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☆ 'This is where you start bear markets from': A notorious bear who called the 2000 and 2008 crashes warns stock-market conditions resemble a major peak more than any time in the last 100 years
▼ + stars: | 2024-05-11 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

The gauge is shown below in green and red alongside S&P 500 price action in blue. Most strategists at major Wall Street banks, meanwhile, generally see the S&P 500 staying above 5,000 through 2024. And as the stock market ground mostly higher, he persisted with his doomsday calls. He predicted in April 2007 that the S&P 500 could lose 40%, then it lost 55% in the subsequent collapse from 2007 to 2009. The S&P 500, by comparison, is up about 26% over the past year.

Persons: Jeremy Grantham, John Hussman, he's, Hussman, —, it's, Warren Buffett, there's, David Rosenberg Organizations: Hussman Investment Trust, Business, CPS, Federal Reserve, Rosenberg Research, Bureau of Labor Statistics, Employment Dynamics, bullish

☆ Gen Z Status Symbol: Why Everyone Is Getting Botox Injections
▼ + stars: | 2024-05-02 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +9 min

The faces that hold social currency on social media — with fox-lift brows and buccal fat removed — are increasingly bleeding into real life. AdvertisementEven before the remote-work boom, writers noticed social media was shaping the way people looked. The shift from surgical procedures to minimally invasive injections has also made cosmetic work safer and more available to average people. "The gap between the identity we present on social media and the self we see in the mirror is growing," Widdows told me. As more people get cosmetic work done, the rest of us lose touch with what's normal.

Persons: it's, Z, It's, Heather Widdows, else's, Snapchat, Anne, Mette Hermans, Widdows, Gen Zers, Hermans, you've, we've Organizations: American Academy of, New Yorker, University of Warwick, American Psychological Association, Boston University School of Medicine, City University of London, Tilburg University Locations: Instagram, United States, Netherlands

☆ Ralph Lauren’s intimate New York show invited the A-list into his studio
▼ + stars: | 2024-04-30 | by ( Nick Remsen | ) edition.cnn.com time to read: +6 min

Isidore Montag/Gorunway/Courtesy Ralph Lauren Looks from the 2024 Fall/Holiday Ralph Lauren collection. Isidore Montag/Gorunway/Courtesy Ralph Lauren Looks from the 2024 Fall/Holiday Ralph Lauren collection. Isidore Montag/Gorunway/Courtesy Ralph Lauren Looks from the 2024 Fall/Holiday Ralph Lauren collection. Isidore Montag/Gorunway/Courtesy Ralph Lauren Looks from the 2024 Fall/Holiday Ralph Lauren collection. Isidore Montag/Gorunway/Courtesy Ralph Lauren Looks from the 2024 Fall/Holiday Ralph Lauren collection.

Persons: Ralph Lauren, Kerry Washington, Jessica Chastain, Morgan Spector, Hannah Einbinder, Mies, der, Nnamdi Asomugha, Glenn Close, Kevin Tachman, Ralph Lauren Hannah Einbinder, Zach Hilty, Ralph Lauren Jodie Turner, Smith, Ralph Lauren The, —, “, ” Lauren, Polo, ”, Christy Turlington, Isidore Montag, Ralph Lauren Ralph Lauren Fall, Cowboy Carter ” –, Lauren, glitz, ” “, Rebecca Hall, Lauren’s Organizations: CNN, Polo, Washington Locations: New York City, Madison, Manhattan

☆ IMF raises its Asia growth forecast for 2024, highlights India's growth and China stimulus as key drivers
▼ + stars: | 2024-04-30 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

The International Monetary Fund raised its Asia growth forecast for 2024 on Tuesday, as it remained optimistic about India's growth and focused on the need for more stimulus from China. The IMF now expects Asia's economy to grow 4.5% this year, up 0.3 percentage points from six months earlier. The upward revision reflects upgrades for China, the IMF said, where it expects policy stimulus to provide support. India is currently the world's fifth-largest economy with GDP of $3.7 trillion and is aiming to become the world's third-largest by 2027. IMF's Srinivasan also wrote that strong private consumption will continue to drive growth in Asia's other emerging markets.

Persons: Krishna Srinivasan, IMF's Srinivasan Organizations: Monetary Fund, IMF Locations: Asia, China, Pacific, India

☆ 3 surprises from Nvidia earnings help justify a one-day $250 billion boost to its market value
▼ + stars: | 2024-02-22 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +10 min

If that return isn't there, will they keep ordering the latest and greatest Nvidia chips? Despite the overall improvements in availability, Nvidia on Wednesday indicated it will face supply-and-demand imbalances with its upcoming AI chips. The U.S. government has said its export controls are designed to keep high-powered AI chips out of the hands of the Chinese military. In the November-through-January quarter, China accounted for a mid-single-digit percentage of Nvidia's $18.4 billion in data center revenue, according to the company. The fact Nvidia still booked China revenue in the hundreds of millions of dollars means it could take a further hit in the region.

Persons: —, Jensen Huang, Raymond James, Nvidia's, Colette Kress, Huang, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim Organizations: Nvidia, Meta, Apple, Microsoft, Melius Research, Devices, Big Tech, Wall, U.S, Truist Securities, CNBC, Visitors, NVIDIA, Hangzhou Apsara, Getty, Nurphoto Locations: China, Hangzhou, Hangzhou Apsara Conference, Zhejiang province

☆ Sitting on gains in Eli Lilly, Nvidia? Ask these questions before your next move
▼ + stars: | 2024-02-09 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +10 min

Eli Lilly has jumped almost 27%, building on its 59% gain in 2023. The long-term outlooks for Nvidia and Eli Lilly — both longtime Club holdings — brightened in recent weeks, leading to additional gains for the stocks. This leaves Club members who own Nvidia, Eli Lilly, or both, wondering how to proceed with their investments. Right now, we feel good about the timing of our most recent sales in Nvidia and Eli Lilly. Eli Lilly's stock is currently up about 24% from our Sept. 12 sale level, based on Thursday's close.

Persons: Eli Lily, Eli Lilly, Eli Lilly —, Eli Lilly's, Zepbound, Lilly's, Jim Cramer, Jim, There's, they're, Colette Kress, Goldman Sachs, FactSet, Lilly, Novo, Nordisk's Wegovy, tirzepatide, Jim Cramer's Organizations: Nvidia, Club, Apple, Microsoft, Web Services, Nordisk's, CNBC, Reuters Locations: Wall

The firm’s monthly survey showed 107,000 jobs were added, well below the 145,000 estimate. “Progress on inflation has brightened the economic picture despite a slowdown in hiring and pay,” said Nela Richardson, chief economist at ADP. The ADP report comes two days ahead of the Labor Department’s monthly jobs report for January, with consensus estimates for about a 180,000 gain in payrolls after December’s better-than-expected 216,000 increase. “The January jobs report will likely show that the labor market started the year on a solid note,” said Lydia Boussour, EY senior economist. The strong job market and U.S. economic growth in the fourth quarter led the International Monetary Fund to boost its projections of global economic growth this year.

Persons: ”, Nela Richardson, December’s, Lydia Boussour, EY, “, Jerome Powell, José Torres Organizations: ADP, Labor, Federal Reserve, Observers, Interactive, International Monetary Fund, IMF Locations: U.S, payrolls, hawkish, –

☆ ‘Old smoker’ stars revealed at the heart of the Milky Way
▼ + stars: | 2024-01-30 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

CNN —A decade-long survey of the night sky has revealed a mysterious new type of star astronomers are referring to as an “old smoker.”These previously hidden stellar objects are aging, giant stars located near the heart of the Milky Way galaxy. This illustration shows an eruption occurring in the swirling disk of matter around a newborn star. They help the newborn star in the middle to grow, but make it harder for planets to form. Infrared images show a red giant star, located 30,000 light years away near the center of the Milky Way. Understanding how the old smokers release elements into space could change the way astronomers think about the way such elements are distributed across the universe.

Persons: Philip Lucas, Lucas, ”, Zhen Guo, Fondecyt, Guo, ” Guo, ” Lucas, Dante Minniti Organizations: CNN, Royal Astronomical Society, Astronomers, Survey, Cerro Paranal Observatory, Southern, University of Hertfordshire, University of Valparaiso, University of Hertfordshire Red, NASA, Andrés Bello University Locations: Chilean Andes, Cerro, Chile

☆ Here’s what the S&P 500’s summer hot streak can teach us about the late 2023 rally and its staying power
▼ + stars: | 2023-12-02 | by ( Michael Santoli | ) www.cnbc.com time to read: +9 min

In the final run-up to the late-July peak in stocks this column surveyed the rally , and asked, "Enough for now? .SPX YTD line The S & P 500's year-to-date performance Yes, the market is overbought by various technical measures. Meanwhile, Wells Fargo and Barclays are seeing the S & P 500 as dead money next year, at best. The virtues of owning the S & P 500 passively have always been low cost, tax efficiency, low turnover and broad exposure to the asset class. While 2021 was a Nasdaq 100 melt-up year, 2022 was the mirror image: Big Tech got blasted and the equal-weight S & P 500 held up better.

Persons: Goldman Sachs, Morgan Stanley, Wells, Jack Bogle, Alan Greenspan's Organizations: Federal, Deutsche, Deutsche Bank and Bank of America, Barclays, Hamas, Nasdaq, Nvidia, Meta, Apple, Microsoft, Big Tech, matchless, Treasury Locations: Wells Fargo, Israel

Cooler-than-expected inflation data could push stocks higher, especially those that benefit the most from a decline in the cost of money. MGM stock has added more than 21% from the start of the year, while Caesars has climbed about 11%. Elsewhere, Solar Battery company SunRun also made the cut, and average analysts polled by FactSet/Refinitiv implies nearly 89% upside moving forward. Shares have pulled back more than 52% from the start of the year as higher interest rates pressure the overall solar sector . RUN YTD mountain SunRun stock.

Persons: Russell, SunRun Organizations: Labor Department, CPI, Dow Jones, Federal Reserve, CNBC, Treasury, MGM International, Caesars Entertainment, MGM, Caesars, Las, Solar Battery, FactSet, BMO Capital Markets, Dish Network, AES Corporation Locations: Las Vegas

☆ ‘Tasmanian devil’ is a stellar corpse showing energetic signs of life
▼ + stars: | 2023-11-16 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

CNN —Space is full of extreme phenomena, but the “Tasmanian devil” may be one of the weirdest and rarest cosmic events ever observed. Astronomers dubbed the celestial object the “Tasmanian devil,” and they observed it exploding repeatedly following its initial detection in September 2022. But the Tasmanian devil is revealing more questions than answers with its unexpected behavior. While LFBOTs are unusual events, the Tasmanian devil is even stranger, causing astronomers to question the processes behind the repetitive explosions. We’d never seen that, period, in astronomy.”To better understand the quick luminosity changes occurring in the Tasmanian devil, Ho and her colleagues reached out to other researchers to compare observations from multiple telescopes.

Persons: supernovas, —, ”, Anna Y.Q, Ho, “, Jeff Cooke, ” Ho, We’d, Anna Ho, Jason Koski, ” Cooke, they’ve, Vik Dhillon Organizations: CNN, Cornell University’s College of Arts and Sciences, Australia’s Swinburne University of Technology, ARC Centre, Cornell University Altogether, Telescope, ”, University of Sheffield Locations: California, United Kingdom

☆ Astronomers are baffled after spotting strange cosmic flares that have 10 billion times more power than the sun
▼ + stars: | 2023-11-16 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +4 min

The event, nicknamed Tasmanian devil, is puzzling scientists who don't know what is causing it. Ho and colleagues' observations suggest the Tasmanian devil released at least 14 irregular and highly energetic bursts, each lasting only a few minutes. This leaves a neutron star or a black hole surrounded by the remnants of a partial star. To produce such brilliant flares, a black hole or neutron star would need a lot of fuel. AdvertisementAnother possibility is that the Tasmanian devil was caused by a star merging with a black hole or a neutron star, said Ho.

Persons: —, Anna Ho, LFBOTs, Ashley Chrimes, Chrimes, Ho, We'd, haven't Organizations: Service, NASA, Cornell University, Nature News, European Space Agency

☆ On Matthew Perry, Loneliness and Addiction - The New York Times
▼ + stars: | 2023-11-04 | by ( Patti Davis | Jillian Weinberger | ) www.nytimes.com time to read: +4 min

I started thinking about my own experience with addiction when Matthew Perry passed away. It’s a sense that you don’t really fit in, that everyone else sort of has it wired of how to get along in the world and you don’t. And I think it revs you up past that sense of isolation, past that sense of loneliness. Obviously, it doesn’t work like that because I don’t think anything really penetrates that. He went through a really rough addiction and we don’t know yet the cause of his death, but we know that he really ravaged his body.

Persons: Matthew Perry, —, it’s, you’re, I’m, gravitates

☆ Opinion | A Dispatch From the Muslim Girl Scouts of Astoria
▼ + stars: | 2023-10-28 | by ( Mara Gay | ) www.nytimes.com time to read: +7 min

At a meeting of the Muslim Girl Scouts of Astoria last week, a young woman bounded into the room, asking whether her fellow scouts had secured tickets to an Olivia Rodrigo concert. “It’s no conflict at all,” Ms. Rayan told me of Islam and the Girl Scouts. “You want a strong Muslim American girl.”At the Girl Scouts meeting, Amira and her friends discussed their plans to protest the war in Gaza. In 1948, Ms. Rayan told me, her grandfather lost his home and land in Jaffa to the state of Israel. Ms. Rayan said those killed in her family included six cousins and their children, who were as young as 2.

Persons: Amira Ismail, Amira, ’ ” Amira, ‘ That’s, ”, “, ” Amira, Eid, Dianne Morales, Abier Rayan, Olivia Rodrigo, Taylor Swift, Ms, Rayan, There’s, “ I’m, John Lewis, Amira waded Organizations: City Hall, Palestinian, United, New, Muslim Girl Scouts, Scout, Girl Scouts, Gaza Health Ministry, Hamas, Yorkers, Brooklyn Locations: New York, Queens, New York City, Palestinian American, United States, Israel, America’s, Astoria, Gaza, Egypt, Jaffa, Gaza City, Brooklyn

☆ We moved our family of 4 into a tiny, remote cabin we bought sight-unseen. Everything was a mess at first, but now we're closer than ever.
▼ + stars: | 2023-10-11 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +9 min

In 2019, their family packed up and headed to Pennsylvania but arrived to a cabin in disrepair. We really didn't want our kids living in that type of environment. We encountered a disaster in the moving processOur California home was large, so we had a lot of stuff. Since our Poconos cabin was smaller, we decided to get rid of almost everything — we really didn't care about a lot of our possessions. In December 2022, we moved from the first cabin into the third cabin we bought.

Persons: Danielle Elderkin, —, Kyle Elderkin, Rosenberg, we're, Kyle, They're Organizations: Service, eBay, inconveniences, Disney Locations: Temecula , California, Pennsylvania, Southern California, Temecula, San Diego, Orange County, California

☆ Our family of 4 downsized to a small cabin in the Poconos we bought sight-unseen. It's made us closer than ever.
▼ + stars: | 2023-10-11 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +9 min

In 2019, their family packed up and headed to Pennsylvania but arrived to a cabin in disrepair. We really didn't want our kids living in that type of environment. Since our Poconos cabin was smaller, we decided to get rid of almost everything — we really didn't care about a lot of our possessions. We arrived to a cabin in a state of disrepairMy family and I drove down to the Poconos in a vintage camper that we bought in 2016. In December 2022, we moved from the first cabin into the third cabin we bought.

But “The Eras Tour” heralds something new and potentially game-changing in the movie industry. BTS earlier this year released a concert film, with higher ticket prices and limited showtimes. But “The Eras Tour” could be the start of an expansion of what, exactly, a movie theater can be. The movie, directed by Sam Wrench, would be a way for millions more to experience the Eras Tour. “The industry needs it and, frankly, so do consumers.”Meanwhile, “Taylor Swift: The Eras Tour” is poised to become the biggest concert film ever in about two days of release.

Persons: — Greg Marcus, they’ve, “ Taylor Swift, ”, Marcus, “, — Swift, Beyoncé, that’s, Swift, Sam Wrench, It's, Scott Swift, Travis Kelce, Adam Aron, Paul Dergarabedian, ” Dergarabedian, Makan Delrahim, Delrahim, ” Delrahim, Justin Bieber, Marcus ’, “ I’m, Jake Coyle Organizations: Marcus, Southern, Advance, AMC Theaters, Hollywood, Netflix, Metropolitan Opera, AMC, Kansas City Chiefs, NFL, Swift, American, Paramount, Department of Justice, “, Justice Department, Woodstock, Twitter Locations: Milwaukee , Wisconsin, Los Angeles, ”

☆ Japan's business mood improves, capex firm in boost to economic outlook
▼ + stars: | 2023-10-02 | by ( Leika Kihara | Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

TOKYO (Reuters) -Japan’s business sentiment improved in the third quarter, a central bank survey showed, suggesting conditions for a durable economic revival are falling into place even as a global slowdown keeps policymakers cautious about the outlook. Big non-manufacturers’ index stood at 27, up from 23, the survey showed, above a median market forecast of 24 and improving for the sixth straight quarter. The survey showed big manufacturers expect conditions to improve three months ahead, though sluggish global demand and signs of weakness in China’s economy cloud the outlook. “The tankan showed Japan is on track for a domestic-demand led growth. But analysts expect a mild contraction in the July-September quarter as sluggish global demand weigh on exports.

Persons: Maki Shiraki, ”, Marcel Thieliant, Yoshimasa Maruyama Organizations: Nissan, Co, Ltd's, EV, REUTERS, Companies, Bank of Japan, Capital Economics, Big, Nikko Securities Locations: TOKYO, Tochigi prefecture, Japan, Asia, U.S

☆ CNBC Daily Open: September sell-off, October bounce?
▼ + stars: | 2023-10-02 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. World Bank cuts growth forecastThe World Bank trimmed its 2023 growth forecast for developing economies in East Asia and the Pacific from 5.1% to 5%. China's growing demand for commoditiesDespite the World Bank's downgrade of China's growth prospects, China's demand for commodities has been growing at "robust rates," according to Goldman Sachs. However, the bill merely allows the U.S. government to stay open — and lawmakers to thrash out a more permanent funding legislation — for 45 more days.

Persons: Goldman Sachs Organizations: New York Stock Exchange, CNBC, Nasdaq, Nikkei, Bank, U.S, Senate, Labor, Survey Locations: New York City, China , Hong Kong, South Korea, East Asia, China, Russia

☆ London hotspots brightened with colourful new artwork
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Sarah Mills/File photo Acquire Licensing RightsLONDON, Sept 28 (Reuters) - Busy spots in London are being brightened up by the work of British-born artist and designer Adam Nathaniel Furman who is on a mission to create quality background art. "I have a great passion for colourful interventions in public space that are beautifully crafted," Furman said. In the London Bridge area, another of Furman's projects "A Thousand Streams" is taking shape on a long concrete wall being decorated with an intricate handmade mosaic. Furman designed the piece for the London School of Mosaic, whose volunteers are working on it with completion expected in 2024. As for the future, Furman would like to add to the landscapes of cities around the world, saying it is often artwork people value in their surroundings the most.

Persons: Adam Nathaniel Furman, Sarah Mills, Furman, Alison Williams Organizations: REUTERS, London School of Mosaic, Thomson Locations: Canary Wharf, London, Britain

☆ Investors riddled with FOMO might be re-entering the US stock market
▼ + stars: | 2023-09-21 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Investors who missed out on this year’s unexpected rally seem to be dipping their toes back into the US stock market. That suggests that investors who watched equities steadily climb higher this year are starting to take their cash off the sidelines and put it into the stock market, some investors say. That’s caused some investors to come down with a classic case of fear-of-missing-out, says Saira Malik, chief investment officer at Nuveen. The data-dependent central bank held rates steady on Wednesday and signaled that it could hike rates once more this year. Still, bond yields rose to their highest level since 2007 this week, as investors bet that the central bank will keep rates higher for longer.

Persons: Saira Malik, Malik, I’ll, ”, Alex McGrath, Samantha Kelly, she’s, Sam, Read, Elon, Jennifer Korn Organizations: CNN Business, Bell, CNN — Investors, Global, Bank of America, Federal Reserve, Tech, Nvidia, Apple, Microsoft, Traders, Apple Watch, smartwatches

☆ U.S. stocks rally, crude rises as crucial data awaits
▼ + stars: | 2023-08-28 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. European stocks were sharply higher with technology shares leading the way, with an assist from China-exposed industrials. The pan-European STOXX 600 index (.STOXX) rose 0.85% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 0.69%. Emerging market stocks rose 0.65%. Gold gained ground as investors continue to digest Fed Chairman Jerome Powell's Jackson Hole commentary last week and looked forward to the week's economic data.

Persons: Brendan McDermid, Powell, Robert Pavlik, Jerome Powell, China's, Brent, Sterling, Jerome Powell's Jackson, Stephen Culp, Neil Mackenzie, Amanda Cooper, Alex Richardson Organizations: New York Stock Exchange, REUTERS, payrolls, PMI, Federal Reserve, Dakota Wealth, Beijing, Labor, Commerce, Dow Jones, Nasdaq, Japan's Nikkei, U.S . Treasury, Thomson Locations: New York City, U.S, Fairfield , Connecticut, Jackson Hole , Wyoming, China, Asia, Pacific, Japan, London

☆ Neptune’s disappearing clouds linked to solar cycle
▼ + stars: | 2023-08-22 | by ( Kristen Rogers | ) edition.cnn.com time to read: +6 min

The findings are “extremely exciting and unexpected, especially since Neptune’s previous period of low cloud activity was not nearly as dramatic and prolonged,” Chavez added. The findings also contradict the idea of the clouds being affected by Neptune’s four seasons, which each last about 40 years. Additionally, Neptune storms rising from the deep atmosphere do influence the planet’s cloud cover — but aren’t related to clouds formed in the upper atmosphere. That variable could interfere with studies looking at correlations between photochemically produced clouds and the solar cycle. More research could also suggest how long the near absence of clouds on Neptune might last.

Persons: ”, Imke de Pater, Neptune brightened, Erandi Chavez, ” Chavez, Neptune, Patrick Irwin, wasn’t, Irwin, Carlos Alvarez, ” Irwin, “ Organizations: CNN —, University of California, NASA, Hubble, Keck, Lick, Center for Astrophysics, Harvard & Smithsonian, JPL, Caltech, University of Oxford, Keck Observatory Locations: Berkeley, Hawaii, California

☆ US consumer prices rise moderately; underlying inflation subsides
▼ + stars: | 2023-08-10 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

An increase in prices at the pump late in the month will likely be reflected in the August inflation report. Economists polled by Reuters had forecast the CPI would rise 0.2% last month and by 3.3% on a year-on-year basis. Reuters GraphicsThe CPI report is one of two before the Fed's Sept. 19-20 policy meeting. Underlying inflation was curbed by a 0.3% drop in core goods prices, which followed a 0.1% dip in June. But with worker productivity rising, economists are optimistic that labor costs will be contained.

Persons: Jim Vondruska, Will Compernolle, Lucia Mutikani, Paul Simao Organizations: Shoppers, REUTERS, Federal Reserve, Labor Department, Fed, Reuters, Financial, Treasury, Services, Reuters Graphics Reuters, Thomson Locations: Chicago , Illinois, U.S, WASHINGTON, New York

☆ Under Biden, US oil production is poised to break Trump-era records
▼ + stars: | 2023-08-09 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

And yet, on his watch, US oil production is poised to shatter all-time records set during the Trump administration. If anything, the outlook for US oil production has brightened recently – in large part because oil prices have rebounded from recession fears and drillers have become more efficient. Climate vs. inflationWhen and if the oil production record falls, don’t expect any fireworks from the White House. Last week, Saudi Arabia vowed to extend its oil production cut for at least another month. It’s also true that domestic oil production -— unlike prices -— has been slow to recover from the Covid-19 crash.

Persons: Joe Biden, Trump, It’s, Biden, ”, Hunter Kornfeind, it’s, Mike Pence, Joe Biden’s, Pence, Barack Obama, “, Matt Smith, ” Biden, That’s, Kornfeind Organizations: New York CNN Business, Rapidan Energy, drillers, US Energy Information Administration, Strategic Petroleum Reserve, EIA, Exxon, Rapidan Energy Group, American Petroleum Institute, Biden, CNN, “ Locations: Saudi Arabia, Texas, Americas, Russia

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