Latest Energy industry News

World shares sink after inflation driven retreat on Wall St

May. 19, 2022 04:10 AM EDT

TOKYO (AP) — Shares declined in Europe and Asia on Thursday after a broad retreat on Wall Street triggered by worries over the impact of persistent high inflation on corporate profits and consumer spending. U.S. futures were lower, while oil prices advanced. ...

New Mexico delivers inflation relief payments to residents

May. 19, 2022 00:47 AM EDT

SANTA FE, N.M. (AP) — New Mexico is delivering the first in a series of direct payments to the state's adult residents to offset higher consumers costs amid inflation. Individual taxpayers who get direct deposit rebates are scheduled to receive $250 and couples who file jointly are...

Japan records trade deficit as imports surge on energy costs

May. 18, 2022 22:14 PM EDT

TOKYO (AP) — Japan recorded a trade deficit in April as imports ballooned 28% after energy prices soared following the war in Ukraine. Japan’s exports grew to 8.076 trillion yen ($63 billion) last month, up 12.5% from the previous year, according to Ministry of Finance data...

Indiana Republicans show no signs of moving for gas tax cut

May. 18, 2022 14:40 PM EDT

INDIANAPOLIS (AP) — Indiana Republicans aren’t showing signs of putting the brakes on rising state gasoline taxes even as the state government continues its streak of fast-growing tax collections. Motorists in Indiana are now paying about 56 cents per gallon in state taxes on...

Biden's burdens grow: Sagging global economy adds to US woes

May. 18, 2022 14:30 PM EDT

WASHINGTON (AP) — As President Joe Biden embarks for Asia on Thursday, he's facing a new risk at home for the economy and his Democratic Party: a global slowdown caused by Russia's invasion of Ukraine and the pandemic shutting down Chinese cities and factories. The world economy...

Yellen: Ukraine war fallout threatens 'stagflation,' hunger

May. 18, 2022 14:06 PM EDT

BONN, Germany (AP) — Treasury Secretary Janet Yellen warned Wednesday that Russia's February invasion of Ukraine has produced a sharp increase in food and energy prices that is contributing to a slowdown in growth and creating greater risk of global stagflation. “This is an...

4 EU nations to harness North Sea wind for green transition

May. 18, 2022 13:52 PM EDT

COPENHAGEN, Denmark (AP) — Four European Union countries plan to speed up the continent’s green transition and help wean it off Russian energy imports through a large new project to build wind farms in the North Sea, Danish Prime Minister Mette Frederiksen said Wednesday. She...

Qatar to boost investment in Spain by $4.9 billion

May. 18, 2022 13:02 PM EDT

BARCELONA, Spain (AP) — Qatar committed Wednesday to investing 4.7 billion euros ($4.9 billion) in Spain as the European country launches an economic overhaul with its share of European Union pandemic recovery funding. Qatar's emir, Shekih Tamim bin Hamad Al-Thani, announced that...

UN drops forecast for global economic growth in 2022 to 3.1%

May. 18, 2022 12:14 PM EDT

UNITED NATIONS (AP) — The United Nations on Wednesday significantly lowered its forecast for global economic growth this year from 4% to 3.1%, saying the war in Ukraine has triggered increasing global food and commodity prices and exacerbated inflationary pressures, upending the fragile recovery...

EU rushes out $300 billion roadmap to ditch Russian energy

May. 18, 2022 09:54 AM EDT

BRUSSELS (AP) — The European Union’s executive arm moved Wednesday to jump-start plans for the 27-nation bloc to abandon Russian energy amid the Kremlin’s war in Ukraine, proposing a nearly 300 billion-euro ($315 billion) package that includes more efficient use of fuels and faster rollout of...