EUR/USD 1.13755
-0.315%
Gold 4045.67
-2.039%
Oil 90.611
5.495%
USD/JPY 163.840
0.429%
GBP/USD 1.33146
-0.447%
GBP/JPY 218.151
-0.020%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
July 24th - According to foreign media reports, three sources stated that OPEC+ is likely to agree to further increase its production target starting in September at its meeting on August 2nd, despite the renewed conflict with Iran making it difficult for some member countries to increase production. The sources indicated that OPEC+ is likely to raise its September production target by approximately 188,000 barrels per day, the same increase as in June, July, and August. Due to the disruption of exports from Gulf member countries caused by the Iranian conflict, OPEC+s current production is far below its quota. Data shows that OPEC+s June production was 36.28 million barrels per day, lower than the nearly 43 million barrels per day in two months before the outbreak of the war. Reuters calculations show that, considering the impact of the UAEs withdrawal, if the September production target is increased by approximately 188,000 barrels per day, the 2023 production cuts will be completely lifted.Kuwaiti military: Air defense system is currently intercepting Iranian "hostile" drone threats.Iranian Foreign Ministry: Iranian Foreign Minister Araqchi arrives in Cholpon-Ata, Kyrgyzstan.According to Irans Mehr News Agency, reports of an Iranian attack on a power plant in Kuwait are false propaganda from Israel.On July 24th, according to US media reports on the 22nd local time, Nvidia founder and CEO Jensen Huang, in an interview, discussed the development of artificial intelligence in China, stating that Chinas open-source AI models are excellent and the US should not fear them. Huang stated that Chinas large-scale models are outstanding, and excellent open-source models should be used. He added that the market misunderstood the impact of DeepSeek last time, and now it has misunderstood the impact of Kimi. Huang strongly opposes restricting or even banning Chinas open-source models, believing that the world needs both open-source and closed-source large-scale models. Regarding the question of whether US companies should be allowed to use Chinas large-scale AI models, Huang stated that they should certainly be allowed, and that the idea that Chinese large-scale models contain backdoors or can be connected to China in some way is a misconception.

The United States is contemplating adding more ethanol to gasoline in order to cut pump costs

Charlie Brooks

Mar 31, 2022 10:36

E2.png


The assessment comes as President Joe Biden attempts to rein in surging gas prices, which reached a new high last month after Russia's invasion of Ukraine in late February. To punish Russia for the invasion, the United States and other consumer nations have blocked imports of oil from Russia, a key global supplier.


Increasing the amount of ethanol in gasoline mixes has the potential to lower petrol prices at U.S. gas stations since ethanol, which is derived from maize, is now less expensive than plain gasoline.


The EPA said it couldn't comment on whether the move was being considered, but that it was "examining a number of measures throughout the administration to assist offset repercussions from Russia's activities on American consumers."


The ethanol sector would appreciate the measure, as it has sought to raise sales of the E15 fuel mix and abolish summertime limits on it. E15 contains up to 15% ethanol, compared to 10% in regular gasoline in the United States.


The summertime ban on E15 was established due to fears that it adds to pollution in hot weather, despite studies indicating that the 15% mix of fuel may not increase smog in comparison to the more prevalent 10% blends available year-round.


A bipartisan coalition of Farm Belt politicians in the United States has lobbied the White House to repeal the summertime restriction.


Earlier this month, senators from Iowa and Illinois, the two largest corn-producing states, requested Biden in a letter to authorize the sale of E15 during the 2022 driving season, saying that the increased ethanol would cut consumer prices.


However, since ethanol is manufactured from maize, the change has the potential to raise food prices. Previously, the Biden administration investigated whether suspending rules for biofuels to be integrated into the nation's fuel mix may help offset a rise in food component prices such as maize and soy oil.


Inflation is considered as a key danger to Democrats in the midterm elections in November.

Suggestion