DUBAI, United Arab Emirates (AP) — Emirati authorities say they plan to scrap long-standing price controls on fuel starting next month, meaning pump prices could rise as the OPEC member nation weathers a sustained slump in oil prices.
The Ministry of Energy announced the surprise move on Wednesday, saying fuel prices will be linked to global prices beginning August 1.
In the first half of 2015, California refineries have raked in nearly double what they usually make in profit on a gallon of gasoline, at a time when drivers are paying more than $4 a gallon in the Los Angeles area, the Los Angeles Times reports.
California regulators’ concerns about pollution control at Exxon Mobil’s refinery in Torrance are keeping the facility from returning to full capacity following February’s explosion there, the Los Angeles Times reports.
WASHINGTON (AP) — Rising gasoline prices pushed inflation up modestly in June, leaving overall consumer prices higher than they were a year earlier for the first time since December.
Economists say the tick up in consumer prices makes it more likely the Federal Reserve will end a policy of keeping short-term interest rates near zero for more than six years. "Rebounding inflation combined with solid employment growth will likely lead the Fed to raise rates in September," said Gregory Daco, head of U.S. macroeconomics at Oxford Economics.
1. Will the agreement with Iran affect global oil prices?
The easy answer is yes. The more difficult response involves pinpointing when and by how much.
Iran has by many estimates 10s of millions of barrels of oil waiting in inventory to be sold. They will hit a market already dealing with a glut of oil and relatively low prices. Then the country will start increasing production, which could eventually add another 600,000 barrels of oil a day or more, but that production increase is expected to happen gradually.
Toyota’s new model Prius, due out in the autumn, will find it hard to reverse the decline in the sector in the face of lower gasoline prices and the increasing fuel economy of conventional vehicles, the Los Angeles Times reports.
The stocks of U.S. petroleum products increased last week, the Energy Information Administration reported, although the million barrel rise in crude stocks was less than analysts’ expected, while the jump in gasoline stocks exceeded predictions, according to Reuters.
Earthjustice filed court papers Tuesday on behalf of several environmental and health groups seeking to intervene to defend the Environmental Protection Agency’s lower ozone limits from a lawsuit brought by coal company Murray Energy, The Hill reports.
State Department climate envoy Todd Stern told a news conference that he’s thinking about the upside, not the downside, heading into a critical global conference on climate change policy that starts Monday, National Journal reports.
The plan for coal producer Walter Energy to emerge from bankruptcy is being fought by unions and the firm’s retired workers in Alabama, but a court Tuesday approved the company’s move to auction off assets, Reuters reports.
Acting to lower its credit rating for Pemex, Moody’s Investors Service pointed to the firm’s increasing debt and declining earnings, although Mexico’s national oil company responded by saying the move brings the agency in line with other ratings firms, The Wall Street Journal reports.
The White House and the billionaire conservative Koch brothers have been allies recently in moves to liberalize the nation’s criminal justice laws, but they are disagreeing over one measure that would require proof of suspects knowingly engaging in unlawful conduct, The New York Times reports, noting that such a move is alarming environmentalists.
According to a report released this week by the U.N. Office for Disaster Risk Reduction, weather-related disasters have caused more than 600,000 deaths and trillions of dollars in damages over the past 20 years, The New York Times reports.
A market-based approach for cutting vehicles’ greenhouse gas emissions—which could include mileage-based driver fees or emissions trading—is the goal as Connecticut, Delaware, New York, Rhode Island, Vermont, and the District of Columbia announced an agreement to work together on the issue, Reuters reports.