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TALKING POINTS

Restrictions in New England will limit spring cod catch

FISHING

Restrictions in New England will limit spring cod catch

Commercial fishing for Atlantic cod is limited by closures off the coast of New England this spring, federal fishing managers said. The cod fishery was once one of the country’s largest but it has collapsed after years of overfishing. The National Oceanic and Atmospheric Administration said closings to protect cod in the Gulf of Maine are taking place throughout May and June. More are scheduled in the fall. Cod is still available to consumers but the fish is often caught by fishermen from Russia, Iceland, and Norway and sent to America. — ASSOCIATED PRESS

ENERGY

Average gas price rises 8 cents over 2 weeks, to $2.05

The average price of regular-grade gasoline rose 8 cents over the past two weeks, to $2.05 per gallon. The jump comes as crude oil costs rise and gasoline demand increases amid widespread easing of stay-at-home orders, said industry analyst Trilby Lundberg of the Lundberg Survey. The current average is 88 cents less than it was a year ago. The highest average price in the nation for regular-grade gas is $3.10 per gallon, in Honolulu. The lowest is $1.55 in Tulsa, Okla. The average price of diesel was $2.55, up a penny. — ASSOCIATED PRESS

TRADE

Pompeo says US will end preferential treatment for Hong Kong

Secretary of State Michael Pompeo said Sunday that the United States now has no basis to treat Hong Kong more favorably than mainland China, as Beijing moved to pass a bill to curb the region’s freedom. The comment highlighted the growing tension between the world’s two largest economies. Pompeo, on Fox News’s “Sunday Morning Futures,” said China’s leaders have broken a promise to preserve Hong Kong’s autonomy. China’s legislature has approved a proposal for laws designed to quell unrest in Hong Kong by punishing what it defines as subversion, secession, terrorism, and foreign interference. “It is a different Chinese Communist Party today than it was 10 years ago,” Pompeo said. The party is “intent upon the destruction of Western ideas, Western democracies, Western values.” Pompeo last week decertified the former British colony as being autonomous in the eyes of the United States, which may result in serious trade consequences. On Sunday, he said President Trump will work to eliminate preferential treatment for Hong Kong. The People’s Daily, the mouthpiece of China’s Communist Party, called the US plans are “gross interference” in Beijing’s affairs. Pompeo also reiterated that Europe should stop doing business with Huawei Technologies. The United States has repeatedly punished it and other Chinese companies for breaking US sanctions, blacklisted them, and accused them of being a security threat. — BLOOMBERG NEWS

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ENERGY

Oil price declines amid US riots, China tensions

Oil slipped in Asia following a weekend of civil unrest in the United States and as President Trump escalated his war of words with China, raising fresh doubts about the prospects for a recovery in demand for petroleum. Futures in New York fell as much as 2.1 percent, handing back some of Friday’s 5.3 percent gain. Investors are weighing how violent demonstrations in US cities will affect the reopening of the world’s biggest economy as coronavirus restrictions are eased. The market may find some support from a report that OPEC and its allies are considering extending output cuts for one to three months. As the situation in the oil market is moving fast, the preference is to take short-term measures and not disrupt the rebalancing of the market, according to a delegate. The bloc is close to a decision to move up its next meeting by a few days to this week, according to people familiar with the situation. Crude surged 88 percent in May, with US futures on Friday rising above $35 a barrel for the first time since March, driven by massive supply curbs by producers around the world. Still, prices are well below levels at the start of the year, and demand that was crushed by the coronavirus crisis may need to show a sustained improvement for the rally to extend further. As Chinese oil demand rises to near pre-coronavirus levels, more and more tankers are hauling crude to the Asian nation. — BLOOMBERG NEWS

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