EUR/USD 1.16110
0.028%
Gold 4601.63
-0.312%
Oil 59.642
0.876%
USD/JPY 158.101
-0.323%
GBP/USD 1.34044
0.167%
GBP/JPY 211.930
-0.146%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
January 16th - With Trump restarting oil business with Venezuela, global attention is turning to the type of crude oil Venezuela possesses. Venezuela boasts the worlds largest proven oil reserves, largely comprised of heavy, high-sulfur crude from the Orinoco Oil Belt in the countrys central region. While the United States has become the worlds highest producer due to a surge in light shale oil drilling, most of its refineries were designed for heavy crude. According to the American Association of Petroleum Refiners (AFPM), nearly 70% of U.S. refining capacity is geared towards heavy crude, a legacy of investments made before the shale oil boom. Shon Hiatt, director of the Energy Business Initiative at the University of Southern California, stated that U.S. refineries will greatly benefit from increased Venezuelan crude exports: "Many refineries along the U.S. coast, particularly in Texas and Louisiana, were designed to process Venezuelan crude. Historically, U.S. companies were among the first to explore, extract, process, and export oil in Venezuela, so coastal refineries were built from the outset for this type of crude." Hiatt also pointed out that due to years of sanctions, Canadian heavy crude has replaced Venezuelan crude in imports. However, if Trump pushes for increased Venezuelan heavy oil exports, Canadian heavy oil could be replaced by cheaper Venezuelan crude.Russian President Vladimir Putin told Israeli Prime Minister Benjamin Netanyahu that Russia is willing to assist in mediating the Iranian issue.Russian President Vladimir Putin and Israeli Prime Minister Benjamin Netanyahu discussed the Iranian issue.RIA Novosti: Russian troops have taken control of Zakotne in eastern Ukraine.Gold prices fell in early European trading on January 16th after the latest US data showed a decline in jobless claims last week, reducing the likelihood of an imminent Federal Reserve rate cut. Weaker demand for safe-haven assets also pressured gold prices as market concerns about impending US military action against Iran subsided. However, gold is still on track for a weekly gain of over 2%, having earlier hit a record high. Meanwhile, silver rose nearly 15% this week despite the Trump administrations temporary suspension of tariffs on key minerals.

Biden Reintroduces His Campaign for a Sustainable Aviation Fuel Tax Credit

Charlie Brooks

Apr 13, 2022 09:29

F1.png


"We brought together government agencies, aircraft manufacturers, airlines, fuel suppliers, and airports," Biden said at an Iowa event, saying that the effort will result in "advanced, cleaner, and more sustainable aviation fuels for America."


George Novak, President and CEO of the National Air Carrier Association, commended Biden for "recognizing the essential role that sustainable aviation fuel will play in further decreasing the airline industry's carbon impact."


Airlines are under pressure from environmental organizations to reduce their carbon footprints and have committed to using more environmentally friendly aircraft fuel (SAF).


Biden mentioned American Airlines' (NASDAQ:AAL) and United Airlines' support for sustainable aviation fuel on Tuesday, stating that biofuels were critical for aviation's decarbonization.


"That is the path we will take," Biden said.


The attempt to expedite carbon reductions in aviation is part of Biden's goal of achieving net carbon neutrality in the United States by 2050.


It comes as the US and Europe seek to increase production of SAF, which is currently produced in trace amounts from feedstocks such as discarded oil and may cost up to five times as much as normal jet fuel.


In September, the White House announced that three US government agencies would launch a challenge to supply at least 3 billion gallons of SAF per year by 2030 and sufficient SAF by 2050 "to meet 100 percent of aviation fuel demand, which is currently estimated to be around 35 billion gallons per year."


Airlines for America, a trade association that represents American, United, and other airlines, lauded Biden's request for a blender's tax credit and the $3 billion target that has bipartisan support in Congress. The association said that the credit "would contribute in the development of the embryonic market for SAF by providing a financial incentive for fuel producers to incorporate more SAF into the gasoline supply at a price that would encourage airlines to adopt it."

Suggestion