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• As gas prices hit $5 per gallon, IRS makes mileage deduction for fuel costs more generous in rare midyear move
  The federal tax deduction that businesses and self-employed taxpayers can use for their work-related...
  The federal tax deduction that businesses and self-employed taxpayers can use for their work-related miles on the road is suddenly getting more generous, in a nod to gas prices that keep breaking records.
  
  The optional standard mileage rate for business-related driving is increasing to 62.5 cents a mile, starting in July, the Internal Revenue Service announced Thursday.
  

  
  
  That’s up from the 58.5-cents-a-mile rate first announced in December.
  
  
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• MarketWatch-Need to Know: Stock-market futures take turn for worse after inflation data
  The numbers: The cost of living jumped 1% in May on the back of higher rents, gas and...
  The numbers: The cost of living jumped 1% in May on the back of higher rents, gas and food prices, keeping the rate of U.S. inflation at a 40-year high.
  
  The increase in the consumer price index in May was more than triple the gain in the prior month. Economists polled by The Wall Street Journal had forecast a 0.7% advance.
  
  The sharp increase in prices in May, and another likely strong reading in June, is sure to keep pressure on the Fed to stay aggressive. Speculation about a rate-hike “pause” in the fall looks farfetched.
  
  The Dow Jones Industrial Average DJIA, -1.94% and S&P 500 SPX, -2.38% were set to open mixed in Friday trades. The 10-year bond yield TMUBMUSD10Y, 3.064% was flat.
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• Iran Expects Confiscated Oil Cargo to Be Returned in Full
  Iran expects an oil cargo confiscated by the U.S. off the coast of Greece to be returned in full,...
  Iran expects an oil cargo confiscated by the U.S. off the coast of Greece to be returned in full, Tehran's ambassador to Athens said on June 9, following a Greek court ruling quashing the original decision to confiscate it.
  
  The case arose when Greece in April impounded the Iranian-flagged Lana, formerly Pegas, with 19 Russian crew members on board, near the island of Evia due to EU sanctions.
  
  The ship was released due to complications over its ownership. The U.S. in May confiscated part of the Iranian oil cargo onboard, transferring it to another ship, following the initial Greek court ruling.
  
  The Greek court's decision to overturn that ruling has not yet been made public.
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• US Agrees $500 Million Loan Guarantee for Utah Hydrogen Storage Project
  The U.S. Department of Energy said on June 8 it has finalized a $504.4 million loan guarantee to...
  The U.S. Department of Energy said on June 8 it has finalized a $504.4 million loan guarantee to help finance the world's largest storage facility for hydrogen, a gas that can be produced with renewable power and used to generate electricity.
  
  Hydrogen can be burned as a fuel in power plants to reduce dependence on fuels like natural gas that emit large amounts of greenhouse gases when burned.
  
  The Advanced Clean Energy Storage project in Delta, Utah, is set to store green hydrogen and then burn it as a fuel for the Intermountain Power Agency's Renewed Project, a hydrogen-capable gas turbine, the combined cycle power plant intends to be fueled by 100% clean hydrogen by 2045.
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• Matador Resources to Acquire Permian Midstream Assets from Summit for $75 Million
  Matador Resources Co. agreed to acquire a gathering and processing system in New Mexico’s Eddy and...
  Matador Resources Co. agreed to acquire a gathering and processing system in New Mexico’s Eddy and Lea counties from Summit Midstream Partners LP for $75 million, adding to Matador’s midstream portfolio in the Permian Basin.
  
  
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