EXPLAINER: What's next after Russia reduced gas to Europe?
The war in Ukraine is fueling fears of a natural gas emergency in Europe. Russia has throttled back supplies to more countries, this time to major economies and major users such as Germany and Italy. Supplies are enough to generate electricity and power industry for today’s needs. But Europe needs to fill its underground gas storage this summer. If it can't, the 27-member European Union could face emergency gas rationing by governments and economic disaster this winter. Meanwhile, higher gas prices and the threat of a cutoff are raising pressure on Europe to find substitutes and reduce how much gas it uses — and fast.
How much for gas? Around the world, pain is felt at the pump
COLOGNE, Germany (AP) — Around the world, drivers are looking at the numbers on the gas pump and rethinking their habits and finances. Walking, biking, public transport, or going car-free are options for the lucky ones. But for minibus operators in the Philippines or a graphic artist in California with clients to visit, it's not so simple. Those without access to adequate public transportation or who otherwise can’t forgo their car have little other choice than to grit their teeth and pay. Energy prices fueled by Russia’s war in Ukraine and the global rebound from the COVID-19 pandemic are a key driver of inflation that is rising worldwide.
Crypto investors' hot streak ends as harsh 'winter' descends
NEW YORK (AP) — The wealth-generating hot streak for bitcoin and other cryptocurrencies has turned brutally cold. As prices plunge, companies collapse and skepticism soars, fortunes and jobs are disappearing overnight, and investors’ feverish speculation has been replaced by icy calculation, in what industry leaders are referring to as a “crypto winter.” On Monday, the price of bitcoin traded at $20,097, more than 70% below its November peak of around $69,000. Experts say the selloff signals growing trepidation on Wall Street and Main Street about the crypto industry’s fundamentals, which right now are looking shaky.
UK rail strike strands commuters, pits workers against govt
LONDON (AP) — Tens of thousands of railway workers have walked off the job in Britain, bringing the train network to a crawl in the country’s biggest transit strike in three decades. About 40,000 cleaners, signalers, maintenance workers and station staff are holding a 24-hour strike on Tuesday, with two more planned for Thursday and Saturday. Major stations are largely deserted, with only about 20% of passenger trains scheduled to run. The strike is upending the plans of employees trying to get to work, students during exam season and music-lovers headed for the Glastonbury Festival, which starts Wednesday in southwest England. The dispute centers on pay, working conditions and job security as Britain’s railways struggle to recover from the coronavirus pandemic.
President Biden nominates 1st Native American US treasurer
WASHINGTON (AP) — A Native American has been nominated to be U.S. treasurer, a historic first. President Joe Biden's nomination of Marilynn Malerba comes as his administration establishes an Office of Tribal and Native Affairs at the Treasury Department. The treasurer's duties include oversight of the U.S. Mint. The treasurer’s signature appears on U.S. currency. Malerba is the lifetime chief of the Mohegan Indian Tribe, located in Uncasville, Connecticut. Treasury Secretary Janet Yellen says Malerba will help further efforts to "support the development of Tribal economies.” Yellen is set to visit the Rosebud Indian Reservation in South Dakota on Tuesday, the first time a Treasury secretary has visited a tribal nation.
Biden says decision on gas tax holiday may come this week
REHOBOTH BEACH, Del. (AP) — President Joe Biden says he’s considering pressing for a holiday on the federal gasoline tax. That could possibly save U.S. consumers as much as 18.4 cents a gallon. Biden told reporters Monday that his decision could come by the end of the week. The administration is increasingly looking for ways to spare the public from higher prices at the pump, which began to climb last year and surged after Russia invaded Ukraine in February. Gas prices nationwide are averaging just under $5 a gallon, according to AAA. Taxes on gasoline and diesel fuel help pay for highways.
Global stocks rebound as Wall St futures gain after holiday
BEIJING (AP) — Global stocks have rebounded as Wall Street futures moved higher after U.S. markets were closed for a holiday. London and Frankfurt opened higher. Tokyo, Hong Kong and Sydney gained, while Shanghai declined. Oil prices climbed above $110 per barrel. The future for Wall Street’s benchmark S&P 500 index was up 2% after a three-day holiday weekend. Investors worry efforts by U.S. and European central banks to cool inflation that is running at a four-decade high might derail global economic growth. The S&P 500 has fallen by more than 20% from its Jan. 3 peak. Investors are looking for clues of Federal Reserve plans for more rate hikes when Chair Jerome Powell speaks before congressional committees this week.
Nuclear industry hopes to expand output with new reactors
The trade association for U.S. nuclear plant operators says it hopes to nearly double their output over the next three decades. Those plans hang on the functionality of a new type of nuclear reactor that’s far smaller than traditional reactors. The industry is generating less electricity as reactors retire. Even so, utilities that are members of the Nuclear Energy Institute project they could add 90 gigawatts of nuclear power with the bulk of that coming online by 2050. That translates to about 300 new small modular reactors. The institute's president will talk about doubling U.S. nuclear output in a speech Tuesday to industry leaders and policymakers.
Germany sticks to 2030 coal exit target amid energy worries
BERLIN (AP) — The German government says it remains committed to its goal of phasing out coal as a power source by 2030, despite deepening worries about a cut in Russia’s gas supplies. Russia’s Gazprom announced last week that it was sharply reducing supplies through the Nord Stream 1 pipeline to Germany for what it said were technical reasons. The German government says the move appears politically motivated. On Sunday, Economy Minister Robert Habeck said Germany will try to compensate by allowing increased burning of coal, a more polluting fossil fuel. Habeck, a member of the Green party, said the move was “bitter” but “simply necessary.” A spokesman for his ministry said Monday that the 2030 target "isn’t wobbling at all.”
JetBlue raises offer again in bidding for Spirit Airlines
NEW YORK (AP) — JetBlue is boosting its offer to buy Spirit Airlines, raising the stakes again in the bidding war over the nation’s biggest budget airline. JetBlue said Monday that it offered $33.50 per share, or $2 per share more than its last bid two weeks ago. JetBlue is trying to outbid Frontier Airlines, which struck a deal to buy Spirit back in February. Shareholders of Florida-based Spirit are scheduled to vote on the Frontier bid next week. JetBlue is trying to convince investors to kill the Frontier offer and drive Spirit into JetBlue's arms.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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