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US suspends antismog fuel regulations in an effort to lower pump prices
The Trump administration announced Wednesday that it will suspend anti-smog federal regulations for seasonal gasoline blends to combat the higher prices at the pump since the start of 'the war against Iran. Environmental Protection Agency allows retailers to sell cheaper formulations of gas, including mixtures containing 15% ethanol (known as E15) that are not normally allowed during the warmer months. The waiver is valid for 20 days, starting on May 1. It can be extended as needed by the agency. "We anticipate a possible disruption in the American fuel supply," EPA administrator?Lee Zeldin stated at a news conference held on the sidelines CERAWeek, an energy conference in Houston. At the press conference, he announced the waiver. A press release from the EPA stated that the?move would allow nationwide sales of ethanol-blend gasoline (E15) and "remove federal barriers to the sale of E10, which is gasoline blended with 10% ethanol across the nation." E10 is widely available all year round. Analysts believe the change will reduce retail prices by several cents a gallon. According to AAA, the average U.S. price of a gallon?of regular gasoline has risen by more than $1 in a single month. The global oil price has risen since the U.S. and Israeli war against Iran, as this conflict has blocked shipments through Strait of Hormuz. This is the main conduit for the world's crude oil and liquefied gas. The White House is trying its best to limit the political and economic fallout of the war. The 'White House has already announced the release of crude oil from U.S. Emergency Stockpiles and the easing sanctions against both Russia and Iran in order to increase the amount of their oil on the market. Richard Valdmanis, Chizu Nomiyama, Nia Williams and Costas Pitas edited the article.
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US issues waiver to expand E15 gasoline sales to ease pump price
The administration of President Donald Trump announced on Wednesday that it will issue a waiver to expand sales of gasoline blended with 15 percent ethanol (E15) in order to combat higher pump prices since the beginning of the war against Iran. The Environmental Protection Agency's move will allow retailers to continue selling E15, which is a blend that is not typically allowed during the summer months due to smog concerns. Analysts believe the change will reduce retail prices by'several cents a gallon. AAA data shows that the average U.S. price of a gallon is now?just under $3.98. This is up more than a dollar compared to a month earlier. The global oil price has risen since the U.S. and Israeli war on Iran. This is because the conflict has blocked shipments through Strait of Hormuz which is the conduit of a 'fifth of the world's crude and liquefied gas supply. The 'White House' is attempting to limit the political and economic fallout of?the war. The 'White House has already announced a release from U.S. stockpiles of crude oil and the easing of sanctions against Russia and Iran to make more oil available on the market. (Written by Richard Valdmanis, edited by Costas Pittas and Chizu nomiyama).
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French official: EU review of France's nuclear plan is expected to proceed quickly
An official from the French energy ministry said that the EU investigation into France's scheme of state-funded funding for six nuclear reactors is expected to move quickly and won't delay any projects. The new reactors will cost tens or even hundreds of billions of Euros and are a key part of France's plan for renewing its ageing nuclear fleet. The new reactors would add 10 gigawatts of capacity and the first one is expected to operate in 2038. The new plants would replace the old ones, and ensure future energy supplies for the rising demand in the coming decade, which is driven by data centres. An official stated that the European Commission will make a declaration by 'the end of march, which is the first step to 'the investigation into France’s state-aid package. Officials said that the process will be fast because it is based on models previously approved, such as the one used in financing the development of two reactors in Czech Republic. The official stated, "We are confident we?are still on time." EDF will make its final investment decision 'in the second half this year. Brussels fears that the six new power plants will further consolidate EDF, the dominant state-owned energy company. The company currently holds more than 75% France's net production of electricity. A thorough?EU investigation will also allow the Commission to build a solid case in the event that Austria's government, which is opposed to nuclear power, launches a legal action against the Commission for approving the deal. This, according some EU officials, seems likely. (Reporting and editing by Inti, Landauro and Hugh Lawson; Reporting by Forrest Crellin)
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Greenland Independence Party wins seat in Danish Parliament at key moment
Greenland's Naleraq Party, which supports rapid independence from Denmark won its first Danish seat at the general election. This sends a critic of Copenhagen-Nuuk's union to a parliamentary chamber during a crucial time in the history of the kingdom. Naleraq secured 24.6% of the vote on Tuesday, an increase of sharply from 12.2% during the 2022 elections. The election result comes amid increased international interest in Greenland after U.S. president Donald Trump's attempts to control the Arctic Island. "It's a clear signal that the status quo in Greenland will not be tolerated," said Qarsoq Hgh-Dam who won Naleraq’s seat. He pledged to do his best?to make sure Greenland has a voice on all issues affecting it. Trump's ambitions brought the island of 57,000 people into sharp focus, and raised questions about Danish investment in infrastructure, defence, and economic development. Naleraq will now be represented in the 179-seat Danish Parliament, where Greenland has two seats and the Faroe Islands two. Naleraq, Greenland’s ruling coalition led by Demokraatit advocates a pragmatic and long-term approach to independence, with Denmark as its key partner. However, Demokraatit is pushing for an immediate separation. This has created a rift that analysts believe Washington may try to exploit. GREENLAND AND DANMARK RELATIONS Hoegh-Dam received the most votes personally in Greenland. He said that he was steadfast in his opposition to military installations in Greenlandic cities. Arctic affairs commentator Martin Breum stated that while Hoegh Dam's win sent a message that "Greenlanders still want changes in their cooperation with Denmark", Naleraq’s pro-independence position does not necessarily represent the official Greenlandic Government's position. Greenland's Prime Minister Jens Frederik Nielsen has been working to strengthen the ties between Greenland and Denmark as a response to the crisis. He said in January that he would prefer Copenhagen to Washington. Inuit Ataqatigiit, the party that became the most popular in Greenland, claimed the second Greenlandic seat. Greenland's Mineral Resources and Businesses Minister Naaja Naaja Nielsen is set to fill the position. She didn't respond to requests for comment. Breum says that despite the result of the election, the close relationship between Greenland, Denmark, and the United States during the U.S. controversy will remain unchanged. (Reporting and editing by Andrei Khalip, Stine Jacobsen)
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Lyft launches driver relief program in response to rising fuel prices in the US
Lyft, the ride-hailing service, announced on Wednesday that it will launch a temporary driver relief program in the United States. Gig workers are being hurt by a sharp increase in fuel prices, caused by disruptions to energy supplies linked to the ongoing U.S./Israeli conflict against Iran. In recent weeks the?national average gasoline price has increased by more than 30%, and is now hovering at $4 per gallon. Lyft’s 60-day program, which runs from March 27 to May 26, offers fuel savings and cash-back incentives for drivers who use the Lyft Direct debit card. Top-performing drivers can expect to receive 2% extra cash back for fuel purchases. Mid-level drivers, meanwhile, will receive an additional 1% on top of the existing rewards, which range from 1% up to 10% depending on driver status. According to the company, combined savings from?partnerships with Lyft could be as high as 94 cents a gallon for drivers in the top tier, based on an average national fuel price of $3.97 a gallon. DoorDash, a food?delivery service, announced?on?Monday that it would be launching a similar?program which would run until April 26. (Reporting by Akash Sriram in Bengaluru; Editing by Shinjini Ganguli)
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Merz, a German economist, says that the public finances can't offset all of the price increases from Iran war
German Chancellor Friedrich Merz said on Wednesday that ending the war in Iran would be the best way to control energy prices. In response to questions from parliament, he stated that there are "measures" we can take into consideration in order to reduce the pressure but "we cannot offset every price trend by tax measures or funding measures from the federal budget". He said that the best way to control prices is to end the war in Iran. Fuel prices have risen in Germany, as well as other countries since the beginning of World War II. Critics accuse oil companies of taking advantage of the crisis to increase their prices. Merz was skeptical about the calls from his centre-left coalition partners, the Social Democrats, for a tax to be imposed on the "excess profits" of oil firms. He said that the term is practically impossible to define legally. He said Germany worked with European partners to convince the U.S., Israel and other parties to the conflict to find a diplomatic solution. The war has caused the Strait of Hormuz, a vital shipping route, to be largely closed, sending energy costs soaring around the world. He said that "this requires a willingness on all sides including Iran, which is not apparent at the moment." He said that Germany was willing to participate in 'international efforts to stabilize the region' once the hostilities ended, but this would require an UN mandate. (Reporting and editing by Madeline Chambers, Jan Harvey and James Mackenzie)
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Albemarle begins environmental review of Chile lithium extraction project
Albemarle, the largest lithium producer in the world, announced on Wednesday that it had begun the environmental review process for its first Direct Lithium Extraction project (DLE) in Chile. Albemarle stated in a press release that the project was designed to recover twice as much lithium while reducing the amount extracted of brine compared?to the current operations. Albemarle said in a submission to the Chilean Environmental Assessment Agency that if the project were completed, it would require a total investment of $3.1 billion with a useful lifetime lasting until 2045. The initiative is aimed at a?more sustainable and efficient production in the Salar de Atacama,? it said. This location is?one of the richest sources for the metal necessary to make electric vehicle batteries. Albemarle stated that the project would include a DLE facility within Albemarle’s mining concession, up to six processing train at the center of Chile’s salt flats, as well as the construction of an electricity transmission line. According to the filing, net brine extraction would drop from 442 to 342 milliliters/second with just one DLE train in operation and down as low as 142 milliliters/second with all six trains. Miners have long complained about the?water, both fresh and salty, around the vast Atacama flat. Native communities are concerned that mining will deplete the limited?reserves?of freshwater and brine rich in lithium, and reduce its availability to people and wildlife. (Reporting and writing by Fabian Cambero, Inigo Alexander, Cassandra Garrison and Alexander Smith; editing by Cassandra Garrison)
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German Finance Minister sets out reform plans to boost the growth
The German Finance Minister Lars?Klingbeil proposed Wednesday measures to stimulate the slowing economy. These included income tax reforms and a cap on the excess profits of energy companies. "If Germany remains a powerful country, it's up to us alone." "We alone will decide this," Klingbeil added, adding that Europe's largest economy needs?innovation, greater productivity, and technology leadership. He said: "We need to be technological leaders in key areas. We also need competitive investment conditions, a modern industry base, reliable supply chains and functioning capital markets." Germany's export-driven economy has struggled to grow in the wake of the pandemic. Rising competition from China and higher energy prices have put strain on its economic model. The Finance Minister, who is currently working on the budget for 2027, stated that the government will be reforming fiscal consolidation with detailed analyses of revenue and expenditure. "We can't respond to every problem and crisis with more money," said?Klingbeil. INCREASING PRODUCTIVITY AND WORKING HOURS He said that the German labour market was suffering because of high levels part-time employment, tax transfer systems which in some cases "discourage" additional work and incentives for early retirement. "I want to create a new system where willingness to perform pays," said?Klingbeil. In Germany, half of women work part-time. German income splitting lowers tax for couples with unequal earning, but also increases the effective 'tax' on the lower-earners additional work. This is often the wife. Klingbeil suggested that income splitting in its present form be abolished for future marriages. Reporting by Maria Martinez Editing Made by Madel Chambers and Sharon Singleton
Aluminium rally stops briefly on profit taking, technical resistance
Aluminium costs pulled back on Wednesday as financiers took profit from an eightsession rally to keep prices below key technical resistance levels.
The most traded three-month agreement for aluminium on the London Metal Exchange was down 1% at $2,479 per metric load as at 1034 GMT. It fell from a five-week high on Tuesday, when rates of basic material alumina in China skyrocketed to their highest in three months.
The time out in the aluminium rally is more technical however not driven by changes in fundamentals, Ole Hansen, head of commodity method at Saxo Bank said.
Funds are re-positioning as aluminium costs move a touch away from the significant $2,500 technical barrier, he stated.
Basic material remained tight for aluminum, with bauxite deliveries from leading manufacturer Guinea struck by the rainy season. Ex-China production cuts also lowered international supplies of alumina.
Copper, meanwhile, rebounded slightly by 0.6% to $9,258 a. lot with more gains capped by a five-year high stockpile in. storage facilities monitored by LME. Development in metals inventory is. generally viewed as an indication of weak consumption.
Market individuals are likewise looking ahead to U.S. Federal. Reserve Chair Jerome Powell's comments on Friday for clues about. the speed of the U.S. monetary relieving cycle.
FOr other metals, lead climbed up 1.6% to a three-week. high of $2,086 with an ongoing drop in LME inventory in Asia. Lead stocks had actually diminished by 21% to 185,500 metric lots given that the. start of August. << MPBSTX-TOTAL > Its sibling metal
zinc increased 1.3 %to$ 2,842. Tin acquired 0.7%
to$ 32,505 and nickel lost. 0.4% to $16,960.
(source: Reuters)