The House Ways and Means Committee had a busy Wednesday morning focused on China, starting with a vote against the Biden administration’s emergency move to shield some Chinese-made solar panels from tariffs. “Congress must act in this instance to hold accountable bad actors in global trade, and in particular, Chinese wrongdoing,” said Rep. Jason Smith…
House Advances Resolution to Restore Solar Panel Tariffs Targeting China
April 19, 2023
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ANALYSIS: What You’re Not Being Told About the Electric Vehicle Revolution
April 19, 2023
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While the Biden administration cannot force you to buy an electric car, it can, by capping tailpipe emissions and other coercive measures, compel producers to severely curtail the manufacturing of internal combustion engine (ICE) cars and drive up the cost of gasoline-powered cars. This will likely result in a fundamental restructuring of America’s automotive industry,…
Gas Prices Surge to Five-Month High as Motorists Projected to Pay $78 Billion in Gas Taxes This Year
The national average for a gallon of gasoline rose to $3.684, up nearly 7 percent from the same time a year ago, according to the latest data from the American Automobile Association (AAA). Since March 29, the national average has risen every day. While gas prices are close to $0.42 lower than they were a year ago, they…
Trillions Needed to Scale up Future of Renewable Energy
A net-zero Australia will require up to $9 trillion (US$6 trillion) of capital to be spent on energy, industrial and export infrastructure by 2060, researchers say. Decarbonisation is tipped to provide 700,000 direct jobs, mainly in regional and rural areas, according to independent modelling released on Wednesday. New export industries would be mainly in northern Australia,…
Florida Gasoline Shortages Continue as Two-Thirds of Stations in Miami Area Empty
Gasoline shortages across southern Florida continued to plague drivers for yet another day on April 18, according to data from fuel tracker GasBuddy.com. Data showed that nearly 60 percent of all gas stations in the Miami and Fort Lauderdale areas were out of fuel as of Tuesday morning, while another 21 percent of all gas…
Oil Slides as Interest Rate Expectations Eclipse Chinese Data
April 19, 2023
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LONDON—Oil prices dropped sharply on Wednesday, sliding by 2 percent as potential U.S. interest rate hikes that could slow growth and curb oil consumption outweighed strong Chinese economic data and falling U.S. inventories. Brent crude futures shed $1.70 to $83.07 a barrel by 0929 GMT while West Texas Intermediate U.S. crude fell by $1.64 to…
Stocks Ease, Dollar Perks Up as Focus Returns to Fed and Inflation
April 19, 2023
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LONDON/SINGAPORE—Global stocks eased on Wednesday, while the dollar pulled further above last week’s one-year lows, as investor focus honed in on what the Federal Reserve may have to do to tame inflation, rather than on the recent problems in the U.S. banking sector. The MSCI All-World index fell 0.2 percent, thanks to a broad-based decline…
Senators Question Feasibility of EPA’s New Vehicle Emissions Standards
April 18, 2023
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Lawmakers questioned the feasibility of new vehicle tailpipe emissions proposals from the Environmental Protection Agency (EPA), which the agency predicts will lead to the mass adoption of electric light- and medium-duty vehicles within a decade. The April 18 hearing was held by the Subcommittee on Clean Air, Climate and Nuclear Safety of the Senate Environment…
NTD Business (April 18): Default Risk for Office Building Mortgages? Musk Warns AI Could Destroy Civilization
April 18, 2023
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Elon Musk is again warning of dangers posed by artificial intelligence, saying it could destroy civilization. What’s he concerned about? A market veteran gives a new warning about the commercial real estate sector. He says we’ll see more loan defaults. Apple opens its first-ever store in India, underscoring the importance of the market. A second store in…
Federal Court Overturns Nation’s First Natural Gas Ban
A Ninth Circuit court on Monday went against a Berkeley ordinance that banned natural gas piping in new buildings inside the city. A district court had dismissed an action from the California Restaurant Association, a dismissal that is now reversed by the Ninth Circuit court, according to its published opinion on the case (pdf). The…
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