Tag: gas

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NatWest to end new business loans for oil and gas extraction | NatWest Group

NatWest to end new business loans for oil and gas extraction | NatWest Group

NatWest has announced it will stop offering loans to new customers hoping to fund oil and gas exploration, extraction or production projects, as part of a wider climate transition plan due to be unveiled next week.

The banks’s chief executive, Alison Rose, said similar steps would be taken to phase out the same funding for existing customers, meaning the bank would refuse to renew, refinance or extend loans for upstream gas projects from the start of 2026.

“We want to ensure our capital is being used to support a transition while continuing to reduce the financing of harmful emissions,” Rose said.

“I hope this sends a strong signal that we are serious about ending the most harmful activity while financing the transition,” she added.

Rose made the announcement as she trailed the release of the bank’s first climate transition plan, which is due to be unveiled alongside the bank’s full-year results next Friday. The plan, which will be one of the first released by a UK bank, will give a sector-by-sector breakdown of how NatWest will halve the emissions created by the projects and companies it finances by 2030.

Rose said that the bank – which is still 48{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} owned by the UK government – would be “prioritising sectors with high emissions rates or balance sheet exposure values”.

However, the amount of carbon-heavy projects that NatWest funds as a proportion of its overall loan book is relatively small, accounting for 0.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of its outstanding loans, worth about £3.3bn as of last year.

The NatWest boss also announced that the bank was launching a pilot project focused on demonstrating “that retrofitting homes at scale can be an achievable and affordable goal”.

It will involve partnering with a “coalition of landlords”, as well as Centrica and Schneider Electric, and focusing on improving the energy efficiency of social housing across the UK.

Rose said she was also in discussions with Airbnb on how to help hosts retrofit their homes through NatWest’s green loans – having invited Airbnb’s chief executive for Europe, Amanda Cupping, to her speech at the NatWest headquarters in London.

“I understand the cost of living is what most people are focused on, but I believe that cost of living concerns can lead to more and better action on tackling climate change,” Rose said. “The announcements I’ve made today are just the start of our activity in 2023 to tackle the climate crisis.

“I hope it shows good progress and the right intent and leaves you in no doubt that tackling climate change continues to be a major priority for this bank,” she added.

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Meanwhile, Barclays is under fire for failing to provide the same pledges over its oil and gas funding.

A group of over 27 investors with $1.4tn (£1.1bn) in assets under management have written to Barclays, as well as four other European banks – BNP Paribas, Crédit Agricole, Deutsche Bank and Société Général – urging them to stop directly financing new oil and gas fields by the end of this year.

The letter was signed by investors including the Midlands local government employee pension fund LGPS central, and the state-backed Nest pension fund and was coordinated by climate campaign group ShareAction. It comes nearly a year after 20{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of Barclays shareholders rejected its climate strategy at the 2022 AGM.

Barclays defended its climate track record, including its intention to achieve net zero emissions by 2050, and said it could “make the greatest difference” by working with customers to transition to a low-carbon economy. “We are in regular dialogue with many stakeholders, including ShareAction, on climate and broader sustainability topics and we value their ongoing thoughtful engagement.”

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Why gas prices are surging this month

Why gas prices are surging this month


New York
CNN
 — 

Normally, price ranges at the fuel pump drift reduced in the course of the dead of winter as awful weather retains Individuals off the roadways. But anything uncommon is taking place this 12 months: Fuel rates are rocketing greater.

The nationwide ordinary for standard fuel jumped to $3.51 a gallon on Friday, according to AAA. Although which is a much cry from the report of $5.02 a gallon previous June, gas costs have amplified by 12 cents in the past 7 days and 41 cents in the previous month.

All explained to, the countrywide normal has climbed by much more than 9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} due to the fact the close of last yr – the most important boost to start a 12 months considering the fact that 2009, according to Bespoke Financial investment Team.

AAA says some states have seasoned a great deal bigger gains about the previous month, such as Colorado (98 cents), Georgia (70 cents), Delaware (62 cents), Ohio (60 cents) and Florida (59 cents).

The uncommon wintertime soar in gas price tag is drawing eye rolls from American motorists now grappling with superior costs at the supermarket. It also threatens to undermine improvements in the inflation crisis that gripped the financial system a great deal of final year.

So, why are gas costs leaping?

It is not due to the fact of desire, which remains weak, even for this time of the yr.

Rather, the issue is provide.

The severe weather conditions in considerably of the United States around the end of previous yr brought about a collection of outages at the refineries that generate the gasoline, jet gas and diesel that hold the financial state humming.

For case in point, Colorado’s sole refinery, the Suncor refinery outside the house of Denver, was disrupted by freezing temperatures. When the refinery experimented with to restart, it endured a hearth and gear got harmed.

Suncor has indicated that refinery – which Lipow Oil Associates says represents 17{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of the Rocky Mountain region’s refinery capability – could be offline for at minimum months.

That helps reveal why gas charges in Colorado have surged by approximately $1 a gallon more than the previous thirty day period.

Refineries elsewhere have been sidelined by intense weather conditions as nicely. US refineries are running at just 86{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of ability, down from the mid-90{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} range at the start out of December, according to Bespoke.

Beyond the refinery difficulties, oil rates have crept bigger, helping to travel costs at the pump northward.

Considering that tumbling to $71.02 a barrel on December 9, US oil price ranges have jumped about 16{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to all around $82.30 on Friday. That enhance has been pushed in aspect by anticipations of higher throughout the world demand from customers as China relaxes its Covid-19 insurance policies.

At the same time, the oil marketplaces are no more time getting substantial injections of crisis oil from the Strategic Petroleum Reserve. The Biden administration has shifted from releasing unprecedented amounts of oil from that stockpile to starting the system of refilling it.

The superior information is that some of the refinery troubles could demonstrate to be non permanent, this means offer should catch up with demand.

The terrible news is some experts are warning gasoline price ranges may maintain going greater in any case.

Andy Lipow, president of Lipow Oil Associates, expects the national ordinary will hit $3.65 a gallon heading into the spring.

Patrick De Haan, head of petroleum investigation at GasBuddy, worries the normal springtime bounce in rates will be pulled ahead.

“Instead of $4 a gallon happening in May, it could happen as early as March,” De Haan told CNN. “There is a lot more upside risk than downside chance.”

A return of $4 gas would be painful to motorists and could dent shopper self-assurance. Moreover, suffering at the pump would complicate the inflation photo as the Federal Reserve debates whether to slow its desire rate climbing marketing campaign.

The Cleveland Fed’s Inflation Nowcasting model is now pointing to a .6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} thirty day period-in excess of-thirty day period increase for the Buyer Price Index for January. If that retains genuine, it would signify a significant acceleration compared with the .1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} drop in rates in between November and December.

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A US federal agency is considering a ban on gas stoves

A US federal agency is considering a ban on gas stoves


New York
CNN
 — 

A federal agency is taking into consideration a ban on gas stoves, a resource of indoor pollution connected to childhood asthma.

In an interview with Bloomberg, a US Purchaser Products Safety commissioner said fuel stove usage is a “hidden hazard.”

“Any selection is on the desk. Solutions that can not be created harmless can be banned,” company commissioner Richard Trumka Jr. informed Bloomberg. The report reported the company options “to just take action” to address the indoor pollution triggered by stoves.

The CPSC has been contemplating action on gas stoves for months. Trumka suggested in October that the CPSC seek community remark on the dangers linked with gas stoves. The pollutants have been joined to bronchial asthma and worsening respiratory problems.

A December 2022 review in the Worldwide Journal of Environmental Exploration and General public Health and fitness located that indoor fuel stove use is related with an greater danger of recent bronchial asthma amongst small children. The review located that virtually 13{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of recent childhood asthma in the US is attributable to gasoline stove use.

Trumka explained to Bloomberg the agency ideas to open community comment on fuel stove dangers. Choices moreover a ban contain “setting criteria on emissions from the appliances.”

Thirty-5 percent of households in the United States use a fuel stove, and the range methods 70{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in some states like California and New Jersey. Other experiments have identified these stoves emit major levels of nitrogen dioxide, carbon monoxide and high-quality particulate subject – which devoid of suitable ventilation can increase the amounts of indoor concentration degrees to unsafe ranges as deemed by the EPA.

“Short-phrase exposure to NO2 is joined to worsening bronchial asthma in youngsters, and extended-expression exposure has been determined to probably lead to the enhancement of asthma,” a team of lawmakers explained in a letter to chair Alexander Hoehn-Saric, adding it can also exacerbate cardiovascular diseases.

The letter – Sen. Corey Booker and Sen. Elizabeth Warren between its signers – argued that Black, Latino and low-income households are extra likely to be afflicted by these adverse reactions, simply because they are either extra most likely to reside close to a waste incinerator or coal ash web site or are in a residence with bad air flow.

In a statement to CNN, the CPSC said the company has not proposed any regulatory action on gasoline stoves at this time, and any regulatory action would “involve a prolonged course of action.”

“Agency personnel options to commence gathering information and views from the general public on likely dangers affiliated with gasoline stoves, and proposed options to individuals hazards afterwards this year,” the commission said in a statement. “Commission team also carries on to function with voluntary benchmarks businesses to examine fuel stove emissions and handle potential dangers.”

Some metropolitan areas throughout the US banned normal gasoline hookups in all new constructing development to cut down greenhouse emissions – Berkeley in 2019, San Francisco in 2020, New York City in 2021. But as of previous February, 20 states with GOP-managed legislatures have handed so-named “preemption laws” that prohibit cities from banning organic gasoline.

“To me that is what’s interesting about this new pattern, it appears to be like states are attempting to eradicate the probability ahead of cities try out to catch onto this,” Sarah Fox, an associate law professor at Northern Illinois University University of Legislation, advised CNN last 12 months. “The purely natural fuel industry… has been very intense in receiving this passed.”

In a statement to CNN Business enterprise, the Association of Dwelling Equipment Companies claimed an improvement in air flow is the alternative to blocking indoor air pollution when cooking.

“A ban on gasoline cooking appliances would take away an affordable and chosen technological know-how made use of in much more than 40{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of property throughout the place,” Jill Notini, field spokesperson, said in a assertion. ” A ban of gas cooking would fail to address the in general concern of indoor air quality although cooking, simply because all kinds of cooking, irrespective of heat resource, produce air pollutants, especially at high temperatures.”

The American Fuel Association pushed back towards a all-natural fuel ban in a blog write-up in December, saying it makes housing a lot more high priced as “electric residences have to have high priced retrofits.”

Having said that, Biden’s landmark Inflation Reduction Act features a rebate of up to $840 for an electric stove or other electric appliances, and up to an $500 to support address the fees of converting to electrical from fuel.

– CNN’s Ella Nilsen contributed to this report.

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Europe now has so much natural gas that prices just dipped below zero

Europe now has so much natural gas that prices just dipped below zero


London
CNN Enterprise
 — 

Europe has extra purely natural gasoline than it knows what to do with. So significantly, in fact, that place costs briefly went detrimental earlier this 7 days.

For months, officials have warned of an power crisis this wintertime as Russia — as soon as the region’s most significant provider of organic gasoline — slashed supplies in retaliation for sanctions Europe imposed above its invasion of Ukraine.

Now, EU fuel storage facilities are close to entire, tankers carrying liquefied normal fuel (LNG) are lining up at ports, not able to unload their cargoes, and rates are tumbling.

The value of benchmark European organic gasoline futures has dropped 20{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} because last Thursday, and by more than 70{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} considering the fact that hitting a history large in late August. On Monday, Dutch gas spot prices for delivery inside of an hour — which mirror actual time European industry problems — dipped under €0, in accordance to details from the Intercontinental Trade.

Prices turned negative simply because of an “oversupplied grid,” Tomas Marzec-Manser, head of gas analytics at the Impartial Commodity Intelligence Companies (ICIS), informed CNN Business.

It is a hugely stunning turn of functions for Europe, where homes and businesses have been clobbered by eye-watering rises in the cost of one of its most important power resources more than the earlier year.

Massimo Di Odoardo, vice president of fuel and LNG investigate at Wooden Mackenzie, states unseasonably mild climate is mainly liable for the extraordinary modify in fortune.

“In international locations like Italy, Spain, France, we’re viewing temperatures and [gas] usage closer to August and early September [levels],” he instructed CNN Small business. “Even in international locations in the Nordics, the Uk and Germany, use is way down below the average for this time of the calendar year,” he additional.

The European Union has also crafted significant buffers against any more supply cuts by filling gasoline storage facilities near to capacity. Suppliers are now nearly 94{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} full, according to info from Fuel Infrastructure Europe. That’s effectively earlier mentioned the 80{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} concentrate on the bloc established international locations to achieve by November.

“That’s an really superior stage,” Di Odoardo said, noting that the highest storage level averaged 87{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of capacity in excess of the earlier 5 years.

Europe’s attempts to secure as considerably gas ahead of winter season as feasible has triggered a backlog of LNG tankers at European ports, built worse by a scarcity of LNG import terminals.

The bloc has ramped up imports of LNG from the United States and Qatar as organic gas imports from Russia plummeted.

Felix Booth, head of LNG at information organization Vortexa, explained to CNN Enterprise that as numerous as 35 vessels are either floating around, or sailing quite slowly in the direction of, ports in northwestern Europe and the Iberian peninsula simply because of a deficiency of storage possibilities.

Those ships will “likely get a different month to uncover property for the cargoes,” he explained.

Together, they are carrying about $2 billion value of LNG, in accordance to Kpler, citing strength current market information service provider Argus Media.

Inspite of the latest slump, at close to €100 ($100) for every megawatt hour European purely natural gas futures are nevertheless 126{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} previously mentioned wherever they ended up previous October, when economies started out to reopen from their pandemic lockdowns and demand spiked.

Selling prices could rise sharply yet again in December and January as the weather conditions turns colder, supplying an incentive for some of all those tankers to wait offshore a when for a longer period right before coming into port to unload, stated Booth.

And inspite of the truth that Russia’s share of Europe’s total fuel imports has fallen from 40{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to just 9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, the region could be in a difficult location up coming summer as it attempts to replenish its shops in advance of the adhering to winter season.

Selling prices are expected to strike €150 ($150) for every megawatt hour by the stop of 2023, mentioned Monthly bill Weatherburn, a commodities economist at Capital Economics.

“Filling storage forward of future winter will have to have the EU to import even extra LNG because there is a need to exchange dropped Russian gasoline imports for an complete year,” he told CNN Organization.

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Average US gas price hits $5 for first time

Average US gas price hits $5 for first time
The file is rarely a shock. Gas rates have been soaring steadily for the very last 8 weeks, and this most current milestone marks the 15th straight working day that the AAA studying has strike a record price tag, and the 32nd time in the previous 33 days.

The nationwide average stood at $4.07 when the present-day operate of cost raises started April 15. The current value examining from OPIS signifies 23{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} boost in significantly less than two months.

And the climbing gasoline prices is accomplishing much more than just creating suffering at the pump for drivers. They are a big component in the charges compensated by individuals for a total variety of goods and services increasing at the speediest tempo in 40 many years, in accordance to the government’s inflation report Friday.

Though a $5 nationwide average is new, $5 gas has become unpleasantly typical in substantially of the nation.

Knowledge from OPIS, which collects the readings from 130,000 US gasoline stations utilised to compile the AAA averages, confirmed that 32{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of stations nationwide, just about a person of just about every a few, had been currently were being charging additional than $5 a gallon in readings Friday. And about 10{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of stations throughout the nation are charging much more than $5.75 a gallon.

The statewide ordinary was $5 a gallon or far more in 21 states as well as Washington DC in Saturday’s studying.

$6 gasoline could be future

And gasoline selling prices are unlikely to prevent there. With the summertime vacation time having underway, demand from customers for gasoline, coupled with Russian oil shipments slice off due to the war in Ukraine, oil charges are soaring on world-wide markets.

The US countrywide ordinary for gasoline could be close to $6 afterwards this summer months, according to Tom Kloza, worldwide head of electrical power assessment for the OPIS.

“Just about anything goes from June 20 to Labor Working day,” Kloza reported previously this 7 days about the desire for fuel as persons strike the highway for lengthy-anticipated getaways. “Occur hell or high gasoline prices, individuals are heading to consider vacations.”

The best statewide common has prolonged been in California, wherever the normal stood at $6.43 a gallon in Saturday’s readings. But the pain of greater costs is becoming felt throughout the nation, not just in California or other high-priced states.

Low-priced fuel tough to uncover

That’s partly mainly because the cheapest selling price was not all that low cost — the $4.47 a gallon typical price in Georgia offers it the least expensive statewide common. Less than 300 gas stations out of 130,000 nationwide had been charging $4.25 a gallon or considerably less in Friday’s looking through from OPIS. For purposes of comparison, prior to the run-up in charges earlier this year, the history nationwide average for gas had been $4.11, set in July 2008.

And even in some states with less costly fuel prices, such as Mississippi, lower common wages indicate that motorists there have to work far more hours to make the revenue needed to fill their tank than motorists in some of the larger priced gas states, this sort of as Washington.

There are some early symptoms that people are setting up to minimize again on their driving in the deal with of the increased selling prices, but it can be however a modest decrease.

The variety of gallons pumped at stations in the last 7 days of May possibly was down about 5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} from the exact week a year back, in accordance to OPIS, even although gas rates have risen additional than 50{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} considering that then. The variety of US visits by auto has slipped about 5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} considering the fact that early Might, in accordance to mobility exploration company Inrix, even though people outings are even now up about 5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} due to the fact the get started of the calendar year.

The main concern is that individuals will reduce back again on other paying out to retain driving which could drive an financial state presently showing indicators of weak spot into recession.

A lot of factors for history price ranges

Further than the strong desire for gasoline, there is also a offer dilemma that is driving up the value of each oil and gasoline. Russia’s invasion of Ukraine, the sanctions on Russia imposed in the United States and Europe due to the fact then is a significant element, because Russia was between the world’s foremost oil exporters. But it is only section of the result in.

Oil is a commodity traded on global marketplaces. The United States has by no means imported important quantities of oil from Russia, but Europe has ordinarily been dependent on Russian exports. The EU’s the latest final decision to ban oil tanker shipments from Russia despatched oil rates soaring globally.
The price tag of a barrel of crude shut above $120 a barrel Friday, up from just considerably less than $100 a month in the past. Goldman Sachs not long ago predicted the common price tag for a barrel of Brent crude, the benchmark made use of for oil traded in Europe, will be $140 a barrel concerning July and September, up from its prior simply call of $125 a barrel.
Why US gas prices are at a record, and why they'll stay high for a long time
Other things outside of Russia’s withdrawal from the world sector are restricting source. OPEC and its allies have sharply slice back again oil manufacturing as desire for oil crashed in the early months of the pandemic, as much of the world’s organizations shut down and people today stayed shut to residence. World-wide oil futures briefly traded in unfavorable territory due to lack of place to shop the glut of oil. Some oil creating nations slashed generation in an hard work to guidance charges, and some of that output is back on the net but not all of it.

US oil generation and refining ability also have not absolutely recovered to the pre-pandemic levels. And mainly because selling prices are even increased in Europe, some US and Canadian refineries that would usually provide the US industry with fuel are exporting gasoline to Europe.

Quite a few oil providers have been sluggish to increase output, regardless of the large price tag that the oil could fetch, alternatively applying all those soaring profits to acquire back their own stock in an effort to elevate their share value. ExxonMobi (XOM)has announced it intends to repurchase $30 billion of its inventory, far more than its overall money investing price range for the yr.

— CNN’s Matt Egan and Michelle Watson contributed to this report.

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Two more states hit $5 a gallon gas prices

Two more states hit $5 a gallon gas prices

The countrywide normal jumped to $4.87 a gallon on Monday, according to AAA. Which is up 25 cents in the earlier week and 59 cents in the previous month.

There are now 10 states the place the ordinary price tag of gasoline is $5 a gallon or better, with the latest getting Michigan and Indiana. Washington, DC, is also above $5.

New Jersey, Pennsylvania and Massachusetts are just pennies absent. Ga is the only state with an average under $4.30 a gallon.

In full, more than one particular out of just about every five gasoline stations nationwide are now charging far more than $5 a gallon for typical, and just about half are charging $4.75 or a lot more.

Sad to say, price ranges could proceed to climb.

Veteran oil analyst Andy Lipow explained to CNN he expects the countrywide regular to strike $5.05 a gallon in the up coming 10 days.

Oil, the most important part of gasoline costs, carries on to get a lot more highly-priced — even after OPEC+ introduced options late final week to ramp up production.

Gas prices have been driven to report highs by a variety of elements, such as robust desire for energy as folks drive and fly much more.

The world may be careening toward a 1970s-style energy crisis -- or worse

Source, on the other hand, has failed to keep up. The United States is pumping a lot less oil than before Covid-19 began, and the market place is signaling OPEC+’s boost is too little, far too late. US crude jumped to a refreshing 3-thirty day period substantial of $120.99 a barrel Monday morning just before backing away.

Manuel Santana, a Bronx resident who works as an EMT, reported just a handful of months in the past it expense him $40 to fill up his tank to generate to operate. Now, it expenditures about $60.

“It really is annoying,” Santana mentioned even though at a Manhattan gasoline station wherever a normal gallon of gasoline now fetches $6. “Truthfully, there is not substantially you can do about it.”

Abdallah Alweimine, an Uber driver, stated his gasoline costs have long gone from $150 a 7 days to $250 a week. And he concerns they will go even larger.

Again in early March, the countrywide typical gas price 1st broke the report of $4.11 for a gallon of typical that experienced stood because 2008. That value now seems like the very good previous times. The nationwide regular value has been climbing steadily for the previous thirty day period, placing 27 data in the last 28 days.

Mark Zandi, main economist at Moody’s Analytics, advised CNN in a phone interview that he is experience extra optimistic about the means of the US overall economy to get inflation less than manage without resulting in a downturn. But Zandi said the one capture would be a even more spike in oil charges.

“If oil price ranges go to $150, we are going into recession. There is no way out,” Zandi stated.

— CNN Business’ Chris Isidore contributed to this report.