LONDON—Oil prices inched higher on Monday, recovering from an 8 percent fall last week to more than three-week lows, driven by expectations slower growth in major economies may limit fuel use. Brent crude futures rose 17 cents, or 0.2, to $80.11 a barrel at 0946 GMT, while U.S. West Texas Intermediate (WTI) crude futures slipped…
Oil Prices Edge Higher, Interest Rate Outlook Limits Gains
February 6, 2023
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Global Shares Slide as Interest-Rate Risk Rises and Geopolitics Heat Up
February 6, 2023
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LONDON—Global shares tumbled on Monday, after a run of upbeat economic data suggested interest rates will have to rise further and stay higher for longer, while a stronger dollar and political turbulence hit risk-linked assets. Last week’s blockbuster U.S. jobs report sent investors scurrying to load up on dollars to the detriment of emerging market…
$589 Million Gas Project That Would Meet 80 Percent of NSW Needs Scrapped Amid Forecasted Gas Shortages
A gas import terminal project in New South Wales (NSW), which was projected to meet up to 80 percent of the state’s gas demand, has been scrapped amid forecasts of shortages in Australia’s east coast gas market in 2023. According to a recent gas inquiry report (pdf) by the Australian Competition and Consumer Commission (ACCC),…
Tennessee Valley Authority: Additional Steps Needed to Prevent Weather-Related Outages
February 3, 2023
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The nation’s largest public utility might not be up to the task of avoiding power failures in extreme weather conditions, a new report by the Government Accountability Office (GAO) claims. “The Tennessee Valley Authority (TVA) faces several climate-related risks … expected to affect TVA’s ability to generate and transmit electricity … that could affect TVA’s…
Pennsylvania Electric Company Investigated for Unusually High Customer Bills
February 3, 2023
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The Pennsylvania Public Utility Commission (PUC) announced this week that it is conducting an investigation into the circumstances surrounding unusually high bills recently received by customers of PPL Electric Utilities (PPL). The PUC will also examine the accuracy and integrity of PPL’s billing practices. “The matter has been referred to the PUC’s independent Bureau of…
British Energy Suppliers Ordered to Suspend Prepayment Meter Installations
February 3, 2023
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Britain’s energy providers have been ordered to suspend all prepayment meter installations by industry regulator Ofgem. The move comes in the wake of The Times of London investigation that revealed how British Gas customers, including those disabled and mentally ill, had pay-as-you-go meters forcibly installed in their homes. Speaking on Thursday, Ofgem chief Jonathan Brearley…
Oil Steadies as Market Eyes China Recovery and EU Embargo
February 3, 2023
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LONDON—Oil prices steadied on Friday but were on track for a second week of losses as the market awaited further signs of fuel demand recovery in China and the impact of an EU embargo and price cap on Russian oil products. Brent crude futures fell 18 cents, or 0.2 percent, to $81.99 a barrel by…
Global Shares Trade Mixed Ahead of US Jobs Report
February 3, 2023
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TOKYO—Global shares were trading mixed Friday ahead of a closely watched U.S. jobs report that may affect global interest rates. France’s CAC 40 lost 0.7 percent in early trading to 7,116.31, while Germany’s DAX dipped 0.9 percent to 15,362.64. Britain’s FTSE 100 added 0.2 percent to 7,832.20. U.S. shares were set to drift lower with…
All Green Energy Has ‘Brown Costs’: Former NASA Engineer
February 3, 2023
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While renewables are often hailed as a clean source of energy, they have bleak social and environmental costs compared to nuclear and natural gas, says a former NASA engineer. Paul Vallejo, who worked as an aerospace engineer at NASA for eight years, said, “even wind and solar aren’t really renewable because you’re taking silica sand…
Oregon Prepares for Floating Offshore Wind Farms
State and local lawmakers and city mayors are calling for a temporary pause in ocean floor work after an eighth dead whale washed ashore in New Jersey this week, reigniting the debate about the impact of offshore wind-farm development on marine life and calling for an immediate halt to plans to build dozens of offshore…
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