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On April 12th, Maybank senior strategist Fiona Lim stated that while the market may be somewhat disappointed by the lack of progress in US-Iran negotiations, this was not entirely unexpected. The US dollar may gain further upward momentum at the opening on Monday. Some Asian currencies, particularly those of net energy importers such as the South Korean won, Philippine peso, Japanese yen, and Thai baht, began to weaken last Friday and may continue to face pressure this week.On April 12th, Saxo Banks Chief Investment Strategist, Charu Chanana, stated that the failure of the US-Iran negotiations was a setback. For the market, this means the previous easing of tensions is likely to fade. Oil prices may rebound, risk sentiment will be dampened again, and the Strait of Hormuz, even without a complete closure, will remain a real choke point risk. However, this is not surprising given the significant differences in the two sides positions on nuclear safeguards and the Strait of Hormuz issue. For the US dollar, this means some renewed safe-haven support, but unless there is a new military escalation, a broad-based surge is unlikely. Gold may benefit from renewed geopolitical hedging demand, but the market is not yet fully back to the worst-case inflation shock scenario.Kremlin: Russia is prepared to sell natural gas to Europe if there is still a surplus in supply to "alternative markets".Kremlin: Russia currently has only 17% to 18% of Donetsk Oblast in Ukraine out of control.Kremlin: Even if Russia doesnt sell natural gas to the EU, the EU will find ways to buy it.

Biden Reintroduces His Campaign for a Sustainable Aviation Fuel Tax Credit

Charlie Brooks

Apr 13, 2022 09:29

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"We brought together government agencies, aircraft manufacturers, airlines, fuel suppliers, and airports," Biden said at an Iowa event, saying that the effort will result in "advanced, cleaner, and more sustainable aviation fuels for America."


George Novak, President and CEO of the National Air Carrier Association, commended Biden for "recognizing the essential role that sustainable aviation fuel will play in further decreasing the airline industry's carbon impact."


Airlines are under pressure from environmental organizations to reduce their carbon footprints and have committed to using more environmentally friendly aircraft fuel (SAF).


Biden mentioned American Airlines' (NASDAQ:AAL) and United Airlines' support for sustainable aviation fuel on Tuesday, stating that biofuels were critical for aviation's decarbonization.


"That is the path we will take," Biden said.


The attempt to expedite carbon reductions in aviation is part of Biden's goal of achieving net carbon neutrality in the United States by 2050.


It comes as the US and Europe seek to increase production of SAF, which is currently produced in trace amounts from feedstocks such as discarded oil and may cost up to five times as much as normal jet fuel.


In September, the White House announced that three US government agencies would launch a challenge to supply at least 3 billion gallons of SAF per year by 2030 and sufficient SAF by 2050 "to meet 100 percent of aviation fuel demand, which is currently estimated to be around 35 billion gallons per year."


Airlines for America, a trade association that represents American, United, and other airlines, lauded Biden's request for a blender's tax credit and the $3 billion target that has bipartisan support in Congress. The association said that the credit "would contribute in the development of the embryonic market for SAF by providing a financial incentive for fuel producers to incorporate more SAF into the gasoline supply at a price that would encourage airlines to adopt it."

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