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Business , Petrochemicals , Trade
Yellen Says Gasoline Tax Holiday Worth Considering as Anti-inflation Tool
High fuel prices have been “a substantial burden on American households,” U.S. Treasury Secretary Janet Yellen said. A fuel tax holiday that temporarily eliminates such taxes, “while not perfect, it is something that should be under consideration.”
June 21, 2022
Markets , Trade , International
With Record Pump prices, Biden Hard-pressed to Ramp Up Russia Sanctions
Russia, for example, could retaliate by holding oil from the market. That could immediately drive prices higher as the world’s oil producers have very little spare capacity after years of underinvestment in oil fields and refineries.
June 17, 2022
Markets , Trade , International
Russian Oil, Fuel Revenue Up Even as Exports Fall: IEA
Despite its ban, the EU remained the main destination for Russian oil exports last month, making up 43% of Russian flows followed by just over a quarter to China.
June 16, 2022
Crude Oil , Trade , International
OPEC Keeps Forecast for 2022 Oil Demand to Exceed Pre-pandemic Levels
At its last meeting on June 2, OPEC+ brought forward oil production rises to offset Russian losses and smooth the way for a visit to Saudi Arabia by U.S. President Joe Biden.
June 15, 2022
Business , Markets , Trade
US Allows Some Russian Energy-related Transactions Until December
The U.S. has banned imports of Russian fossil fuels but Washington has allowed bank transactions on Russian oil and gas sent to European countries to continue.
June 15, 2022
Crude Oil , Trade , Storage
US to Sell Up to 45 Million Barrels of Oil from Historic SPR Release
The SPR release was meant to help control oil prices that spiked after Russia invaded Ukraine. However, oil prices have marched higher since the March 31 announcement.
June 14, 2022
Business , Trade , Shale Plays
Drilling Versus Returns: US Oil Producers’ Tradeoff as Windfall Tax Threatens
But a windfall tax would kill the incentive to drill more, said oil executives, and take away some of the earnings that fund new technology advances that led to the U.S. shale revolution.
June 13, 2022
Trade , International
Under US Sanctions, Iran and Venezuela Sign 20-year Cooperation Plan
The 20-year plan between Iran and Venezuela includes cooperation in the fields of oil, petrochemicals, defense, agriculture, tourism and culture plus the repair of Venezuelan refineries and the export of technical and engineering services.
June 13, 2022
Business , Trade , Energy Transition
Questions Remain after Latest Trade Policy Twist for Solar Sector
The U.S. solar industry sees the positive from Biden’s tariff pause but wonders what’s around the corner.
June 10, 2022
Crude Oil , Trade , International
Libya Oil Shutdown Expands with Threat to Close New Port
Analysts and diplomats say the oil shutdown has been largely instigated by the main factions in eastern Libya including commander Khalifa Haftar and his Libyan National Army.
June 10, 2022