Average U.S. diesel prices have declined, while gas prices declined for the third consecutive week. The national average price of diesel fell by $0.063 over the last week, and now stands at $4.01 per gallon, $1.51 lower from a year ago, according to GasBuddy. The most common U.S. diesel price was $3.99 per gallon, which stood…
Diesel Prices on Cusp of $4 a Barrel as Pump Prices Decline for Third Straight Week
May 8, 2023
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Business & MarketsCompaniesdiesel priceseconomic policieseconomyenergygas pricesinflationInvestmentMarketsoil marketspersonal financerecessionstocksUSUS debt ceilingUS News
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Biden Admin Takes Aim at Dishwashers to Tackle ‘Climate Crisis’ After Gas Stove Clampdown
May 8, 2023
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Business & Marketsclimate crisisdishwashereconomic policieseconomyenergyExecutive Branchgas stovePoliticsUSUS News
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After taking aim at gas stoves as a way to cut greenhouse gases, the Biden administration has turned its attention to other home appliances, with dishwashers now in its crosshairs. The Department of Energy (DOE) on Friday announced congressionally-mandated proposed standards for new dishwashers that promise to lower costs while reducing the amount of carbon…
Delaying Nation’s Debt-Limit Increase Only Makes Matters Worse, Warns Elon Musk
Industrialist Elon Musk stated that delaying the raising of America’s debt ceiling will only make consequences worse, as the United States is only a few weeks away from breaching the limit. “In the end, all debts must be paid, just a question of when. Later makes it worse,” Musk posted in a May 8 tweet….
ANALYSIS: Invoking the 14th Amendment as Plan B to Avert Debt Default?
May 8, 2023
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14 AmendmentBusiness & Marketsdebt ceilingeconomic policieseconomyJoe BidenKevin McCarthyPoliticsUSUS News
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As the debt-ceiling standoff grinds toward the so-called X-date, when the government can no longer borrow and must rely on incoming revenue to settle its obligations, the idea of invoking the 14th Amendment as a possible way to avoid a possible debt default has come into the spotlight. Invoking the 14th Amendment—using executive power to…
European Banks Are Not Immune to the Turmoil in US Banking
Commentary Deposits at U.S. commercial banks have fallen to the lowest figure in nearly two years, according to the Federal Reserve. This figure has fallen by $500 billion since the Silicon Valley Bank collapse. However, total banking credit has risen to a new record high of $17 trillion, according to the U.S. central bank. Less…
Australian Treasurer Says $14.6 Billion Living Cost Relief Won’t Add to Inflation
May 8, 2023
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AustraliaBusiness & Marketscost of living reliefeconomic policieseconomyenergyjane humeJim ChalmersWorld
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Australian Treasurers Jim Chalmers has refuted the idea that the newly announced $14.6 billion (US$9.88 billion) living cost relief will worsen inflation. In an interview with ABC Radio, the treasurer said the relief package included “responsible spending” and would not add pressure to inflation. Among the cost of living supports to be featured in the…
ANALYSIS: Election Promises Hang Heavy Over Labor’s Next Budget
May 7, 2023
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AustraliaAustralian budgetBusiness & Marketseconomic policieseconomyenergyInternationalJim Chalmersnet-zero emissionsWorld
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News Analysis With the stark realities of global economic turbulence rapidly seeping into Australian livelihoods, Labor is approaching a crossroads. It must decide between gearing its fiscal policy towards softening the blow of the cost-of-living crisis for households or maintaining sizeable levels of spending to fulfil its initial election promises. Earlier last week, Federal Health…
April Jobs Prints at 253,000, but With 149,000 Downward Revisions
May 5, 2023
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New jobs created printed at 253,000 on May 5, according to the Establishment Survey, well above market expectations of 180,000 jobs. Net revisions were down 149,000 jobs from February and March. That makes the average three-month creation of 222,000 jobs. The Household Survey, which is compiled from different data, showed 139,000 people were newly employed. Both…
Lawmakers Tout Effect of CHIPs Act in US Competition with China
May 5, 2023
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ArizonaBob MurphyBusiness & MarketsChinaChina NewsChinese RegimeCHIPS Actcongresseconomic policieseconomyInvestmentMark kellyNational SecurityPoliticsRegional & State NewssemiconductorsSpecial TopicsState NewsTech CompetitionThreat from Communist ChinaTodd YoungUSUS NewsUS-China relations
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Last August, President Joe Biden signed the Chips and Science (or CHIPS) Act into law, promising over $50 billion to domestic semiconductor manufacturers to boost domestic production and “counter China.” Pivotal in drafting and negotiating on behalf of the law was Sen. Mark Kelly (D-Ariz.), who beat out Republican candidate Blake Masters in the 2022…
Goldman Sachs Under Federal Investigation for Role in Failed Silicon Valley Bank Fundraising Deal
May 5, 2023
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Business & MarketsCompaniescongresseconomic policieseconomyFDICGoldman SachsInvestmentJustice DepartmentMarketsPolicies & ImpactsPoliticsSecurities and Exchange CommissionSilicon Valley BankUS
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The Goldman Sachs Group (GSG) is under federal investigation for its attempt to raise money for Silicon Valley Bank (SVB) before its collapse in March. The U.S. investment bank said it was cooperating and providing information to various government agencies in their investigation of SVB in a filing with the Securities and Exchange Commission on May…
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