Germany’s Economy and Climate Minister Robert Habeck said Sunday that the nation is making progress in cutting its reliance on Russian fossil fuels and expects to be fully independent of Russian crude oil imports by the end of summer. The Economy and Climate Ministry said on Twitter that the goal was “realistic” while noting that the nation…
Pain at the Pump Eases As More Supply Trims Gas Prices
National average gasoline prices have eased over the last week, dropping 1.7 percent to $4.153 per gallon, according to the American Automobile Association (AAA). The largest weekly declines were situated in Connecticut (-27 cents), Michigan (-10 cents), and Wisconsin and Indiana (-9 cents). The least expensive markets continue to be Missouri ($3.73), Oklahoma ($3.75), and…
Poilievre Vows to Ban Oil From ‘Dirty Dictators’ Within Five Years If Elected as Prime Minister
Conservative leadership candidate Pierre Poilievre vows to end imports of overseas oil within five years if elected as prime minister. At a campaign tour on Friday in Saint John, New Brunswick, Poilievre said he will do so by banning imports from “polluting dictatorships,” doubling Newfoundland’s oil production, and supporting projects that move western Canadian oil…
Poilievre Vows to Ban Oil Imports From ‘Dirty Dictators’ Within 5 Years If Elected Prime Minister
Conservative MP and leadership candidate Pierre Poilievre vows to end imports of overseas oil within five years if elected prime minister. During a campaign stop on Friday in Saint John, N.B., Poilievre said he will do so by banning imports from “polluting dictatorships,” doubling Newfoundland and Labrador’s oil production, and supporting projects that move western…
Gas Prices Forcing Lifestyle Changes for Most Americans
GAINESVILLE, Fla.—As if the price of gas wasn’t enough, a line of impatient motorists waiting behind him with sullen faces and engines rumbling made Zephrin Green’s visit to a Sam’s Club gas pump even more stressful. As he prepared to fill the tank of his blue Subaru BRZ for an evening of Uber-driving, he tried…
New Zealand Cuts Fuel Tax and Halves Public Transport Fares Amid Petrol Hikes
March 14, 2022
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Asia & PacificAustraliacrude oilfuel price riseinflationInternationalJacinda ArdernNew Zealandpetrol priceRussia's invasionWorld
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The New Zealand government has decided to cut fuel excise tax and halve all public transport fares for three months as fuel oil prices surge following Russia’s invasion of Ukraine. A reduction of NZ 25 cents (17 cents) a litre in fuel excise duties and road user charges came into effect from midnight Monday, while…
Russia Braces for Economic Collapse Worse Than 2009 Recession: IIF
The Russian economy is on the brink of a financial crisis worse than the 2009 recession, warns the International Institute of Finance (IIF) in a new report (pdf). The bombardment of economic and financial sanctions and the recent action to ban or curtail Russian oil imports could result in an economic contraction of -15 percent…
Biden Ban on Russian Oil Imports Ignites Calls for Greater US Crude Output
March 8, 2022
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Business & Economycommoditiescrude oileconomyExecutive BranchJoe BidenMarketsPolicies & ImpactsPoliticsRussiaUS
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President Joe Biden announced Tuesday that the United States is banning Russian oil imports, stopping about 500,000 barrels per day of new crude shipments from entering American seaports. “Today, I am announcing the United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil and gas and energy,” Biden…
Canadian Premier Says Biden Should Opt for Oil From His Province Over Saudi Arabia, Venezuela
Alberta Premier Jason Kenney says the United States should be seeking his province’s oil instead of getting it from Saudi Arabia and Venezuela. Responding to a report by Axion that U.S. President Joe Biden may travel to Saudi Arabia in the coming months to request more oil amid the Russia-Ukraine crisis, Kenney said he would…
China Changed Supply Chain Strategy With Russia 3 Months Ahead of Ukraine Invasion, Showing It Had Foreknowledge: Analyst
March 4, 2022
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Asia & PacificBusiness & EconomyChinaChina Business & Economycrude oileconomic policiesEuropeEurope-China RelationsInternationalInternational RelationsinvasionRussiaRussia-Ukraine WarsanctionUkraineUSUS NewsWorld
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Around three months ago, China changed how it ordered goods from Russia in a way that would insulate Beijing in the event of Western sanctions on Moscow, according to a supply chain analyst citing insider information. This move suggested that China had foreknowledge of Russia’s plan to invade Ukraine, and had made contingencies to ensure…
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