Revenue from energy fell to its lowest level in over two years in Russia as the country continues to be pressured under Western sanctions for its invasion of Ukraine, with Moscow’s federal budget revenues seen to be declining on an annual basis. “Oil and gas revenues amounted to 426 billion rubles ($6.02 billion) and decreased…
Russia Feels the Bite of Western Sanctions as Energy Revenues Plunge to Lowest in Two Years
February 7, 2023
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California Gov. Gavin Newsom Demands Federal Probe Into Soaring Natural Gas Prices
February 7, 2023
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California Gov. Gavin Newsom has called on the Federal Energy Regulatory Commission (FERC) to immediately investigate the recent spike in natural gas prices in the state and establish whether they may be linked to market manipulation or anti-competitive behavior, among other things. In a Feb. 6th letter (pdf) to Willie Phillips, the chair of the FERC, the federal agency responsible for regulating…
Oil Rises on China Outlook, Supply Worries After Turkey Earthquake
February 7, 2023
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Oil prices rose for a second straight session on Tuesday, driven by optimism about recovering demand in China and concerns over supply shortages following the shutdown of a major export terminal after an earthquake in Turkey. Brent crude futures were up $1.78, or 2.2 percent, to $82.77 per barrel at 1042 GMT, while West Texas…
Global Stocks Mixed After Wall Street Sinks on Rate Fears
February 7, 2023
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BEIJING—Global stock markets were mixed Tuesday as traders looked ahead to a speech by Federal Reserve Chair Jerome Powell for clues to interest rate plans after Japanese wages rose and Australia’s central bank hiked its key rate again. London and Shanghai gained. Frankfurt, Tokyo, and Wall Street futures declined. Oil prices rose. Last week’s unexpectedly…
Texas to Sue Biden Administration Over Endangered Species Listing
February 6, 2023
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Texas Attorney General Ken Paxton on Feb. 6 issued a notice of intent to sue two Biden administration agencies over an endangered species listing for the lesser prairie chicken, adding to a growing number of states resisting the decision. “This rule was a targeted attempt to implement an unlawful, top-down federal approach aimed at advancing…
Electric Vehicles Pumped up by More Durable Solid-State Batteries
February 6, 2023
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A recently developed material that can increase the durability of the positive electrodes within solid-state batteries, an alternative battery to lithium-ion, can potentially boost electric vehicles (EVs). While some car companies predict that plug-in hybrids will maintain their popularity in the short term, electric cars are considered the world’s leading candidate in the switch from conventional gasoline-run…
Europe Bans Russian Diesel, Other Oil Products Over Ukraine
FRANKFURT, Germany—Europe imposed a ban Sunday on Russian diesel fuel and other refined oil products, slashing energy dependency on Moscow and seeking to further crimp the Kremlin’s fossil fuel earnings as punishment for invading Ukraine. The ban comes along with a price cap agreed by the Group of Seven allied democracies. The goal is allowing…
Oil Production Faces ‘Serious Problem’ in 2024, With Implication for Prices, Says Goldman Sachs
Goldman Sachs Group predicts that oil will rise above $100 a barrel this year and that there could be a serious supply problem into 2024, as spare production capacity runs dry. The sanctions against Russian oil exports and rising demand from China, as it ends its zero-COVID lockdown policy, is expected to raise prices above its…
Russia’s Sechin Says Europe No Longer Sets Urals Price
February 6, 2023
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BENGALURU, India—Europe will no longer set the reference price for Russia’s flagship Urals crude, Igor Sechin, the CEO of Russia’s oil major Rosneft said on Monday, now Asia has emerged as the largest buyer of Russian oil since the West placed it under sanctions. Around 70 percent of January-loading cargoes of Russian Urals oil is…
Australian Car Battery Start-Up Is Frontrunner to Buy Britishvolt
February 6, 2023
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An Australian firm has been selected as the preferred bidder to take over the majority of British electric car battery business Britishvolt, which fell into administration last month. Britishvolt had been promising to build a £3.8 billion gigafactory producing batteries for electric cars in Blyth, Northumberland. It said it would employ 3,000 people and produce…
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