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On September 17, Scott Rubner, head of equity and equity derivatives strategy at Citadel Securities, said that the current rally that has pushed U.S. stocks to new highs may experience some volatility in the coming weeks, but is expected to end strongly before the end of the year. Rubner wrote that the S&P 500 has risen 17% from its low for the year, and short-term risks include overvaluation, seasonal fluctuations common in September and October, and possible selling by trend-following funds. However, these potential signs of weakness are unlikely to last, as the tailwinds supporting the stock markets rise - including corporate spending on artificial intelligence and demand from retail investors - will continue to power the market in the final months of 2025. "Stay positive on structural demand, but hedge against short-term risks, as September to October remains a fragile window," Rubner wrote, adding that investors should view short-term pullbacks as buying opportunities.European Commission President Ursula von der Leyen stated that Russias war economy relies on revenue from fossil fuels. To prevent this, the Commission will propose an accelerated phase-out of Russian fossil fuel imports.European Commission President Ursula von der Leyen: Discussed with Trump strengthening our joint efforts to increase economic pressure on Russia through additional measures.European Commission President Ursula von der Leyen: I had a pleasant conversation with Trump.Microsoft (MSFT.O) shares fell 1%.

Biden Reintroduces His Campaign for a Sustainable Aviation Fuel Tax Credit

Charlie Brooks

Apr 13, 2022 09:29

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"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."

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