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Union calls for windfall tax on oil and gas

Prime minister said cutting fuel excise did little compared to soaring prices, but did not rule the measure out Get our free news app ; get our morning email briefing Follow our Australia news live blog for the latest updates Scott Morrison has left open the possibility of cutting petrol excise in the budget, as soaring fuel prices after the Russian invasion of Ukraine add to cost of living pressures. On Sunday Morrison told Channel Nine that price fluctuations are greater than any potential savings from a cut to petrol excise, but did not rule out the populist measure – twice responding that “the budget is at the end of the month” when asked to do so. Sign up to receive an email with the top stories from Guardian Australia every morning Continue reading…

KARACHI: State-owned Pakistan State Oil refused to take responsibility of oil imports on behalf of other Oil Marketing Companies , saying market situation was volatile with regards to product availability, The New learnt on Saturday.PSO said suggestions put forth by Oil & Gas Regulatory…

The content originally appeared on: CNN Abu Dhabi, UAE CNN — A bombshell announcement by a United Arab Emirates diplomat on Wednesday raised hopes that Gulf oil producers might come to the rescue as oil prices climbed to an eight-year high on Russia’s war in Ukraine. Yousef Al Otaiba, the UAE ambassador in the United States, told CNN his country favors an oil output hike. It was the first indication from a member of the OPEC+ cartel of oil producers […]

The historic surge in oil is reshaping the outlook for Asian equity and currency markets, as the spectre of prolonged high prices exposes the vulnerability of energy-dependent countries.Risks of a rise in consumer prices and disruption to current-account balances have triggered strong foreign outflows from equities in markets like India and South Korea in recent days, spurring weakness in their currencies.A few resources-rich nations, like Australia and Indonesia, are among the beneficiaries as…

The ban on Russian oil exports is causing prices to surge, and leaders are revisiting some awkward friendships.

THE conflict in Ukraine is set to squeeze households even further as the sanctions against Russia send shockwaves through the global economy. A sharp rise in the prices of oil, metals and wheat is expected to push up the cost of many everyday items, from food to petrol and heating. And the Bank of England […]

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Dave Riggs has been heading to the waters off Bremer Bay to films orcas for years. But this season, he has his sights set on a different subject — a dead blue whale.

The Lagos Chamber of Commerce and Industry has warned Nigerians to brace for an imminent increase in the prices of products in the wake of the energy crisis occasioned by the Russia-Ukraine war. According to a statement by the chamber, the immediate implication of the price of diesel at above N600 per litre, is the… Read More

The Federal Government says it has succeeded in removing subsidy on electricity tariff. Minister of Finance, Budget and National Planning, Zainab Ahmed, said this at a meeting of African Finance Ministers and the International Monetary Fund. According to the minister, the government is also working toward getting rid of the petrol subsidy. “We are cleaning up … The post FG confirms removal of subsidy on electricity appeared first on Okay.ng .

As part of the celebrations of the “Azadi Ka Amrit Mahotsav” inititative, the directorate general of mines safety in collaboration with Oil India Limited (OIL) and Oil & Natural Gas Corporation (ONGC), a workshop was held on “Occupational Health and Safety in Oil and Gas Mines” at the OIL

The historic surge in oil is reshaping the outlook for Asian equity and currency markets, as the specter of prolonged high prices exposes the vulnerability of energy-dependent countries.

Would Europe cutting off Russian oil and gas imports be enough to convince Putin to stop the war on Ukraine? According to Dr Chi Kong Chyong from the Energy Policy Research Group at Cambridge Judge Business School, the global nature of energy markets means that stopping the flow of Russian oil and gas into Europe may not be the ‘hammer blow’ that Western countries are looking for. Russia’s invasion of Ukraine marks the darkest hours for Europe since the Second World War. Ukraine is fighting to preserve not only its territorial integrity, but its very right to exist as an independent, democratic country in the heart of Europe. For Putin to fund his war, he relies on the revenue generated by Russian oil and gas exports to Europe. In a best-case scenario, Europe would wind down its commercial gas relationship with Russia in the coming years. But a ban on the import of Russian oil and gas is also a possibility, which would lead to an abrupt breakdown of the gas trade. Such a breakdown would be painful for consumers, as Europe relies on Russia for at least 40% of its gas imports.

Ron Paul: Is Putin the New Coronavirus? Authored by Ron Paul via The Ron Paul Institute, President Biden’s “maskless” State of the Union signifies the near-end of the COVID tyranny we have lived under for the past two years. Fortunately for Congress, the President, and the Federal Reserve, the Ukraine-Russia conflict is replacing COVID as a ready-made excuse for their failures and a justification for expanding their power. Even before politicians began declaring the end of the pandemic, polls showed that rising prices were the people’s top concern - particularly the increase in gas prices. Since Russia is one of the world’s leading energy producers, sanctions imposed on Russia, as well as Germany’s decision (made under pressure from the US) to shut down the Nord Stream 2 pipeline, provide a convenient excuse for rising gas prices. This is the case even though the US, citing the “instability” in world energy markets created by the Russian-Ukraine conflict, has yet to officially ban imports of Russian oil.