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China will allow coal-fired power prices to fluctuate by up to 20% from base levels, an increase on previous limits, to prevent high energy consumption, state broadcaster CCTV reported on Friday, citing a meeting of the State Council, or cabinet.
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China ordered miners in Inner Mongolia to ramp up coal production and oil prices jumped on Friday as a record surge in the cost of gas revived demand for the most polluting fossil fuels to keep factories open and homes heated.
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U.S. stock market investors are gauging whether more volatility is ahead because of surging global energy prices, which could drive up inflation, erode profit margins and pressure consumer spending.
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Inflation angst and soaring energy prices form the backdrop to the start of third-quarter U.S. earnings season in the coming week.
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Tesla Inc's decision to move its headquarters to Austin, Texas, from Palo Alto, California, accelerates the shift of electric vehicle industry jobs to Southern and Western U.S. states that offer lower taxes, lighter regulation and less unionization than the coastal Blue states where most electric vehicles are sold.