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Costco customers seek refunds for Trump tariffs
Costco Wholesale has been sued in a nationwide class action on Wednesday, seeking refunds to U.S. 'customers for higher prices charged. A Costco shopper filed a lawsuit in federal court, Illinois, seeking a declaration that any refunds received by the company for tariffs paid under the International 'Emergency Economic powers Act (IEEPA) must be returned to the customers. The Supreme Court ruled that Trump overstepped his authority when he used the emergency powers act to impose tariffs on a large scale last year. The order has set up a sprawling litigation at the U.S. Court of International Trade where more than 2,000 companies are suing the Administration to recover duties that they paid. FedEx, a global shipper, is currently facing a consumer class action that was filed last month in a federal court in Florida. Costco didn't immediately respond to an inquiry for comment. Matthew Stockov's lawyer did not respond immediately to a question for comment. The complaint stated that "this lawsuit seeks prevent Costco, third largest retailer in the World, from a double recovery." Costco has not committed to refund any part of the anticipated 'tariff refunds' to the consumers who incurred those costs. Costco CEO Ron Vachris said to analysts last week it was still unclear if and when businesses would receive a refund for the IEEPA tariffs that they had previously paid. He said that if Costco receives refunds, it will use them to lower prices and improve value for shoppers. The lawsuit filed on Wednesday claimed that the company had only promised "a potential future benefit to a group of future customers indeterminate." (Reporting and editing by David Bario, Aurora Ellis and Mike Scarcella)
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Oman tries to control fires at Salalah Port after drones strike
Oman’s civil defence is working to contain a fire in 'fuel tanks' at the country's Salalah Port, Oman’s state news agency announced on Wednesday. Drones had struck oil storage areas at the port. Citing Oman's Civil Defence, the state news agency said that it "might" take some time to contain the fire, without giving any further details. Oman's State TV reported earlier on Wednesday that drones had struck fuel tanks "in the port". Oman's official news agency, citing the energy ministry, said that there had been no interruption to oil supplies in the country. Ambrey, a British maritime security company, reported that oil storage tanks were "struck" in the Omani port on Wednesday. Ambrey reported that no damage was done to any merchant vessels. Maersk announced on Wednesday that operations in the Port of Salalah, Oman, have been suspended until further notice. Iranian media reported that Masoud Pezeshkian, the president of Iran, told Oman's Sultan in a telephone call that an investigation would be conducted into the incident at Salalah Port. Oman's official news agency published a readout of the phone call between the two leaders. The sultan of Oman expressed his displeasure and condemned attacks against Oman without mentioning the attack on Omani 'port. The video circulated on social media confirmed that the location was Salalah port?in Raysut.
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Appeals court rules that Trump must pay for New York tunnel payments
After a 'court of appeals' ruled against the Trump administration on Wednesday, the U.S. will have to continue paying for the $16 billion New York Hudson Tunnel. The Hudson Tunnel Project will build a new commuter train tunnel between Manhattan and New Jersey, and repair an existing tunnel that is used daily by over 200,000 people and 425 trains. The existing tunnel was heavily damaged by hurricane Sandy in '2012 and requires frequent emergency repairs. This disrupts travel on America's busiest passenger rail line. The 2nd U.S. Circuit Court of Appeals has a three-judge panel. The Appeals Court of the Circuit ruled that if the temporary restraining orders were overturned pending appeal, then the U.S. Transportation Department could suspend payments in the future and tunnel construction sites would become inactive. This, they said, would pose a serious risk of injury and deterioration, which the states will be responsible for preventing at great expense. The Justice Department asked the U.S. district judge Jeannette Vargas to put her decision on hold until the Justice Department appealed. Construction halted in February, but was resumed in October after the Trump administration released funding of $235 million that it had withheld since October 1. The U.S. Transportation Department has not yet commented on the decision. (Reporting and editing by Chris Sanders; David Shepardson, reporting)
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As conflict risks increase, sea drones are targeting oil tankers in the Middle East.
According to maritime authorities and analysts, naval drones were used in at least two attacks against oil tankers in Gulf region after war broke out between the U.S.?Israel, and Iran. This is a new dangerous threat for the 'key' shipping lane. Ukraine's use of unmanned surface ships armed with explosives in its war against Russia is now being used by Iran to stop oil shipments transiting the Strait of Hormuz. This crucial strait accounts for a fifth of all the world's crude oil. British maritime agency reported that the first sea-based drone strike occurred on March 1, when an oil tanker named MKD VYOM was struck about 44 nautical mile off Oman and one crew member was killed. In a public announcement, the United Kingdom Maritime Trade Operations agency (UKMTO), said that an unmanned surface vessel had struck a tanker flying the flag of the Marshall Islands 'just above the waterline. This caused an explosion and fire to start in the engine room. Sonangol Marine Services, the U.S. representative of Sonangol, reported that a small vessel hit the Bahamas flagged crude oil tanker Sonangol Namibe as it was anchored near Iraq's Khor al Zubair Port. Sonangol Marine Services, the U.S. representative company, said that all 23 crew members of the tanker were safe. They did not elaborate on what type of vessel struck it, citing a continuing investigation. Online footage shows a speedboat-shaped object racing towards the side of the ship, before slamming it into it. The explosion sent thick plumes of smoke into the sky. According to two UK-based experts, Sidharth kaushal, research fellow at RUSI think tank, and Robert Peters, of maritime security company Ambrey, the vessel in this video appears to have been a drone that exploded upon impact. SEA DRONES CAN IMMOBILIZE SHIPPING Peters believes Iran is responsible for the Sonangol Namibe attacks, noting that Tehran previously displayed its naval drone capability at military demonstrations. Peters cited the timing of the attack. According to Iran's semiofficial Mehr news agency, the Iranian Islamic Revolutionary Guard Corps claimed to have set ablaze an American oil tanker that was in the northern Persian Gulf. Mehr reported that the IRGC claimed "missiles were used" in this attack. Iran said that the world must be prepared for oil priced at $200 per barrel after its forces smashed into merchant ships on Wednesday. Shipping through the Strait has also come to a standstill. It was not possible to determine the identity of those responsible for these two attacks. The Iranian Mission to the UN in New York did not immediately respond to an inquiry for comment. Peters says that if Iran's involvement in the attack is confirmed, this would be the first time the Islamic Republic has used naval drones directly to target commercial vessels. Houthi militants in Yemen, who are aligned with Iran, have used drone boats to attack 'commercial ships' in the Red Sea. Peters stated that'sea drones could carry more explosives than those used in aerial drones, possibly equaling the payloads of ballistic missiles. Sea drones, he explained, can "immobilize" ships if they strike the right spot. While aerial drones are capable of killing crew members above them from above. If your ship is incapacitated, you're highly vulnerable if someone wants to follow up. (Reporting and editing by Joe Brock, David Gaffen and David Jeans; Additional reporting by Cassell Bryn-Low from London; Additional reporting by David Jeans from New York)
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Sources claim that Iran has planted about 12 mines along the Strait of Hormuz.
Two sources familiar with the issue said that Iran had deployed about a dozen mines in the Strait of Hormuz. This move was 'likely' to complicate the reopening of this narrow waterway. It is an important route for shipping liquefied gas and oil. The 'war' launched by Israel and the United States 12 days ago has effectively halted the exports of LNG and oil through the strategic chokepoint on the Iranian coast, which is helping to?drive up world energy prices. Iran's military leadership said on Wednesday that the world should prepare for oil prices to reach $200 per barrel. According to one source, the mines had been?deployed in the past few days and most of their locations were known. The source refused to reveal how the U.S. intended to deal with these mines. CNN reported on the mining of the Strait for the first time Tuesday. Iran has threatened for years to mine the Strait in retaliation against any military attack. The strait is normally the route of a fifth of the world's oil and LNG. Tehran has the ability to block shipping in the channel, giving it a huge advantage over the U.S. The U.S. military says it has eliminated 16 Iranian mine-laying vessels on Tuesday. The?U.S. The?U.S. Navy has declined to provide 'protective escorts for commercial ships through this strait. Donald Trump, the U.S. president, demanded on Tuesday that Iran remove all mines deployed in the Strait of Hormuz. He also warned it could face military consequences. (Reporting and editing by Jonathan Landay, Erin Banco and Timothy Heritage).
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Maersk redistributing fuel to ships as Iran war disrupts supplies
Maersk, a container shipping company, said it was redistributing fuel on Wednesday to ensure that its vessels are supplied with fuel. The war in Iran has disrupted the storage and flow of marine fuel in the Middle East. Maersk also has 10 ships stuck in the Gulf. Maersk's spokesperson stated, "We are proactive in redistributing fuel so that vessels can continue to bunker wherever they need to and maintain our ocean network without interruptions." Bunkering, or refueling in the maritime industry, is what's called. A security firm and Oman TV reported that drones had struck oil storage in Salalah on Wednesday. Oman's official news agency, citing a ministry of energy official, stated that there was no disruption in the supply of oil or petroleum derivatives to the country. Maersk said separately that it halted all operations in the Port of?Salalah, on Wednesday, until further notice "in response to an ongoing incident near general cargo terminal." The company did not give any further details. In the United Arab Emirates, a drone intercepted by the UAE's military caused a fire to start in the Fujairah fueling station. The fire damaged the storage area and halted the operations. The U.S., Israel and other countries have intensified their attacks against Iran. This has led to hostilities which threaten one-fifth of world oil that is sailed out of the Strait of Hormuz via this region - the most important energy chokepoint on the planet. While the focus of attention is on the threat of 'attacks on oil tanks,' some of the 100 container ships stranded in the gulf have been attacked. Two maritime security companies said that the Japan-flagged ONE Majesty suffered minor damage from a projectile on Wednesday, 25 nautical miles (46km) northwest of 'Ras Al Khaimah, in the UAE. Its Japanese owner ?Mitsui O.S.K. A spokesperson for Ocean Network Express, its charterer and Lines said that the vessel suffered minor damage above waterline after being struck by a ship while at anchor. The ONE spokesperson reported that all crew members were accounted for. Hapag-Lloyd of Germany, Maersk’s alliance partner in the Strait of Hormuz has a “single-digit” number, according to a spokesperson. MSC, world's biggest container carrier, didn't immediately respond to comments.
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Sources claim that Iran has planted about 12 mines along the Strait of Hormuz.
Two sources with knowledge of the matter have confirmed that Iran has placed about 12 mines along the Strait of Hormuz. This move is likely to impede the reopening of the narrow waterway, which is an important route for the shipping of oil and LNG. The war that was launched by the United States and Israel 12 days ago has effectively halted the exports of LNG and oil through the strategic chokepoint on the coast of Iran, which is helping to push up the world's energy prices. Iran's military leadership said on Wednesday that the world must be ready for oil to reach $200 per barrel. Sources said that the U.S. knew the location of many of the mines but refused to reveal how they planned to deal with them. CNN reported on the mining of the Strait for the first time Tuesday. Iran has threatened for years to mine the Strait in retaliation against any military attack. The strait is normally the route of a fifth or more of all global oil and LNG. Tehran has enormous influence over the U.S. The U.S. Military says that it has 'targeted a 'Iranian vessel that was laying mines, destroying 16 of them Tuesday. The U.S. Navy, however, has?refused to provide a protective escort to?commercial vessels through the strait. Donald Trump, the U.S. president, demanded on Tuesday that Iran remove any mines in the Strait of Hormuz and warned that it could face military consequences. He did not specify what those would be. (Reporting and editing by Jonathan Landay, Erin Banco and Timothy Heritage).
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Used electric vehicles are becoming more affordable, attracting US buyers.
The steep depreciation of used electric cars and their improved reliability is attracting more Americans. As federal incentives for new EVs fade, the pre-owned vehicle market has become a 'key entry point' for those who cannot afford to buy a new EV. The rapid advancements in battery technology, range, and software, along with falling resale values, have pushed'many used EVs to a price that is comparable to 'comparable gasoline cars. Meanwhile, over-the-air upgrades and a growing 'charging -network? are easing concerns about ownership. Rollbacks of incentives, which once fueled EV purchase, combined with increased vehicle prices are also helping them to gain a bigger slice of the approximately $800 billion U.S. used car market. Cox Automotive reports that used EV sales reached 31,503 vehicles in January. This is up 21% compared to a year ago. According to CarEdge, the total number of used EVs sold in 2025 will be 378.140, which is about 35% more than last year. Electric cars, like luxury gasoline vehicles depreciate rapidly as newer models are able to outperform vehicles that are only a few years old. A Carvana spokesperson stated that "we're seeing used EV price normalize, opening up the category to a wider set of buyers." This has helped to narrow the price difference between gasoline and electric vehicles on the used market. According to Cox Automotive, a research firm in the automotive industry, the premium for used EVs compared with comparable gasoline vehicles dropped from $2,591 per vehicle in December to $1,376 last month. Wess Dunn is the senior vice president of CarMax. He said that used EVs are a good entry point for those who want to buy an electric vehicle but may not yet be ready to purchase a new one. Analysts expect that the used EV market will continue to grow as more vehicles are returned from leases and trade-ins rise, boosting inventories and offering buyers a wide range of options at lower prices. Analysts say that EVs make up nearly half of the ten most popular leased vehicles in the market. Sam Fiorani is vice president of global vehicle forecasting for AutoForecast Solutions. He said that leasing protects drivers from steep depreciation, which can be experienced by EVs, as battery technology continues to improve. Newer models are more capable than those just a few short years old. Tesla dominates used EVs, with Model 3 and Model Y being the most popular and widely available vehicles. In recent years, the company's price reductions on new models and Hertz's massive sales of Teslas have boosted a supply of 'affordable' used EVs. This has made them more accessible to consumers. As technology has improved and charging networks expanded, concerns about battery durability and charging accessibility, which once slowed EV uptake, have diminished. Fiorani added that the battery 'packs' of modern EVs are likely to last the lifetime of the vehicle. Fiorani compared the degradation in performance over time with the aging gasoline cars. Days of supply (a measure of the time a vehicle sits on a dealer's lot) was lower for used electric cars than gas-powered vehicles over the last 10 months. Buyers are also attracted by EVs' 'fewer mileage' and 'bare minimum service', which makes them a practical option for everyday driving. Justin Fischer, CarEdge analyst, said that most EV drivers don't do much more than check their tires and top up the windshield washer fluid. They also avoid routine maintenance like oil changes and engine repair.
Canada seeks ways to boost oil production in order to reduce price spikes caused by the Iran war
Tim Hodgson, Minister of Natural Resources, said that Canada would look for ways to boost its crude production in order to stabilize oil prices globally as a result of the Iran War. Hodgson, a reporter in Ottawa, said that the Canadian government has been talking to oil producers in Canada about delaying planned maintenance at oil sands plants in order to temporarily boost output. The Canadian government is also urging refineries in Canada that use imported oil to switch to domestic oil in order to increase supply to other regions.
The International Energy Agency agreed on Wednesday to release 400,000,000 barrels of oil. This is the largest move in the agency's history. It was made to curb the rise in crude prices caused by the supply shocks caused by the U.S. and Israel war with Iran.
Canada, the fourth-largest oil producer in the world, is a member the IEA but it does not have its own strategic oil reserve as the country is a net oil exporter.
Rory Johnston is the founder of Commodity Context, a newsletter that focuses on commodities. He said it's?highly unlikely? that Canada can make any difference in terms of global supply.
Johnston stated, "Let's face it: Canada has nothing to do."
Johnston explained that Canada's oil sands sites are not able to increase production overnight. Some companies may decide to delay maintenance plans this spring in order to take advantage of higher oil prices. However, Johnston said that they would only do so if the market dictated it, and not if government directives were given.
Johnston stated that it is possible for a higher demand by Asian customers to result in more Canadian barrels being exported overseas via the Trans Mountain pipeline as opposed to moving to U.S. refinery destinations.
He said that?would be helpful since the epicenter of supply loss is Asia. But if this happened, the decision would not have been made by the government, but rather based on the market.
The Iran crisis may not have much impact on Canada in the near future, but it will increase calls for a new crude oil pipeline along the Pacific coast. This would allow Canada to expand its exports and provide the oil sands sector with the ability to plan long-term growth.
Johnston stated that "there is not much we can do right now, but we can prepare more for the next crisis."
Canada Energy Regulator estimates that Canada will produce 5.3 million barrels of crude oil per day on average by 2025. Reporting by Amanda Stephenson, Calgary; Editing and production by Caroline Stauffer & David Gregorio
(source: Reuters)