2025-06-27 20:16
California regulator proposes ways to keep gasoline affordable Phillips 66, Valero plan to close refineries in state Regulator says proposals would negate fuel price hike from closures Consumer Watchdog calls proposals a 'bailout' for refiners NEW YORK, June 27 (Reuters) - California's energy regulator on Friday recommended new rules to encourage more private investment in fuel imports and a pause on refiner profit limits, hoping to stop gasoline prices from skyrocketing in the state as it braces for the closure of two of its major refineries. The recommendations by the California Energy Commission came in response to a letter by Governor Gavin Newsom to suggest changes to the state's energy transition efforts by July 1. Phillips 66 (PSX.N) , opens new tab and Valero Energy (VLO.N) , opens new tab have announced plans to close two plants that make up about 20% of refining capacity in one of the world's biggest fuel markets. Sign up here. The CEC is exploring ways to keep existing refineries operational, while raising capacity at third-party import terminals to bring in and distribute more gasoline and jet fuel, CEC Vice Chair Siva Gunda said. Gunda said gasoline prices in the state could rise 15 to 30 cents per gallon in the short-term as refineries close, but the state hopes that these recommendations will negate that. Retail gasoline prices averaged $4.61 per gallon in California as of Friday, the highest in the country, according to AAA data. The national average was $3.21. As part of those efforts, the CEC recommended a pause on a program that capped the maximum profit refiners can earn on gasoline sales in the state. It said additional analytical work is needed to ensure it works as intended to protect consumers. It said the pause should be for a "reasonable length of time" but did not specify how long that would be. The CEC also asked Newsom to take steps to stabilize crude oil production in the state. California's crude oil output has dropped steadily from a peak of over 1 million barrels per day in the mid-1980s, to less than 300,000 bpd last year, according to U.S. government data going back to 1981. The recommendations drew a sharp rebuke from consumer and environmental advocacy groups, which called them a bailout for refiners in a letter addressed to Newsom, California Senate Majority Leader Mike McGuire and Assembly Speaker Robert Rivas. The groups called on the state to reject the proposals, and instead propose rules for price gouging penalties and implement proposals requiring minimum inventory levels for refiners. The CEC declined to comment on the letter, which was published by Consumer Watchdog and signed by 51 advocacy groups. https://www.reuters.com/sustainability/boards-policy-regulation/california-should-support-fuel-imports-find-ways-retain-refiners-regulator-says-2025-06-27/
2025-06-27 19:59
June 27 (Reuters) - U.S. energy company EQT (EQT.N) , opens new tab agreed to pay $167.5 million to settle a class action lawsuit filed by investors who claimed EQT overstated the benefits of its $6.7 billion merger with Rice Energy in 2017, according to a federal court filing on Thursday by the plaintiffs. Officials at EQT were not immediately available for comment. Sign up here. Plaintiffs in the case include the Government of Guam Retirement Fund, Eastern Atlantic States Carpenters Annuity Fund, Eastern Atlantic States Carpenters Pension Fund and Cambridge Retirement System. WHY IT'S IMPORTANT When the deal was announced in 2017, it was expected to create the biggest natural gas producer in the U.S. and was the biggest deal ever for EQT as it looked to expand its gas business. EQT is currently the No. 2 gas producer in the country. "The recovery - $167.5 million in cash - is notable as it is (by far) the largest securities class action recovery ever in the history of this District and the 14th largest in the history of the Third Circuit," the plaintiffs said in a filing. The district is the U.S. District Court Western District of Pennsylvania. The Third Circuit is the U.S. Court of Appeals for the Third Circuit. The plaintiffs said in the filing that they reached the settlement after almost six years of litigation and three mediation sessions. "The Settlement provides a favorable result for Class Members because it allows for an immediate recovery and removes the considerable possibility that Class Members could recover significantly less or even nothing," according to the filing. The case is In Re EQT Corporation Securities Litigation filed in June 2019, according to the federal court website. https://www.reuters.com/sustainability/boards-policy-regulation/us-energy-firm-eqt-agrees-settle-lawsuit-1675-million-2025-06-27/
2025-06-27 19:51
June 27 (Reuters) - American Airlines (AAL.O) , opens new tab said on Friday a technology issue was affecting connectivity for some systems, causing flight delays. The Texas-based airline said while it was working with its partners to fully resolve the problem, it had not canceled any flights at this time. Sign up here. Data from FlightAware shows 26% of American's flights and 30% of its subsidiary PSA Airlines' planes were delayed on Friday, as of 3:40 PM ET. https://www.reuters.com/business/american-airlines-says-technology-issue-affecting-some-systems-2025-06-27/
2025-06-27 19:04
LIMA, June 27 (Reuters) - Peru's state-run oil company Petroperu is in talks with five firms, including Canada's PetroTal (TAL.TO) , opens new tab and U.S.-based Upland Oil and Gas, as it seeks a partner to reactivate a key Amazon oil block, a company executive said late Thursday. Tomas Diaz, manager of Petroperu's exploration and exploitation unit, told Reuters the company expects to reach an agreement for Lot 192 by mid-to-late July. Sign up here. The reactivation of Lot 192, located near the border with Ecuador, is crucial for supplying Petroperu's newly modernized Talara refinery. The company is grappling with a financial crisis and significant debt following a $6.5 billion overhaul of the plant. "We are in a direct negotiation process," Diaz said, adding that a meeting with PetroTal is scheduled for next week. "We expect to select our operating partner in about two weeks; it will then be presented to Petroperu's board for approval." PetroTal and Upland Oil and Gas did not immediately respond to requests for comment. Petroperu, which holds a 39% stake in Lot 192, has been searching for a new partner since April after Altamesa Energy Canada, which held the remaining 61%, withdrew from the project amid debts to suppliers and local communities. Diaz stated that any new operator must honor existing service agreements with community-owned companies in the area. Oil firms in the Peruvian Amazon often face conflicts with indigenous communities demanding local jobs and greater social investment. Petroperu expects the block to produce up to 12,000 barrels per day (bpd) within six months of restarting. That output could rise to around 21,000 bpd after the new operator completes a drilling program. PIPELINE TALKS Diaz also confirmed that Petroperu is in separate talks with PetroTal to renew a contract for crude transport through the Northern Peruvian Pipeline. The 1,100-kilometer (684-mile) pipeline is currently operational but sits idle without any active contracts. PetroTal, which operates the nearby Lot 95, previously stopped using the pipeline due to repeated shutdowns caused by attacks on the infrastructure, opting instead to ship its crude by barge to Brazil. "A new crude transport contract will be positive and make Petroperu's pipeline profitable," Diaz said. Petroperu posted a first-quarter loss of $111 million, improving on a $183 million loss from the same period a year earlier. https://www.reuters.com/sustainability/climate-energy/petroperu-accelerates-talks-amazon-oil-block-partner-2025-06-27/
2025-06-27 19:03
ATHENS, June 27 (Reuters) - Tourists visiting the Acropolis used umbrellas and fans to protect themselves, while locals retreated indoors, as temperatures over 40 degrees Celsius (104°F) gripped the Greek capital on Friday. Situated at Europe's southernmost tip in the Mediterranean Sea, Greece has always had hot and dry summers. Sign up here. But in recent years, climate change has led to longer and more severe heatwaves, as well as wildfires and destructive floods. On Friday, authorities banned outdoor activities for builders and delivery staff from 0900 to 1400 GMT and advised against unnecessary travel. Workers had the option of switching to remote working to avoid possible heat exhaustion, while air-conditioned facilities were provided for the elderly. “We have a really nice temperature in here," 80-year-old Maro Marneri said at a community centre in Athens. Tourists were less comfortable. "We are all from Pennsylvania and we have never really experienced a heatwave like this before," Antonia Lasen told Reuters. "At the Acropolis, we were all very hot and it was a little bit slippery to walk up, and the combination of the heat and the marble, I think it was hotter because of the cement, it was like a cement jungle almost, which is very hot.” https://www.reuters.com/sustainability/climate-energy/tourists-residents-seek-shade-temperatures-soar-athens-2025-06-27/
2025-06-27 17:49
June 27 (Reuters) - Bolivia's central bank on Friday reiterated a dramatic uptick in transactions of digital assets, following a Reuters report that showed how more Bolivians were turning to crypto exchanges like Binance and stablecoins like Tether as a hedge against the depreciation of the local boliviano currency. According to new figures published on Friday by the Bolivian central bank, transactions using Electronic Payment Channels and Instruments for Virtual Assets (VA) soared more than 530%, from $46.5 million in the first half of 2024, to $294 million in the same period of 2025. Sign up here. New figures showed monthly transactions at a record $68 million in May. "These tools have facilitated access to foreign currency transactions, including remittances, small purchases and payments, benefiting micro and small business owners across various sectors, as well as families nationwide," the bank said in a statement. Cryptocurrencies were outlawed in Bolivia until June last year. Since the ban was lifted, transaction volumes reached $430 million across more than 10,000 individual operations, the bank said. The Bolivian government was working on a "comprehensive regulatory framework for financial technology companies," that aligns with international standards set by the Financial Action Task Force of Latin America (GAFILAT), the bank added. Bolivians are facing an acute economic crisis, with reserves of dollars near zero, inflation at 40-year highs and fuel shortages causing long lines at the pump. The South American country's currency has lost half its value on the black market this year, even as the official exchange rate has been held artificially steady by government intervention. That has meant more Bolivians are looking for alternatives to protect their savings and make transactions. Crypto proponents have pushed blockchain-based tokens as an answer, though economists warn that these digital offerings come with risks. "This (crypto uptick) isn't a sign of stability," said former central bank head Jose Gabriel Espinoza. "It's more a reflection of the deteriorating purchasing power of households." https://www.reuters.com/sustainability/boards-policy-regulation/bolivia-crypto-transactions-up-over-530-amid-currency-woes-2025-06-27/
