New research has found that the 30 largest superannuation funds in Australia invested $34 billion in fossil fuel companies, both domestic and overseas, in 2022. Market Forces, an environmentalist organisation that wants financial institutions to “go green,” has released an analysis indicating that Australia’s biggest funds have raised their investment in companies developing coal, oil…
Australia’s Largest Super Funds Invest $34 Billion in Fossil Fuels in 2022: Report
Diesel Prices on Cusp of $4 a Barrel as Pump Prices Decline for Third Straight Week
May 8, 2023
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Business & MarketsCompaniesdiesel priceseconomic policieseconomyenergygas pricesinflationInvestmentMarketsoil marketspersonal financerecessionstocksUSUS debt ceilingUS News
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Average U.S. diesel prices have declined, while gas prices declined for the third consecutive week. The national average price of diesel fell by $0.063 over the last week, and now stands at $4.01 per gallon, $1.51 lower from a year ago, according to GasBuddy. The most common U.S. diesel price was $3.99 per gallon, which stood…
Biden Admin Takes Aim at Dishwashers to Tackle ‘Climate Crisis’ After Gas Stove Clampdown
May 8, 2023
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Business & Marketsclimate crisisdishwashereconomic policieseconomyenergyExecutive Branchgas stovePoliticsUSUS News
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After taking aim at gas stoves as a way to cut greenhouse gases, the Biden administration has turned its attention to other home appliances, with dishwashers now in its crosshairs. The Department of Energy (DOE) on Friday announced congressionally-mandated proposed standards for new dishwashers that promise to lower costs while reducing the amount of carbon…
Australian Treasurer Says $14.6 Billion Living Cost Relief Won’t Add to Inflation
May 8, 2023
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AustraliaBusiness & Marketscost of living reliefeconomic policieseconomyenergyjane humeJim ChalmersWorld
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Australian Treasurers Jim Chalmers has refuted the idea that the newly announced $14.6 billion (US$9.88 billion) living cost relief will worsen inflation. In an interview with ABC Radio, the treasurer said the relief package included “responsible spending” and would not add pressure to inflation. Among the cost of living supports to be featured in the…
ANALYSIS: Election Promises Hang Heavy Over Labor’s Next Budget
May 7, 2023
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AustraliaAustralian budgetBusiness & Marketseconomic policieseconomyenergyInternationalJim Chalmersnet-zero emissionsWorld
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News Analysis With the stark realities of global economic turbulence rapidly seeping into Australian livelihoods, Labor is approaching a crossroads. It must decide between gearing its fiscal policy towards softening the blow of the cost-of-living crisis for households or maintaining sizeable levels of spending to fulfil its initial election promises. Earlier last week, Federal Health…
Oil, Gas Companies in Australia to Pay More Tax Under Labor’s Petroleum Tax Reform
Oil and gas producers will face heavier taxes with the Labor government’s proposed overhaul of the petroleum resource rent tax (PRRT). Treasurer Jim Chalmers said on Sunday that the move is expected to raise $2.4 billion (US$1.62 billion) over the forward estimates. Without the changes, the sector is already forecast to pay more than $11…
Recession Fears Drive Down Fuel Demand, Leading to Lower Gas Prices
Uncertainty in the American economy is beginning have an effect on the energy markets and gas prices. Oil prices have declined amid concerns among investors that rising interest rates will push the U.S. economy into a recession. Analysts have expressed concern that a recession will cause oil demand and pump prices in the world’s largest…
IN-DEPTH: Nuclear Power Plus Renewable Energy, ‘A Well-Balanced Grid’
May 4, 2023
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Business & MarketseconomyenergyEnvironmentExecutive BranchNuclear powerPolicies & ImpactsPoliticsScienceUSUS News
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The price of energy continues to skyrocket. Climate change activists are demanding the elimination of fossil fuels. How do you solve both problems and still have enough reliable power to meet America’s daily demand for energy? One expert suggests a combination of renewable energy sources and nuclear power. Data from the U.S. Energy Information Administration…
Shell Beats Forecasts With $9.65 Billion Profit in First Quarter
May 4, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyEuropeinflationInvestmentMarketsquarterly earningsRussia-Ukraine WarShell OilUKWorld
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Shell announced higher-than-expected profits for the first three months of 2023, continuing a positive winning streak after energy prices surged last year due to the Russian war against Ukraine. Quarterly earnings benefited from higher oil and gas prices, a boost in refining profits, and excellent performance from its trading division. The UK-based oil company released its first…
Shell’s Profits Hit $9.6 Billion Despite ‘Volatile Market’
British energy giant Shell has published its first-quarter profits, reporting adjusted earnings of $9.6 billion. The company achieved the results despite an “unfavourable” tax climate and “lower realised oil and gas prices.” Shell announced on May 4 that its numbers are $500 million higher than the same period last year. The company’s adjusted earnings for…
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