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• Calif. bill to combat price gouging clears first hurdle
  A bill passed by California's Senate Energy, Utilities,...
  A bill passed by California's Senate Energy, Utilities, and Communications Committee on Wednesday aims to prevent price gouging by oil companies by giving the California Energy Commission the power to impose a maximum gross gasoline refining margin and penalize refiners who violate it. The bill, which has received pushback from the industry, would also require refiners to report their net gasoline refining margin per barrel, create a Division of Petroleum Market Oversight and allow violations to be referred to the California attorney general for prosecution.
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• Traders warn record commodity profits won't last
  The Ukraine war and the global energy crisis sent profits from commodities trading to record levels last...
  The Ukraine war and the global energy crisis sent profits from commodities trading to record levels last year, but some traders told a commodities summit in Switzerland that 2023 will not repeat the windfall figures due to more conservative price volatility, profitability, and margins. Trafigura chief financial officer Christophe Salmon says he believes the volatility is here to stay, noting that the energy transition "intrinsically will trigger more volatility in a number of markets."
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• ☕️What Else is Brewing Thursday Morning
  The SEC is going after more celebrities, including...
  The SEC is going after more celebrities, including Lindsay Lohan, Akon, and Jake Paul, for allegedly violating securities law while pushing crypto.
  
  Donald Trump’s attorney must turn over additional information in the investigation into the ex-president’s handling of classified documents, an appeals court said, after a judge ruled that attorney-client privilege did not apply.
  
  Moderna aid it will price its Covid vaccine at $130 per dose once the government winds down its emergency program to make it available for free. The US government was getting it for $15–$26 per dose.
  
  Starbucks olive oil-infused coffee will be available at some US cafes starting today after debuting in Italy last month.
  
  
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• The SEC warned Coinbase it plans to sue
  Continuing its aggressive stance toward the crypto industry since the collapse of FTX, the SEC has notified...
  Continuing its aggressive stance toward the crypto industry since the collapse of FTX, the SEC has notified Coinbase, the biggest US crypto exchange, that it plans to take enforcement action against the company. Coinbase’s CEO Brian Armstrong has been an outspoken critic of the agency’s positions on crypto. Yesterday he tweeted, “We are right on the law, confident in the facts, and welcome the opportunity for Coinbase (and by extension the broader crypto community) to get before a court.”
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• The Bank of England lifts a key interest rate by one-quarter point
  The Bank of England on Thursday matched the U.S. Federal Reserve...
  The Bank of England on Thursday matched the U.S. Federal Reserve by hiking interest rates by a quarter percentage point.
  
  The 7-2 decision, the eleventh consecutive increase, brings the U.K. base rate to 4.25% and comes after data showed inflation surprisingly accelerated in February to a year-over-year rate of 10.4%.
  
  The central bank’s financial policy committee said the U.K. banking system maintains robust capital and strong liquidity positions and can “continue supporting the economy” even as interest rates rise.
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