Australia’s biggest polluters will be required to reduce their net emissions by almost 35 percent by 2030 under the federal government’s new safeguard mechanism reforms. Minister for Climate Change and Energy Chris Bowen said the reforms will support the country’s biggest emitters to remain competitive in a global economy while they work to reduce emissions….
Australia’s Top Polluters Will Get $600 Million to Reduce Emissions by 5 Percent Every Year
January 10, 2023
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Gas Stations Yielded Record Gross Margins in 2022
Gasoline retailers had a banner year in 2022, earning $59.2 billion nationwide, surpassing the prior record by almost $15 billion. A study by Lundberg Survey, which provides statistical reports to the oil industry, found that retail margins surged in July and onward, following President Joe Biden’s drawdown of the Strategic Petroleum Reserve (SPR). A year…
Oil Steady as Market Awaits Clarity on Fed Rate Hike
January 10, 2023
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LONDON—Oil prices were stable on Tuesday as the market awaited the Federal Reserve’s plans for rate hikes to gauge the impact on the economy and fuel demand. Brent futures for March were up 15 cents, or 0.19 percent, to $79.80 a barrel by 1036 GMT. U.S. West Texas Intermediate crude rose 32 cents, or 0.43…
Global Shares Ease After Fed Officials Dent Optimism
January 10, 2023
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LONDON—Global shares eased on Tuesday as investors took profit on the gains from the past two weeks after comments from two Federal Reserve officials injected a note of caution over the U.S. rate outlook, knocking equities, commodities, and other risk assets. The MSCI All-World index eased 0.1 percent, but remained in sight of Monday’s three-week…
Australian Households to Bear the Brunt Under New Gas Price Hike
Australian households are bracing themselves for a double to triple-digit hike in their gas bill after two of Australia’s largest energy suppliers announced new gas rates. AGL, the country’s largest electricity generator, has raised gas prices for Victorian, New South Wales (NSW), Queensland and South Australian customers–from Jan. 1 for customers on standing offers and…
Western Australia Allocates Land for $70 Billion Worth of Renewables-Related Projects
The Western Australian (WA) government will allocate land to seven projects, most of which are related to renewable energy production, with a collective investment of $70 billion (US$48.5 billion). On Jan. 6, the WA government announced that it would allot land from the Boodarie and Ashburton North Strategic Industrial Areas (SIAs) to seven projects backed…
Extensive Home-Heating Electrification Sparked Rolling Blackouts in California and Other States: IER
January 9, 2023
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The rising trend of electrifying home-heating systems triggered rolling blackouts in late December’s winter storm, mainly in states such as North Carolina, South Carolina, Tennessee, and California, according to the Institute for Energy Research (IER). Electrification policies pursued by President Joe Biden and other Democrats like California Governor Gavin Newsom aim to make the U.S….
Federal Agency May Ban Gas Stoves Across US Over Health Hazards
A federal agency may implement a nationwide ban on natural gas stoves over concerns they cause health and respiratory problems, an official said. The U.S. Consumer Product Safety Commission (CPSC) will have public comment about gas stoves in the winter of 2023 and could set standards on emissions—even possibly banning them, CPSC head Richard Trumka Jr. told…
Around 40 Percent of German Companies Expect Output Decline in 2023: IW Institute
BERLIN—Four out of ten German companies expect business to shrink in 2023, a survey by the German Economic Institute (IW) showed on Monday, blaming high energy costs, supply chain issues, and the continuing war in Ukraine. “The risk of a gas shortage in the 2022/23 winter season is no longer as present as it was…
Oil Jumps 3 Percent on Demand Optimism as China Borders Reopen
January 9, 2023
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LONDON—Oil extended gains on Monday, rising about 3 percent after China’s move to reopen its borders boosted the outlook for fuel demand and overshadowed global recession concerns. The rally was part of a wider boost for risk sentiment supported by both the reopening of the world’s biggest crude importer and hopes for less-aggressive increases to…
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