Eric Wieser of MarketWatch writes that the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has sanctioned three more shipowners for moving Russian oil above the agreed price cap. He continues: The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) on Thursday leveled sanctions against three entities and their associated vessels for transporting Russian oil sold above the agreed upon price cap set by an international coalition of countries after the Russian invasion of Ukraine. The OFAC press release listed the companies and vessels as: United Arab … [Read more...]
How Cotton Can Decrease the Plastic in Waterways
Catherine Schetting Salfino reports that the International Cotton Advisory Committee (ICAC) calls cotton “a natural fiber like no other,” because its use decreases the number of plastics entering the planet’s waterways and helps keep oceans clean. She continues: Unlike synthetic, petroleum-based textiles like polyester, nylon and acrylic, which produce microplastic pollution and can take hundreds of years to decompose, cotton biodegrades quickly, something the International Cotton Advisory Committee (ICAC) points out. It calls cotton “a natural fiber like no other,” one of the reasons being … [Read more...]
Drought Causing 35% Jump in Olive Oil Pricing
Yusuf Khan of The Wall Street Journal reports that Spain, the global heavyweight in olive oil production, is suffering a second year of drought. He writes: Just off Central Park, chefs at one of New York’s hottest Italian restaurants are pondering how to handle surging prices for a vital ingredient: olive oil. Marea and other restaurants specializing in Mediterranean food are feeling the pinch as a drought in Spain, by far the world’s biggest producer, pushes up global prices. And with Americans pouring increasing quantities of olive oil onto their salads and into their frying pans in … [Read more...]
Tensions Rise Over Metal Tariffs
By bird_saranyoo @Adobe Stock Kim Mackrael and Laurence Norman of The Wall Street Journal report that Trans-Atlantic tensions over metals tariffs are proving resistant to a resolution. They write: The Biden administration’s relationship with the European Union, a vital geopolitical ally in a time of crisis, is being tested by a Trump-era policy on metals tariffs that the White House had sought to unwind. Former President Donald Trump in 2018 slapped hefty tariffs on most U.S. steel and aluminum imports, citing national security as grounds. The move infuriated U.S. allies—including other … [Read more...]
A Vote of Confidence in US Oil
In the Morning Brew, Cassandra Cassidy calls Exxon Mobil Corp.'s acquisition of Pioneer Natural Resources a "vote of confidence in US oil." She writes: Exxon Mobil, one of the world’s largest suppliers of oil, announced yesterday that it will acquire Pioneer Natural Resources, a Texas-based shale company, for roughly $60 billion in an all-stock deal set to close in 2024. It’s a vote of confidence in US oil (and against US climate policy). Exxon evidently isn’t too concerned about the White House’s push to reduce emissions and invest in climate-friendly energy, or the International Energy … [Read more...]
Exxon Makes Shale Mega-Deal with Pioneer
Exxon Mobil will merge with Pioneer Natural Resources in an oil mega-deal that could transform the Permian shale basin. Tomi Kilgore reports for MarketWatch: Exxon Mobil Corp. confirmed Wednesday an agreement to buy shale driller Pioneer Natural Resources Co. in an all-stock deal valued at $59.5 billion, or $64.5 billion including debt. “Pioneer is a clear leader in the Permian with a unique asset base and people with deep industry knowledge,” said Exxon Mobil Chief Executive Darren Woods. “The combined capabilities of our two companies will provide long-term value creation well in excess … [Read more...]
Biden’s “War” On Fossil Fuels Keeps Shale Drillers Idle as Oil Prices Rise
Despite high oil prices, America's shale drillers are holding back on new drilling in the face of what they fear will be a war on their businesses from the Biden White House. Jamie Smyth and Amanda Chu report for the Financial Times: America’s shale pioneers have vowed to keep a lid on drilling even if oil hits $100 a barrel, citing a need to maintain capital discipline and what they claim is a “war” on fossil fuels waged by the Joe Biden administration. The price of Brent crude has surged more than 25 per cent to $95 a barrel since June following co-ordinated cuts in production by Saudi … [Read more...]
Should America Move Closer to the Saudis, or Push them Away?
Almost instantly upon entering the White House, the Biden administration began insulting the Kingdom of Saudi Arabia. Then, when it became clear that the Saudis weren't going to sit on their hands and take the insults without pushing back, the Biden administration began begging for their help in taming oil prices. At the Cato Institute, Jon Hoffman discusses the future of the U.S./Saudi relationship, writing: The U.S.-Saudi relationship is stuck. America’s policy toward the kingdom is rooted in flawed rationales and supported by a system of lobbying and influence designed to sustain the … [Read more...]
Saudi Oil Supply Cuts Pushing Up Prices at the Pump
Voluntary crude oil production cuts by Saudi Arabia are crimping supply in the market, and pushing up prices. Yusuf Khan reports in The Wall Street Journal: Saudi Arabia’s decision to extend cuts to its crude-oil output until the end of the year is likely to lead to a significant supply shortfall for the rest of the year, keeping prices higher at the pump, according to the International Energy Agency. In its monthly report, the IEA said cuts from the Organization of the Petroleum Exporting Countries, a cartel of oil-producing nations where Saudi Arabia is the largest producer and de facto … [Read more...]
Fresh Pressure from OPEC+ Pushes Oil Prices Higher
New voluntary commitments on reductions in crude oil production by Saudi Arabia and Russia, members of OPEC+, have pushed up prices. Reuters's Mike Dolan reports: Falling energy prices have been a disinflationary tailwind for world markets for most of the year, but rebounding crude and fading annual base effects suggest an oil slick up ahead. And for investors searching for the sharp end of fractious geopolitics, look no further. The energy price shock surrounding a pandemic reboot and Russia's invasion of Ukraine early last year had almost disappeared, offering significant relief to … [Read more...]
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