What Saudi Arabia’s Oil Minister said in March will not happen, has happened: in a joint statement, Khalid al-Falih and his Russian counterpart Alexander Novak said that OPEC and Russia have agreed to extend the oil production cut deal struck at the end of last year until March 2018. The news immediately sent prices higher, […]
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Here’s Why You’ll Pay Higher Gas Prices Whatever the Market…
The average gasoline tax in the U.S. is 49.5 cents per gallon, according to data from the American Petroleum Institute. That’s not too bad as far as averages go, but it has been climbing over the last five years and it will continue rising as states lose hope that the federal government will chip in […]
Global Fatcats Urge More Carbon Pricing, Climate Policy Continuity…
The Institutional Investors Group on Climate Change, whose members control eighteen trillion dollars in assets, has urged the world’s governments to shovel more taxpayers’ money into their pockets…
4th Win: U.S. Pharma Johnson & Johnson Loses $110M Talc Cancer Case…
A court in St. Louis, Missouri has ordered the US pharmaceutical company Johnson & Johnson (J&J) to pay over $110 million to a Virginia woman, who claims she developed ovarian cancer after decades of using its talcum powder. The verdict is the largest for J&J among nearly 2,400 current lawsuits accusing the company of insufficient […]
A Fool’s Errand: Al Gore’s $15T Carbon Tax…
Al Gore wants to reverse modernity and save the world from itself through an elimination of its fossil-fuel-based energy system. During the final week of April, his newly created Energy Transitions Commission released a document setting forth a fool’s-errand pathway to “decarbonize” the world’s energy system. If this sounds familiar, it is. Gore’s plan features […]
Canadian Political Pressures Force Trudeau’s Hand on U.S. Trade Disputes…
Canada escalated a trade dispute with United States by making threats Washington called inappropriate in part because Prime Minister Justin Trudeau is under pressure to secure support in a key region ahead of the country’s 2019 elections. Washington last month slapped tariffs on timber imports, prompting Trudeau to say he was considering a ban on […]
Aetna Abandons Obamacare Totally: See You in September?…
Health insurer Aetna Inc said on Wednesday it will exit the 2018 Obamacare individual insurance market in Delaware and Nebraska – the two remaining states where it offered the plans. Aetna had already said it would exit the individual commercial market in Virginia and Iowa, after pulling out of several other states last year. Aetna […]
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IMF REPORT: U.S. Corporate Debt Could Be Trump’s Waterloo…
As U.S. equity markets continue to price to perfection a grab bag of promised corporate giveaways from their Best Forever Friend, President Donald Trump, a group of researchers at the International Monetary Fund (IMF) had the temerity to ask last month – what could possibly go wrong. In their April 2017 “Global Financial Stability Report,” […]
The Long, Hard, Unprecedented Fall of Sears…
In 1989, Sears Roebuck & Co. ruled America as its biggest retailer. It loomed over rivals from a perch high above Chicago, inside what was once the world’s tallest building—one bearing the company’s name. The fall from that height may finally be nearing an end. Over the course of almost three decades, the company experienced […]
Harvard Endowment Shopping $2.5B in Assets…
Harvard Management Company is seeking to sell off more than $2.5 billion of private equity, venture capital and real estate investments, Axios has learned from multiple sources. Cogent Partners, a unit of Greenhill & Co., is managing the process…
U.S. Oil And Gas to Contribute $1.9 Trillion to U.S. GDP by 2035…
Earlier this week, the American Petroleum Institute (API) released a study it had commissioned which claims that not only will production grow, but investment in oil and gas infrastructure will contribute between US$1.5 trillion and US$1.89 trillion to U.S. GDP by 2035, or between US$79 billion and US$100 billion annually…
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One Of The World’s Biggest Oil Hedge Funds Just Liquidated All Its Longs…
“Market participants remain extremely focused on micro developments like US crude inventories while the big picture has been telling us a different supply story for quite some time,” he wrote. “In fact, the gradual tightening of crude oil spreads has led to the release of expensive onshore and offshore inventories globally”…
Obamacare “Death Spiral”: Maryland Insurer Seeks 50% Premium Increase For 2018…
For the past several months we’ve observed in complete amazement as Democrats have repeatedly hailed the ‘great accomplishments’ of Obamacare while the system was literally, and quite tangibly, collapsing in epic fashion all around them. The latest evidence of Obamacare’s “death spiral” comes from the state of Maryland where insurers have just submitted their rate […]
House GOP Just Voted to Slash Medicaid — Which Pays for 60 Percent of People in Nursing Homes…
The American Health Care Act, which squeaked through the House of Representatives on Thursday, is terrible for many Americans in many ways. But what’s gotten almost no attention is the horrendous effect it could have on Americans in nursing homes. Daniel Webster, a Republican representative from the 11th Congressional District in central Florida, acknowledged this […]
Republicans Vote to Bring Back “Compensatory Time” Option For Workers…
The various media pundits and news stories are calling H.R. 1180 a “new overtime bill”. However, in reality the ‘take pay or take time off’ concept is more than 50 years old; we used to call it “compensatory time” or “comp time”…
China’s Plan to Subvert the Global Dollar Standard…
If nothing else, the Chinese have a sense of history and destiny. They have had a glorious past, stretching back millennia, and once controlled most of the Asian heartland in the days of Genghis and Kublai Khan. But even then, China was essentially inward-looking, protecting her own cultural values. Trade with Europeans in the centuries […]
Here’s Why Trump Is Talking about Breaking Up the Biggest Wall Street Banks…
Yesterday, Bloomberg News reporters Jennifer Jacobs and Margaret Talev snagged an interview with President Donald Trump. Headlines quickly spread that during the interview Trump had indicated he was looking at breaking up the biggest Wall Street banks (so that commercial banks holding taxpayer-backstopped deposits were no longer under the same ownership as the high-risk…
Public Employees and the Shadow World of American Carnage…
A new report from the Congressional Budget Office provides an eye-opening answer to the question by examining a sector of the labor market whose wages have been largely shielded from the effects of trade deals, immigration, and job-killing regulation. These workers receive wages and benefits that are, on average, about 17 percent higher than workers […]
Saudis Now Fully Own America’s Biggest Oil Refinery…
Saudi Aramco has become a 100-percent owner of Port Arthur, an oil refinery in Texas. Port Arthur has a capacity of 600,000 barrels per day, making it the biggest in North America. The kingdom’s national oil company previously owned 50 percent in the refinery before acquiring the full stake from Royal Dutch Shell on Monday. […]
OPEC Deal Backfires: Saudis Lose Market Share to Iran, Iraq…
Since the start of OPEC’s production cuts, oil market analysts and experts have been focusing on how U.S. shale would respond to the relatively higher and stable oil prices, possibly eating up some of the cartel’s global market share while the cuts last. The market share war is also going on a micro level within […]
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