Oil advances after EU deal reached on Russian oil ban
Brent and West Texas Intermediate crude futures inched...
Brent and West Texas Intermediate crude futures inched higher early on Tuesday to trade at $123.86 per barrel and $119.12 per barrel, respectively, after European Union leaders agreed on a partial ban on Russian oil imports. Meanwhile, US gasoline prices set a new record over Memorial Day weekend, trading at $4.62 per gallon on Monday, according to AAA.
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The embargo intends to cut off financing for Russia following the invasion of Ukraine. EU officials have been trying to agree on a plan to curtail the country's energy imports for months, but reliance on Russian gas and oil in many EU countries had previously limited any progress.
But the EU reached a last-minute compromise, exempting all pipeline imports, which leaders hope will cushion the economic impact for several member states, including Hungary, Slovakia, and the Czech Republic. European Commission President Ursula von der Leyen said that by the end of the year, the embargo will cover 90% of Russian oil imports.
Crude oil prices were trading around their highest levels in two months on Monday as the crunch talks took place. Once an agreement was announced, prices soared even higher.
UK Imposes 25% Energy Windfall Tax as Energy Bills Surge
Britain announced a 25% windfall tax on oil and gas producers’ profits on May 26,...
Britain announced a 25% windfall tax on oil and gas producers’ profits on May 26, alongside a 15 billion pound (US$18.9 billion) package of support for households struggling to meet soaring energy bills.
The move, which will give each U.K. household a 400-pound discount on their energy bill and more for lowest-income households, marks a change of heart for Prime Minister Boris Johnson's government, which had previously resisted windfall taxes, calling them a deterrent to investment.
It is the second emergency policy intervention to help with rising bills this year.
EPA approves emergency fuel waiver in Texas after refinery outage
The U.S. Environmental Protection Agency (EPA) issued an emergency air-quality waiver through June 6...
The U.S. Environmental Protection Agency (EPA) issued an emergency air-quality waiver through June 6 to boost supplies of gasoline in East Texas after production was cut at a regional refinery.
The waiver allows the sale in 34 Texas counties of higher-volatility, winter-grade gasoline. The Biden administration has released emergency oil stocks and is considering lifting smog rules nationwide to combat rising fuel prices.
Waivers typically are issued after hurricanes or other disasters that broadly cut fuel supplies and not for outages at a single refinery as in the Texas case.
