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Fuel costs are at multi-year highs, and Americans should prepare for expensive summer travel.
The soaring?price of gasoline and the looming fuel shortage from the Iran War are not deterring American travelers as they hit the road this weekend for the start of the U.S. Summer Driving Season, though some plan shorter trips to save money. Since early May, the average U.S. retail gasoline price has been hovering around $4.50. This is about 45% more than before Israel and the United States launched their attacks on Iran late in February. The price of crude oil, which is used to make gasoline, has also risen, along with other goods, since the conflict led to an effective closure of Strait of Hormuz. This key trade route, through which 20% of world oil consumption passes, was effectively closed by the conflict. In most areas of the U.S. it was more than a week ago that this $4-per-gallon barrier was breached. This is seen by many as a psychological barrier. This milestone was last achieved in August 2022, after Russia invaded Ukraine. Donald 'Trump faces mounting political pressure in the run-up to November's midterm election as households struggle with rising costs. Iran's war is a major factor in driving consumer inflation up to its highest levels in nearly three years. Energy prices are also a significant contributor. Many states have already suspended gas taxes in order to reduce the cost of fuel. Discussions are also underway about reducing federal 18.4 cent gasoline tax. Higher costs, shorter trips The Memorial Day weekend, which is a three-day holiday when many Americans hit the road, marks the beginning of the summer travel season. According to AAA data, a record 39.1 millions people will travel by car in spite of high gas prices. Tiffany Wright, AAA spokesperson, said that this is the smallest annual increase in over a decade. She added that high fuel prices and persistent inflation could lead some travelers take shorter trips, postpone travel plans, or stay closer to home. Even so, Americans are still planning to drive less?miles in the summer months, a reflection of the financial burden that high energy prices continue to place on American drivers. GasBuddy's survey shows that only 56% of Americans plan to drive for more than 2 hours this summer compared to 69% last year. The survey found that cost is the most important factor in travel decisions. 67% of respondents said gas prices directly affect their driving plans, and 36% say rising costs cause them to take less road trips. GasBuddy's head of petroleum analyses, Patrick De Haan, said that this is the most volatile gas pump summer in recent years. He added that Americans will pay billions of dollars more to travel to their destinations, even after the Strait of Hormuz reopens. He said it could take up to a year for prices fully to recover. Analysts said that gasoline consumption was relatively high despite prices being at their highest in four years. However, they warned of a possible shortage as the summer travel season approaches. Bob Yawger is the director of energy futures for Mizuho. He said, "Gasoline has been falling in storage for 14 weeks straight, including every week of the war in Iran. We are now going to stumble into Memorial Day weekend and the beginning of summer driving season. This will be within striking distance of an 11-year low." He said, "We're in a big mess as far as gasoline goes." The Energy Information Administration reported on Wednesday that U.S. gasoline stocks were 214.2 million barrels at the end of last week. This is down 11.4 millions barrels compared to the same time last year. The?stockpiles fell 7% in a 28-day span at the end of April, which was the largest drop since more than five year. The recent refinery failures, the approaching Atlantic Hurricane season, and the tightening of global inventories, will all add to the pressure on fuel prices. A GasBuddy forecast on Wednesday indicated that the national average gasoline price would be $1.48 higher on Memorial Day this year compared to the previous year. Prices could also reach $5 per gallon if the Strait of Hormuz remains restricted throughout the summer. John Kilduff is a partner at Again Capital. He said: "We are very concerned about the fact that we're drawing down inventories globally at an incredible pace. And global demand has found its way to us not only for crude oil, but also for refined products."
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Sources say Bharti Group seeks UK support for raising BT stake
Three people with knowledge of the matter have said that the Indian conglomerate Bharti Enterprises wants to 'potentially increase its stake in BT to just below the threshold which would'require it to?make a full-takeover offer for British telecoms group. The group, led by Sunil Bharti Mittal - a billionaire founder - is seeking the UK government's approval to increase its stake in a London listed company. They spoke on condition of anonymity as the matter was?private. One person said that it could increase its stake up to 29.9% in order to gain a greater economic exposure to BT, but did not plan to go for a full-scale takeover. Bharti's spokesperson said that the company was happy with its current shareholding of 24,95% and "currently does not have plans to increase its stake." Cabinet Office of the UK government declined to comment. BT referred all questions to Bharti and the UK government. Bharti's decision to increase its stake above 25% will be subject to review by the UK government under the National Security Investment Act, which allows the government to have a greater say in deals that may affect national interests. In 2024, the group acquired a 24.5% stake from Altice's Patrick Drahi. This made it a strategic shareholder of BT. Bharti stated at the time that it supported BT's management team and "ambitious transformation program" to achieve long-term, sustainable growth. LSEG data shows that BT shares are up 55% since LSEG acquired the stake. According to LSEG, Bharti Televentures holds the stake. BHARTI DOES NOT PLAN TO BID FOR ENTIRE BT Bharti, which owns Bharti Airtel, a brand that operates in 17 countries throughout South Asia and Africa said 'at the time o? that acquisition it didn't intend to bid on all of BT. The former state monopoly is Britain’s largest broadband and mobile company. Mittal, the founder and chairman Bharti Enterprises and Gopal Vittal Vice Chairman and Managing Director of Bharti Airtel joined the BT Board in September as non-independent, non-executive non-executive members. After a?detailed national security assessment, and assurances by?the telecoms firm, the UK approved the purchase of BT's London-listed shares at the end 2024. The UK government announced that BT had established a national?security?committee in order to oversee the "strategic works it performs, which have an impact on the national security of the country or are related to the national security".
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White House urges lawmakers pass rail safety legislation
The White House on Friday urged legislators to pass rail safety legislation that has been stalled for years after a 2023 derailment in Ohio of a Norfolk Southern-operated locomotive caught fire, releasing over?a?million gallons hazardous materials and pollutants. The fate of the bill is uncertain despite support from President Donald Trump, many Democrats and railroads. Many Republicans and Democrats in Congress are also opposed to it. The U.S. House Transportation and Infrastructure Committee will be debating the five-year, $580 billion highway plan on Thursday. They are also considering adding a bill to improve rail safety. This would include stricter rules for railcar wheel bearings and better safety measures for trains that carry hazardous materials. The Texas Republican Representative Troy Nehls said that the bill was needed because the derailment had "exposed serious flaws in the safety practices of the freight rail industry, especially when it came to the?transporting of hazardous materials. Sam Graves (Republican chairperson of the committee) said that the bill would increase the cost of rail shipping by billions of dollars over a decade. Graves stated that the bill would have a ripple effect on the entire supply chain. A catastrophic mechanical failure in a railcar wheel bearing overheated was the cause of the 2023 derailment. Norfolk Southern agreed in 2024 to a Justice Department Settlement worth $310 Million, which included installing additional devices to detect overheated bearings early enough. Jennifer Homendy, chair of the National Transportation Safety Board, said that many safety recommendations made following the?2023 train derailment at East Palestine, Ohio remain unaddressed three years after it occurred. Homendy said, "People in the East Palestine community and all Americans deserve a comprehensive solution to rail safety concerns." The law would mandate enhanced safety procedures for train carrying hazardous materials, and require wayside defects detectors, two-person crews at a minimum, as well increased fines. The Association of American Railroads (AAR), which represents the major rail companies, has criticized the bill, saying that it "increasingly became a vehicle for labor and operation mandates" that would increase costs in the supply chain without improving safety. Reporting by David Shepardson, Editing by Chizu?Nomiyama and Nick Zieminski
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Air India CEO: Successor will be "hands-full"
Air India CEO Campbell Wilson said on Thursday that his successor would have "hands-on" work, as the carrier deals with the fallout of the Iran War and the strong U.S. Dollar. Wilson, who announced his resignation from Air India last month, has said that he will be leaving the company in two or three months. Wilson said that the next four years will be "just as challenging, but in a slightly different way" at a luncheon event in New York. "The person who takes over the role will have a lot on their plate, but I want to make sure that the right person has been chosen to continue the work." According to reports, Singapore Airlines executive Vinod Kanan and Air India commercial head Nipun Aggarwal were the frontrunners for the position of new CEO at Air India. Air India's image has been tarnished as well by "a series of safety failures". Wilson stated that it was "always clear" that he would serve a four-year tenure at Air India. However, he said he would help his successor by taking'steps'. Wilson said, "I will be flexible for as long it takes them to find someone to replace me and I'll make sure we have a smooth transition."
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Panama Canal veteran Ilya Espino appointed next administrator
Ilya Espino De Marotta has been?selected to be the new administrator of the 'Panama Canal. Panama's president Jose Raul Mulino made the announcement in a Thursday post on X. Espino is a?engineer with more than 40 years of experience in the canal. She has been serving as the Canal's deputy administrator since 2020. She will succeed Ricaurte Vaquez as the first female leader of the entity. After Mulino posted on social media that Espino had been appointed, Jose Ramon Icaza confirmed the appointment. He said it was the result of "months?of?deliberation." Espino, in a speech delivered at the headquarters of the board of directors on Thursday, thanked the board for its "vote of confidence" and said: "I'm committed to continuing working for my nation from the Panama Canal." The Panama Canal Authority is a self-governing autonomous agency which runs a major freight route?through Central America. This channel connects the Pacific Ocean to the Atlantic Ocean and handles 5% global maritime trade. Control of the entrance ports of the canal has become tense due to geopolitical tensions. Espino takes over the Canal Authority at a time of tension. In recent months, the Panama Canal has experienced increased demand mainly because of the U.S./Israeli war against Iran which has disrupted international trade corridors. Panama Canal officials have stated that they do not plan to restrict vessel traffic for the remainder of 2026, even if El Nino's severe weather pattern, which is expected to begin in the second half year of this year, affects the traffic through the area. The Canal authority closely monitors the weather predictions, especially El Nino. It could cause drought in Central America, and have caused restrictions on passage through the waterway. In recent months, tensions in Panama have been high as well. Disputes over port contracts In?the country there is a dispute between China and the U.S. over the acquisition of port contracts by a Hong Kong-based unit of CK Hutchison. (Reporting and editing by Brendan O'Boyle; Elida Moreno)
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Executives say that Canada's investment climate in oil and gas is improving.
Industry executives stated 'on Thursday that Canada is more attractive to oil and gas investors under the Prime Minister Mark Carney, despite the fact that costs of doing business remain a concern which could limit long-term growth in the energy sector. The oil and gas industry, which has long complained about the onerous regulations and environmental policies of the federal government in Canada, have given a measured response to a recent deal between the federal and Alberta-based governments. The agreement eliminated certain environmental rules and set terms for a new industrial pricing policy on carbon for Alberta's Oil Sands Sector. It also pledged to accelerate regulatory approvals. Carney and the Alberta ?government have said the deal will help pave the way for construction of a 1-million-barrel-per-day crude oil pipeline to British Columbia's coast. Nick McKenna, President of ConocoPhillips Canada, said that the agreement improves the risk profile for oil and gas investment in Canada. He also warned that Canada was still in competition with other countries for investment capital, especially the U.S. where the Trump administration is pushing to increase oil and gas output. McKenna stated that the cost of doing business in a particular jurisdiction is important. It is a very competitive environment. Alberta said it plans to submit a proposal to the federal government for Canada's West Coast Oil Export Pipeline before July 1. Construction is expected to begin by September 2027. No private company has committed to building the pipeline. Enbridge, Canada’s largest pipeline operator said this week in an email that it would only consider participation if and when the conditions and policies were right. Canadian oil sands companies are eager to increase production, but to fill a new 1-million-bpd pipe by mid-2030s will require investment in new oil projects. This would represent a radical shift from recent industry focus on improving efficiency and returning money back to shareholders. Kendall Dilling, President of the Oil Sands Alliance, stated that Alberta's new pipeline proposal would require oil companies to invest up to C$100 billion (72.5 billion dollars) in new production. Oil sands has claimed that any industrial carbon tax would put Canada at a competitive disadvantage against the U.S. and make it more difficult to attract foreign capital to support growth. The new federal-provincial agreement ensures Alberta will raise its carbon price gradually, providing an incentive for heavy polluters to invest in pollution reduction technology. It also meets a condition that Carney set before his Government would consider fast-tracking the?new crude export pipeline. The Carney government also said that approval of the pipeline is contingent on oil sands firms committing to build an proposed carbon capture-and-storage project. However, under the deal the project could be phased in and result in less emission reductions than what the companies initially pledged in 2020.
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US gas exporters request to delay EU methane regulations
A top official of the national suppliers' lobby said that U.S. gas exporters want Europe to defer the implementation of a new law on methane emissions. He warned, however, that the regulatory risk was already preventing long-term contracts between European customers and U.S. companies. Charlie Riedl, Senior Vice President at the Natural Gas Supply Association, said that U.S. Exporters want clarifications about the new methane laws and are asking the European Commission to clarify the law's compliance based on input from the industry. Riedl, speaking on the fringes of the Flame gas and LNG Conference in Amsterdam, initially suggested a need for at least one year of delay, but clarified later that he wasn't proposing a timeframe for a postponement. The EU methane law requires that imported gas comply with monitoring and verification rules equal to Europe's or meet a voluntary standard called "Oil and Gas Methane Partnership 2.0.5". Riedl stated that "I am aware of several companies represented by the association who have told their commercial staff to not sign long-term contracts... due to the uncertainty". The United States is now Europe's biggest supplier of liquefied gas (LNG), replacing a drop in Russian gas pipelines after Moscow invaded Ukraine in 2022. According to the International Energy Agency, global gas markets will remain tight because the conflict in Iran disrupted a fifth or more of the world's LNG supply. Some companies have signed supply agreements with U.S. firms to fill the void caused by the?expected delay in new supplies from Qatar because of the damage 'caused by war. Oil and gas companies in Europe, as well as majors from the United States, called on Brussels to suspend its methane emission law. They warned that it could disrupt Europe's fuel supply. The European Commission has offered more flexible options for companies to comply with its policies, but it has not rolled back this policy. It is a key pillar in the EU's climate strategy. Reporting by Francesca Landini from Amsterdam and Marwa Rashed in London. Editing by Tomasz Janovowski
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Trump promises to retrieve uranium in Iran
Donald Trump, President of the United States, vowed on Thursday to'recover' Iran's stockpile of highly enriched Uranium. This was despite Iran's comments that they would not give the material over. We will get it. We don't have to, and we don't even want it. Trump told reporters at the White House that he would probably destroy it once we had it. But we wouldn't let them keep it. Iran is thought to have about 900 pounds (or more) of highly enriched Uranium. Trump claims that U.S. airstrikes and Israeli airstrikes destroyed it a year or so ago. Trump's war on Iran is centered around preventing Tehran from developing a nuclear weapon. Two?senior Iranian?sources' have confirmed that Iran's Supreme leader has issued a directive stating that near-weapons grade uranium shouldn't be sent abroad.
Air India CEO: Successor will have "hands full"
Air India CEO Campbell Wilson stated on Thursday that the next Air India CEO will have "a lot on their plate" as they deal with the fallout of the Iran War, a ban to use the?airspace of Pakistan and a strong dollar. Wilson announced that he will be leaving in two months.
Wilson said at a New York luncheon event that the next four years will be challenging, but in a new way. "The person who takes over will be busy, but I want to ensure that the right person has been put in place to continue this." has reported that Singapore Airlines executive Vinod Kanan and Air India commercial head Nipun Aggarwal were the two frontrunners for the position of 'new CEO' at Air India. Air India has suffered heavy losses and also a number of safety lapses.
Wilson stated that it was always clear that he'd serve a four-year tenure at Air India but would also take steps to assist his successor.
Wilson said, "I will be flexible as long as they need to find someone else and ensure that we have a smooth transition."
Air India aspires to be a major aviation player in a rapidly growing market.
The carrier has had to cancel thousands?of flights due to the Iran War and the Pakistan Airspace Ban. Some lucrative routes to North America were cancelled or reduced, and some existing flights took hours longer due to the high fuel price.
We now have to fly over even more parts of the Gulf. This means we will need to take a longer route. An eight-and-a-half-hour flight from Delhi to London now takes 12 (hours)," ?he added.
A new CEO will need to be focused on a variety of tasks, including navigating the global challenges that face aviation, like airspace closures, and fuel prices that are uncertain, as well as specific tasks, such growing the business and building relationships with employees.
After the event, he said: "The platform is already in place, but when aircraft are brought in, you will be operating on a much larger scale very soon."
(source: Reuters)