November 28, 2022

Hardwood Paroxysm

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Gasoline is rising again, without a record 30 cent cut – Economy

Gasoline on the trip: Without the tax and VAT reduction (25 cents now 30.5 VAT also counts), gasoline prices will now be at record levels reached in mid-March 2022 (€2.184 per liter, weekly average recorded on March 14., Even if the prices in the autonomous mode at many Italian distributors have in fact reached 2.3 euros per liter). And a breath away from the historical record of years of austerity (2.31 euros in current values ​​in 1976). In short, thanks to government interventions, it is not a new record but it is certainly still ‘stuck’ for families and carriers (hence a burden being transferred to retail prices): today only for refueling costs – he explains for e.g. Kodakun – a family spends on average ​​€460 more than in 2021. This means that the sting on the family unit totals €11.96 billion, to which the effects on commodity prices must be added. In the meantime, the government is thinking about what to do: “It is a continuous assessment, at the moment we have no indication either in one direction or the other. In all these months, the government has made extraordinary efforts on a financial level precisely not only protecting companies , but also people in difficulty”, explains the Minister of Infrastructure and Sustainable Mobility, Enrico Giovannini, of the Festival of Economy, speaking of the measures being studied for expensive fuels. Just a few days ago, the Deputy Economy Minister, Cecilia Guerra, clarified that it is “very likely” that the government is still interfering with excise duties.

Piazza Affari closed down (-1.06% to 24,166 points) in line with other European stock exchanges. A step back that occurred simultaneously with the jump in the spread between German BTPs and 10-year bonds. The so-called “spread” closed at 212.2 points, but also exceeded 213 in the final. At the same time, the Italian annual yield (3.38%) rose by 9 basis points, twice the European average, from January 2018 levels. Exchanges were weak, at 1.47 billion euros in value, also due to the London holiday closure. The list of blue chips is almost in red, with strong declines for Fineco (-4.1%), also frozen due to increase in the downside, Bper (-3.4%), Banca Generali (-2.89%) and Banco Bpm (-2.48%). The slippage is due specifically to the increase in the yield of BTPs, which translates to a decrease in the value of the securities that institutes hold in their portfolios. Intesa (-1.35%) and above all Unicredit (-0.81%) are more cautious. Stylantis (-3.31%), Ferrari (-1.92%) and Pirelli (-2.01%) are also under pressure, in an unhappy session for the entire auto sector in Europe.

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“We have already found 25 billion cubic meters of gas in various countries where Eni has important fields, which means that we have significantly equalized our needs. We remember that from Russia we receive 29 billion cubic meters every year, while the difference of 4 billion will be part of the plan Non-strict saving, which we must by no means make to reduce gas use. ” This was stated by the Minister for Environmental Transformation, Roberto Cingolani, speaking in a video link at the Trento Festival of the Economy. “We are in an unpredictable war, and it is very difficult to resolve the situation in eight or ten weeks, but we have done a huge job of diversifying – Cingulani added – and of the 25 billion already contracted, half will flow from our pipelines and half will be liquid gas. To regasify. In this way, the production of the three regasification devices we have in Italy will be raised to 100% and we will install two more floats, which will be used for as long as necessary.” The minister then clarified that the United States had already purchased the floating regasification device, and it would be commissioned in the early months of 2023, for another ship – instead – “the contractual node must be resolved in the coming weeks,” he said. To deal with the energy crisis, countries have become “stabilizers in a system that looks a bit crazy”, and the government invested 30 billion euros in less than a year, but – Cingulani explained – “it is clear that no one can think of accepting a 600 or 700% increase in energy.” He then reads from the National Energy Regulators Collaboration Agency (Acer) that the market is OK and can’t be disturbed: We may live on different planets. We need market reviews detached from reality,” he said, noting the need for increased investment in research on renewable energy.

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