ILMA Compoundings - May 2021 - 13
In the Know
BASF RAISES PRICE OF LUBRICANT COMPONENTS
In February, BASF announced a price increase for the products in its lubricant
components portfolio, including additives and basestocks globally, by up to 10%.
The increase was to take effect immediately, or as existing contracts permit. BASF
reports that the price increase is due to higher costs for raw materials and logistics.
BASF offerings include lubricant additives, finished lubricants, synthetic basestocks and components for metalworking fluids.
TAX RELIEF ROLLBACK PROPOSED
Key members of Congress seek to include a rollback of net operating loss relief
in the COVID-19 relief bill. Previously, the CARES Act allowed companies with
losses in 2018, 2019 and 2020 to carry the losses back for the five previous years
and offset up to 100% of taxable income. The rollback would limit businesses'
2020 losses to only two prior tax years and limit relief for pass-throughs. The
National Association of Manufacturers' senior director of tax policy, David Eiselsberg, said that eliminating or reducing the relief could make it more challenging
for manufacturers, particularly small to mid-sized companies, to keep workers on
the payroll and stay in business.
GM AND EVGO PARTNERSHIP CONSTRUCTS FIRST OF MANY
CHARGING STATIONS
Construction is well underway on the first fast-charging station to come out of an
EVgo and General Motors Co. partnership. This first station is located near Daytona International Speedway in Florida, and the site will provide multiple public
individual chargers. According to GM, upon completion of the entire project,
EVgo will have added a total of 2,700 public fast-chargers to cities and suburbs
across the U.S. by the end of 2025.
US WIND POWER CAPACITY CONTINUES TO GROW
According to the American Clean Power Association's market report for the fourth
quarter of 2020, wind power capacity in the U.S. grew by 16%. At the end of
calendar year 2020, over 600,000 wind turbines were in operation across 41 U.S.
states and two territories. The wind power industry reportedly added 90 projects
across 26 states, with a combined capacity of 16,913 megawatts. That's 85% more
than all projects that were added in 2019.
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ILMA Compoundings - May 2021
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