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AP
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Asian stock markets have followed Wall Street lower after the Federal Reserve said U.S. inflation is too high, suggesting support for more aggressive interest rate hikes. Shanghai, Tokyo, Hong Kong and Sydney declined. Oil prices edged higher. Wall Street’s benchmark S&P 500 index lost 0.7% after notes from the Fed’s July 26-27 board meeting showed members thought inflation still is “unacceptably high” despite signs U.S. economic growth is weakening. It said the board saw “little evidence” inflation pressures are subsiding. Investors worry aggressive rate hikes by the Fed and central banks in Europe and Asia to tame inflation that is running at multi-decade highs might derail global economic growth.

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A project in the country's top coal-producing area seeks to pump the carbon dioxide produced by burning that coal back underground. The project is one of dozens nationwide that stand to get a big boost from tax credits in the new climate bill plus a share of $2.5 billion in funding for carbon capture and storage in last year's infrastructure bill. It's also part of Wyoming's vision of becoming a center for carbon capture and storage. The work near the Dry Fork Station power plant outside Gillette so far involves drilling two injection wells nearly two miles underground. Proponents of carbon storage say the technology is straightforward but others are skeptical it can ever be done economically.

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U.S. gas prices have dipped under $4 a gallon for the first time in more than five months. AAA says the national average is $3.99 for a gallon of regular. That's down 15 cents in just the last week, and 68 cents in the last month. Gasoline peaked at around $5.02 a gallon on June 14. Motorists in California and Hawaii are still paying above $5, and other states in the West are paying close to that. The cheapest gas is in Texas and several other states in the South and Midwest. The decline reflects falling prices for crude oil, which have dipped close to $90 a barrel from over $120 a barrel in June.

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Authorities are working to determine the cause of a house explosion in a southern Indiana neighborhood that killed three people and left another person hospitalized. The explosion Wednesday afternoon in Evansville damaged 39 homes. Fire Chief Mike Connelly told reporters that crews completed a secondary search Thursday morning of buildings that had been left unstable by the explosion and no more victims were found. He says 11 of the damaged homes were uninhabitable and finding a cause is expected to be a “very tedious" and lengthy process. Connelly says injuries to the fourth victim weren’t considered life-threatening. Evansville is located along Indiana’s border with Kentucky and the blast left debris strewn over a 100-foot radius.

AP
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Britain's Conservatives are choosing the country's new prime minister, but the candidates face accusations of ignoring the country’s mounting economic and environmental crises. Britons’ energy bills have soared and the Bank of England is predicting a long, deep recession alongside 13% inflation. Meanwhile, temperatures hit 40 degrees Celsius (104 degrees Fahrenheit) in July for the first time ever and a drought is looming. But there is little sense of crisis among Conservatives as Foreign Secretary Liz Truss and former Treasury chief Rishi Sunak crisscross the country wooing party members who will choose a successor to departing Prime Minister Boris Johnson. Conservative members are largely older and affluent, and their views don’t always reflect those of the country as a whole.

AP
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Asian shares are mostly declining amid a global fall in technology shares, including Japan’s SoftBank, which just reported hefty losses caused by the market downturn. Such worries are coming on top of concerns about inflation and what central banks might do to curb it. Shares fell Tuesday in Tokyo but rose in other regional markets. U.S. futures edged higher while oil prices fell. Analysts say regional tensions also remain a risk after the recent visit of U.S. House Speak Nancy Pelosi to Taiwan. Technology stocks were the biggest drag on Wall Street, where the benchmark S&P 500 edged 0.1% lower.

AP
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Cuban authorities say a fire set off by a lightning strike at an oil storage facility is raging uncontrolled in the city of Matanzas, where four explosions and flames injured 121 people and left 17 firefighters missing. An unidentified body was found late Saturday. Officials say firefighters and other specialists are still trying to quell the blaze at the Matanzas Supertanker Base, where the fire began during a thunderstorm Friday night. Officials say lightning set one tank on fire and the blaze spread to a second tank. The accident comes as Cuba struggles with fuel shortages. A nearby neighborhood was evacuated.

AP
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Members of the Cuban Red Cross prepare to be transported to the Matanzas Supertanker Base, where firefighters work to quell a blaze which began during a thunderstorm the night before, in Matazanas, Cuba, Saturday, Aug. 6, 2022. The fire at an oil storage facility raged uncontrolled Saturday, where four explosions and flames injured nearly 80 people and left over a dozen firefighters missing, Cuban authorities said. (AP Photo/Ramon Espinosa)

AP
  • Updated

Members of the Cuban Red Cross prepare to be transported to the Matanzas Supertanker Base, where firefighters work to quell a blaze which began during a thunderstorm the night before, in Matazanas, Cuba, Saturday, Aug. 6, 2022. The fire at an oil storage facility raged uncontrolled Saturday, where four explosions and flames injured nearly 80 people and left over a dozen firefighters missing, Cuban authorities said. (AP Photo/Ramon Espinosa)