Raphael Stevens

The Biden administration said the U.S. will release 1 million barrels of oil per day from its reserves to help push gas prices down.
“We could see the national average price of gasoline fall back under $4 a gallon in the weeks ahead,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
Here are a few ways to reduce pain at the pump in the meantime.

Filling up at the pump comes with a hefty dose of sticker shock.
Russia’s invasion of Ukraine and global supply concerns have sent gas prices to record highs — hitting $6 in some parts of the country.

To combat the spike in energy costs, the White House said it will release 1 million barrels of oil per day from the nation’s strategic reserves “to serve as bridge until the end of the year when domestic production ramps up.”

We could see the national average price of gasoline fall back under $4 a gallon in the few weeks ahead.

Patrick De Haan
head of petroleum analysis at GasBuddy

The increased supply should help push prices down since more than 50% of the cost of gasoline is based on the price of oil, according to the U.S. Energy Information Administration.
Expect prices at the pump to fall “maybe a penny every day or two,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“We could see the national average price of gasoline fall back under $4 a gallon in the few weeks ahead,” he said. “Diesel should fall back under $5 a gallon nationally, as well.”

How to save on gas right away

Now, nearly 9 in 10 car owners are concerned about being able to afford filling up, according to a separate report by AutoInsurance.com.
To shield yourself from unpredictable prices at the pump, consumer savings expert Andrea Woroch has these tips:

Track gas prices. Apps like GasBuddy, Gas Guru and AAA TripTik can track down the cheapest price per gallon between gas stations. Even if the difference doesn’t seem like much, it can add up to hundreds of dollars a year.
Pay with cash. The price per gallon can be 10 cents to 15 cents more per gallon for credit card transactions. Pay with cash instead to get the lower price or use a gas rewards credit card to earn cash back on those charges. (CNBC’s Select has a full roundup of the best the best cards for fueling up based on your consumer habits.)
Drive strategically. Carpooling to and from work and school or sports practice can dramatically reduce your time on the road. You can even find ride shares using sites like ZimRide, RideJoy or eRideShare.com, Woroch advised. Also, order online and look for free delivery to cut the cost of getting groceries, takeout and other daily essentials.
Sign up for loyalty programs. In addition, loyalty programs, which many major gas station chains have, can help offset the price at the pump. Some grocery store chains may also offer cents-per-gallon rewards. For example, Kroger and Shop & Stop give fuel points for every $1 spent on groceries, which can be redeemed at participating gas stations. 

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“Morbius,” which premieres Friday, has garnered poor reviews across the board and recently held at 16% on Rotten Tomatoes.
Critics were not impressed with the film’s script or its special effects.
Many reviews noted that the film did not live up to the promises made in the trailer for a horror/thriller superhero film with ties to other Spider-Man films.

Jared Leto stars as Michael Morbius in Sony’s “Morbius.”

It’s never a good sign when a critic says your movie could have been “better summed up in a two-minute trailer,” but, alas, that is the case for Sony’s latest Marvel film “Morbius.”
As Adam Graham of the Detroit News notes in his review of the film, the studio’s desire to expand its Spider-Man lore is understandable. However, without the steady hand of Disney, Sony seems to struggle to lift its villains from the comic page to the big screen.

Graham is not alone in his assessment of the Jared Leto-led film. The film, which premieres Friday, has garnered poor reviews across the board and recently held at 16% on Rotten Tomatoes from 134 reviews.
“Morbius is a perfunctory, sloppy, paint-by-numbers attempt to remind audiences that Sony has the rights to these Spider-Man villains and by golly they’re going to use them,” Kyle Anderson wrote in his review of the film for Nerdist.
While the two Venom films were theatrical success stories for Sony neither were considered “Fresh” on Rotten Tomatoes, meaning they do not have a score of 60% or higher on the site.
In the film, Leto portrays biochemist Michael Morbius, who is trying to cure himself of a rare blood disease. However, when an experiment goes wrong, he accidentally infects himself with a form of vampirism. While he is seemingly cured of his disease, gaining strength and speed, he also craves blood.
He is reluctant to to give into his new urges, but his friend Milo, who also had the same blood disease and took the same “cure,” relishes in his new power and has few qualms about what it takes to sustain his new form.

“‘Morbius’ is just not good,” wrote Anderson. “There’s no two ways about it. It just feels lazy and unfinished.”
To be sure, some critics saw virtues in the movie. “Morbius has a sense of place — and an interest in interesting places — that distinguishes it from the gleaming, anonymous Atlanta pop of so many other superhero films,” Richard Lawson wrote for Vanity Fair. Manohla Dargis of The New York Times hailed the “restraint, sensitivity and gestural expressivity” of Leto’s performance.
Beyond that, though, there aren’t many voices speaking up for “Morbius.” Here’s what critics had to say about the movie ahead of its Friday debut:

Kristy Puchko, Mashable

“‘Morbius’ is totally skippable,” writes Kristy Puchko in her review of the film for Mashable, which describes the film as “tiresome” and so quick paced that it’s dizzying.
“Perhaps, the speedy pacing is to make up for the lack of verve of the cast, many of whom speak in a tired tone as if they’d been dragged out of bed right before shooting — or maybe the hope is that if the plot moves fast enough, you won’t have time to notice how achingly predictable every beat is, and how two-dimensional every character is,” she wrote.
Similarly, she said the costumes were “forgettable” and the creature designs “unimpressive,” calling the computer generated prosthetics “neither fresh nor frightening.”
“Morbius,” which seemed to bill itself as a horror film with thriller undertones, has little in the way of either, according to Puchko. She also warned that audiences should temper their expectations for any major connections to other Marvel entities.
“Don’t be fooled by the trailers that make mention of Venom, lash Spider-Man street art in the background, and tease Michael Keaton’s return as The Vulture,” she wrote. “Eddie Brock and his symbiote bestie are mentioned only as ‘that thing that happened in San Francisco,’ and as an inexplicable joke, where Morbius identifies himself as ‘Venom.’ That’s it.”
Read the full review from Mashable.

Jared Leto stars as Michael Morbius in Sony’s “Morbius.”

Emily Zemler, Observer

“In 2004, ‘Morbius’ might have been a pretty good movie,” Emily Zemler wrote in her review of the film for Observer. “Today, the comic book spin-off … feels dated and purposeless.”
“If this were a Disney Marvel Studios property, rather than under the Sony umbrella, you’d be watching ‘Morbius’ this weekend on Disney+ as part of a six-part limited series showcasing the origins of the tormented, blood-sucking villain, rather than feeling forced to pay for a big-screen experience that doesn’t necessitate a big screen,” she added.
Zemler pointed to the lackluster special effects, one of many to say it looks like a poorly done version of the vampire prosthetics seen on the “Buffy the Vampire Slayer” show in the early aughts.
She also noted the lack of stakes. Coming off the literal universe bending events of “Spider-Man: No Way Home,” the Leto flick “is a pin prick,” Zemler wrote.
“Unless your ticket is free, don’t bother,” she wrote. “This movie is as lifeless as the bodies Morbius drains and throws on the floor.”
Read the full review from Observer.

Charlotte O’Sullivan, The Evening Standard

“It’s ironic really,” Charlotte O’Sullivan writes in her review of “Morbius” for The Evening Standard. “There were rumors that Tobey Maguire and Andrew Garfield might show up in ‘Spider-Man: No Way Home,’ yet cast and crew denied it.”
“No, no, no, they said. Fans shouldn’t expect extra treats. Then – ta da! – there were treats galore,” O’Sullivan continued. “With this Sony production, the third feature in the SSU (Sony’s Spider-Man Universe), director Daniel Espinosa implied there might be treats. And – ta da! – we get zilch. At press screenings, movies connected to Marvel comic book characters generally receive a round of applause. At ‘Morbius,’ there was actual boo-ing.”
For O’Sullivan, the script got “stupider by the second,” with little in the way of logic to match the leaps the film made in science or motivation. There no characters or even imminent danger to care about and the romance between Morbius and his girlfriend Martine fails to sizzle.
“Though Morbius is interminable, it also feels like big chunks are missing,” O’Sullivan wrote. “My jaw dropped as I realized one particularly lackluster kerfuffle was the last battle. A mid-credits scene, involving Michael Keaton as Adrian Toomes/Vulture (last seen in the Sony/MCU collaboration, Spider-Man: Homecoming), is the final insult. It. Makes. No. Sense.”
Read the full review from The Evening Standard.

Clarisse Loughrey, Independent

“Somewhere in the middle of ‘Morbius,’ a film about a Spider-Man villain that does not feature Spider-Man, I was ready to tap out,” wrote Clarisse Loughrey in her review of the film for Independent. “To get up and leave. To move to an alpine cottage in Switzerland and simply never engage with Sony’s Spider-Man-less Spider-Man Universe ever again. It’s too much effort, with too little reward.”
Like many critics, Loughrey noted that “Morbius” functions more as a prelude to a post-credit scene than a fully functional film. She called the film “flavorless” and “sloppily written,” explaining that “Morbius” doesn’t have a true ending, it just sort of ends.
“All in all, ‘Morbius’ is a film that’s more frustrating than it is gleefully inept,” she wrote. “And if superhero movies really are going to dominate modern cinema for the next decade or so, we should at least be allowed a little healthy competition between studios. I hope, in the future, Sony can put up a better fight than this.”
Read the full review from Independent.

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Restaurants are looking at their menus strategically to manage soaring food and labor costs.
Raising prices can only go so far, so some eateries are using menu engineering to draw customers’ attention to items with better profit margins or less dramatic price hikes.
Food prices have climbed 7.9% over the last year, according to the Bureau of Labor Statistics’ Consumer Price Index.

Long Beach Fish Grill’s menu board
Source: Jessica Dinglasan

Jessica Dinglasan, owner of Long Beach Fish Grill in Long Beach, California, never used to write “market price” on her menu.
But now the halibut fish she sources costs more than $30 a pound, nearly double what it was a year ago, and the 13-gallon container of canola oil she buys for French fries and crispy fish has jumped from $19 to $42.

“I have to do market price,” she said.
As food and labor costs rise, restaurants are making strategic changes to menus to avoid reprinting new ones every week. But price hikes can only help so much, especially since weekly changes in the cost of ingredients would mean frequent reprinting. That’s where menu engineering comes in.
Analyzing sales data and food costs can help restaurateurs decide which menu items to emphasize, which prices to increase and which offerings to eliminate altogether to optimize their bottom line. A smart menu design can highlight the food or drinks that will keep customers coming back or help with kitchen operations.
A slightly larger font or an eye-grabbing box, sketch or photo can quickly translate into dollars.
“To me, menu engineering is the layout of the menu that makes the order process the most profitable for the restaurant,” said Michele Benesch, president of the menu design firm Menu Men.

Pricing pressure

Sean Willard, a menu engineering specialist with Menu Engineers, estimates diners spend fewer than 90 seconds after sitting down browsing the menu. That puts pressure on restaurants to present customers with menus that help them order the meal they’ll enjoy the most, quickly.
The restaurant industry has been grappling with higher commodity costs for months now as demand for restaurant meals snaps back but their supply chains lag. Russia’s war with Ukraine has exacerbated the issue, sending gas prices soaring and spurring global shortages of wheat, corn and soybeans.
“Inflation’s not going down. I thought it would, but now there is this war,” Dinglasan told CNBC.
Food prices have climbed 7.9% over the last year, according to the Bureau of Labor Statistics’ Consumer Price Index. But not all menu items have felt the inflationary effects to the same degree.
“Chicken’s gone up, but not as much as fish or beef,” Benesch said.

Inflation’s not going down. I thought it would, but now there is this war.”

Jessica Dinglasan
owner of Long Beach Fish Grill

That puts seafood restaurants and steakhouses in a bind. Ruth’s Hospitality Group, for example, is forecasting its food costs, excluding beef, will rise 16% during its fiscal first quarter. Add beef costs into that equation, and the Ruth’s Chris owner is expecting the price of its ingredients to climb 24% compared with the year-ago period.
At steakhouses, facing steeper price tags, cost-sensitive diners may opt for a smaller cut of the filet mignon. So Benesch helps those restaurants round out their menus so customers are tempted to order more sides or appetizers.
“Maybe featuring the wedge or a Caesar salad or the potatoes au gratin … Padding that bottom line does make up the difference,” she said.
Matt Piccinin, co-founder of the 16-location chain Shuckin’ Shack Oyster Bar, with restaurants along the East Coast from Maryland to Florida, said he now lists all of his seafood offerings as market price, just like Long Beach Fish Grill. Seafood makes up about half of the chain’s menu.
Some of Shuckin’ Shacks’ menu items are loss leaders, like its crab balls, according to Piccinin. The price of crab has soared, and the chain doesn’t want to pass all of the cost along to customers. Instead, it hopes the popular appetizer will attract customers to return and buy other menu items that are more profitable.

Constantly evolving

Willard said nearly all of his clients have slimmed down their menus in recent months to practice better inventory control.
When prices are high, it doesn’t make as much sense to buy a pricey ingredient that’s only used for one dish or as decoration. Willard said one client has stopped buying pickles as a garnish as prices have climbed higher.
A slimmer menu also helps in the kitchen, which may be running with fewer cooks due to higher labor costs or a shortage of workers.
Olive Garden’s parent company Darden Restaurants is one restaurant company that cut dishes early in pandemic, and it’s sticking to the strategy.
“In terms of menu, we’ve been clear that we really like the reduction in menu and what it’s done to provide our guests with the high-value dishes that they want and make it easier for our teams to produce them,” Darden COO and incoming CEO Rick Cardenas told analysts in late March. “And we continue to get better. If we add new items, we take another item off.”
The biggest restaurant chains can better manage inflation with strategic price increases and hedging with future contracts that allow them to buy their ingredients as much as a year in advance.
Bank of America Securities analyst Sara Senatore wrote in a note to clients last week that food inflation is the macroeconomic factor most closely tied to industry same-store sales growth.
“Food prices increase immediately in grocery stores and lagging, smaller price increases in restaurants are less onerous by comparison,” Senatore said. “As a result, we believe that companies that price at inflation should be able to pass through cost increases effectively, while those that price below can gain traffic share.”

However, that doesn’t mean that publicly traded restaurant chains aren’t thinking about what’s on their menus, too. Chipotle Mexican Grill Chief Restaurant Officer Scott Boatwright said in a February interview that the chain is trying to think strategically about limited-time menu items.
“We are thinking about future limited-time offers and about margin impact, with an eye toward supply chain, specific to products that we know will see significant inflation and moving those LTOs to at least be on balance with margin or even margin accretive,” Boatwright said.
And as menus constantly evolve, some pandemic changes to consumer behavior are offering restaurants greater flexibility and a cushion on their bottom lines.
Many eateries switched from physical menus to digital QR codes that direct diners to online versions — no need to wipe down or throw out physical menus each time after use. As many establishments return to traditional printed menus, Benesch said that she’s encouraging clients to keep the QR codes for daily specials or a loyalty program.
“I think QR codes are here to stay. They’re great marketing tools, and they’re great at highlighting a small segment of someone’s menu,” Benesch said.
Benesch said she also encourages restaurants to think about off-menu ways to entice customers, such as pushing a dessert cart through the dining room so every customer sees their sweet treats.

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As Russia-Ukraine talks resume Friday, questions continue to abound over the peculiar involvement of Russian oligarch Roman Abramovich.
Both Russian and Ukrainian spokespeople have said Abramovich is not an official member of their delegation, despite being present at peace talks in Istanbul, Turkey, this week.
While the oligarch faces wide-reaching EU and U.K. sanctions, he has so far been spared from the U.S. list — reportedly at Ukrainian President Zelenskyy’s request.

The attendance of billionaire Roman Abramovich (L) at Russia-Ukraine peace talks in Istanbul have left many questioning the intentions of the Russian oligarch.
Cem Ozdel | Anadolu Agency | Getty Images

As Russia-Ukraine talks resume on Friday, questions continue to abound over the peculiar involvement of Russian oligarch Roman Abramovich, and the role he might be playing in ongoing negotiations.
The sanctioned Chelsea soccer club owner was spotted at talks in Istanbul, Turkey, earlier this week, where he was photographed alongside mediating host President Recep Tayyip Erdogan and Turkish Foreign Minister Mevlut Cavusoglu.

Both Russian and Ukrainian spokespeople have said Abramovich is not an official member of their delegation, nor was he seated at the main negotiating table during talks.
Rather, he is considered a neutral party, having played an important role in facilitating talks. Indeed, Ukraine’s President Volodymyr Zelenskyy reportedly asked President Joe Biden to hold fire on sanctioning Abramovich as he could prove a useful go-between in brokering peace. A spokesperson for Abramovich was not immediately available for comment when contacted by CNBC.
However, it’s a curious position given the billionaire businessman’s alleged close ties to President Vladimir Putin, for which he has been sanctioned in the U.K. and EU.

Why Roman Abramovich?

Russian-born Abramovich is one of the world’s richest men, having derived much of his original wealth from the purchase (widely seen as being rigged) and later resale of state-owned oil company Sibneft following the collapse of the Soviet Union.
His intimate relations with the Kremlin are well established, having become a close ally to former President Boris Yeltsin in the 1990s and, later, Putin. However, he has kept largely under the radar of international politics over the years, preferring instead to focus on his overseas business dealings, including the 2003 purchase and transformation of London soccer club Chelsea F.C.

That was, until, Russia’s war in Ukraine threw the high-flying lifestyles of Russia’s oligarch elite firmly into the public eye as Western allies applied sanctions on Putin’s inner circle in a bid to pressure him into submission.

Abramovich is really a very convenient figure for Putin to use to engage in some kind of informal, under-the-counter diplomacy.

Andre Korobkov
professor, Middle Tennessee State University

Abramovich, for one, rose to prominence — not least for launching a fire sale of his most prized U.K. assets — but also following apparent requests by Ukraine to act as an intermediary between the West and Moscow.
“I can confirm that Roman Abramovich was contacted by the Ukrainian side for support in achieving a peaceful resolution, and that he has been trying to help ever since,” a spokesman for Abramovich said in late February, shortly after the war’s outbreak.

Abramovich, who is known to be a close contact of President Putin, was sanctioned by EU and U.K. authorities in March, causing his assets to be frozen and travel restricted.
Cem Ozdel | Anadolu Agency | Getty Images

He has since been seen traveling between Russia, Ukraine, Belarus and Israel to engage in mediation talks. But his motives remain unclear.
“As far as I am aware, he [Abramovich] was helping with the humanitarian issue: with the humanitarian convoy taking people out of Mariupol,” Zelenskyy told reporters on Sunday.

What is he seeking to achieve?

As an Israeli citizen and a Jew, some observers have suggested he is present in the interests of the Jewish community, which has a sizeable population across Ukraine and Russia.
Indeed, Israel has assumed a significant mediation role in ongoing peace talks and some analysts suggest Abramovich could be acting as a mouthpiece for the Israeli government, with whom he is known to have strong ties.
“Abramovich is the point guy on the ground to do what he can to advance the proposals and the mediation efforts that the Israeli Prime Minister has spearheaded,” Christopher Granville, managing director of EMEA & global political research at TS Lombard, told CNBC Thursday. Those aims include providing aid and stemming the growing migrant crisis.

The Jewish community was Abramovich’s entry into these discussions. But once you’re involved in mediation, you’re brought in fully.

Christopher Granville
managing director, TS Lombard

That, to Zelenskyy’s point, could have since extended into wider humanitarian efforts, including the establishment of safe exit corridors for civilians caught in the crossfire.
“The Jewish community was Abramovich’s entry into these discussions. But once you’re involved in mediation, you’re brought in fully to all lines of communication,” said Granville.
Others, however, suggest his presence may be much more strategically and politically significant, representing both presence on the ground for Putin and also an important go-between for all sides.
“Abramovich is really a very convenient figure for Putin to use to engage in some kind of informal, under-the-counter diplomacy,” said Andrei Korobkov, professor of political science and international relations at the Middle Tennessee State University.
“In reality, he serves as a link between the Kremlin, Zelenskyy, Israel, probably the U.S. and maybe even the U.K.,” said Korobkov, noting Abramovich’s “significant connections” in Britain even in the face of sanctions.
Still, some remain more skeptical over the oligarch’s intentions.
Ukraine’s U.K. ambassador, Vadym Prystaiko, who was in attendance at the meeting in Istanbul, told the BBC he had “no idea” why Abramovich was there, and questioned his motives.
“I don’t know if he’s buying his way out somehow or if he’s really useful, that’s very difficult to tell,” Prystaiko said.
Over the weekend, Erdogan and Cavusoglu both said they would welcome Russian oligarchs to Turkey, a non-EU country but a NATO member, which opposes sanctions out of principle. It came just days after Abramovich moved two of his superyachts and a private jet to the country, out of reach of European regulators.

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