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Spains unadjusted industrial production rose 2.1% year-on-year in March, compared with a previous reading of -1.30%.Spains seasonally adjusted industrial production rose 1.8% year-on-year in March, revised from -1.10% to -0.9% in the previous month.May 8th - According to the National Development and Reform Commission (NDRC), the domestic refined oil price adjustment window will open at 24:00 on May 8th. According to the NDRC Price Monitoring Center, during this round of refined oil price adjustment cycle (24:00 on April 21st to 24:00 on May 8th), international oil prices initially rose and then fell. Starting at 24:00 on May 8th, domestic gasoline and diesel prices will increase by 320 yuan and 310 yuan per ton respectively. On average nationwide, the price of 92-octane gasoline, 95-octane gasoline, and 0-grade diesel will increase by 0.25 yuan, 0.27 yuan, and 0.27 yuan per liter respectively. Filling a 50-liter tank with 92-octane gasoline will cost an extra 12.5 yuan.Switzerlands consumer confidence index for April will be released in ten minutes.May 8th - Rising oil prices have made inflation a more pressing concern for the Federal Reserve recently. However, the employment-related aspect of its dual mandate is also worth noting, given the recent volatility in non-farm payroll reports. Therefore, the April jobs report is a crucial economic indicator to watch closely. For example, the U.S. added 160,000 jobs in January, but lost 133,000 in February. March saw a rebound with 178,000 new jobs. Overall, the U.S. is projected to add 205,000 jobs by March 2026, averaging 68,000 per month. David Payne, economist and journalist at The Kiplinger Letter, stated, "These figures suggest that despite slow labor force growth, U.S. job growth remains strong."

The United States is contemplating adding more ethanol to gasoline in order to cut pump costs

Charlie Brooks

Mar 31, 2022 10:36

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The assessment comes as President Joe Biden attempts to rein in surging gas prices, which reached a new high last month after Russia's invasion of Ukraine in late February. To punish Russia for the invasion, the United States and other consumer nations have blocked imports of oil from Russia, a key global supplier.


Increasing the amount of ethanol in gasoline mixes has the potential to lower petrol prices at U.S. gas stations since ethanol, which is derived from maize, is now less expensive than plain gasoline.


The EPA said it couldn't comment on whether the move was being considered, but that it was "examining a number of measures throughout the administration to assist offset repercussions from Russia's activities on American consumers."


The ethanol sector would appreciate the measure, as it has sought to raise sales of the E15 fuel mix and abolish summertime limits on it. E15 contains up to 15% ethanol, compared to 10% in regular gasoline in the United States.


The summertime ban on E15 was established due to fears that it adds to pollution in hot weather, despite studies indicating that the 15% mix of fuel may not increase smog in comparison to the more prevalent 10% blends available year-round.


A bipartisan coalition of Farm Belt politicians in the United States has lobbied the White House to repeal the summertime restriction.


Earlier this month, senators from Iowa and Illinois, the two largest corn-producing states, requested Biden in a letter to authorize the sale of E15 during the 2022 driving season, saying that the increased ethanol would cut consumer prices.


However, since ethanol is manufactured from maize, the change has the potential to raise food prices. Previously, the Biden administration investigated whether suspending rules for biofuels to be integrated into the nation's fuel mix may help offset a rise in food component prices such as maize and soy oil.


Inflation is considered as a key danger to Democrats in the midterm elections in November.

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