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☆ ConocoPhillips to buy Marathon Oil in $17 billion all-stock deal that bolsters shale assets
▼ + stars: | 2024-05-29 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

ConocoPhillips agreed on Wednesday to buy Marathon Oil in an all-stock transaction worth $17 billion that would bolster the company's shale assets as the broader oil and gas industry undergoes a major wave of consolidation. The deal will add 2 billion barrels of resources to ConocoPhillips' inventory in the U.S., extending the company's reach across shale fields in Texas, New Mexico and North Dakota. ConocoPhillips expects share buybacks worth $7 billion in the first year after the deal is completed and $20 billion in the first three years. ConocoPhillips' stock was down 3.3% in early trading following the announcement as Marathon Oil shares surged 7.3%. ConocoPhillips is the third-largest U.S. oil company with a market capitalization of $137 billion, while Marathon Oil has a market cap of $14.4 billion.

Persons: Ryan Lance, Lance Organizations: ConocoPhillips, Oil, Marathon, Marathon Oil, Exxon Mobil, Natural Resources, Federal Trade Commission, Hess Corporation, Chevron Locations: U.S, Texas , New Mexico, North Dakota

☆ Nasdaq closes at record high, Fed's Kashkari seeks more inflation data for rate cuts, GameStop soars
▼ + stars: | 2024-05-29 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Dow Jones Industrial Average fell more than 200 points after hawkish comments from Minneapolis Federal Reserve President Neel Kashkari. Fed's Kashkari seeks more inflation dataThe Federal Reserve should wait for significant progress on inflation before cutting interest rates, Kashkari told CNBC on Tuesday. GameStop soarsShares of GameStop jumped more than 20% after the video game retailer announced it raised $933 million from a share offering. [PRO] Riding the AI boomCNBC's Todd Gordon analyzes a cybersecurity company that could benefit from investor enthusiasm for artificial intelligence-related stocks.

Persons: Neel Kashkari, Fed's Kashkari, Kashkari, Vasu Raja, Raja, Korea's, Hang Seng, Todd Gordon Organizations: CNBC, Nasdaq, Nvidia, Dow Jones, Minneapolis Federal, Federal, American Airlines, GameStop, Japan's Nikkei, China's CSI, International Monetary Fund Locations: Minneapolis, Asia, Pacific

☆ CNBC Daily Open: Nasdaq tops 17,000; Exxon faces shareholder revolt
▼ + stars: | 2024-05-29 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nasdaq hits record in muted tradeThe Nasdaq Composite closed above 17,000 for the first time, driven by a surge in Nvidia shares, in an otherwise lackluster day for the market. The yield on the 10-year Treasury note rose following a $70 billion Treasury Department auction of 5-year notes that met with weak demand. T-Mobile plans to use U.S. Cellular's wireless spectrum to improve coverage in rural areas.

Persons: Neel Kashkari, Vasu Raja, Raja, Ryan Salame, Sam Bankman, Salame, Todd Gordon Organizations: CNBC, Nasdaq, Nvidia, Dow Jones, Minneapolis Federal, . American Airlines, American Airlines, Mobile, U.S, Cellular, U.S . Cellular, GameStop, Commission

☆ U.S. crude oil gains more than 1% as market looks to OPEC+ meeting on production levels
▼ + stars: | 2024-05-28 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil gained more than 1% on Tuesday after booking a loss last week as the market focuses on an upcoming key OPEC+ meeting. OPEC+ will hold a virtual meeting on Sunday to review its production policy. Deutsche Bank analyst Michael Hsueh said OPEC+ countries are unlikely to raise production given that the current price of Brent is closer to $80 per barrel than $90 per barrel. Tamas Varga, analyst with oil broker PVM, said he expects "no changes in production will be forthcoming" because the meeting is virtual. And the stabilization of U.S. production since September has given OPEC some room to maneuver, he said.

Persons: Michael Hsueh, Brent, Tamas Varga, Hsueh Organizations: Deutsche Bank Locations: OPEC, Saudi Arabia

☆ Biden's gasoline sale likely won't have a major impact on summer pump prices
▼ + stars: | 2024-05-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Gas prices trending lowerOil prices surged last month as Israel and OPEC member Iran stood on the brink of war, raising concern at the White House that gasoline prices could jump heading into the summer. When adjusting for inflation, pump prices are about 2% lower compared to last year, according to the Energy Information Administration. Even in costly California, gasoline prices are down about 27 cents over the past four weeks, he said. But de Haan said gasoline prices will likely edge lower through the Fourth of July holiday as refiners increase output, which should keep downward pressure on pump prices. "Since the pandemic, the summer driving season has not seen a surge in demand, which can push pump prices higher," said Gross, the AAA spokesperson.

Persons: Kevin Carter, Biden, Patrick de Haan, It's, de Haan, Andrew Gross, De Haan, Superstorm Sandy, Donald, Trump, Brent, Gross Organizations: Getty, The Department of Energy, Northeast Gasoline Supply, AAA, Energy Information Administration, Congress, Reserve Locations: San Diego, San Diego , California, Israel, Iran, California

☆ Senate Democrats launch investigation into alleged Trump ‘quid pro quo’ with oil executives
▼ + stars: | 2024-05-23 | by ( Kaanita Iyer | ) edition.cnn.com time to read: +3 min

CNN —Senate Democrats have launched an inquiry into recent reports that Donald Trump offered oil executives the reversal of some of President Joe Biden’s climate policies upon the former president’s reelection in exchange for campaign contributions. The committees are seeking “descriptions of policy proposals discussed” and “materials distributed to any attendees” at the event. “Time and time again, both Mr. Trump and the U.S. oil and gas industry have proved they are willing to sell out Americans to pad their own pockets,” Sens. In his first term, Trump overturned more than 100 environmental rules and actions put in place by the Obama administration. Trump has vowed that if he’s reelected he will reverse those actions and boost fossil fuels, and oil and gas drilling.

Persons: Donald Trump, Joe Biden’s, Trump, Sens, Ron Wyden, Sheldon Whitehouse, Biden, ”, ” Trump, Karoline Leavitt, Obama, he’s, CNN’s Morgan Rimmer, Kate Sullivan, Ella Nilsen, Jeremy Herb Organizations: CNN, Democrats, Senate Finance, ExxonMobile, Chevron, Oregon, Big, The Washington Post, Trump Locations: U.S, Rhode, The, Lago

☆ CNBC Daily Open: Nvidia shares top $1,000 on AI boom
▼ + stars: | 2024-05-23 | by ( Abid Ali | ) www.cnbc.com time to read: +3 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. Nvidia to split stock, sales to soarShares of Nvidia rose more than 7%, topping $1,000 for the first time, in after-hours trading after its first-quarter earnings and sales beat analysts' expectations. The company plans to split its stock 10 for 1. The media outlet went public in 2021 and has seen its shares fall 94% since then.

Persons: OpenAI, Vivek, Vivek Ramaswamy, Ramaswamy, Goldman Sachs Organizations: CNBC, Nvidia, Dow Jones, Nasdaq, Dow, Google, GOP, Securities and Exchange Commission

☆ The stock market gets nailed by the Fed, again. Plus, Starbucks' quiet comeback
▼ + stars: | 2024-05-22 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

One Club stock standout Wednesday was off-price retailer TJX after the T.J. Maxx, Marshalls and HomeGoods owner's solid quarter. The recent action in the Club stock has us wondering if a big buyer is lurking out there. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Ralph Lauren, Jim Cramer's, Jim Organizations: CNBC, Federal, Club, Marshalls, Nvidia, Moderna, Tech, Enphase Energy, Corp, BJ's Wholesale, Jim Cramer's Charitable Locations: Maxx

☆ Declining production a significant issue for Shell, says analyst
▼ + stars: | 2024-05-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDeclining production a significant issue for Shell, says analystAndrew Critchlow, head of EMEA news at S&P Global Platts, discusses Shell's AGM and explains why U.S. oil companies are trading at a premium.

Persons: Andrew Critchlow, P Global Platts Organizations: Shell, P Global

☆ Oil set for weekly gain on signs of improving demand
▼ + stars: | 2024-05-17 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose in Asian trading hours on Friday, with global benchmark Brent set for its first weekly increase in three weeks on signs of improving global demand and slowing inflation in top oil consumer the United States. Brent crude oil prices rose 21 cents, or 0.3%, to $83.48 a barrel by 0018 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.2%, to $79.41 a barrel. Brent futures are set to rise about 1% on a weekly basis, and WTI futures are set to gain 1.4%. Recent declines in oil and refined products inventories at major global trading hubs have created optimism over oil demand growth, reversing a trend of rising stockpiles that had weighed heavily on crude oil prices in prior weeks.

Persons: Brent, Alex Hodes Organizations: . West Texas, Brent, ., Financial, Federal Reserve Locations: Tutong district, Brunei, United States, U.S, Europe's Amsterdam, Rotterdam, Antwerp

☆ CNBC Daily Open: Wall Street hits record highs as rate cut bets rise on soft inflation data
▼ + stars: | 2024-05-16 | by ( Abid Ali | ) www.cnbc.com time to read: +2 min

A trader works during the closing bell at the New York Stock Exchange (NYSE) on March 17, 2020 at Wall Street in New York City. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street hits record highThe S&P 500 and the Nasdaq rose to record highs after inflation data came in lower than expected. The Dow Jones Industrial Average jumped 350 points as investors bet the Federal Reserve may cut rates in September. Inflation easesApril's consumer price index rose 0.3%, slightly less than expected, while on a 12-month basis, inflation increased 3.4% in line with economists' forecasts.

Persons: JPMorgan Chase Jamie Dimon, Dimon, Anton Peraire, James Peraire, Biden, Morgan Stanley Organizations: New York Stock Exchange, Wall, CNBC, Nasdaq, Dow Jones Industrial, Federal, Tech, Nvidia, Apple, Microsoft, JPMorgan, Sky News, U.S . Treasury Department, GameStop, AMC, Justice, MIT, U.S Locations: New York City, America, cryptocurrency, China

☆ CNBC Daily Open: Wall Street hits record, 'Thee rate cuts'
▼ + stars: | 2024-05-16 | by ( Abid Ali | ) www.cnbc.com time to read: +2 min

The Charging Bull is seen on an empty Wall Street on April 20, 2020 in New York City. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street hits record highThe S&P 500 and the Nasdaq rose to record highs after inflation data came in lower than expected. All three major indexes closed at record highs. Asia up, Japan's GDP shrinksAsia-Pacific markets rose on Thursday after Wall Street hit record highs.

Persons: Buffett, Chubb, Warren, Berkshire Hathaway, Seng, Biden, Morgan Stanley Organizations: CNBC, Nasdaq, Dow Jones Industrial, Federal, Tech, Nvidia, Apple, Microsoft, GameStop, AMC, Berkshire, Wall, Nikkei, U.S Locations: New York City, Zurich, Asia, Pacific, China

☆ Oil prices rise on U.S. inventories drawdown expectations, CPI focus
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: +2 min

U.S. crude oil inventories fell 3.104 million barrels in the week ended May 10, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline inventories fell by 1.269 million barrels and distillates rose by 673,000 barrels. "Expectations of another drawdown in U.S. oil inventories should support oil prices," ANZ Research said in a note. Oil prices also found support from a softer U.S. dollar and stimulus measures from China, said independent market analyst Tina Teng, with a weaker greenback making dollar-denominated oil cheaper for investors holding other currencies. "The U.S. CPI and China's economic data are key to driving oil prices for the rest of the week," she added.

Persons: David Knox, Petra Nova, Brent, Tina Teng, Teng Organizations: NGR Energy, JX Nippon Oil & Gas Exploration Corporation, WA Parish, U.S, . West Texas, American Petroleum Institute, ANZ Research, Federal, CPI Locations: NGR, Bend County, Petra, WA, China, Fort McMurray

☆ Oil prices slip as International Energy Agency cuts demand growth forecast
▼ + stars: | 2024-05-15 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

Crude oil futures edged lower Wednesday as the International Energy sees global demand growing less than originally forecast this year. World oil demand is forecast to grow by 1.1 million barrels per day this year, down 140,000 bpd from last month's projection as demand in developed economies softened in the first quarter, according to an IEA report. Here are today's energy prices:Global crude inventories surged in March by 34.6 million barrels as trade disruptions pushed oil on water to a post pandemic high, according to the IEA. Oil deliveries have been rerouted this year due to attacks by Yemen-based Houthi militants on shipping through the Red Sea. Inventories continued to build in April as oil on water was discharged to land, leading to an increase in onshore stockpiles, according to the IEA.

Persons: Brent Organizations: International Energy, IEA Locations: Yemen

☆ U.S. oil production driven by money, 'not federal policy', says Fmr. Sen Heidi Heitkamp
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. oil production driven by money, 'not federal policy', says Fmr. Sen Heidi HeitkampHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: Sen Heidi Heitkamp, Brian Sullivan, “ Organizations: CNBC

☆ Oil prices fall more than 1% as market softens on rising inventories
▼ + stars: | 2024-05-08 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

Crude oil futures fell more than 1% on Wednesday as the market softens on rising inventories, though prices could firm later this year as demand increases during the summer driving season. "Oil market indicators have turned softer in recent weeks, and prices have declined from recent peaks," Morgan Stanley analysts said in a Wednesday note. "The oil market is not tight now, but we see seasonal strength ahead in coming months." Here are today's energy prices:Oil prices have fallen 8% since April highs when traders bid up prices on fears that Iran and Israel would go to war. Investors have largely sold off the war premium since then, with Morgan Stanley removing $4 per barrel of risk from its oil price forecast for the year.

Persons: Morgan Stanley Organizations: Investors Locations: U.S, Iran, Israel

☆ Jim Cramer says patience in Wynn Resorts will be rewarded after surprise post-earnings drop
▼ + stars: | 2024-05-08 | by ( Morgan Chittum | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Considering we sold stock twice last month at higher prices, we're interested in buying some of it back. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, drugmaker Merck, Jim, I'm, we're, Disney, Jim Cramer's Organizations: CNBC, Dow Jones Industrial, Dow, Wynn Resorts, Walt Disney, Disney, DIS Locations: U.S, China's Macao

☆ U.S. oil rises as Israel tells Palestinians to evacuate Rafah, Saudi Aramco increases prices
▼ + stars: | 2024-05-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

In this article @LCO.1@CL.1 Follow your favorite stocks CREATE FREE ACCOUNTPalestinians, including children, collect usable belongings in the heavily damaged buildings after Israeli attacks in Rafah, Gaza on February 12, 2024. Building targeted in the Israeli attacks and surrounding structures were damaged as Israel's air, land and sea attacks continue on the Gaza Strip. (Photo by Jehad Alshrafi/Anadolu via Getty Images) Jehad Alshrafi | Anadolu | Getty ImagesU.S. oil rose Monday, trying to recover from last week's steep declines, after Israel told Palestinians to evacuate the southern Gaza city of Rafah, and Saudi Aramco raised its official crude prices. Stock Chart Icon Stock chart icon WTI vs. BrentBut tensions in the Middle East are rising again after the Israel Defense Forces told some 100,000 Palestinians to leave the southern Gaza city of Rafah. Efforts to broker a ceasefire between Israel and Hamas have stalled again, with the two sides accusing each other of sabotaging a deal.

Persons: Jehad Alshrafi, Brent Organizations: Getty, Anadolu, Saudi Aramco, West Texas Intermediate Brent, Natural Gas, Israel Defense Forces, Hamas Locations: Rafah, Gaza, Anadolu, Israel, Saudi, Iran, U.S

☆ Coterra's smart pivot to oil from natural gas leads to an excellent first quarter and sweeter outlook
▼ + stars: | 2024-05-02 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

Coterra Energy Why we own it: Formed by the merger of Cabot Oil & Gas and Cimarex, Coterra Energy is an exploration-and-production company with a high-quality, diversified asset portfolio. In addition, we were pleased to see Coterra raise its full-year oil production outlook without moving its capex guidance. Coterra's mix of oil and natural gas acreage gives it the flexibility to adjust its drilling focus. However, the oil guide was higher and natural gas production was lighter than anticipated. Permian Basin rigs in 2020, when U.S. crude oil production dropped by 3 million a day as Wall Street pressure forced cuts.

Persons: It's, Coterra, Tom Jorden's, we've, We'll, Jim Cramer's, Jim Cramer, Jim, Paul Ratje Organizations: Coterra Energy, Revenue, LSEG, Cabot Oil & Gas, EQT Corp, Devon Energy, Oil, Texas, Coterra, CNBC, Afp, Getty Locations: U.S, repurchased, Houston, Marcellus

Banks jumped 0.8%, while oil and gas stocks retreated 1%. European stocks opened mixed on Thursday as global markets react to the U.S. Federal Reserve's latest monetary policy decision and a slew of corporate earnings. Federal Reserve Chair Jerome Powell said it was unlikely that the central bank's next move will be a rate hike. Asia-Pacific markets were mostly higher overnight as traders reacted to the Fed's stance, while U.S. stock futures advanced as investors looked ahead to more corporate earnings due Thursday. Dutch bank ING was 5% higher in early deals after announcing a 2.5 billion euro ($2.7 billion) share buyback.

Persons: Banks, Jerome Powell, It's, Vestas, Hugo Boss Organizations: U.S, U.S . Federal, Dow, region's, Novo Nordisk, Shell, ING, AXA, ArcelorMittal Locations: London, U.S ., Asia, Pacific, Europe

☆ Stocks pop after Fed decision, oil plunges, earnings mixed — what to watch in the market
▼ + stars: | 2024-05-01 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +6 min

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Before last week's strong quarter, CNBC learned that Alphabet's Google had laid off hundreds of employees from so-called core teams. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Jerome Powell, Powell, It's, Morgan Stanley, DuPont, Jim, Laxman Narasimhan's, Estee Lauder, Stanley Black, Decker, Bernstein, Toni Sacconaghi, Apple, Sacconaghi, Jim Cramer's Organizations: CNBC, Federal Reserve, Dow, Nasdaq, Google, West Texas, Coterra, Cruise, Viking Holdings, Investment, Morgan, GE Healthcare, Nvidia, Big Tech, Linde, Bausch Health, Apple, Jim Cramer's Charitable Locations: India, Mexico, Gaza, WTI, Wall, China

☆ Biden is up against nostalgia for Trump’s first term
▼ + stars: | 2024-04-28 | by ( Stephen Collinson | ) edition.cnn.com time to read: +11 min

More than half, 55%, of all Americans say they see Trump’s presidency as a success, while 44% see it as a failure. Four years ago, he was able to assail Trump’s time in office from his position as a challenger. Biden won all three in 2020 after Trump won them in 2016 in his victory over Democratic nominee Hillary Clinton. In the poll, 92% of Republicans view Trump’s time in office a success, while just 73% of Democrats say Biden’s has been a success. And while 85% of Democrats polled say they back Biden, 91% of Republicans say they support Trump.

Persons: Joe Biden, Donald Trump, he’s, William Barr, Trump, CNN he’d, Ron DeSantis, Biden, Robert F, Kennedy Jr, ”, Israel, Mike Johnson, Benjamin Netanyahu, underscoring, Hillary Clinton, South Carolina Republican Sen, Lindsey Graham, CNN’s Dana, Nikki Haley, Biden’s, CNN’s Kristen Holmes, Kit Maher, CNN’s Kaitlan Collins, Trump . Barr, Trump’s, Chris Sununu, Haley, —, Georgia —, ” Biden, He’s, Colin Jost, “, ” Jost, Washington Hilton Organizations: CNN, GOP, Republican Party, Florida Gov, Trump’s, Democratic, Columbia University, National Guard, Israel, DeSantis, CBS, Biden, Trump, Trump ., South Carolina Republican, South Carolina Gov, New, New Hampshire Gov, “, White, Republican, Washington Locations: New York, Gaza, Manhattan, Rafah, Michigan , Pennsylvania, Wisconsin, “ State, New Hampshire, Georgia, Ukraine, Russia, Israel, American

☆ Chevron beats earnings estimates but profit falls on lower refining margins and natural gas prices
▼ + stars: | 2024-04-26 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Revenue of $48.72 billion fell from $50.79 billion a year ago and was short of analyst expectations. The company attributed declining profits to lower sales margins at its refineries and lower natural gas prices eating into profits in international production. Natural gas prices have plummeted 35% this year due to a supply glut. International oil and gas earnings fell 6% to $3.2 billion as production fell by 39,000 barrels to 1.77 million bpd due to maintenance in Nigeria and field declines. The higher spending was on its oil and gas production and old assets from PDC Energy after completing its acquisition of the company last August.

Persons: Read Organizations: Chevron, LSEG, Wall, Energy Information Administration, Denver, Hess Corp, Exxon Mobil, Federal, PDC Energy Locations: U.S, Nigeria, Guyana

☆ Middle East escalation could trigger energy shock that fuels inflation, World Bank warns
▼ + stars: | 2024-04-25 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The outbreak of a major conflict in the Middle East could trigger an energy shock that pushes oil prices above $100 a barrel, fuels inflation and results in higher interest rates for longer, the World Bank warned Thursday. The governments in Jerusalem and Tehran appear to have decided against escalation after exchanging direct strikes on each other's territory for the first time. Oil prices have pulled back nearly 4% from recent highs as investors have discounted the probability of a wider war in the Middle East. The World Bank, however, cautioned that the situation in the region remains uncertain. "The world is at a vulnerable moment: a major energy shock could undermine much of the progress in reducing inflation over the past two years," said World Bank Chief Economist Indermit Gill.

Persons: Israel, Indermit Gill Organizations: World Bank, Bank Locations: Isfahan Refinery, Iran, Isfahan, Jerusalem, Tehran

☆ America's Plastic Catastrophe: Most Waste Can't Be Recycled
▼ + stars: | 2024-04-24 | by ( Taylor Dorrell | ) www.businessinsider.com time to read: +14 min

It's an urgent question — what do we do with the 40 million tons of plastic waste we produce annually? One year of plastic waste is roughly enough to smother the entirety of Manhattan a meter deep, and it has to go somewhere. For decades, America sent its plastic waste to countries like China and Indonesia. Unlike aluminum or glass, the plastic that can be recycled rarely results in replacing one recycled water bottle with another. By downcycling a tiny portion of plastic waste, companies can genuinely reuse a relatively small share of plastic, while convincing consumers that the industry has created a circular economy of infinitely recycled plastic.

Persons: Kartik Byma, they're, Tim Miller, Susan Freinkel, Nestlé, Lea Suzuki, Larry Thomas, what's, Taylor Dorrell, Biden, that's, Taylor, Miller, Kelley Sayre, Vicky Abou, it's, Mike Bloomberg, Bloomberg, Espen Barth Eide, Norway's, Abou, It's Organizations: Getty, America, Chevron, Exxon, Paper Stock, Plastics Industry Association, Organization for Economic Co, San Francisco, NPR, International Energy Agency, ExxonMobil, Alterra Energy, National Renewable Energy Laboratory, Royal Paper Stock, Akron, Buckeye Environmental, Business, Eastman Chemical Co, American Chemistry Council, New, Beyond Plastics, UN, Buckeye Environmental Network Locations: America, Manhattan, China, Thailand, Malaysia, Indonesia, AFP, Ohio, American, San Francisco, Akron, Taylor Dorrell Akron , Ohio, United States, Oregon, New York City

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