Gulf state raises stakes in battle for Indian oil market

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Moscow has become New Delhi’s top crude supplier thanks to sanctions-related discounts

Iraq lowered the price of oil supplies to India in February amid a steady flow of cheaper Russian shipments, Bloomberg reported on Tuesday, citing preliminary official statistics.

According to the outlet, the price of crude from Iraq averaged $76.19 a barrel, compared with $78.92 in January. Data from India’s Ministry of Commerce and Industry reportedly shows that Russian supplies averaged $72.14 a barrel, slightly lower month-on-month.

Meanwhile, crude from Saudi Arabia was the most expensive for Indian buyers in February, at $87.66 a barrel on average, up from $85.84 a month before.

India has decreased oil imports from the Middle East amid growing purchases from Russia. According to energy cargo tracker Vortexa, the country’s purchases of Russian oil hit an all-time high of 1.64 million barrels per day last month.

Moscow has been New Delhi’s single largest supplier of crude for six straight months, and its share of Indian oil imports reached 34% in March – double the figure for traditional top supplier Iraq.

Iraq reportedly shipped 821,952 bpd last month, making it the third biggest supplier after Saudi Arabia, which exported 986,288 bpd.

Bitcoin price near doubles in three months

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The cryptocurrency has hit highs not seen since last summer

Bitcoin has moved above $30,000 for the first time since June, as investors grow more optimistic about US Federal Reserve monetary policy ahead of key inflation data later in the week.

The top crypto by market capitalization peaked at $30,438 on Monday, but later retreated to $30,051 around 09:20 GMT on Tuesday, according to CoinDesk.

Bitcoin is up more than 80% since January 1. It started the year at around $16,600 following a turbulent 2022 that saw nearly $1.4 trillion wiped off the crypto market amid bankruptcies in the sector.

Crypto experts say that Bitcoin is likely to grow further after passing the psychological threshold of $30,000, especially if market expectations of the US Fed easing its monetary policy become reality.

James Lavish, managing partner at the Bitcoin Opportunity Fund, told CNBC that there is speculation among traders that the upcoming consumer price index data “could come in at a level that gives the Fed reason to think about pausing raising rates in the next meeting, thereby giving a boost to assets like Bitcoin.

After the recent upheaval in the stock market brought about by the US banking crisis, some analysts have suggested that Bitcoin is likely to gain increasing appeal as a “safe haven” for investors.


“While the 2020-2021 period was perceived as Bitcoin’s breakthrough moment, the present time truly marks its ascendance onto the global stage as a formidable asset,” Bob Ras, co-founder of Sologenic, a blockchain-powered system for tokenizing assets, said in an email to CoinDesk.

Amidst heightened geopolitical instability, faltering banking systems and mounting concerns surrounding reserve currencies, Bitcoin has emerged as the reliable refuge that many had anticipated,” he added.

Bill to Alter NY’s Climate Law Includes 11th-Hour Bid to Keep State’s Last Biomass Power Plant Open

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Lawmakers are trying to keep the Black River power plant at Fort Drum from closing by changing the state’s definition of renewable energy to include the burning of wood, known as forest biomass. This process has been scientifically proven to pollute more than coal.

Environmental groups were rattled last month by the introduction of legislation that seeks to change how the state’s 2019 Climate Act accounts for greenhouse gas emissions. But the new bill, sponsored by democratic State Sen. Kevin Parker, also sneaks in another clause that many overlooked.

It suggests changing the definition of what is considered renewable energy under the state law to include electricity produced from burning wastes like cow manure—a process known as “anaerobic digestion”—and wood, a process known as “forest bio power” or forest biomass.

The inclusion of forest biomass in particular concerns the environmental community because it’s been scientifically proven to produce elevated quantities of carbon emissions. Adding it to the state’s definition of renewable energy, environmentalists say, would be a significant step back in phasing out its use in New York, and would set a bad example for the rest of the country.

And the language in the bill includes a curious caveat: the new definition would apply only to power plants producing forest biomass “as of December 31, 2022.” Environmentalists who spoke to City Limits said the time frame signals a move from lawmakers to stop the shutdown of ReEnergy Black River, the last biomass power plant with a government contract left standing in New York.


Located near the northern border upstate inside a U.S Army base known as Fort Drum, the plant supplies electricity to the base and is marketed as “the largest renewable energy project in the history of the U.S. Army.” Black River relies on a contract with the New York State Energy Research and Development Authority (NYSERDA) to function, but the 20-year agreement expires in May and the state has shown no intent in renewing it.

“​​We were concerned about the Fort Drum plant. And we hope that we might get more attention towards it, and get folks to negotiate and figure out what we can do [to keep it open],” Parker told City Limits.

A few months prior, Parker and two Republican Senate colleagues sponsored another bill that seeks to recognize the facility as “a renewable energy system,” and extend its contract with NYSERDA. The plant officially stopped running on March 31 and is now engaged in a series of lay-off activities, according to ReEnergy Holdings, the company that owns the facility.

Meanwhile U.S. Senator Kirsten Gillibrand, a senior member of the Armed Services Committee and an avid supporter of the plant since its opening in 2014, reportedly spoke to leaders in the state Assembly and Senate to keep Fort Drum’s plant from closing earlier this year.

“Elected officials have been lobbying the state to provide funding for this facility and keep it operating using very disturbing language that claims forest biomass is clean [energy],” said Laura Haight, U.S. policy director at Partnership for Policy Integrity (PFPI), an environmental organization that opposes efforts to keep the plant alive.

“Burning [forest] biomass is not carbon neutral. That’s been completely debunked by science for over a decade,” Haight added.

The green label that yields profits

The ReEnergy Black River plant in Fort Drum stayed in business by repurposing “forest residue” from sawmills in the area and burning them to produce energy. The electricity generated from that process powered the military base at Fort Drum thanks to a contract the company signed with the U.S Department of Defense.

The facility has 60 megawatts of generation capacity and describes itself as “a catalyst for sustainable economic growth in New York’s North Country and Central New York.”

But forest biomass production is being phased out in New York because it has been scientifically proven to pollute more than coal, a fossil fuel that releases toxic substances including the greenhouse gasses responsible for climate change.

Black River’s biomass power plant is permitted to emit more than 2,500 pounds of carbon dioxide per megawatt an hour. Meanwhile, coal plants, which New York has phased out due to their climate impacts, emit 2,180 pounds of carbon per megawatt an hour.

Despite that, the plant at Fort Drum’s biggest source of revenue came from calling itself a clean energy source. ReEnergy Holdings told City Limits that it didn’t make money from selling its electricity to Fort Drum, but turned a profit instead by selling clean energy certificates known as Renewable Energy Credits (RECs) to the state environmental agency, NYSERDA.

A REC is a certificate that represents one megawatt-hour of renewable energy delivered to the electricity grid. These credits are purchased by NYSERDA and resold to companies that emit greenhouse gasses so they can get exemptions from polluting in exchange for delivering green energy to the grid.

But since the Climate Act passed in 2019 and excluded biomass from its definition of “renewable energy,” NYSERDA can’t keep doing business with the company.

The agency has kept six contracts with biomass facilities across the Empire State since 2004, but five of those agreements have already expired, according to NYSERDA. The contract with the ReEnergy Black River plant in Fort Drum is the only contract still active, and the agency says it too will cease in May.

Both of the bills that Sen. Parker sponsored would allow the company to continue selling RECs by changing the definition of renewable energy to include biomass production. But only one included language to extend the contract with NYSERDA “until November 30, 2034​​.” This bill was introduced in last year’s legislative session and was put back on the table in February of this year, according to Sarah Boggess, ReEnergy Holdings vice president of external affairs.

The company hopes the legislation can still turn things around.

“[The February bill] contains the type of language necessary to save the facility at this very late stage,” Boggess told City Limits. “There’s a brief window of time that a restart could potentially be possible if the state were to extend the facility’s contract with NYSERDA. But that window is a matter of days.”

The company also sent a petition to the New York Public Service Commission in July of last year “to commence a proceeding to fairly and accurately compensate” the Fort Drum plant with government subsidies, or it would be forced to “cease operations.”

Meanwhile, 21 environmental groups signed a letter reviewed by City Limits opposing the allocation of state funds to keep the Black River Plant from closing, claiming it will cost taxpayers money “without advancing compliance with New York’s renewable energy or climate mandates.”

But Boggess said the Fort Drum plant’s pending shutdown has been “heartbreaking” for the company. Not only did ReEnergy Holdings spend $50 million to convert the site from coal into a wood burning power plant when it was purchased in 2011, but “it supports so many jobs and has provided benefits to Fort Drum,” Boggess added.

The plant employed 30 people and claims to support “more than 300 direct and indirect jobs” as it buys residue from logging companies and mills in the region to fuel its operations. Jefferson County, where the plant is located, is 26th of 62 in poverty among New York State counties, according to a recent assessment by the county’s Community Action Planning Council.

“These are real people whose lives are going to be upended by the closure of this plant. And I think the state and the company has a responsibility to help with that transition and provide new job opportunities,” said Haight, the policy director of PFPI.

The group is among those denouncing Black River’s attempt to change the definition of renewable energy in the Climate Law, which sets strict targets New York must hit in lowering its greenhouse emissions over the next few decades.

“Instead they opted for a bailout that would change an entire [climate] law and produce a major step backward in a nation-leading definition of renewable energy,” Haight added.

Debunking the carbon neutral myth

Back in 2016, the United Nations cited biomass in its definition of renewable energy, but over the past decade, scientists say they have succeeded in debunking the myth that burning forest residue to produce energy can be sustainable.

The forest biomass industry has thrived in the U.S. by selling the idea that their product was carbon neutral, in other words, it doesn’t contribute to greenhouse gas emissions. They argue that by replanting the wood that they burn, new trees grow back and absorb the carbon, canceling out what was released during the burning process in the first place.

“That carbon is getting [absorbed] by regrowing the forest. And the forest is growing faster than its being removed,” said John Bartow, executive director of Empire State Forest Products Association, a trade organization that has worked closely with ReEnergy Holdings.

“As long as growth exceeds mortality and harvest, the use of wood to produce energy will yield us the greatest climate benefit that is out there. Because you’re using a renewable energy resource,” Bartow added.

But Dr. Robert Howarth, a renowned biochemist who helped put together New York’s Climate Act, says the forest isn’t growing fast enough to replenish all of the carbon dioxide that is being released and that “it may take 100 years for the forest to regrow” and offset those emissions.

After years of deliberating on what fuels should be considered renewable under the Climate Act’s definition, forest biomass “didn’t make the cut,” Haworth told City Limits.

“They don’t reduce [carbon emissions] fast enough and so what we really need to focus on is using energy produced from wind, solar, hydro power to produce electricity that runs heat pumps and homes and electric vehicles on our roads,” Haworth explained.

Today, the United Nation’s Intergovernmental Panel on Climate Change states does not “automatically consider or assume biomass used for energy [as] ‘carbon neutral,’ even in cases where the biomass is thought to be produced sustainably.”

Scientists who have contributed to debunking the carbon neutral theory say the biomass industry fails to account for greenhouse gas emissions that are released leading up to the wood’s combustion at a power plant. Harvesting, transporting and processing the material before it arrives at the plant requires the use of heavy machinery like trucks, which typically run on fossil fuels that emit large amounts of carbon.

A study produced by the environmental advocacy group Natural Resources Defense Council (NRDC) examined each step in the forest biomass supply chain. It looked at a specific scenario in which forest residue collected in the U.S. is converted into wood chips and shipped to the U.K to be burned for energy. The analysis revealed that more than one third of carbon emissions in the process occured off-site, rather than at the power station.

“No matter where you’re burning the wood, there will be emissions in addition to the emissions released by the [smoke]stack. So when you don’t account for those emissions, you are missing a major part of the climate impact,” said Sami Yassa, a senior scientist at NRDC who worked on the study.

Just like burning fossil fuels, burning wood produces a series of “air pollutants that cause an array of health harms, from asthma attacks to cancer to heart attacks, resulting in hospital visits and premature deaths,” the study added.

For Yassa, adding forest biomass back into the definition of renewable energy in New York State will signify a step backwards in phasing out the practice of burning wood for energy nationwide. There are 135 biomass power plants operating across the country that reported burning solid wood in 2022, according to data shared by the U.S. Energy Information Administration.

“If the U.S. Congress, or individual states attempt to erroneously claim that forest biomass is carbon neutral, It will threaten to set back our efforts to reduce emissions and address climate change. It could severely erode the Biden administration’s goals to achieve emissions reductions in the short term,” Yassa said.

Parker’s bill, which seeks to change how the Climate Act accounts for greenhouse gas emissions and tweaks the definition of Renewable Energy to include biomass, came up in recent budget negotiations with Gov. Kathy Hochul, but the governor has since backtracked on her support for measures cited in the bill.

Lawmakers are continuing to negotiate the state spending plan, which is now more than a week late.

“We are working closely with the legislature to secure a state budget that includes the most impactful climate initiatives in recent history. All of this will be done against the backdrop of affordability, so that we’re reaching our climate goals while protecting hardworking New Yorkers,” Hochul said in an emailed statement.

Opinion: Illegal Pot Shops Threaten New York’s Cannabis Legalization Goals

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“Licensed sellers simply cannot compete with unregulated—presumably less expensive—cannabis retailers, and our communities cannot miss out on much-needed revenues intended to fund substance use education, prevention, and treatment initiatives.”

When New York State legalized adult-use cannabis by passing the Marijuana Regulation & Taxation Act (MRTA), the law was praised for its focus on social equity, including provisions meant to ensure that communities devastated by the biased drug policies of decades past were the first to benefit from this new industry.

One little-known benefit was also designed to address the substance use disorder crisis and preventable overdoses caused by opioids: a share of sales will go to support various education, prevention, and treatment initiatives.

But two years later, all of those benefits from a legal marijuana industry could go up in smoke as the illegal market explodes.

The legalization of adult-use cannabis has enabled a proliferation of illicit shops selling unregulated products. Unlicensed sellers are thwarting the critical goals of the MRTA at a particularly deadly moment of the substance use disorder crisis by significantly devaluing the licensed program. This is a disservice to retailers looking to join a new, thriving economic venture, and who have gone through the proper processes to equitably build their business.

Unlicensed sellers aren’t even attempting to hide their nefarious and illegal actions but brazenly acting in plain sight. There are dozens of smoke shops within the blocks surrounding the three licensed shops in Manhattan. These sellers are undermining the new industry and hurting our communities by often brazenly breaking multiple laws.


Unlicensed shops’ disregard for existing legislation has allowed minors to purchase products they should not be able to. These shops sell candy-themed products behind bright, glowing neon lights with humorous and puerile names—attractive to underage consumers.

While the goal of these businesses is purely for profit and enticing as many customers as possible, there seems to be less concern as to what is actually being sold. Some smoke shops sell products tainted with prohibited levels of a number of contaminants including E. coli, salmonella, nickel, and lead.

Less than 10 years ago, New York City experienced the K2 epidemic and to prevent a future issue, regulations on what can be sold and where it can be sold have been created, but now we must focus on the oversight and enforcement of the already existing regulation.

Across the five boroughs, the city estimates there are 1,500 shops illegally selling cannabis products. A December survey found 61 bodegas, delis, and smoke shops between West 54th Street and West 108th Street, where they found that nearly half are illicit cannabis retailers. In areas like the Bronx, there has been a stark increase in smoke shops, many of which are opening near schools and community spaces.

Many of these businesses are opening in close proximity to one another, some areas with multiple on a given block. Meanwhile, as of Jan. 26, the state had approved just 66 retail dispensary licenses. New York City’s first licensed shop only opened at the very end of 2022, and only four licensed businesses in total have opened since. Businesses selling cannabis otherwise are doing so illegally. The financial burden of fines and taking illegal products has not been enough to curtail the illegal industry.

Mayor Eric Adams and Manhattan District Attorney Bragg announced a partnership with local law enforcement and elected officials to align efforts against establishments selling cannabis illegally. Without supplemental enforcement from the state or within our municipalities, we enable these businesses to continue conducting illegal activity.

But by voicing our concerns and working with entities like the Office of Cannabis Management (OCM), we will see a shift in the dynamic. It is possible to identify legislation to amend the current regulations or redefine the role of municipalities; we begin that process by observing the situation and looking into the needs of our communities.

We cannot afford to allow bad actors to add insult to injury to a substance use disorder crisis of already epidemic proportions. Licensed sellers simply cannot compete with unregulated—presumably less expensive—cannabis retailers, and our communities cannot miss out on much-needed revenues intended to fund substance use education, prevention, and treatment initiatives.

The Office of Cannabis Management and the city must continue their work to codify MRTA enforcement roles and responsibilities and make sure revenues from the sale of cannabis support the critical, lifesaving work of treatment providers.

In order to fulfill the goals of the MRTA, our government must weed out the bad actors so that a fairer, healthier, safer city can grow.

City Councilmember Marjorie Velázquez represents the 13th district in The Bronx. Ann Marie Foster is the CEO of Phoenix House.