News
California Man Becomes First in the U.S. to Face Charges for Smuggling Greenhouse Gases
A San Diego man has made headlines as the first person in the United States to be charged with smuggling greenhouse gases into the country from Mexico. Michael Hart, 58, was arrested on suspicion of illegally importing hydrofluorocarbons (HFCs) and then selling them for profit, according to federal prosecutors.
HFCs are potent greenhouse gases that are commonly used as refrigerants in various applications, such as air conditioning and building insulation. They are considered major contributors to global warming and have been the subject of climate legislation and international treaties. In fact, importing HFCs without proper allowances from the Environmental Protection Agency has been illegal in the U.S. since 2020.
Hart is accused of hiding the smuggled HFCs in his vehicle to transport them across the border from Mexico. The indictment against him also alleges that he sold the refrigerants online through platforms like OfferUp and Facebook Marketplace. Additionally, Hart is said to have imported another ozone-depleting substance, HCFC-22, which is heavily regulated by federal officials.
“This is the first time the Department of Justice is prosecuting someone for illegally importing greenhouse gases, and it will not be the last,” stated Tara McGrath, U.S. attorney for the Southern District of California. “We are using every means possible to protect our planet from the harm caused by toxic pollutants, including bringing criminal charges.”
The arrest of Hart underscores the significance of enforcing laws aimed at combating climate change and preventing the illegal entry of climate super pollutants like HFCs. The Kigali Amendment to the Montreal Protocol, an international agreement aimed at reducing the use and production of HFCs, was signed by nearly 200 nations in 2016. The United States, however, did not join the agreement until 2021, following President Biden’s inauguration.
David M. Uhlmann, EPA assistant administrator for the Office of Enforcement and Compliance Assurance, emphasized the importance of holding individuals like Hart accountable for illegal actions that contribute to climate change. He highlighted the EPA’s climate enforcement initiative and efforts to prevent harmful refrigerants from entering the country unlawfully.
The news of Hart’s arrest serves as a sobering reminder of the ongoing challenges posed by environmental crimes and the critical need for global cooperation in addressing climate change. As the case unfolds, it will be closely watched to see how justice is served in the protection of our planet and its inhabitants.
The Associated Press contributed to this report.
News
Is now the right time to invest in gold as prices have cooled?
The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.
This lull in gold’s price may represent an investment opportunity.
In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?
Compare your gold investment options among leading brokers now.
Gold prices have cooled. Should you buy in now?
With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:
Prices may rise again
If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.
But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.
Add gold to your portfolio now before prices have a chance to rise.
You may be able to make a quick profit
Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.
Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.
There are other benefits of investing in gold
There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:
- Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
- Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.
The bottom line
Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.
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