OTTAWA - Finance Minister FranÇois-Philippe Champagne is expected to announce an extension of the gas tax holiday at a press conference in Ottawa on Wednesday. The Liberals temporarily suspended the federal 10-cent-per-litre excise tax on gas in April when the United States' war on Iran caused global fuel prices to spike. Gas prices are rising again as the conflict between the U.S. and Iran intensifies and as the Strait of Hormuz remains a supply line choke point. The excise tax [Read more]
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Iran blacklists more ships trying to sail through Hormuz, govt website shows
Iran has added more ships it deems as non-compliant and subject to fines, confiscation or detention if they try to sail through the Strait of Hormuz, according to a government website. Tehran said on August 24 it had blacklisted 45 tankers that had broken its rules for navigating the Strait of Hormuz, and would take action against any vessels transferring loads, escalating its threats over the key waterway six months into a war that began with U.S. and Israeli strikes on Iran. In an [Read more]
US crude stocks fall on strong refining activity and exports, EIA says
U.S. crude oil stockpiles fell sharply last week amid strong demand from the refining sector and higher exports, the Energy Information Administration said on Wednesday. Crude inventories fell by 4.5 million barrels to 424.5 million barrels in the week ended August 28, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.1 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 80,000 barrels in the week. U.S. exports rose by 691,000 bpd to [Read more]
Chevron Expands Position in Venezuela
HOUSTON--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today announced agreements with Venezuela that establish updated terms for its joint ventures, supporting future investment, project development and production growth in the country. The agreements set out provisions for Chevron's joint ventures in Venezuela, including enhanced fiscal, commercial and legal terms intended to support durable and competitive long-term investments. As part of the agreements, Chevron has been assigned [Read more]
Prediction market Kalshi to file for US crude oil ‘perps’, source says
Kalshi is preparing to file a perpetual West Texas Intermediate crude oil contract with U.S. regulators, a source familiar with the matter said, expanding the prediction market startup's offerings beyond cryptocurrencies and metals. The filing with the U.S. Commodity Futures Trading Commission, expected as early as next week, will seek approval for 24/5 trading of the perpetual contracts, said the source, who requested anonymity because the plans are not yet public. If approved, the WTI [Read more]
Chevron expands Venezuela position, to invest $7 billion in next five years
Chevron said on Wednesday it had agreed with Venezuela on updated terms for its joint ventures in the country and plans to invest more than $7 billion over the next five years, targeting production of about 600,000 bpd. The expansion is the culmination of several months of negotiation conducted separately from Washington's recent announcement of an unprecedented deal to take majority control of about 65 billion barrels of Venezuela's oil reserves. The agreements provide enhanced fiscal, [Read more]
Trump plan risks derailing Venezuela oil recovery: Bousso
President Donald Trump's plan to secure direct U.S. access to a large share of Venezuela's vast oil reserves could end up derailing the country's long-awaited petroleum revival by stifling competition, distorting markets and deterring the foreign investment needed to rebuild the South American nation’s battered energy industry. The plan unveiled on Monday would see Washington acquire a 35% equity stake in private oil firm North American Blue Energy Partners (NABEP), which is controlled by [Read more]
Two oil tankers hit mines and were disabled, Iran’s Revolutionary Guards say
Two oil tankers hit sea mines and were disabled while attempting to transit the Strait of Hormuz, Iran's Revolutionary Guards said on Wednesday, in a statement shared by state media. The statement said the tankers had been forced to disembark their crews and were placed in the hands of U.S. operatives to pass through what it called an "illegal route" in the strategic waterway, despite earlier warnings from the Guards' navy about the dangers of crossing the mined passage. (Reporting by [Read more]
What are Iran’s options to retaliate as open warfare resumes with the US?
The United States launched a new wave of attacks on Iran late on Tuesday six months into a deadlocked conflict, prompting Iranian missile fire at what it called U.S. assets in Jordan, Bahrain, Kuwait and Iraq. Here are other ways Iran might retaliate if the conflict continues to escalate or a U.S. campaign to choke off Iran's economy intensifies. IRAN COULD EXPAND ATTACKS ON GULF STATES Iran has repeatedly struck at its neighbours in response to U.S. attacks and threatened to retaliate [Read more]
Efficiency or resilience? Democracies can only pick one: Joachim Klement
Efficiency has long been the prime objective of business and government policy. But the pandemic, trade wars and armed conflicts have called this into question, stressing the importance of resilience. Yet this too comes with a cost, and it’s one many elected leaders aren’t eager to pay. For generations, students of microeconomics and business have been taught that a firm should use scarce resources efficiently to maximise profits and shareholder value. The post-Cold War era became the [Read more]
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