July 6, 2022
United States:
Falling Gasoline Prices in US Bring Higher Profits for Retailers
Gas station owners in the US are finally making higher profits selling fuel now that pump prices have fallen from record levels over the past few weeks. That may seem counterintuitive, but here’s what’s behind the numbers. The US rack-to-retail margin, which measures the difference between the price a retailer pays for gasoline and what they charge at the pump, rose to an average of 56 cents a gallon since fuel prices began falling on June 14, according to price provider OPIS and auto club AAA. That is more than double the 27-cent average for the two months prior to that, when prices mostly rose, including a record bull-run in early June.
Europe:
Europe Power Breaks Record as Governments Act to Keep Lights On
Power prices in Europe smashed through records as Russia’s tightening squeeze on energy supplies is prompting government action to keep the lights on.In another blow for consumers already struggling with surging costs, power prices in Germany jumped to a record as fears about looming gas shortages may mean the government needs to limit output from plants burning the fuel. The French government said on Wednesday it will nationalize utility Electricite de France SA to take full control of electricity supplies.
Asia:
China Accuses US of ‘Technological Terrorism’ as Chip Curbs Grow
China accused the US of “technological terrorism” in pushing to stop ASML Holding NV and Nikon Corp. from selling key chipmaking technology to the country, in some of its strongest criticism yet of Washington’s efforts.
Chinese Foreign Ministry spokesman Zhao Lijian lashed out at Washington after Bloomberg News reported the US is lobbying allies to stop the sale of mainstream technology essential for making a large chunk of the world’s chips, expanding a years-long campaign to curb the country’s rise. He didn’t say whether China planned any retaliatory measures in response to the move.
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