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The Latest Breaking News from Oil

Liz Truss says ‘high-paid jobs’ answer to cost of living crisis

Minister blames inflation on ‘global headwinds’ – and insists better-paid jobs key to getting through ‘storm’

The Independent UK

How did my MP vote on a windfall tax on energy firms? Tories block bid to save Brits £600

Tory MPs have voted down a Labour bid for a windfall tax - which the party argued could save families £600. But Chancellor Rishi Sunak has not ruled out the idea of doing it in future

Daily Mirror

Oil Prices Edge Up on China Demand Recovery Expectations, Tight Stocks

Oil prices edged up on Wednesday on expectations that easing COVID-19 restrictions in China will push up demand and as industry data showed drawdowns in US crude inventories. Brent crude was up 23 cents, or 0.2%, at $112.16 a barrel at 0633 GMT, while US West Texas Intermediate (WTI) crude…

Asharq Al-Awsat

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UK inflation hits 40-year high of 9% as cost of food and energy rockets

Spiralling inflation, fuelled by rising petrol and food prices, is hitting the pockets of UK households with the invasion of Ukraine being blamed for rising oil prices

Daily Mirror

Asia stocks mixed after Wall St gain, Powell warns on rates

Asian stock markets are mixed after Wall Street rose and the Federal Reserve's chairman said it will raise interest rates further if needed to cool inflation

The Independent UK

Finland and Sweden may join Nato – but even they can’t guarantee that will make them safer

The Finns have long relied on realpolitik and the Swedes on neutrality. Joining the historic military alliance could change everything, says Thomas Meaney of the Max Planck Society in Göttingen

The Guardian - UK

Biden: US will work with Finland and Sweden in event of ‘aggression’ – as it happened

US president pledges support for Finland and Sweden while Nato applications are considered; Russian soldier in war crimes trial pleads guilty

The Guardian - AU

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Labour holds vote pressuring Boris Johnson to set out emergency budget

The Prime Minister and Chancellor Rishi Sunak have been resisting demands to set out new tax-and-spend measures to alleviate the squeeze.

The Independent UK

Russia-Ukraine war: what we know on day 84 of the invasion

Kremlin says 694 Ukrainian fighters from Azovstal plant have surrendered; UK says Russia facing ‘resourcing problems’

The Guardian - AU

Biden will ease sanctions on Venezuela for Maduro commitment to dialogue with Guaidó

MIAMI — The Biden administration will ease sanctions on President Nicolás Maduro in Venezuela in exchange for a commitment from the government to dialogue in Mexico City with Venezuela’s opposition movement, sources familiar with the matter told McClatchy and the Miami Herald, marking a turning point in Washington’s pressure campaign…

Miami Herald

Trevelyan plans to ‘de-Putinise’ world economy by ending reliance on Russian gas

International Trade Secretary Anne-Marie Trevelyan will set out plans to boost green technology to help wean countries off fossil fuels.

The Independent UK

North East could attract 9,000 more energy jobs by 2030, report says

The Making the Switch report from Robert Gordon University says £17 billion of funding could secure a total of 54,000 jobs in energy.

The Independent UK

North East 'could attract 9,000 more energy jobs by 2030'

Report also warns that if investment in renewable energy is not hastened, it could put 17,000 local jobs at risk

Insider UK

Private sector applauds decreasing excise levy

The business sector has welcomed the government's latest decision to cut the diesel excise tax by 5 baht per litre for two months, claiming if diesel prices were left unharnessed, it would add to people's hardships and negatively affect the country's exports.

Bangkok Post

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WEKU

Eliminating fossil fuel air pollution would save about 50,000 lives, study finds

Burning oil, coal and other fossil fuels releases plumes of tiny, dangerous particles. A new study estimates that eliminating that pollution would save about 50,000 lives in the U.S. each year.

The Guardian - UK

Rishi Sunak faces Tory clamour to act now on cost of living crisis

Conservative MPs to urge chancellor to tackle inflation with VAT cuts, energy bill support and improved benefits

Reuters

Slovak finance minister sets up battle with proposed tax on Russian oil processing

Slovak Finance Minister Igor Matovic said on Tuesday he would propose a special tax on Russian crude processed in the country, clashing with a government coalition partner as he seeks to raise budget revenue for the state's anti-inflation measures.

StockNews.com

5 Unstoppable Basic Materials Stocks With More Room to Run

Growing demand for basic materials across industries has been helping companies in this space benefit amid the supply disruptions and rising prices. So, it is wise to bet on quality basic materials stocks LyondellBasell (LYB), Olin (OLN), Chemours Company (CC), Westlake (WLK), and Alpha Metallurgical (AMR), which have gained significantly…

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The Conversation

Bucking the trend: Is there a future for ultra long-haul flights in a net zero carbon world?

This year, Qantas announced two plans in direct conflict. In March, Australia’s largest airline group went public with the admirable goal of achieving net zero emissions by 2050 and a 25% reduction by 2030 by using new clean fuels, boosting efficiency and using carbon offsets. For the aviation industry, this…

Liverpool Echo

Schools may be forced to reduce lunch portion sizes for lunches due to rising food prices

A food wholesaler has warned that smaller, cheaper meals may be inevitable for the country's schools

The Conversation

Connecting fragmented wolverine habitat is essential for their conservation

Present day wolverines, which emerged during the ice age, have been declining globally despite their many adaptions to live in challenging, rugged environments.

Chicago Sun-Times

Oil tax revenues in New Mexico, other states spotlight a dependence on fossil-fuel taxes

Their budgets might be rich for now with petroleum cash. But, if tackling climate change cuts into that, will they tax residents more — or reduce public services?

Daily Mirror

Tories vote down gas giants windfall tax that could hand your family £600

Chancellor Rishi Sunak hinted the government could perform a U-turn in future, however, as he said “no option is off the table”

Kiplinger

Who Controls Gas Prices in the US?

Who controls gas prices in the U.S.? There's no puppeteer, just several factors that combine to pull and push on what you pay at the pump.

The Guardian - UK

Ukraine farming group calls for urgent end to ports blockade

Group warns of ‘cascade of export bans’ amid failure to ease grain bottlenecks fuelling shortages and inflation, MHP said

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