TRENTON, N.J.—Gas prices dropped in New Jersey and also ticked down across the nation at large, analysts said. AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $3.27, down four cents from last week. Drivers were paying $3.37 a gallon on average a year ago at…
Dogma Trumps Democracy for America’s Climate Change Advocates
January 14, 2023
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Commentary Federal Reserve Chair Jerome Powell dismissed the notion that the Federal Reserve should take a hand in making climate policy. “Without explicit congressional legislation, it would be inappropriate for us to use our monetary policy or supervisory tools to promote a greener economy or to achieve other climate-based goals,” he said at a forum…
Grid Operator PJM Probes US Power Supply Woes During December Storm
NEW YORK—The largest U.S. power-grid operator is probing why suppliers were unable to deliver needed power during a late December storm when customers narrowly avoided outages as freezing temperatures descended, officials said on Thursday. Generators that were unable to deliver increased electricity during three peak demand days in late December could face about $2 billion…
China Demand Optimism Sets Oil on Track for Strong Weekly Gain
January 13, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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Oil prices rose on Friday, set to gain more than 6 percent for the week, on solid signs of demand growth in top oil importer China and expectations of less aggressive interest rate rises in the United States. Brent crude futures rose by 5 cents to $84.08 a barrel by 0746 GMT, off a session…
Yen Soars as Markets Test BOJ, Stocks Cheered by Inflation Retreat
January 13, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—World stocks scaled one-month peaks on Friday thanks to signs inflation is easing, while the yen jumped to seven-month peaks and Japanese bond yields breached a central bank target as investors challenged its commitment to loose monetary policy. European shares opened higher and the broad STOXX 600 index touched its highest since April, while Asian-Pacific…
Federal Utility to Build Gas Plant in Tennessee Despite EPA and Biden’s Concerns
January 12, 2023
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Business & MarketscoalCompaniesenergyEPAfossil fuelsNatural gasRegional NewsRegional-Local NewsSolar powerTVAUS
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The largest public utility in the United States signed a plan this week to move forward with building a natural gas plant to replace a coal-burning plant in Tennessee, a move that has drawn concern from the Environmental Protection Agency (EPA) and President Biden’s clean energy goals. “Following a multi-year, transparent, and public process, TVA…
Washington’s Dilemma in Trying to Refill Petroleum Reserves After 220 Million Barrel Drawdown
News Analysis After the Biden administration released 180 million barrels of oil last year from its Strategic Petroleum Reserve (SPR) in an attempt to rein in gasoline prices, Washington is now facing a dilemma while trying to replenish the SPR as it deals with price and funding challenges. The release of 180 million barrels of…
Texas Governor Backs Market Overhaul for Power Grid; Lawmakers and Experts Push Back
Texas Gov. Greg Abbott has thrown his support behind the Texas Public Utility Commission’s (PUC) proposal to overhaul the market design of the state’s power grid. On Tuesday, Abbott sent a letter to the PUC commissioners (pdf) expressing his support and urging them to adopt the grid’s redesign plan that was introduced in November. The PUC…
House Passes Bill Blocking Strategic Petroleum Reserve Exports to China
January 12, 2023
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2022 Midterm ElectionsbidenBusiness & MarketsChinacongressDefending Americaeconomic policieseconomyenergyFeatured TopicsGold and CommoditiesMarketsOilPolicies & ImpactsPoliticsRepublicansSPRStrategic Petroleum ReserveUSUS NewsValues and Tradition
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The House of Representatives has greenlit a bill to block exports from the Strategic Petroleum Reserve (SPR) to China. H.R. 22, “Protecting America’s Strategic Petroleum Reserve from China Act,” on Jan. 12 passed overwhelmingly, 331–97. On the Republican side there were 218 yeas, while on the Democrat side there were 113 yeas. All nays came…
Rush to Renewables a Risky Gamble for America’s Electric Grid
Government policies are pushing ever more Americans on to the U.S. electric grid even as the climate-change experiment makes the grid increasingly unstable. In August, Massachusetts joined California, New York, and Washington in passing laws to restrict the use of oil and gas in new home construction. Several states have also set dates for banning…
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