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OIL AND GAS PRICES: Brent crude prices soared to $90 per barrel yesterday for the first time all year on the news that Saudi Arabia and Russia will extend their oil supply cuts through the end of 2023, in an attempt to push prices higher and account for demand uncertainty from China.
Tuesday’s gains could be short-lived. Demand from China remains suppressed, and protracted price hikes seen in 2022 are unlikely. But markets are fragile, and the Biden administration has limited options to intervene and alleviate price pressure for drivers should prices see an upswing in the coming months.
The lawsuit, which was filed on Monday, is the first stemming from the wildfires to be lodged against the state of Hawaii. It also names the state’s electric utility Hawaiian Electric – which is already facing several lawsuits – and Bishop Estate, a major landowner on the island, over the fires. He’s not alone either – President Joe Biden last week welcomed the potential probes into the federal government’s response to the Maui wildfires that killed at least 114 people, suggesting that House Republicans “go out and talk to every elected official, from the mayors to the governors, to United States senators” about the disaster.
The senator is also looking into authorizing the Community Development Block Grant Disaster Recovery Program that would allow Congress to appropriate funding for immediate disaster relief, long-term recovery, restoration of infrastructure and housing, and economic revitalization to the areas affected by disasters this season.
According to the Zillow, 83% of prospective buyers said they considered at least one climate risk when searching for a home. HURRICANE LEE FORMING: A new tropical storm making its way to the Bahamas and the Caribbean is looking to become the season’s next major hurricane, with its path being highly uncertain as it nears North America.
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Daily on Energy: The big news from China over the weekendSubscribe today to the Washington Examiner magazine and get Washington Briefing: politics and policy stories that will keep you up to date with what's going on in Washington. SUBSCRIBE NOW: Just $1.00 an issue!
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