about 5 million barrels a day, roughly 5% of global oil supply. The pipeline bypasses the Strait of Hormuz, which carried about 20 million barrels a day before the war, equivalent to roughly 20% of world oil use. With Hormuz effectively closed, losing the bypass could keep another 5 million barrels a day from world markets unless other supplies make up the shortfall. Saudi Arabia’s Energy Ministry said it closed the line after drone strikes caused fires and injuries at pumping stations. Saudi and Iraqi officials said the drones were launched from Iraq, and regional officials told The Associated Press that Yemen’s Houthi movement helped plan the attacks. Less oil reaching buyers can push fuel prices higher worldwide, raising costs for American drivers, farmers and businesses.

CNBC / Al Jazeera / France 24 / NBC News / Euronews / ABC Australia / CNN / EIA

Oracle Borrows for AI Expansion as Ellison Cancels Stock Sale

Oracle’s debt has reached $125 billion as it builds data centers to run artificial intelligence systems. The company earns money by renting computing power to businesses, and that business is growing quickly. Building and equipping the centers is expensive, and Oracle is spending more cash than it brings in from its operations. Co-founder Larry Ellison has canceled a plan to sell about $7.5 billion of his Oracle stock, a day after the plan became public. Oracle said no shares were sold under the plan and gave no reason for the reversal. The company is betting that future demand for AI will generate enough income to cover its building costs and repay its borrowing.

CNBC / Investing.com / Yahoo Finance / Oracle / TechCrunch

US-Mexico Water Deal Cuts Mexico’s Colorado River Share Through 2028

The United States and Mexico announced a two-year Colorado River agreement Sept. 9 that reduces Mexico’s water deliveries through 2028. The pact, known as Minute 334 to the 1944 water treaty, calls for Mexico to forgo 250,000 acre-feet annually in 2027 and 2028, roughly 17% of its 1.5 million acre-foot allocation, with deliveries adjusting to forecast conditions at Lake Mead. An acre-foot equals about 326,000 gallons. The agreement also continues Colorado River Delta restoration with $5.6 million in combined funding from the two governments and nongovernmental partners. The seven American basin states have not agreed on operating rules to replace guidelines for Lakes Mead and Powell that expire at the end of 2026, leaving the federal government to draft a plan. The cross-border agreement establishes Mexico’s near-term share of shortages while broader negotiations continue over a river serving about 40 million people across seven states, 30 tribes and Mexico.

Colorado Sun / KJZZ / Arizona’s Family

SEPTEMBER 14, 1814: FRANCIS SCOTT KEY PENS “THE STAR-SPANGLED BANNER”

On this day during the War of 1812, lawyer Francis Scott Key wrote a poem after watching British forces bombard Fort McHenry in Baltimore, Maryland. Seeing the American flag still flying at dawn inspired the verses that would later be set to music and adopted in 1931 as the United States’ national anthem, “The Star-Spangled Banner.”

This article was written using our proprietary AI system, Cronkite. The final decision to publish this article was made by a human. For more info, read our AI policy.

Found a mistake? Have a news tip or feedback to share? Contact our newsroom using the button below:

citizen journal offers three flagship products: a daily national news summary, a daily Kansas news summary, and local news and school board summaries from 34 cities across 5 states. Use the links in the header to navigate to national, kansas, and local coverage. Subscribe to each, some, or all to get an email when new issues are published for FREE!

Brought to you by (click me!)

Sources

1. BLS / CNBC / CBS News / NBC News / CNN / Federal Reserve
2. PBS / CBS News / Al Jazeera / UPI / NBC News / Time / UN / UN Definitions / EIA / Reuters
3. CNBC / Al Jazeera / France 24 / NBC News / Euronews / ABC Australia / CNN / EIA
4. CNBC / CNBC / Investing.com / Yahoo Finance / CNBC / Oracle / TechCrunch
5. Colorado Sun / KJZZ / Arizona’s Family