No mail today

The United States Postal Service could go bankrupt by 2027, postmaster general David Steiner told lawmakers in March. Since the 1980s, USPS has been funded by stamp sales and package fees rather than taxpayer dollars, but nearly two decades have passed since it turned a profit. After losses of $1.3 billion so far this year, Steiner is calling on Congress for authorization to borrow more money so USPS can operate like an independent business, and he outlined plans to raise postage prices. Steiner attributed last year’s $9 billion loss to a drastic overall reduction in mail, down from a high of 213 billion pieces annually to 109 billion today. He also said that because USPS legally must deliver to all U.S. addresses, more than 70% of its routes are unprofitable.

“We got thrown overboard and into the water,” Steiner said. “But instead of tossing us a life jacket, we were thrown an anchor.”

USPS has a partnership with Amazon valued at about $5 billion a year, more than 6% of its annual revenue. That contract will be up in September, and renewal talks ended abruptly when USPS backed out after a yearlong ­negotiation, Amazon said. Renewed negotiations led to a deal whereby USPS will keep about 80% of its package delivery volume with  Amazon.

Stay home, slow down, save money

Take it easy on the roads—or just stay home, the International Energy Agency says. Its recent report highlights steps consumers can take to ease demand-side pressure on oil prices, which spiked to near-record levels after the Iran conflict began. Also among the IEA’s suggestions: cook with electricity, avoid air travel, use public transport, and carpool.

The supply disruption triggered by Iran’s blockage in the Strait of Hormuz is the largest in oil market history, says IEA Executive Director Fatih Birol. IEA members hold more than 1.2 billion barrels of oil in strategic reserves. Just two weeks after the Iran war began, the 32 IEA member nations agreed to a largest-ever release of 400 million barrels. By comparison, in the same timeframe, the United States released 172 million barrels from its reserve.

Gasoline prices typically lag oil market changes by several weeks, so consumers may have to wait to see relief at the pump.

War winners

Hours before the United States bombed Iran, crude oil futures spiked as investors prepared to cash in. When markets reopened on Monday, March 2, the defense and energy sectors saw the largest gains. Shares of Northrop Grumman soared over 6%, trailed by Raytheon, Palantir, and Lockheed. Travel stocks sank, with Norwegian Cruise Line Holdings leading with a 10.5% loss. Nonyielding precious metals saw little enthusiasm as safe-haven assets, given a strong dollar and predictions that the Fed would hold interest rates high to counter wartime inflation.