Australia’s state and federal governments appear to have won a windfall as oil and gas companies are set to pay $16 billion (US$10.7 billion) in tax. This comes just weeks before Federal Treasurer Jim Chalmers delivers federal Labor’s second budget. Corporate income tax is set to boost the budget by $8.8 billion, up from $2…
Australian Gas Companies Set to Pay $16 Billion in Tax, Almost Triple From Previous Year
Energy Company Bets Big on Australia’s Largest Battery as Major Coal Power Plant Set to Close
April 21, 2023
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One of Australia’s largest coal-fired power stations—that supplies a quarter of New South Wales’ (NSW) energy needs—will soon close and be replaced by the country’s largest battery in the rush to reach net-zero. On April 20, Origin Energy, one of the “Big Three” energy providers, servicing 4.2 million households and businesses, said it would spend…
‘The Latest Frontier’: Will Labor’s Safeguard Mechanism Save or Keep Jobs?
April 21, 2023
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The Western world is currently experiencing perhaps the most significant overhaul of the economic status quo in its history. A new coalition of governments has emerged, hoping to ensure industries are “future-proof” and can operate in a sustainable fashion well into the 21st century. Australia as a member of the G20 is very much on…
Big Banks, Corporations Getting 90 Percent of Biden’s Green Energy Credits: Congressional Study
April 20, 2023
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Most of the green energy tax benefits provided by President Joe Biden’s $750 billion Inflation Reduction Act (IRA) of 2022 are going into the coffers of big banks and billion-dollar corporations, according to House Ways and Means Committee Chairman Jason Smith (R-Mo.). “While President Biden’s supercharged IRS is warming up to target working Americans, his…
Oil Companies Testing Low-Emissions Gasoline as an Electric Vehicle Alternative
The two biggest U.S. oil companies are testing the production of new, less carbon-emitting blends of gasoline, as the government push for electric vehicles (EVs) gets more pronounced. Chevron Corp. and Exxon Mobil Corp. are testing gasoline production from non-fossil sources, a move that could extend the period gasoline-powered vehicles remain available for purchase, as…
Oil Prices at 3-Week Low as Strong Dollar, Rate Hikes Weigh
April 20, 2023
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LONDON—Oil prices fell to their lowest in about three weeks on Thursday, depressed by a firmer dollar and rate hike expectations which outweighed lower U.S. crude stocks. Brent crude futures were down $1.12, or 1.4 percent, to trade at $82.00 a barrel at 0819 GMT. West Texas Intermediate crude (WTI) futures dropped $1.02, or 1.3…
Central Banks, Earnings Dampen Stocks’ Upbeat Mood
April 20, 2023
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LONDON—World stocks pulled further away from 2–1/2 week highs touched earlier this week, with sentiment dampened by expectations for further rate hikes from big central banks, and with the focus fixed on the earnings season. The pan-European STOXX 600 index, which hit 14-month highs on Tuesday, was down a third of a percent in early…
Biden Wants World to Follow Example of New EPA Tailpipe Standards
April 20, 2023
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U.S. President Joe Biden is suggesting that the Environmental Protection Agency’s (EPA’s) new tailpipe emissions standards set a global standard at the April 20 Major Economies Forum (MEF) on energy and climate change. That’s according to senior officials who spoke to reporters on April 19. “President Biden will invite leaders to join the United States…
Biden Wants World to Follow Example of New EPA Emissions Standards
April 20, 2023
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U.S. President Joe Biden is suggesting that the Environmental Protection Agency’s (EPA’s) new tailpipe emissions standards set a global standard at the April 20 Major Economies Forum (MEF) on energy and climate change. That’s according to senior officials who spoke to reporters on April 19. “President Biden will invite leaders to join the United States…
Pence: Energy Independence Key to National Security, US Military Strength
April 19, 2023
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Former Vice President Mike Pence told supporters gathered at a conference in Orange County, California, today, that America’s national security hinges and military strength hinges on domestic oil and gas production and on energy independence. Energy is more than a domestic issue. It affects foreign policy, Pence said at the Nixon National Energy Conference at…
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