Category: Highlights

The European Union is proposing to ban coal imports from Russia in a direct response to reports that Russian forces committed apparent war crimes in Ukraine, European Commission President Ursula von der Leyen said Tuesday. The action on coal — which von der Leyen said would amount to 4 billion euros ($4.4 billion) a year — would allow for a three-month wind-down before a ban on new contracts, according to two people familiar with the matter. The coal provision was added to a package of steps aimed at strengthening existing…

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I have often noted that presidents have few ways to impact gasoline prices in the short term. However, one of the ways they can make a short-term impact is to release oil from the nation’s Strategic Petroleum Reserve (SPR). The U.S. created the SPR in 1975 following the 1973–1974 oil embargo, to protect against future oil supply disruptions. Although it is supposed to be used for severe supply disruptions, politicians have historically used it to try to stem rising gasoline prices — especially in election years. Thus, in this election year…

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WTI slipped from $108 last week on news that the Biden Administration would release a million barrels of crude oil per day from the SPR for a period of six months, for a total of 108 million barrels. Critics of the plan argued at the time that the release—the biggest of its kind—would have little effect on the long-term trajectory of crude oil prices. On Monday, a series of bullish factors, including Russian production dipping in March, Saudi Arabia lifting the official selling price of crude oil to Asia to…

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Instability in the energy sector as a result of skyrocketing prices was exacerbated by Russia’s invasion of Ukraine. Not only is the UK planning to revamp the way it generates electricity, but also it is looking to construct new nuclear power stations to secure independence from Russia and ease the pain on consumers. China is considering buying shunned Russian fuel to take advantage of affordable prices. Through a micro lens, car makers are taking steps and measures in line with the global electric vehicle push. China is considering buying shunned…

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Germany will temporarily take control of a unit of Gazprom PJSC in the country as it seeks to safeguard security of gas supply. Gazprom Germania GmbH — owner of energy supplier Wingas GmbH and a gas storage firm — will come under the trusteeship of the German energy regulator until Sept. 30, Economy Minister Robert Habeck told reporters in Berlin. That means the Federal Network Agency will assume the role of a shareholder and can take all necessary measures to ensure security of supply, he said. The government won’t ultimately…

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