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Mar 16 • 5 tweets • 2 min read
These are the governments that are looking to cut fuel taxes to temper surging gasoline prices
🌎⛽👇

🇳🇿 New Zealand to cut fuel excise duties for 3 months
🇸🇪 Sweden seeks tax cut for gasoline/diesel June-Oct, and a one-time payment for car owners

bloomberg.com/news/articles/…
🇯🇵 The Japanese government and ruling Liberal Democratic Party will move to reactivate a “trigger clause” on the gasoline tax that will allow the levy to be lowered, Yomiuri reports

news.yahoo.co.jp/articles/26f7b…
🇺🇸 Several US states have taken steps to temporarily roll back their gasoline taxes, a move the Biden administration is considering backing on the federal level

bloomberg.com/news/articles/…
🇳🇱 The Netherlands will reduce the tax on fuel for lead-free petrol and diesel from April 1

dutchnews.nl/news/2022/03/m…
🇧🇷 Brazil’s congress cut taxes for fuels after Petrobras caused a stir by increasing diesel and gasoline prices by as much as 25%

Lawmakers approved a bill that cuts federal taxes for diesel until the end of the year

bloomberg.com/news/articles/…

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More from @SStapczynski

Stephen Stapczynski Profile picture
Mar 17
Late-night quake rocks Japan's power grid 🇯🇵⚡

Here is the latest:

🏭 More than 6 gigawatts worth of coal/gas-fired power shut. Restart timing unclear
💡 Over 30k without power in Tohoku. Power restored to Tokyo
☢️ No abnormalities at nuclear plants

bloomberg.com/news/articles/…
🚢 Soma LNG import terminal is offline
🛢️ Several oil refineries, including Sendai and Chiba, have been shut
WOOWEE!
📈📈📈

Japan wholesale electricity prices are surging after the quake shut several power plants

Nationwide rates jumped to an average of 47.75 yen/kWh, the highest in over a year Image
Read 4 tweets
Stephen Stapczynski Profile picture
Mar 16
7.3-magnitude earthquake strikes Japan off of the coast of Miyagi prefecture 🚨

Tsunami advisory has been issued for Miyagi and Fukushima prefectures 🚨 Image
Tokyo Electric is checking the status of the Fukushima Dai-Ichi nuclear power plant after powerful quake

Blackouts reported across Fukushima prefecture

(Even if Fukushima Dai-Ichi loses power, it has extensive backup on site)

Read 22 tweets
Stephen Stapczynski Profile picture
Mar 16
Iran is reviving efforts to export LNG just as the world scrambles for more gas 🇮🇷

🚢 National Iranian Oil Co invited investors to submit proposals for construction of mini-LNG units
💪 Iran has the 2nd-biggest gas reserves in the world

Via @pat_syk

bloomberg.com/news/articles/…
To be sure... At least eight previous Iranian LNG export projects have stalled due to sanctions or capital constraints, including partnerships with France’s Total and Russia’s Gazprom

Sanctions stopped Iran’s previous attempts to enter the LNG market

Ninth time's a charm?
European buyers are scouring the globe for sources of gas that could replace Russian flows after the invasion of Ukraine

Will Iran become a potential supplier? International sanctions on Iran would likely be eased if a new nuclear deal is inked

bloomberg.com/news/articles/…
Read 4 tweets
Stephen Stapczynski Profile picture
Mar 15
Nickel trading will resume on the London Metal Exchange on Wednesday, a week after being suspended amid a historic short squeeze 🪙

The dramatic week briefly brought brokerages to the brink of failure and raised questions about LME’s future role

bloomberg.com/news/articles/…
Nickel traders at 8 a.m. London time on March 16 👇

Seems fitting
Read 6 tweets
Stephen Stapczynski Profile picture
Mar 15
China sold several US LNG cargoes to Europe, a rare move by the world’s top buyer that highlights how sky-high prices are rerouting trade flows 🇨🇳🚢🇪🇺

Unipec sold shipments for summer delivery to Europe as the EU seeks to cut dependence on Russian gas

bloomberg.com/news/articles/…
🇺🇸 The shipments will load from Venture Global LNG Inc.’s Calcasieu Pass export facility in Louisiana

venturegloballng.com/press/venture-…
European natural gas rates surged to a record high last week on fears that the war in Ukraine will curb flows from top supplier Russia

The rally prompted Unipec’s traders to turn away from the lower-priced Chinese market, even as Beijing demand its importers secure more fuel
Read 4 tweets
Stephen Stapczynski Profile picture
Mar 13
Biden is under pressure to invoke Cold War-era powers to force more domestic oil production and tame prices 🇺🇸 ⛽️

The President could compel drilling rigs to deploy using the 1950 Defense Production Act, which Truman used to make steel for the Korean War

bloomberg.com/news/articles/…
The power wouldn’t directly mandate drilling

The president could invoke the Defense Production Act to ease supply chain problems that are holding back crude production, by ensuring supplies of low-cost pipes, sand and other essential equipment
So far, the Biden administration has shown little enthusiasm for the move

“It would basically be providing money to oil companies to do something that they already probably have the capacity to do,” said White House Press Secretary Jen Psaki
Read 6 tweets

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