MORE-THREATENING STATEMENTS FROM EUROPE: Europe is sounding less conciliatory and more hostile about the rules clean energy subsidies in the Inflation Reduction Act favoring U.S. production.
Relatedly, WTO Director-General Ngozi Okonjo-Iweala warned Monday that “We don’t want a subsidy war.” “Either they will be resolved there, and we hope they will, that’s why we have the task force, to discuss this, or we will have go to the WTO and envisage retaliatory measures,” he said on BFM Business radio.
Futures for international benchmark Brent crude reached an intraday high of $99.56 per barrel, the highest point since August. Meanwhile, futures for U.S.-based West Texas Intermediate also reached a high of $93.74 a barrel, also its highest point since late summer. Biden, in remarks made on the campaign trail on Friday, said “we're going to be shutting these plants down all across America” and having wind and solar instead.
The spat comes alongside a revival of sorts for coal-fired power in Europe, where a number of governments have moved to bring back shuttered plants or delay retirements to deal with the energy crisis there, which is being driven by the price of natural gas.
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