News
Good News: The Worst Could Be Over For Gas Prices This Spring
Israel and Iran have engaged in open conflict. Ukrainian drones have routinely targeted Russian oil refineries. And OPEC continues to restrict oil production.
These frightening occurrences sparked concerns about $4 gas, harming the US economy and exacerbating inflation.
However, this has not occurred, at least yet. Gas prices in the United States have stopped growing and dropped temporarily recently.
The national average was $3.66 per gallon on Monday, down from $3.68 a week ago, according to AAA.
There is growing anticipation that gas prices will peak in the spring, if not the entire year.
Patrick De Haan, head of petroleum analysis at GasBuddy, predicts that drivers will find relief at the pump in the coming weeks.
“I’m hoping the worst is behind us,” De Haan told CNN. Unless something drastic happens, there are increasing odds the national average has hit the projected spring peak.”
Tom Kloza, worldwide head of energy analysis at the Oil Price Information Service, believes gas prices will fall in the coming weeks.
“Most of the worries from the year’s first half have been resolved. “I think we’re safe until hurricane season,” Kloza remarked.
‘Could have been far worse.’
Of course, none of this implies that gas costs are cheap. They were lower in April 2021 and spring 2020, when Covid-19 kept many Americans off the roadways.
The Worst Could Be Over For Gas Prices This Spring
Nonetheless, a springtime peak of less than $3.70 a gallon would be a win for consumers, considering the real risk of significantly higher gas costs.
“It could have been much worse,” said Andy Lipow, owner of the consultancy firm Lipow Oil Associates.
According to AAA, drivers in just seven US states pay $4 or more per gallon for gas. All those states are in the Western part of the country, followed by California, where the average is $5.40 per gallon, up from $4.88 last year.
The national average is nowhere near the record increase above $5 per gallon in June 2022.
“It seems evident that this will not be a record-setting year. “Filling your tank will feel much more normal this year,” said De Haan.
Economic and political ramifications.
Officials in Washington would most certainly breathe a sigh of relief.
Rising gasoline costs earlier this year led to lower-than-expected inflation readings, casting uncertainty on when the Federal Reserve will be able to decrease interest rates.
A rise in petrol prices is the last thing President Joe Biden wants as he works to persuade voters of his economic message before November. According to a new CNN poll, Biden’s support rating for the economy is 34%, and for inflation, it is even lower (29%).
The Biden administration backed off plans to buy crude oil for the US Strategic Petroleum Reserve, an emergency oil stockpile, earlier this month, adding to White House concerns over petrol costs.
Some economists expect gas prices to rise further.
Lipow believes the national average will reach $3.75 per gallon this year.
Still, that would be lower than last year’s top of $3.88 per gallon in September.
“I’m not expecting a spike in gasoline prices,” Lipow added.
There are several reasons why gas prices are now holding steady.
First, oil prices have stopped rising. On April 12, US crude oil nearly reached $88 per barrel as investors braced for Iran’s reprisal against Israel over a suspected attack on an Iranian diplomatic complex in Syria.
However, oil prices fell when Israel and its allies effectively averted the reprisal. For now, fears of a larger confrontation in the Middle East have subsided, albeit this might alter quickly. US crude fell below $83 a barrel on Monday.
There are other seasonal aspects to consider.
The transition to more expensive summer-grade gasoline at US refineries is now complete. Similarly, the reopening of refineries that had been closed for normal maintenance has aided gasoline supplies.
Record-breaking US crude output continues to increase the oil supply. All of that US oil, headed by the Permian Basin in West Texas and New Mexico, is countering OPEC+’s production cuts, which Saudi Arabia and Russia lead.
Meanwhile, gasoline demand has remained relatively low despite other indications that American consumers are spending rapidly.
The Worst Could Be Over For Gas Prices This Spring
The hurricane season looms.
Gas prices are at risk of reaching a double peak. That’s what happened last year, when gas prices peaked in April, fell, and then returned late in the summer as excessive heat hampered US refineries.
“Weather can wreak havoc,” said Kloza, an OPIS analyst.
A major hurricane that destroys oil facilities along the US Gulf Coast is the greater risk.
Forecasters warn that the hurricane season (which normally begins on June 1) will be extremely active. Colorado State University predicts more hurricanes and named storms than ever before.
“Hurricane season is the next major hurdle,” Kloza stated.
SOURCE – (CNN)
News
Trudeau Rocks to Taylor Swift While Montreal Burns
Prime Minister Justin Trudeau has come under fire yet again after a video surfaced on X, showing him dancing at a Taylor Swift performance while anti-Nato protestors ransacked downtown Montreal.
Trudeau attended Taylor Swift’s concert in Toronto on Friday night. Before Taylor Swift approached the stage, X shared a viral video of him dancing and singing along to the song “You Don’t Own Me.”
The image of Trudeau dancing amid violent protests in Montreal generated widespread indignation online. Some social media users even compared Trudeau to the ancient Roman dictator Nero, known for “fiddling while Rome burned.”
Don Stewart, a Member of Parliament (MP) representing part of Toronto, called out the prime minister in a post on X.
Lawless protestors run roughshod over Montreal in violent protest.
The Prime Minister dances.
This is the Canada built by the Liberal government.
Bring back law and order, safe streets and communities in the Canada we once knew and loved. pic.twitter.com/PVJvR6gtmf
— Don Stewart (@donstewartmp) November 23, 2024
“Lawless protesters run roughshod over Montreal in violent protest. The Prime Minister dances,” Stewart wrote. “This is the Canada built by the Liberal government.”
“Bring back law and order, safe streets and communities in the Canada we once knew and loved,” the MP added.
On Saturday, the day after Taylor Swift’s concert, Trudeau condemned the anti-NATO protests, calling them “appalling.”
Anti-NATO activists set off smoke bombs and marched through Montreal’s streets waving Palestinian flags. According to the Montreal Gazette, rioters set fire to automobiles and battled with police.
Pro-Palestinian protests
Protesters also tossed tiny explosives and metal objects at officers. At one point, the mob torched an effigy of Israeli Prime Minister Benjamin Netanyahu. Police used tear gas and batons to disperse the gathering, and three persons were arrested for attacking officers and impeding police operations.
Masked protesters were seen burning flares and bashing storefront windows in videos and photographs shared on social media. Pro-Palestinian protests have been taking place across Canada since the Israel-Gaza conflict began late last year.
Critics have lambasted Trudeau for doing nothing to stop the violent pro-Palestinian marches, with some claiming he has fueled anti-Israel sentiment in Canada.
On Friday, Trudeau stated that Canada would respect the orders of the International Criminal Court (ICC), which issued an arrest warrant for Mr Netanyahu, even if it meant arresting the Israeli prime leader on Canadian soil.
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News
Calgary Zoo Admits Human Error in Death of Baby Gorilla
The Calgary Zoo has admitted in a public statement that a zookeeper’s negligence caused the death of a 2-year-old baby gorilla. Eyare, a newborn gorilla, died last week after being slammed in the head by a hydraulic door.
The accident occurred when a zoo worker attempted to separate Eyare from the rest of the gorilla tribe for a solitary training session.
The gorilla died from significant head injuries, according to the zoo’s statement.
“This tragedy has struck us all in the deepest way imaginable,” Colleen Baird, director of animal care at the Calgary Zoo, said during a news conference. “Eyare’s brief but meaningful existence gave so much joy to our community, and all will sorely miss her. We will do everything possible to prevent repeat accidents.”
According to Baird, the staff member involved was immediately removed from the workplace and will be reassigned to another area of the zoo. The Calgary Zoo stated that it would take preventive steps, such as specialist personnel training and animal behavioral training, to avoid a similar incident.
Calgary Zoo Questioned
It is not the first time an animal at the zoo has died from negligence at the Calgary Zoo. A capybara was accidentally crushed by a hydraulic door similar to the one that killed Eyare in 2019.
An otter died in 2016 after being entangled in an “unauthorized” pair of jeans that a zookeeper had dropped in its enclosure. In 2013, a penguin died in “a freak accident” after swallowing a stick.
Animal Justice, a Canadian group that promotes animal welfare, has called for an independent investigation of animal safety and oversight at the Alberta facility.
“The Calgary Zoo appears to have a higher rate of animal deaths compared to other zoos, and in light of Eyare’s death there should be a systematic review of the zoo’s operations and practices, conducted transparently by the government or another outside party,” according to Camille Labchuk, the executive director of Animal Justice.
The Calgary Zoo refuted that it has more animal deaths than other zoos, emphasizing that it adheres to operating requirements and has maintained accreditation by the Association of Zoos and Aquariums’ independent Accreditation Commission since 1978.
“We love and care for more than 4,000 animals representing over 100 species that call our zoo home,” stated a Calgary Zoo representative.
“Human error-related deaths in animals are quite infrequent. We have lost two animals in the last ten years: a North American river otter in 2016 and ‘Eyare’ this week.
While rare, even one human-caused death is too many. These unfortunate instances have served as vital learning experiences, prompting us to examine and tighten protocols to provide the greatest level of care.”
Baird said at the news conference that using hydraulic doors is “common practice with accredited zoos,” adding that the facility will consider switching to alternate doors to improve safety.
The Calgary Zoo, which established the Wilder Institute in 2021, caters to nearly 4,000 creatures, including six more western lowland gorillas.
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News
Canada’s Lotto Max Jackpot Climbs to $80M
Lotto Max in Canada has reached $80 million for only the second time in Canadian lottery history. Friday’s draw sought a winner for a $75 million pool, but the top reward remained unclaimed as of Saturday, increasing the jackpot.
Only once did the jackpot reach $80 million in September, when it broke the previous record. Before that, the prize was $75 million, a record.
The Lotto Max prize maximum was boosted earlier this year, enabling for jackpots of more than $70 million. The cap is now at $80 million.
While a greater fee may encourage more people to play, the odds of winning the lottery remain extremely low.
According to the Ontario Lottery and Gaming Corporation, the odds for a $5 ticket are around one in 33,294,800.
While there was no jackpot winner in Friday’s draw, someone did match six of the seven winning numbers, plus a bonus, earning them a payout of more than $320,000.
Lotto Max History
Lotto Max is one of three national lottery games in Canada, overseen by the Interprovincial Lottery Corporation. The game was introduced on September 19, 2009, and its inaugural draw occurred on September 25, 2009. It replaced Lotto Super 7.
The odds of winning the Lotto Max are 1 in 33,294,800. This is correct to a point but misleading.
Let’s have a look at the rules:
- Players choose 7 numbers out of 50
- Numbers cannot be repeated
- Numbers are automatically sorted into ascending order
- Each play buys 3 lines
- Each play costs $5
Seeing that players choose 7 out of 50 non-repeating numbers, the equation for the total number of possible combinations (this is different from permutations where the order in which the numbers appear is significant) when playing the Lotto Max is 50! / (7! x 43!)
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