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☆ Oil prices fall on stronger dollar, demand fears
▼ + stars: | 2023-05-12 | by ( ) www.cnbc.com time to read: +3 min

Oil prices settled more than 1% lower on Friday, falling for the third consecutive week, as the market balanced supply fears against renewed economic concerns in the United States and China. "Lack of confidence in the economy is translating to a retreat to the safer dollar, and is also causing pessimism about oil demand," said John Kilduff, partner at Again Capital LLC in New York. Meanwhile, China's April consumer price data rose at a slower pace than in March, missing expectations, while deepening factory gate deflation refocused doubts about its recovery from COVID restrictions driving oil demand growth. U.S. oil rigs fell by two to 586 this week, their lowest since June 2022, while gas rigs plunged by 16 to 141, their lowest April last year. The Organization of the Petroleum Exporting Countries (OPEC) kept its global oil demand forecast for 2023 unchanged on Thursday, expecting economic risks to be offset by higher Chinese demand growth.

☆ Republicans ask watchdog to assess US oil reserve management
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas, U.S., April 27, 2020. REUTERS/Adrees Latif/File PhotoWASHINGTON, May 8 (Reuters) - Two Republicans on Monday asked a congressional watchdog to assess the Biden administration's management of the Strategic Petroleum Reserve and audit its modernization program, saying sales from the SPR have undermined U.S. energy security. Over about six months last year, the Biden administration conducted a record sale of 180 million barrels of oil to combat high gasoline prices after Russia's invasion of Ukraine. The Biden administration wrote to lawmakers last month, saying the sales did not damage the SPR. The lawmakers said they were concerned about delays and cost overruns in the SPR modernization program authorized by Congress in 2015.

May 3 (Reuters) - U.S. crude oil inventories fell for a third week in a row, while gasoline stockpiles unexpectedly rose last week as demand weakened, the Energy Information Administration said on Wednesday. Crude in the Strategic Petroleum Reserve declined 2 million to 364.9 million barrels, its lowest since October 1983. Levels dropped for the third week in a row as part of a congressionally mandated sale of 26 million barrels. Gasoline stocks (USOILG=ECI) rose by 1.7 million barrels to 222.9 million barrels, the EIA said, compared with forecasts for a 1.2 million-barrel drop. U.S. crude oil futures fell $2.93, or 4.1%, to $68.73 a barrel by 11:00 a.m.

☆ Analysis: American living standards are on the line in the debt ceiling drama
▼ + stars: | 2023-04-27 | by ( Christine Romans | ) edition.cnn.com time to read: +6 min

New York CNN —Inside the Beltway, jockeying over raising the debt ceiling has become a partisan ritual to gain political points. But marching toward a debt ceiling default puts American living standards on the line. For most of that time, the debt ceiling was raised with little fuss, until 2011 brought the debt ceiling into a new dangerous realm of political brinksmanship. Deciding later not to pay the bills by not raising the debt ceiling is not sound fiscal policy. Roger Ferguson, economist and former vice chair of the Fed, said the debt ceiling is out of date.

☆ Opinion: What happens when you knock on a door
▼ + stars: | 2023-04-23 | by ( Richard Galant | ) edition.cnn.com time to read: +18 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. In Kansas City, Andrew Lester, an 84-year-old White homeowner shot Ralph Yarl, a Black teenager who rang his doorbell. And, “with Trump as the front-runner for the 2024 Republican nomination, Fox has resumed coverage of him which often veers into the free-advertisement category. Neither Robert F. Kennedy Jr., who announced his candidacy last week, nor Marianne Williamson represents a serious threat, Axelrod noted. “The calendar reads 2023,” wrote the Republican former lieutenant governor of Georgia, Geoff Duncan, “but it feels like 2016 all over again.

☆ SEC's Gensler in congressional hot seat today over climate change and crypto
▼ + stars: | 2023-04-18 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

The House Financial Services Committee will hold a hearing on oversight of the Securities and Exchange Commission this morning. That's because SEC Chair Gary Gensler has aroused the ire of many in corporate America over his 50+ list of new regulatory proposals the SEC is scheduled to vote on this year. "Chair Gensler has identified a range of 50-55 regulatory priorities since the start of his tenure, and has already proposed twice as many rules as his predecessor in just half the time." "The vast majority of crypto tokens are securities," Gensler declared in his written testimony to the House Financial Services Committee. "SEC Chair Gensler is long overdue to testify before the House Financial Services Committee," Rep. French Hill (R.-Ark), Vice Chairman of the House Financial Services Committee, said in a statement released to CNBC.

☆ Oil falls as investors cautious about U.S. recession risk
▼ + stars: | 2023-04-13 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File PhotoSINGAPORE, April 13 (Reuters) - Oil prices retreated on Thursday after rising for two sessions, with investors still showing lingering concern over a possible U.S. recession and weaker oil demand. The Biden administration plans to refill the U.S. Strategic Petroleum Reserve soon, and hopes to do it at lower oil prices, U.S. Energy Secretary Jennifer Granholm said on Wednesday. Still, the oil market was jolted higher two weeks ago after the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia agreed to curtail output. As a result, the global oil market could see tightness in the second half of 2023, which would push prices higher, said Fatih Birol, executive director of the International Energy Agency.

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File PhotoTOKYO, April 13 (Reuters) - Oil prices eased in early trading on Thursday after rising for the previous two sessions as investors remained cautious due to lingering concerns over a U.S. recession and weaker oil demand. Brent crude fell 19 cents, or 0.2%, at $87.14 a barrel by 0116 GMT, while U.S. West Texas Intermediate slid 16 cents, or 0.2%, to $83.10. However, the Fed's staff assessing the potential fallout of banking stress projected a "mild recession" later this year. Markets on Wednesday shrugged off a small build in U.S. crude oil stocks, attributing it in part to a congressionally mandated release of oil from the U.S. emergency reserve and lower exports at the start of the month.

☆ Oil rises 2% on lower-than-expected US inflation data
▼ + stars: | 2023-04-12 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +4 min

Prices rose about 2% on Tuesday. The CPI rose 6% year-on-year in February. Markets shrugged off a small build in U.S. crude oil stocks, attributing it in part to a congressionally mandated release of oil from the U.S. emergency reserve and lower exports at the start of the month. Meanwhile, the global oil market could see tightness in the second half of 2023, which would push oil prices higher, said Fatih Birol, executive director of the International Energy Agency. In a negative for oil demand, the International Monetary Fund on Tuesday trimmed its 2023 global growth outlook, citing the impact of higher interest rates.

☆ Oil stocks rise unexpectedly on SPR release, weak exports
▼ + stars: | 2023-04-12 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) fell by 409,000 barrels in the week to April 7, EIA said. Stocks of crude oil in the Strategic Petroleum Reserve declined 1.6 million barrels, the first drawdown this year, as part of a congressionally mandated sale of 26 million barrels. Exports of crude oil fell 2.5 million barrels per day (bpd), the largest drop on record, to 2.7 million bpd. Net U.S. crude imports (USOICI=ECI) rose by 1.56 million barrels per day to 3.5 million bpd, EIA said. Gasoline and distillate inventories fell less-than-expected in week to April 7, the Energy Information Administration said on Wednesday.

☆ Trump again defends Putin and rips into DeSantis for calling him an 'authoritarian gas station attendant' and a 'war criminal'
▼ + stars: | 2023-03-30 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

Ron DeSantis called Putin "basically a gas station with a bunch of nuclear weapons." Trump knocked DeSantis over the comments, claiming the rhetoric could lead to war. Trump has a long history of defending Putin and called his justification for invading Ukraine "genius." —Trump War Room (@TrumpWarRoom) March 29, 2023Representatives for DeSantis and Romney did not immediately respond to Insider's requests for comment. In the interview last week in which he called Putin a war criminal, DeSantis said his comments had been "mischaracterized."

☆ U.S. urges rail tank car owners, shippers to use safer, newer cars
▼ + stars: | 2023-03-23 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, March 22 (Reuters) - The U.S. Transportation Department (USDOT) on Wednesday urged rail tank car owners and hazmat shippers of flammable liquids to stop using tank cars like some in a Feb. 3 Norfolk Southern (NSC.N) train derailment in East Palestine, Ohio and replace them with newer, safer tank cars. Norfolk Southern CEO Alan Shaw said at a Senate Commerce hearing on Wednesday the railroad supports the provision "for accelerating safer tank car standards". Last month, Transportation Secretary Pete Buttigieg called on Congress to mandate owners of tank cars to expedite the phase-in of safer DOT-117 tank cars in advance of the congressionally mandated 2029 deadline. The PHMSA advisory calls on shippers of flammable liquids "to voluntarily upgrade their tank car fleets to the newest, and safest, available tank car design authorized for flammable liquid service." The advisory added railroads should consider applyingrequirements applicable to high-hazard flammable trains to trains with fewer tank cars carrying flammable liquids in DOT-111 tank cars.

☆ U.S. House Speaker McCarthy says he told Biden lack of debt talks jeopardizes economy
▼ + stars: | 2023-03-20 | by ( David Morgan | ) www.reuters.com time to read: +2 min

McCarthy, the top Republican in the House of Representatives, first met with Biden on Feb. 1. But a standoff has since ensued between Republicans who want to use the debt ceiling to exact spending cuts from the White House, and Biden, who wants the debt ceiling raised without strings attached. "I just saw the president again on St. Patrick's Day, Friday," McCarthy told reporters in Orlando, Florida, where House Republicans are holding a retreat this week. Biden has called on McCarthy and House Republicans to produce a fiscal 2024 budget before negotiating on spending. "I said: look, we're not going to raise taxes and we're not going to pass a clean debt ceiling.

☆ Abortion pill fight: Read the transcript of Texas court hearing on fate of mifepristone
▼ + stars: | 2023-03-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Abortion rights advocates gather in front of the J Marvin Jones Federal Building and Courthouse in Amarillo, Texas, on March 15, 2023. Judge Matthew Kacsmaryk of the U.S. Northern District of Texas in Amarillo heard four hours of arguments. The anti-abortion group that filed the lawsuit, the Alliance Defending Freedom, presented their case against the FDA first. They were followed by Justice Department attorneys defending the FDA and then the abortion pill maker Danco Laboratories. The Alliance Defending Freedom argued that mifepristone is unsafe and the FDA did not properly follow its approval process when it cleared mifepristone for use in 2000.

☆ U.S. Senate Republicans put Biden on notice over debt ceiling
▼ + stars: | 2023-01-27 | by ( David Morgan | ) www.reuters.com time to read: +3 min

A debt ceiling increase would require support from nine Republicans, 48 Democrats and three independents who caucus with Democrats to meet the Senate's 60-vote filibuster rule for most legislation. The one-page letter surfaced a day after Biden characterized Republicans as a party of "chaos and catastrophe" while criticizing their refusal to approve a debt ceiling increase without spending cuts. The White House, which has repeatedly voiced opposition to debt ceiling negotiations, was not immediately available for comment. On Tuesday, Senate Republican leader Mitch McConnell said any solution to the debt ceiling debate would have to come from talks between Biden and House of Representatives Speaker Kevin McCarthy. It was not clear whether the Senate Republicans notified McCarthy about their letter ahead of time.

☆ Trump suggests providing tanks to Ukraine will lead to 'nukes' and says ending the war with Russia would be 'easy'
▼ + stars: | 2023-01-26 | by ( John Haltiwanger | ) www.businessinsider.com time to read: +5 min

Donald Trump appeared to criticize a decision by the US and Germany to provide tanks to Ukraine. Trump also suggested ending the war in Ukraine would be "easy," without elaborating. Trump suggested offering tanks to Ukraine would lead to the use of nuclear weapons. Meanwhile, Trump said it would be "easy" to end the war, without providing any suggestions on how this would be accomplished. The US has provided more security aid to Ukraine than any other country — over $27 billion since Russia invaded.

☆ U.S. will send Abrams tanks to Ukraine ahead of expected Russian offensive
▼ + stars: | 2023-01-25 | by ( Amanda Macias | ) www.cnbc.com time to read: +1 min

WASHINGTON – The Biden administration announced Wednesday it will equip Ukraine with the mighty M1A1 Abrams tank, a key reversal in the West's effort to arm Kyiv as it prepares for a fresh Russian offensive. The 31 M1A1 Abrams tanks, which amount to one Ukrainian tank battalion, will expand on the more than $26 billion the U.S. has committed to Kyiv's fight since Russia invaded nearly a year ago. The U.S. will also provide eight M88 recovery vehicles that support the M1A1 Abrams. The Biden administration will also send more than 500 armored vehicles of various types to bolster Ukraine's military. It will "take some time" for the tanks to be delivered to Ukraine, a senior Biden administration official said Wednesday.

☆ SEC readies Wall Street 'conflicts' rule, a decade after first try
▼ + stars: | 2023-01-25 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

An earlier version of the conflicts rule first proposed in 2011 was never finalized. When made effective with an SEC rule, the section would prohibit traders from betting against asset-backed securities they sold to investors. According to SEC officials, the rule would ban such actions for up to a year following sale of the securities. According to SEC officials, traders who disclosed bets contrary to clients' investments would still run foul of the rule. Without citing prominent recent examples of such conflicts of interest in the asset-backed securities market, SEC officials said the conflicts rule was needed to remove the opportunity and incentive for such conduct.

☆ We could soon be facing the biggest financial crisis in history as Republicans threaten to stop paying America's bills
▼ + stars: | 2023-01-19 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +11 min

Republicans are using the debt ceiling as leverage to achieve spending cuts on Democratic priorities. But failing to raise the debt ceiling by the summer could cause the US to default on its debt. Consequences of default are dire, and Biden has urged the GOP to not bargain with the debt limit. "Failure to raise the debt limit will not reduce our debt, but it would wreck the economy if it led to a default. "When you talk about the trillion dollar platinum coin, it sounds very silly — and it is really silly!"

☆ U.S. government touches debt limit
▼ + stars: | 2023-01-19 | by ( David Morgan | ) www.reuters.com time to read: +4 min

Republicans, with a newly won House majority, aim to use the congressionally mandated federal debt ceiling to exact spending cuts from Biden and the Democratic-led Senate. Republicans are instead pursuing a "debt prioritization" plan that would seek to avert default by urging the Treasury to prioritize debt payments, and possibly other priorities such as Social Security and Medicare, should the limit be breached during negotiations. But we similarly should not blindly increase the debt ceiling," Representative Chip Roy, a leading conservative, told Reuters. Congress adopted a comprehensive debt ceiling, the statutory maximum of debt the government can issue, in 1939, intending to limit its growth. White House officials also note that Republicans in Congress backed multiple increases to the debt ceiling when Republican Donald Trump was president.

☆ Major central bankers dispute role in tackling climate change as they battle inflation
▼ + stars: | 2023-01-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Federal Reserve Board Chairman Jerome Powell holds a news conference following the announcement that the Federal Reserve raised interest rates by half a percentage point, at the Federal Reserve Building in Washington, U.S., December 14, 2022. Evelyn Hockstein | ReutersLONDON — Divisions are forming among the world's most influential central banks over their role in tackling climate change, as policymakers focus on reining in inflation. U.S. Federal Reserve Chairman Jerome Powell told a conference hosted by Sweden's central bank on Tuesday that the Fed would not become a "climate policymaker" or get involved in matters beyond its congressionally established mandate. The surge in inflation and rising interest rates have derailed the plan to redirect ECB corporate bond holdings towards greener assets in support of the energy transition. The central bank has been forced to stop its bond purchases, as it looks to shrink its balance sheet.

But "we should 'stick to our knitting' and not wander off to pursue perceived social benefits that are not tightly linked to our statutory goals and authorities," Powell said. "Taking on new goals, however worthy, without a clear statutory mandate would undermine the case for our independence." "Decisions about policies to directly address climate change should be made by the elected branches of government and thus reflect the public's will as expressed through elections," he told the forum in Stockholm. Powell's comments, particularly about climate change, are not new. When it comes to inflation, however, Powell said it was critical the Fed retain the ability to manage as it sees fit - raising interest rates to control inflation even if that means slower growth and higher unemployment.

STOCKHOLM, Jan 10 (Reuters) - The Federal Reserve's independence from political influence is central to its ability to battle inflation, but requires it stay out of issues like climate change that are beyond its congressionally-established mandate, Fed Chair Jerome Powell said on Tuesday. "Restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy. "Taking on new goals, however worthy, without a clear statutory mandate would undermine the case for our independence." Powell's position on the issue stands in contrast to major central banks in Europe that have integrated green economy efforts into their policymaking. But it also recognizes the political realities in the United States where opinion among elected officials is more divided.

☆ C-SPAN calls on House Speaker Kevin McCarthy to give their cameras greater access to the House floor
▼ + stars: | 2023-01-10 | by ( Nicole Gaudiano | ) www.businessinsider.com time to read: +3 min

After covering the House speaker drama, C-SPAN says it's time for their cameras to have greater access. The network requested that Kevin McCarthy allow C-SPAN to cover more House floor proceedings. The cable and satellite television network's co-CEO Susan Swain, in a letter Tuesday, asked House Speaker Kevin McCarthy to allow C-SPAN to cover House floor proceedings on behalf of their network and all Congressionally-accredited news organizations. The C-SPAN request came after Rep. Matt Gaetz — a breakout star of last week's House speaker C-SPAN show — introduced an amendment to House rules to allow C-SPAN cameras on the floor during regular proceedings. If ongoing coverage is not acceptable, she requested McCarthy permit C-SPAN and other independent journalists to cover key legislative sessions.

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