LONDON—Oil prices were mixed on Tuesday after China posted its second-weakest annual economic growth in nearly half a century, though its recent shift in COVID-19 policy underpinned hopes of a recovery in fuel demand this year. Brent crude futures rose 69 cents, or 0.8 percent, to $85.15 a barrel by 0913 GMT. U.S. West Texas…
Oil Prices Mixed on Chinese Data and Demand Growth Hopes
January 17, 2023
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World Shares Slip as China Says Economy Slowed Further
January 17, 2023
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BANGKOK—World shares were mostly lower Tuesday after China reported its economy expanded at a 3 percent pace last year, less than half 2021′s rate. European shares declined and Asian shares were mixed as investors watched to see if Japan’s central bank will alter its longstanding policy of keeping its key interest rate at minus 0.1…
Wyoming Lawmakers Propose Bill to Phase Out EVs by 2035
January 16, 2023
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A group of six Republican lawmakers in Wyoming are proposing to phase out the sale of new electric vehicles in the state by 2035 to protect its oil and gas industries and preserve critical resources. In their bill, introduced to the state legislature on Friday, the Republicans said that oil and gas production has “long…
Australian Gas Retailers Unable to Secure Supply Due to Government’s Gas Price Cap
Several Australian gas retailers have reported supply issues following the government’s implementation of the gas price cap, which prompts the consumer watchdog to keep a close eye on gas producers. In a recent gas market development, AGL–the second-largest energy retailer in Australia, confirmed that the company has been unable to secure an incremental contract supply…
Pay per Mile: States Move Toward User-Based Road Tax
January 16, 2023
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Beth BreljeBusiness & Marketseconomic policieseconomyenergyinflationOregonPennsylvaniapersonal financeUSUS NewsUtah
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With each gallon of gas pumped in the United States since 1932, drivers have been paying taxes. The revenue is used for road repairs and public transportation such as train and bus systems. Currently, the Fed takes 18.4 cents per gallon for gas or 24.4 cents per gallon for diesel. State gas taxes range from…
Energy Boss Says High Prices Are Here to Stay Thanks to Net Zero and Windfall Taxes
January 16, 2023
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Energy bills will remain higher for years, the boss of one of Europe’s biggest gas companies has warned. Equinor Chief Executive Anders Opedal told the BBC that the cost of governments’ attempt to reach “net zero” emissions targets and windfall taxes on energy firms will make it hard for prices to fall. Norway’s Equinor is…
Household Wealth Optimism Collapses, Global Survey Shows
January 16, 2023
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Barely two in five people believe their families will be better off in the future, according to a regular global survey that also identified growing levels of distrust in institutions among low-income households. The Edelman Trust Barometer, which for over two decades has polled the attitudes of thousands of people, found that economic pessimism was…
World Economic Forum Declares 2023 the ‘Year of the Polycrisis’
January 16, 2023
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World Economic Forum (WEF) chairman Klaus Schwab announced the kick-off of the 53rd annual meeting of political leaders, corporate executives, and activists in Davos, Switzerland, declaring that the summit will focus on rededicating its members to a progressive climate and social-justice agenda in the midst of what he described as “unprecedented multiple crises.” “The theme…
Shares Rise, Yen Climbs as BOJ Battles Bond Bears
January 16, 2023
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SYDNEY/LONDON—Shares firmed on Monday as optimism over corporate earnings and China’s reopening offset concerns the Bank of Japan (BOJ) might temper its super-sized stimulus policy at a pivotal meeting this week, while a holiday in U.S. markets made for thin trading. The yen climbed to its highest since May after rumours swirled the BOJ might…
The Renewable Energy Problem That No One Talks About
January 16, 2023
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AustraliaBusiness & Marketselectricity blackoutsenergyenergy securityInternationalOpinionpower generatorViewpointsWorld
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Commentary An obvious barrier to adopting wind and solar power for electricity supply is their intermittency—when the wind isn’t blowing, and the sun isn’t shining, substitute sources are required. This issue is given much attention by conservative media, as it should. Yet one of the less well-known roadblocks for these renewable technologies is frequency control,…
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