week ending Jan 20

Fed’s Balance Sheet QT, Liabilities: RRPs -$1.78 trillion from Peak, to $590 Billion, but Reserves Rise to $3.6 Trillion as Liquidity Drains and Shifts - By Wolf Richter -- As the Fed’s Quantitative Tightening hums along on autopilot, its assets have fallen by nearly $1.3 trillion as of its weekly balance sheet released on Thursday, and its liabilities have fallen in equal amounts. The dropping liabilities are a result of QT. Here we’ll discuss two of the Fed’s big four liabilities: ON RRPs and Reserves. “Overnight Reverse Repos” (ON RRPs), where money market funds park their extra cash to earn 5.3%, have plunged by $1.78 trillion from the peak in September 2022, to just $590 billion, as QT is draining liquidity from the system. Most of the plunge has occurred since June 2023. As the chart shows, ON RRPs are normally near $0 or at $0. Now they’re going back to their normal non-QE condition. But Wall Street gurus are having a cow about it, and some predicted that all kinds of mayhem would break out if it fell below $750 billion or whatever, which it did without breaking a sweat: The spike of the ON RRPs resulted from mega-QE liquidity that overwhelmed money market funds (MMFs), which then temporarily lent the cash to the Fed via ON RRPs to earn some interest. But starting in 2023, money market funds redirected this cash into buying T-bills, which paid more interest (around 5.5% currently at the short end) than the Fed’s RRPs (5.3%); and they engaged in the regular repo market, effectively lending cash to counterparties, especially via “term repos” such as two weeks or longer that earned more interest than the Fed’s 5.3%. MMFs are now absorbing much of the huge flood of T-bills, and they’re lending to the regular repo market, and that’s what MMFs are supposed to do. The ON RRPs at the Fed were just an outlet for this QE tsunami of liquidity. “Reserve balances,” where banks park their extra cash to earn 5.4%, have dropped by $664 billion from the peak in December 2021, to $3.61 trillion. But they’d dropped a lot more in 2022. Then in 2023 and so far in 2024, they’ve re-risen, as huge amounts of excess liquidity started shifting around the financial system, including a portion of the liquidity that got drained out of RRPs. That reserves would rise during QT – as they have in 2023 and so far this year – has been one of the big surprises to the financial world, which expected reserve balances to drop in parallel with RRPs. Since November, reserves have been rising for an additional reason: Banks started gaming the Fed’s new bailout facility, the Bank Term Funding Program (BTFP), that had been conceived in all haste over a weekend in March 2023 and was announced on Sunday, after SVB had collapsed on Friday. When Treasury yields of one year and longer began to plunge in November, the cost of borrowing at the BTFP dropped to around 4.8% by late December, and banks could then deposit this cash (borrowed from the Fed at 4.8%) in their reserve accounts at the Fed and earn 5.4% from the Fed on it. This roughly 60 basis point spread is risk-free income for the banks. The BTFP will expire on March 11. We’ve been discussing this BTFP arbitrage for a while, including here with a chart.. Since the plunge in yields made that arbitrage profitable in early November, BTFP balances have jumped by $40 billion to $161 billion; this additional $40 billion since November never left the Fed. It seems, however, that the Fed is looking askance at this trade, or else JP Morgan might be doing it with $1 trillion. Reserve balances cannot go to zero, unlike RPPs. Reserves are cash that banks put on deposit at the Fed. They’re essential liquidity for the banks that they have in reserve, so to speak. Banks can collapse if they don’t have enough liquidity to meet cash outflows, as we have seen in the spring of 2023. When the Fed undertook QT last time, and reserves dropped below $1.5 trillion in the fall of 2019, banks stopped lending to the repo market, and repo market yields blew out, triggering fears of contagion, and the Fed stepped in and lent to the repo market to calm the turmoil. As a result of the experience, the Fed defined its new concept of “ample reserves.” It would make sure that reserves in the banking system are “ample,” and at the time that meant somewhere around $1.6 trillion. Today that floor would be somewhat higher. And QT will end when the Fed thinks reserves are somewhere near that floor of ample reserves. Where that floor may be will be subject to speeches by Fed governors, and Powell will get hammered at the press conference over it, and discussions will crop up in the minutes, and it will lead to wild and woolly speculations and grotesque distortions, as all this stuff does.

"It's All Over": Powell's WSJ Mouthpiece And JPMorgan Confirm Imminent End Of QT - On December 13 the financial world was stunned when, just two weeks after Jerome Powell had said he it was "premature" to speculate on rate cuts, the Federal Reserve did a shocking U-turn and pivoted dovishly, ending the Fed's hiking cycle with inflation still running at double the Fed's target of 2%, and said that it had in fact discussed the start of rate cuts, contrary to what Powell said just two weeks earlier. Or rather, we should say "the financial world that had not read Zero Hedge was stunned" because just one week ahead of the Fed's December FOMC meeting, we correctly predicted the Fed's pivot due to one simple reason: as we laid out in "The Canary Just Died: Sudden Spike In SOFR Hints At Mounting Reserve Shortage, Early Restart Of QE", the Fed no longer had a choice and was forced to pursue a dovish pivot because the liquidity in the all-important systemic and interbank plumbing had hit dangerously low levels, resulting in the highest SOFR print on record, and the biggest spike since the last time there was a repo market crisis in March 2020.As we said at the time, "the spike caught almost everyone by surprise, even such Fed-watching luminaries as BofA's Marc Cabana because it was with "no new UST settlements, lower repo volumes, and lower sponsored bi-lateral volumes." And yet, the spike was clearly there and ominously it was consistent "with the slow theme of less cash & more collateral in the system" - i.e., growing reserve scarcity - and "may have been exacerbated by elevated dealer inventories, bi-lateral borrowing need, and limited excess cash to backstop repo."And the punchline: "If funding pressure persists, it risks Fed re-assessment of ample banking system reserves & potential early end to QT", and depending on how bad the funding shortage gets, an early restart of QE.One week later, the Fed capitulated on tight monetary policy and ushered in the era of rate cuts, just as we said it would. But more importantly, one month later it was Dallas Fed president (and former head of the NY Fed's plunge protection team) Lorie Logan who said the quiet part out loud when she confirmed our "canary in the coalmine" note, namely that the Fed's QT is effectively over due to the sudden, unexpected slide in systemic liquidity, primarily due to the rapid drain in the reverse repo facility which now has just $600 million left and is set to be fully drained some time in March... and that by extension, another round of QE may be on deck. Of course, it's one thing for a regional Fed president to opine on such things, it's something entirely different for Powell's preferred media leak conduit to confirm it, and yet this morning that's precisely what happened when Nick Timiraos, aka Nikileaks, aka Powell's favorite media mouthpiece confirmed that QT's days are now numbered writing that "Fed officials are to start deliberations on slowing, though not ending, that so-called quantitative tightening as soon as their policy meeting this month. It could have important implications for financial markets." If that wasn't enough, Nikileaks also confirms our suspicion about the driver behind said QT runoff: the financial plumbing is starting to clog up:But whereas the Fed expects to cut short-term interest rates this year because inflation has fallen, its rationale for tapering bond runoff is different: to prevent disruption to an obscure yet critical corner of the financial markets.Five years ago, balance-sheet runoff sparked upheaval in those markets, forcing a messy U-turn. Officials are determined not to do that again.As we first explained almost two months ago, the reason for the Fed's panic is that the central bank wants to avoid the same repo market cataclysm that market both the liquidity drain in Sept 2019 and the violent eruption in basis trades that sparked bond market contagion in March 2020; here is Timiraos confirming as much:

Fed's Bostic warns US progress on inflation is likely to slow (Reuters) - Atlanta Federal Reserve President Raphael Bostic said inflation could "see-saw" if policymakers cut interest rates too soon, warning that inflation's descent towards the central bank's 2% goal was likely to slow in the months ahead, the Financial Times reported on Sunday. Bostic, who will be a voting member on the Federal Open Market Committee this year, said he was "expecting to see much slower progression of inflation moving forward," adding that there were "some risks that inflation may stall out altogether" according to the report. The Atlanta Fed president acknowledged that price pressures had fallen faster than he had expected in 2023 but still thinks inflation is likely to be nearly 2.5% by the year-end and only hit the Fed’s goal in 2025, the FT said. After the Fed's December policy vote, Bostic said he thought rates would need to remain on hold until after the summer. He told the Financial Times that the uncertainty facing the U.S. economy warranted such a cautious approach. "Inflation must be firmly and surely getting back to our 2% target," the newspaper quoted Bostic as saying. "It would be a bad outcome if we started to ease and inflation started to rise up and down like a see-saw. That would undermine people's confidence in where the economy is going." Bostic said the recent increase in shipping costs due to the disruption of traffic in the Suez Canal caused by Houthis targeting vessels would need to be watched "very closely", according to the FT. "It will be very interesting to see to what extent the Middle East conflict and attacks on the container ships is starting to show up in the cost structure for businesses in my district," Bostic told the newspaper. In an interview with Reuters in December, Bostic said the Fed can begin reducing rates "sometime in the third quarter" of 2024 if inflation falls as expected.

Fed's Beige Book: "Little or no change in economic activity" - Fed's Beige Book (excerpt) A majority of the twelve Federal Reserve Districts reported little or no change in economic activity since the prior Beige Book period. Of the four Districts that differed, three reported modest growth and one reported a moderate decline. Consumers delivered some seasonal relief over the holidays by meeting expectations in most Districts and by exceeding expectations in three Districts, including in New York, which noted strong holiday spending on apparel, toys, and sporting goods. In addition, seasonal demand lifted airfreight volume from ecommerce in Richmond and credit card lending in Philadelphia. Several Districts noted increased leisure travel, and a tourism contact described New York City as bustling. Contacts from nearly all Districts reported decreases in manufacturing activity. Districts continued to note that high interest rates were limiting auto sales and real estate deals; however, the prospect of falling interest rates was cited by numerous contacts in various sectors as a source of optimism. In contrast, concerns about the office market, weakening overall demand, and the 2024 political cycle were often cited as sources of economic uncertainty. Overall, most Districts indicated that expectations of their firms for future growth were positive, had improved, or both.Seven Districts described little or no net change in overall employment levels, while the pace of job growth was described as modest to moderate in four Districts. ... Six Districts noted that their contacts had reported slight or modest price increases, and two noted moderate increases. Five Districts also noted that overall price increases had subsided to some degree from the prior period, while three others indicated no significant shift in price pressures. Firms in most Districts cited examples of steady or falling input prices, especially in the manufacturing and construction sectors, and more discounting by auto dealers

BankThink: What do banks know about the economy that economists don't? | American Banker --Any reader of these pages will be aware that since inflation started spiking back in 2021, the Fed has been on a mission to tame inflation without also spurring a recession and/or having inflation spike instead, achieving a so-called "soft landing." As a general matter, soft landings are rare — interest rate hikes tend to result in less lending and economic contraction, which reduces inflation but also can lead firms to lower their overhead, often in the form of payroll. So the odds were always long that the Fed would slay the inflation dragon without also slaying the economy — Bloomberg went so far in September 2022 as to declare a recession to be absolutely certain within a year. But here we are in January 2024 and, at least as far as we know, we're not in a recession. And that's not all: Inflation is falling and employment remains relatively healthy. Federal Reserve Gov. Chris Waller said in a speech at the Brookings Institution today that, as of November, "the latest economic data left me encouraged" and that "as of today, the data has come in even better. "Real gross domestic product is expected to have grown between 1-2% in the fourth quarter, unemployment is still below 4% and core personal consumption expenditure inflation has been running close to 2% for the last 6 months," Waller said. "For a macroeconomist, this is almost as good as it gets." But when it comes to banks, the assessment of the economy is considerably less rosy. The Conference of State Bank Supervisors — a group that represents state banking regulators — reported that its most recent Community Bank Sentiment Index from Q4 2023 was 92, which is up from the prior quarter but still marks the eighth quarter of negative economic vibes among community banks. (A score of 100 is neutral; scores below 100 represent a negative sentiment, above 100 a positive sentiment.) More to the point, 81% of community bankers surveyed said that the economy was at the beginning of — or already in — a recession (though that's down from 87% the prior quarter).The CSBS annual survey of banks painted a similarly dour view of the economy, with a majority of respondents (58.1%) reporting that inflation was manageable but likely to persist and another 14.6% saying it was difficult to manage and likely to persist. Similar proportions of respondents said the Fed would hit its 2% inflation target in 2024 and said it would come in 2025; another 12% thought it wouldn't come until 2026 or later. Then there's the Federal Reserve's regular survey of economic activity in its regional Fed districts, known as the Beige Book. In the most recent iteration (another one is out tomorrow), the Fed reported a mixed bag; travel and tourism seem healthy, demand for business loans is down (particularly for real estate loans), manufacturers' outlooks weakened and consumer credit seems mostly fine. So what gives? How can the economy be "as good as it gets" on the one hand and so iffy for banks on the other? Part of it is that banks occupy a special place in the economy that is not necessarily representative of the economy as a whole, and that is particularly true at the individual bank level. But the other part of it is that curbing demand — at least to a measured extent — is the outcome that the Fed is looking to achieve, and lending to people who demand goods and services is the business that banks are in. When people are doing less of that — or, more accurately, doing less of that for some things versus others — that means there is a smaller universe of potential loans out there for banks to make. And higher interest rates from the Fed also mean higher cost of funds to the bank, lower values for existing securities and lower net interest margins — concerns that affect banks acutely. In other words, banks are uniquely situated to see the economy as a half-empty glass rather than a half-full one. It is possible — indeed, it seems to be the case — that the economy is strong as a whole but has patches of recession in the mix. The danger is whether, out of an abundance of caution, banks will keep holding back on lending even after the coast is clear.

Congress races to avert shutdown amid conservative anger Congress is racing to fund the government by Friday’s partial shutdown deadline, a heavy task that is bound to get weightier as Speaker Mike Johnson (R-La.) navigates growing anger in his conference over his handling of spending matters. The mad dash comes after congressional leaders rolled out a bipartisan deal to avert a shutdown over the weekend, settling on another two-set stopgap bill that would keep the government funded into March. The Senate is scheduled to hold the first procedural vote for the legislation late Tuesday. House conservatives, however, are already coming out against the move, a reality that is sure to worsen headaches for Johnson as he works to keep the lights on in Washington before midnight Friday while also managing his warring conference. Also this week, the House is set — for now — to vote on a resolution to hold Hunter Biden in contempt of Congress after President Biden’s son defied a congressional subpoena last month, though the punishment could be pulled from the schedule if the younger Biden’s team reaches an agreement with House Republicans to testify during a closed-door deposition. And the second of four impeachment hearings focused on Homeland Security Secretary Alejandro Mayorkas is slated for this week, as the House GOP conference barrels toward trying to oust the embattled secretary. Congress stares down government funding deadline The Senate is scheduled to hold a procedural vote on the continuing resolution (CR) proposal Tuesday afternoon at around 5:45 p.m., officially kicking off the process to avert a shutdown by Friday’s midnight deadline. The vote comes after congressional leaders announced a two-part CR Sunday, unveiling another version of the unconventional stopgap bill to avert a shutdown. The legislation would extend funding for programs at the departments of Agriculture; Energy; Veterans Affairs; Transportation; and Housing and Urban Development through March 1, and the rest of the government until March 8. In a statement Sunday, Senate Majority Leader Chuck Schumer (D-N.Y.) acknowledged the quick pace that Congress has to consider and approve the stopgap to avert a shutdown, underscoring the need for bipartisan action. “To avoid a shutdown, it will take bipartisan cooperation in the Senate and the House to quickly pass the CR and send it to the President’s desk before Friday’s funding deadline,” he wrote. That bipartisan cooperation, however, is expected to be far from unanimous in the House, where conservatives are already voicing their opposition to the stopgap bill, even though it uses the same two-part framework many of them backed during the previous shutdown threat in November in an effort to avoid a massive end-of-year, whole-of-government omnibus funding bill. Hard-liners traditionally oppose CRs because they do not cut spending from the previous year, and many in the right flank are now demanding border security be included in the government funding fight, which is not the case with the proposed stopgap bill. “The @HouseGOP is planning to pass a short-term spending bill continuing Pelosi levels with Biden policies, to buy time to pass longer-term spending bills at Pelosi levels with Biden policies. This is what surrender looks like,” the House Freedom Caucus wrote on social media, referring to former Speaker Nancy Pelosi (D-Calif.). Rep. Andy Biggs (R-Ariz.), a former chair of the conservative group, wrote on X, formerly known as Twitter: “Enough with the continuing resolutions,” later adding “We are doing the American people a disservice.” That conservative opposition will mean that Johnson will likely have to bring the stopgap bill to the floor under suspension of the rules, a fast-track process that bypasses first approving a rule.

Jim Jordan Says Democrat Border Proposal DOA You'll never guess what happened... That's right, folks! Our wise and benevolent lawmakers have once again averted debt ceiling disaster - after lawmakers in the House and Senate reached a bipartisan spending deal that will extend two major deadlines and keep the government operating ... for six more weeks! Until we get to do this all over again. According to NBC News (so who knows), "The deal would keep the government funded until March, buying legislators more time to craft longer-term, agency-specific spending bills, following the agreement last weekend to set the overall spending level for fiscal year 2024 at $1.59 trillion." Update (2130ET): While word of a stopgap seemed like a done deal over the weekend, Rep. Jim Jordan (R-OH) warned that it's unlikely to be smooth sailing - telling Bloomberg Television that there's no way the Senate border compromise would pass the House, and that he's confident Speaker Mike Johnson will reject it as such. "We’ve got to see the plan, but based on what’s leaked out thus far, there’s no way I’m going to go for that. There’s no way Speaker Johnson’s going to go for that," said Jordan. On Saturday, Johnson suggested that he wasn't having it... Absolutely not. pic.twitter.com/tkXma24r8M— Speaker Mike Johnson (@SpeakerJohnson) January 13, 2024 According to the report, lawmakers aren't quite as close as previously reported - though they are laying the groundwork for a possible stopgap funding deal that would keep the lights on until sometime in March.House Republicans will speak tonight via conference call to discuss concerns over the border and a path forward on spending, Jordan told the outlet.

House cancels votes due to inclement weather amid race to avert shutdown The House canceled votes Tuesday because of inclement weather as wintry conditions hit Washington, D.C., and areas across the country, shortening the chamber’s week as it races to avert a government shutdown by Friday’s deadline. The office of House Majority Whip Tom Emmer (R-Minn.) announced Tuesday morning that the first votes of the week would now be around 1:30 p.m. Wednesday rather than 6:30 p.m. Tuesday.The chamber, however, is still scheduled to debate a number of suspension bills Tuesday, but any requested roll call votes will be punted to Wednesday.The Senate is still set to hold votes late Tuesday afternoon, though there will likely be a number of absences. The chamber is slated to hold the first procedural vote on legislation to avert a government shutdown, which must be signed into law by Friday at midnight to prevent a lapse in funding.The vote comes days after congressional leaders rolled out a two-step continuing resolution to extend government funding into March ahead of Friday’s partial shutdown deadline. Once the Senate clears the legislation, the House is expected to consider the measure under the fast-track process known as suspension of the rules because of conservative opposition to the legislation.If the two-part continuing resolution is not enacted by Friday at midnight, some agencies and programs would shut down.The change in schedule for the House comes as a Winter Storm Heather leaves snow throughout the Northeast Tuesday, making it difficult for lawmakers to fly back to Washington for votes Tuesday evening. As of 12:30 p.m. EST Tuesday, more than 1,880 flights within, into or out of the U.S. had been canceled for the day, according to FlightAware.

Senate advances bill to prevent shutdown this week past first hurdle -The Senate on Tuesday took the first step toward passing a bill to keep the government funded into March, as leadership pushes for final passage in the days ahead to prevent a shutdown this weekend. The upper chamber voted 68-13 to invoke cloture on a motion to proceed to a vehicle for a two-step stopgap, also known as a continuing resolution (CR). The vote clears the first procedural hurdle for the stopgap measure, just days after both sides announced a deal to prevent shutdown over the weekend. Under the deal, which was unveiled on Sunday, both sides agreed to extend funding for four of the 12 annual funding bills through March 1, while negotiators try to hash out new spending levels for fiscal 2024. That includes dollars for agencies like the Departments of Agriculture, the Food and Drug Administration, Energy, Transportation and Housing and Urban Development. Lawmakers would extend funding for the remaining eight bills through March 8 under the deal, however. Agencies funded by those bills include the Departments of Defense, Homeland Security, Labor, Health and Human Services, and Education. The two-tiered approach is similar to the strategy Congress used when it punted its last shutdown threat in November, as House Republicans push to avoid a massive omnibus funding package. Senate Majority Leader Chuck Schumer (D-N.Y.) said ahead of the vote on Tuesday that he’s hopeful “we can wrap up work on the CR no later than Thursday.” “The key to finishing our work this week will be bipartisan cooperation in both chambers. You can’t pass these bills without support from Republicans and Democrats in both the House and the Senate,” he added. Schumer and Speaker Mike Johnson (R-La.) announced a topline agreement earlier this month setting a level for negotiators to work from when crafting the 12 annual funding bills. However, negotiators said last week that top appropriators were still working to find agreement on the allocations for each of the bills, making it harder for spending cardinals in both chambers to craft the funding bills.

Gingrich backs House GOP on border deal: ‘Stand firm’ against Senate Republicans -- Former Speaker Newt Gingrich (R-Ga.) said on Wednesday he hopes Speaker Mike Johnson (R-La.) continues to “stand firm” against Senate Republicans and reject any deal on Ukraine funding and border security that falls short of House GOP demands. “I hope the House Republicans stand firm and tell the Senate Republicans, ‘We want a real border bill or nothing. And we’re not going to pass the aid to Ukraine without taking care of the American border,’” Gingrich said in a radio interview on the “Cats & Cosby Show.” Gingrich’s comments come as Speaker Mike Johnson faces mounting pressure from the White House and congressional leaders, including Senate Minority Leader Mitch McConnell (R-Ky.), to accept an expected deal that would address border security while also providing funding for Ukraine. The anticipated package would also include funding for Israel and the Indo-Pacific region, two areas about which the U.S. is concerned, but which have not attracted as much controversy. Biden invited Johnson and other congressional leaders to the White House Wednesday for a briefing with security experts on the dire situation Ukraine faces. Director of National Intelligence Avril Haines and Jake Sullivan, White House national security adviser, were among those in attendance. As Johnson faces continued pressure from his conference, he has cast doubt on the likelihood for a deal to ultimately come through. Before the meeting at the White House Wednesday morning, Johnson reiterated his position, saying, “I don’t think now is the time for comprehensive immigration reform because we know how complicated that is.” After his meeting at the White House, Johnson still sounded skeptical, saying, “We need the questions answered about the strategy, about the end game,” adding that border security has to be as important as other national security concerns. Johnson and other conservatives have said the bill does not go far enough on border security, at a time when the U.S. struggles to deal with high migration at the southern border. McConnell is urging Republicans not only to focus on the border aspect of the bill. “The rest of the bill is important. We’re getting shot at. The Houthis are shooting at our ships, at commercial ships. We’ve got a war in Israel, a war in Ukraine. I’m sure the Chinese were unhappy with the outcome of the presidential election in Taiwan a few days ago,” McConnell said. “I think it’s time to go ahead with the supplemental, and I’m anticipating it will be before us next week.” Gingrich, in his interview on Wednesday, took the opposite view from McConnell and argued nothing is more important than the U.S. southern border, though he did still express support for Ukraine and its fight against Russian President Vladimir Putin. “The American border is at least as important to Americans as the Ukrainian border. And I’m very much in favor of stopping Putin, but I’m also really, really alarmed at the sheer numbers that Biden has brought into this country and the total dishonesty of their program,” he said.

Government shutdown 2024: Deadlines, new bill and what you should know - The Washington Post -- Congress is lurching up against another deadline to prevent a government shutdown, with lawmakers set to vote on a short-term federal funding bill — the third in four months — by the end of the week.House Speaker Mike Johnson (R-La.) and Senate Majority Leader Charles E. Schumer (D-N.Y.) have reached a $1.66 trillion to finance the government for the 2024 fiscal year, but Congress has run out of time to pass that complex proposal before federal funding expires at 12:01 a.m. Saturday.Instead, leaders in both chambers say, Congress needs to pass a short-term spending measure, called a continuing resolution, or CR, to keep the government open. But far-right House Republicans, furious with Johnson for cutting a deal that does not cut spending, are hinting they may throw obstacles in the way — pushing the country again to the brink of a costly government shutdown.A similar dispute in September and October led House Republicans to oust Kevin McCarthy (R-Calif.) as speaker, and some GOP hard-liners are threatening Johnson with the same fate.Here’s what you need to know about Congress’s path to averting a government shutdown, and what it means for you.

• What’s in Congress’s deal to prevent a government shutdown?
• When are the new proposed government shutdown deadlines?
• When could Congress pass a budget for 2024?
• Will House Republicans remove Speaker Mike Johnson from power?
• When were the last government shutdowns?

Johnson gets squeezed by Biden, Senate GOP on Ukraine, border - President Biden and congressional leaders in both parties are ramping up pressure on Speaker Mike Johnson (R-La.) to accept an expected deal on Ukraine funding and border security, warning national security is at risk without action by Congress. Security experts at a White House meeting Wednesday briefed Johnson and other leaders about the dire situation faced by Ukraine. Director of National Intelligence Avril Haines and White House national security adviser Jake Sullivan were among those in attendance. The looming package also includes funding for Israel and the Indo-Pacific region, two other hot spots where U.S. concerns are rising. Lawmakers say the intent was to highlight that Congress is running out of time to pass an emergency supplemental and that the primary intended audience was Johnson, who has pushed back against the emerging Senate border deal amid pressure from conservatives in his own conference. The White House and congressional leaders, including Senate Republican Leader Mitch McConnell (R-Ky.), are stepping up their engagement with Johnson after he poured water on the border security talks over the weekend. Johnson on Saturday posted a Fox News summary of the deal, which reported it would include an increase in green cards and allow up to 5,000 migrants a day into the United States. “Absolutely not,” Johnson wrote above the news graphic. The Speaker then doubled down on his criticism Wednesday morning, telling reporters: “I don’t think now is the time for comprehensive immigration reform, because we know how complicated that is.” He called for more time for the talks to play out, and made another pitch for H.R. 2, the Secure the Border Act, which the House passed in May without any Democratic votes. Senate Majority Leader Chuck Schumer (D-N.Y.), however, has called that bill a “non-starter” in the Senate. Senate leaders are feeling increasingly confident about finalizing a Ukraine funding and border security package in the next few days but acknowledge they don’t know whether it can pass the House. “I don’t know what the House will do, but what we’re working on is trying to get a package out of the Senate that deals with national security and border security in a credible way,” McConnell said Wednesday.

House GOP leaders quietly admit they need Democratic votes for serious bills -- House Republican leaders are coming to terms with a cold, uncomfortable reality this January: They'll need Democratic votes to pass any real legislation in 2024. Call it governing under suspension. Legislation can pass the House, but only with Democratic support. GOP leaders have telegraphed to rank-and-file lawmakers that any consequential piece of legislation this year — like funding the government or a potential tax bill — will be brought to the floor under the suspension of the rules, according to aides and lawmakers.The procedural move essentially bypasses the House Rules Committee, preventing conservatives from strangling legislation before it reaches the floor.It then requires a two-thirds majority to pass, or roughly 290 votes, according to Punchbowl News. In practice, it makes the House look suspiciously like the Senate, where legislation typically needs 60 votes to stand any chance of becoming law.Congress is considering three consequential pieces of legislation this winter: A Ukraine funding and border bill, a tax proposal that trades business breaks for a child tax credit, and legislation to keep the government open (which will likely be two separate bills).The first two are somewhat optional. The third one is more pressing, if lawmakers want to avoid a painful government shutdown. Congressional leaders met with President Biden at the White House Wednesday to air their differences on theemerging Ukraine-border package, which could receive a Senate vote as soon as next week. House Speaker Mike Johnson said after the meeting that the border must be "the top priority" in any potential deal — reiterating a hard line that suggests the House won't take up the compromise being hashed out in the Senate.Former House Speaker Kevin McCarthy's (R-Calif.) decision to rely on suspension to pass a 45-day stopgap measure led to his untimely downfall. The hardline positions many House Freedom Caucus members take essentially force GOP leaders to take the suspension route — and thus rely on Democratic votes.That irony is not lost on some lawmakers."The 'uni-party' that [conservatives] fear becomes a real thing, because then you just have two-thirds," one GOP lawmaker told Axios. "Everything's watered down." "It's actually undermining their own position."

For the 4th time in a year, more House Democrats than Republicans voted to avert a fiscal disaster — even though the GOP controls the chamber -- The House of Representatives passed a bill on Thursday evening that temporarily extends government funding — and way more Democrats than Republicans voted for it. If that sounds familiar, that's because it's the fourth time something like it has happened this year — even though Republicans technically control the chamber by a slim margin. "It does not matter who's sitting in the speaker's seat, or who's holding the majority," an angry Rep. Chip Roy of Texas declared in a floor speech ahead of the vote. "We keep doing the same stupid stuff." The short-term funding bill, negotiated in part by House Speaker Mike Johnson, passed 314-108, with 207 Democrats and 107 Republicans voting for it. 106 Republicans voted against it, while just 2 Democrats did the same. Having easily passed the Senate earlier on Thursday, the bill now heads to President Joe Biden's desk ahead what would have been a partial government shutdown on Saturday. And it passed despite last-minute right-wing gripes, with members of the House Freedom Caucus and others trying to attach hardline immigration policies to the must-pass bill. The right flank of the GOP conference has increasingly fumed at Johnson in much the same way they did at McCarthy, accusing him of not using must-pass bills to advance their hardline priorities — even as Democrats continue to hold the Senate and the White House. Lawmakers now face two deadlines — March 1 and March 8 — to fund the entirety of the government for the rest of the year. Democrats keep shouldering more of the burden of governing than Republicans In the year since Republicans assumed control of the House — and particularly since the summer — chaos and lack of productivity have been major overarching themes. Torn between mainstream members and hardliners who hope to enact sweeping right-wing policy changes, Republicans have often shown themselves unable to handle must-pass legislation without the help of Democrats. The first time this dynamic came into view was at the very end of May, when then-Speaker Kevin McCarthy negotiated a bill to raise the debt limit through the 2024 election. Breaching the debt limit would have led to a default on the country's debt, triggering a widespread fiscal crisis. The House passed that bill by a 314-117 margin, with 165 Democrats and 149 Republicans voting for it. At that point, the discrepancy wasn't that great — there were aspects of the deal that Democrats disliked, and the same was true of Republicans. Then came the end of September. Facing a government funding deadline — aka, a possible government shutdown — McCarthy put forward a bill that would fund the government for another two months. It passed by a 335-91 margin, with 209 Democrats and 126 Republicans voting for it. Put another way: Every vote against funding the government came from Republicans, except for one. That vote ended up being the straw that broke the camel's back: Rep. Matt Gaetz of Florida forced a vote to oust McCarthy the following week, and the House was thrown into chaos for most of October.Having squandered half of the time that they'd given themselves to pass government funding bills, the House was forced to pass another short-term continuing resolution in November, but with a twist: It would be a "laddered," giving lawmakers two deadlines roughly a week apart for different parts of the federal government.That bill passed 336-95, with 209 Democrats and 127 Republicans voting for it. Just 2 Democrats were among the opposition.Johnson, then still brand new, was given some grace by hardliners, even though McCarthy had just been ousted for doing the same thing: putting a clean extension of government funding up for a vote.But this time, the Louisiana Republican faced simmering and vocal anger from the right, with some even alluding to a potential vote to oust him."Our Speaker, Mr. Johnson, said he was the most conservative speaker we've ever had, and yet here we are, putting this bill on the floor," said. Rep. Eli Crane of Arizona in a floor speech ahead of the vote, adding that the situation is what "led to us to vacate Speaker McCarthy in the first place."

House, Senate pass short-term bill averting government shutdown until March - Congress on Thursday passed legislation to keep the federal government open into March, approving the third stopgap spending bill in four months as lawmakers struggle to agree on long-term government funding plans. The bill extends deadlines to March 1 and March 8. Money for roughly 20 percent of the government — including the Transportation Department, some veterans’ assistance, and food and drug safety programs — had been set to expire just after midnight early Saturday. The remainder — which funds the Defense and State departments, among other critical functions — would have expired Feb. 2 without the new extension. The Senate passed the legislation, 77-18, Thursday afternoon. The House followed suit, 314-108, hours later, after GOP hard-liners launched a last-minute pressure campaign to attach partisan border security measures to the funding package. The votes send the legislation to President Biden to sign into law and avert a partial shutdown ahead of the deadline. The stopgap spending bill, called a continuing resolution, or CR, is intended to give lawmakers in both chambers time to draft and vote on a full slate of annual spending, or appropriations bills, for the rest of the 2024 fiscal year, which ends on Sept. 30. “We have good news for America: There will not be a shutdown on Friday because both sides have worked together,” Senate Majority Leader Charles E. Schumer (D-N.Y.) said on the Senate floor Thursday. Schumer and House Speaker Mike Johnson (R-La.) agreed to a $1.66 trillion appropriations deal earlier in January, covering all of what’s known in federal budgeting as discretionary spending. But lawmakers didn’t have time to negotiate and enact the finer details of the package before this weekend’s deadline. That deal, which largely follows an agreement Biden struck with Johnson’s predecessor, Kevin McCarthy (R-Calif.), in 2023, would increase total spending this year by $28 billion over the previous fiscal year’s $1.63 trillion in discretionary spending — an amount that, accounting for inflation, represents a cut in real dollars. Lawmakers will have to move faster than appears to pass the 12 appropriations bills. The House and Senate are only in session together six days between Friday and March 1, the first deadline of Thursday’s bill, and 10 days between Friday and March 8, the second deadline. The deal could exacerbate tensions between the speaker and the House Freedom Caucus, a group of archconservatives who have been a thorn in the side of GOP leadership for nearly a decade.

US Congress passes bill to avert government shutdown, sends it to Biden (Reuters) - The U.S. House of Representatives on Thursday approved a stopgap bill to fund the federal government through early March and avert a partial government shutdown, sending it to President Joe Biden for final approval. The measure passed 314-108, with 106 Republicans and two Democrats in opposition. Earlier on Thursday, the Senate had easily passed the bill, with a 77-18 vote ahead of the weekend deadline. "We have good news for America. There will not be a shutdown on Friday," Senate Majority Leader Chuck Schumer, a Democrat, said on the Senate floor just before the vote in that chamber. That sentiment was not shared by some far-right House Republicans. "It's a loss for the American people to join hands with Democrats, form a governing coalition to do what Schumer and the Senate want to do," House Freedom Caucus Chairman Bob Good told reporters after the vote. Both chambers accelerated their votes because of a forecast for a snowstorm on Friday that could have snarled lawmakers' departure for the weekend. The Democratic-majority Senate and Republican-controlled House are far behind in carrying out their basic duty of funding the government for the fiscal year that began on Oct. 1, with lawmakers scrambling to keep the lights on to give them more time to pass a full-year bill. Schumer and his House Republican counterpart, Mike Johnson, early this month agreed to a $1.59 trillion discretionary spending level for the year that ends on Sept. 30. But in a sign of how bitterly the Congress is divided, the two parties now disagree on that number, with Democrats saying the actual amount agreed to is $1.66 trillion. The intense jockeying between House Republicans seeking deep spending cuts and Democrats comes amid a $34.4 trillion national debt that is rapidly escalating and has prompted worries in part because of the heavy interest payments now being borne by the Treasury Department. This third stopgap funding bill, known as a "continuing resolution" or "CR," would simply extend last fiscal year's spending levels until two deadlines of March 1 and March 8 for completing action of spending for various government agencies. With the temporary funding bill now on its way to enactment, the focus shifts to the need to pass the 12 bills providing the full-year budget. In the House, Johnson could face blowback from hardline members of his party who oppose such stopgap funding bills without deep spending cuts. That displeasure led last fall to the toppling of Johnson's predecessor, Kevin McCarthy. So far, some of those hardliners were expressing tolerance toward Johnson, despite the dismal support from House Republicans. "He's just playing the cards he's dealt," said Representative Tim Burchett, referring to Johnson. Burchett had voted to oust McCarthy from the speakership after a bipartisan stopgap vote in September. "It doesn't really upset me anymore. It's just reality," he said. "Johnson didn't create this problem."

Boebert blasts spending deal as ‘Pelosi-Esque’ -- Rep. Lauren Boebert (R-Colo.) blasted the short-term spending bill passed Thursday to keep the government funded through March as a “Pelosi-Esque” deal. The House approved the two-step continuing resolution (CR) in a 314-108 vote just hours after the Senate approved the measure. Boebert was one of the Republicans in opposition of the bill and released a statement Thursday evening that said the CR is a “slap in the face” to Americans and attacked President Biden and Speaker Emerita Nancy Pelosi (D-Calif.). “Nancy Pelosi would be proud of this reckless, bloated spending bill that ensures federal spending remains at the levels she set during her reign as Speaker,” Boebert’s statement said. The measure’s passing means government funding deadlines have been extended to March 1 and March 8, buying Congress more time to finish the formal appropriations process. It is the third time that Congress has passed a short-term spending bill since last July, as lawmakers continue to disagree about how to fund the government. Boebert, who was elected in 2020 and oversees Colorado’s third Congressional district, said her constituents are struggling to deal with the effects of “Joe Biden and the Swamp’s inflationary spending.” “I didn’t run for Congress to stand by and watch out-of-touch politicians continue to sell out America,” her statement said. “Rather than reining in the Swamp and clawing back wasteful federal spending, the CR kicks the can down the road and fails to make the necessary cuts that will prevent future generations from being saddled with mountains of debt.”

‘We're sucking wind’: McHenry slams Johnson's work as speaker - Rep. Patrick McHenry, the longtime adviser and interim successor to ousted House Speaker Kevin McCarthy, sharply criticized Speaker Mike Johnson on Thursday over his handling of the budget, the border crisis and more during his first months in the job. “We wish him great success,” the North Carolina Republican told reporters. “But he needs to widen the group of advisers he has. The loudest members of our conference should not dictate the strategic course of a smart majority — especially in the most complicated bits where those loudest voices are least likely to participate in the votes necessary.” McHenry, who served as acting speaker after McCarthy was voted out last year, specifically cited Johnson‘s decision to split government funding bills into two packages and advance stopgap spending legislation. That was “an active choice to extend the pain and create suffering,” McHenry said. “By us not executing the deal in December, we’ve cost the Defense Department four and a half billion dollars a month — out of an active choice by House Republicans. I think it’s a faulty choice. I think it’s a bad choice.” There is no point in pushing the votes down the road, he said, because “the votes are going to be the same.” “To draw out the calendar doesn’t actually help produce political wins, and it’s not actually shown to create policy wins,” McHenry said. “I’m here for policy wins.” He said Johnson needs to accept that “Republicans control one-third of the negotiations,” so “we’re going to not get 100 percent of the wins.” Continuing down this path could eventually cost Republicans the majority, McHenry said. “If we keep extending the pain, creating more suffering, we will pay the price at the ballot box,” he said. “At this point, we’re sucking wind because we can’t get past the main object in the road. ... We need to get the hell out of the way. Cut the best deals we can get and then get on with the political year.”

Netanyahu Tells Blinken: 'This Is Also Your War' - On Saturday, Israeli Prime Minister Benjamin Netanyahu said he told Secretary of State Antony Blinken that the brutal campaign in Gaza that has killed nearly 24,000 Palestinians is not only an Israeli war but also an American one.“This is not just our war – it is also your war. This is the war of the sons of light against the sons of darkness,” Netanyahu said he told Blinken when he visited Israel last week, according to a statement released by his office.“This is a war against the axis of evil led by Iran and its three proxies: Hezbollah, Hamas, and the Houthis.”From the perspective of the Palestinians and many Arabs across the region, the slaughter in Gaza is an American war as well as an Israeli one due to the unconditional military support and political cover the US has provided. The US has also intervened directly on Israel’s behalf to bomb the Houthis in Yemen over their attacks on Israel-linked shipping in the Red Sea. The Biden administration has expressed “concerns” about some of Israel’s tactics in Gaza but is not considering cutting off Israel or even leveraging military aid. Some US officials fear that Biden’s unconditional support is emboldening Netanyahu and could lead to a major war in Lebanon.In his comments on Saturday, Netanyahu also took aim at South Africa’s genocide case at the International Court of Justice (ICJ). “No one will stop us, not The Hague, not the axis of evil, and not anyone else,” he said. The comments came a day after Israel presented its defense of South Africa’s charge at the ICJ. The ruling on whether or not Israel is committing genocide against Palestinians in Gaza could take years, but South Africa is asking the ICJ to order an immediate halt of Israel’s military operations, and a decision could be made in the coming weeks. Netanyahu has vowed that no matter what, the onslaught will continue.

New Jersey National Guard Prepares to Deploy to Iraq and Syria Amid Attacks - The New Jersey National Guard is preparing to deploy 1,500 troops to Iraq and Syria amid a spate of attacks on US bases in the two countries that started in mid-October over President Biden’s full-throated support of Israel’s onslaught in Gaza.It’s unclear if the deployment is part of a scheduled troop rotation or if they’re being sent to reinforce the US military presence in the region. According to the latest figures, there are about 2,500 US troops stationed in Iraq and 900 in Syria, where they back the Kurdish-led SDF, allowing the US to occupy and control about one-third of Syrian territory.According to the Pentagon, US troops in Iraq and Syria have come under at least 130 rocket, drone, and mortar attacks since October 17, and the attacks have injured 69 American soldiers. An umbrella group of Shia militias that calls itself the Islamic Resistance of Iraq has taken credit for most attacks.The US has launched several rounds of airstrikes against Shia militias since October, enraging the Iraqi government, which is now calling for an end to the US presence. In response to the news of 1,500 US troops being prepared to deploy, Iraq denied that the US was sending reinforcements. “Iraq does not need any foreign troops,” said Tahseen al-Khafaji, a spokesman for the Iraqi Operations Command.The US leads an international coalition in Iraq, known as Operation Inherent Resolve, that helps fight ISIS, although these days it’s clear the US presence is more about countering Iran. The US military is still involved in anti-ISIS operations in Iraq, but the Iraqi government has said its forces can handle the remnants of the terror group.CBS News reported on the New Jersey National Guard being deployed to the region and portrayed it only as a deployment against ISIS. The report did not mention the recent spate of attacks against US forces. The deployment will be the largest of New Jersey National Guard soldiers since 2008.

Federal Employees to Stage Walk Out Over Biden's Support for Gaza Slaughter - Federal employees from nearly two dozen US government agencies will walk off their jobs on Tuesday in protest of President Biden’s full-throated support for Israel’s brutal assault on Gaza, Al-Monitor reported on Friday.The Biden administration has faced significant internal dissent over the Israeli slaughter in Gaza, which has killed nearly 24,000 Palestinians, mostly women and children. Officials from across government agencies have signed letters protesting the US support for Israel, but a walkout will be the most dramatic step yet, besides the two resignations from administration officials.Dozens of US officials are organizing the walkout as a group calling itself Feds United for Peace. They expect hundreds of other federal employees to join them on Tuesday.Al-Monitor obtained a list of some of the agencies where employees are expected to participate in the protest, which includes the Executive Office of the President, the National Security Agency, the Departments of State, Defense, Homeland Security, and Veterans Affairs, and more.In light of the Al-Monitor Report, House Republicans are calling for any employees who participate in the protest to be fired. “Any government worker who walks off the job to protest US support for our ally Israel is ignoring their responsibility and abusing the trust of taxpayers,” said House Speaker Mike Johnson (R-LA), according to Axios. “They deserve to be fired.” President Biden is also facing dissent from within his re-election campaign as his backing of Israel’s mass killing of Palestinians is hurting his chances of winning another term. Seventeen Biden campaign staffers said in a letter protesting his support for Israel that they’ve seen “volunteers quit in droves, and people who have voted blue for decades feel uncertain about doing so for the first time ever, because of this conflict.”

Fire Federal Employees Who Walk Out Over Gaza Policies: Speaker Johnson - House Speaker Mike Johnson (R-La.) criticized federal employees reportedly planning a walkout over America’s support for Israel in its war against Hamas and called for terminating their employment. “Any government worker who walks off the job to protest U.S. support for our ally Israel is ignoring their responsibility and abusing the trust of taxpayers. They deserve to be fired,” Mr. Johnson said in a Jan. 14 post on X (formerly Twiter). “Oversight Chairman Comer and I will be working together to ensure that each federal agency initiates appropriate disciplinary proceedings against any person who walks out on their job,” he added, referring to Rep. James Comer (R-Ky.). The House Speaker’s comments came in response to a tweet by Joyce Karam, the senior news editor at Al-Monitor, saying that “hundreds of U.S. gov. employees plan walkout on Tuesday over Biden’s Gaza policies.” In total, workers from 22 government agencies are expected to be involved in the walkout, she said in a Jan. 13 post.A list obtained by Al-Monitor showed that departments involved in the walkout include the National Security Agency, the Executive Office of the President, the Naval Research Laboratory, U.S. Citizenship and Immigration Services, and the Departments of State, Defense, Homeland Security, and Veterans Affairs. A walkout by federal employees could count as a strike, which is prohibited per law.Title 5 Section 7311 of the U.S. Code states: “An individual may not accept or hold a position in the Government of the United States or the government of the District of Columbia if he … participates in a strike, or asserts the right to strike, against the Government of the United States or the government of the District of Columbia.” Further, Title 18 Section 1918 prescribes the punishment for such an action. Violators of Section 7311 “shall be fined under this title or imprisoned not more than one year and a day, or both.” A major strike by federal employees over four decades ago triggered government action. In 1981, around 13,000 air traffic controllers took part in a strike over pay and work schedules. At the time, President Reagan declared the strike to be a “peril to national safety,” fired 11,000 workers, and barred them from ever joining the federal government again.

Netanyahu says he has told U.S. he opposes Palestinian state in any postwar scenario - Prime Minister Benjamin Netanyahu said Thursday he has told the United States that he opposes the establishment of a Palestinian state as part of any postwar scenario, underscoring the deep divisions between the close allies three months into Israel’s assault on Gazaaiming to eliminate its Hamas rulers. The U.S. has called on Israel to scale back its offensive and said that the establishment of a Palestinian state should be part of the “day after.”But in a nationally broadcast news conference, Netanyahu vowed to press ahead with the offensive until Israel realizes a “decisive victory over Hamas.” He also rejected the idea of Palestinian statehood. He said he had relayed his positions to the Americans.“In any future arrangement … Israel needs security control all territory west of the Jordan,” Netanyahu told a nationally broadcast news conference. “This collides with the idea of sovereignty. What can you do?”“The prime minister needs to be capable of saying no to our friends,” he added.More than 100 days after Hamas triggered the war with its Oct. 7 attack, Israel continues to wage one of the deadliest and most destructive military campaigns in recent history, with the goal of dismantling the militant group that has ruled Gaza since 2007 and returning scores of captives. The war has stoked tensions across the region, threatening to ignite other conflicts.More than 24,600 Palestinians have been killed, some 85 percent of the narrow coastal territory’s 2.3 million people have fled their homes, and the United Nations says a quarter of the population is starving.Hundreds of thousands have heeded Israeli evacuation orders and packed into southern Gaza, where shelters run by the United Nations are overflowing and massive tent camps have gone up. Israel has continued to strike what it says are militant targets in all parts of Gaza, often killing women and children.Early Thursday, medics said an Israeli airstrike on a home killed 16 people, half of them children, in the southern Gaza town of Rafah.

Sanders to force vote on potentially freezing military aid to Israel Sen. Bernie Sanders (I-Vt.) will use a little-known provision in the Foreign Assistance Act to force the Senate to vote Tuesday afternoon on a measure that would freeze military aid to Israel unless the State Department produces a report on potential human rights abuses in Gaza. If adopted, Sanders’s resolution would require the State Department to report any human rights violations committed during Israel’s blockade and invasion of Gaza in the aftermath of the Oct. 7 attacks on Israeli civilians. U.S. assistance to Israel would be frozen if the State Department fails to produce a report after 30 days. The resolution has little chance of becoming law because it must pass both chambers and be signed by President Biden. Sanders introduced his resolution on Thursday to force a floor debate on what he has called the Netanyahu government’s “indiscriminate and disproportionate military operations” in Gaza since the Oct. 7 attacks. Sanders has also criticized Israeli Prime Minister Benjamin Netanyahu’s regime for blocking much humanitarian assistance from reaching Gaza, calling the blockade a “serious violation of international law.” The Vermont senator can force his resolution to be discharged from the Foreign Relations Committee with a simple majority vote. The resolution is privileged and cannot be amended or filibustered. “In essence, we will be voting on a very simple question: Do you support asking the State Department whether human rights violations may have occurred using U.S. equipment or assistance in this war? This resolution is not prescriptive — it does not alter aid to Israel in any way. It simply requests that the State Department report on how our aid is being used,” Sanders argued on the Senate floor last week. Sanders has emerged as the Senate’s fiercest critic of Israel’s military operation in Gaza, which has resulted in the deaths of more than 24,000 Palestinians, according to Palestinian officials. Earlier this month, he called on Congress to withhold more than $10 billion in military funding for Israel, denouncing Israel’s military response as “immoral.” He has also criticized the extensive use of U.S.-supplied bombs and artillery shells in Gaza, noting that two-thirds of the civilians killed have been women and children.

Senate Votes Down Bernie Sanders Resolution to Probe Israel's Gaza Slaughter - The Senate on Tuesday night voted down a resolution introduced by Sen. Bernie Sanders (I-VT) that would have frozen US military aid to Israel if the State Department failed to produce a report on whether Israel was committing human rights violations in Gaza. Under the resolution, which invokes the 1961 Foreign Assistance Act, aid would have also been frozen if human rights violations were found. The legislation failed in a vote of 72-11, with one Republican, Sen. Rand Paul (R-KY), nine Democrats, and Sanders supporting the oversight of Israel’s mass killing of Palestinians with US weapons..“It should not be controversial to ask how US weapons are used,” Sanders wrote on X before the vote. “We should all want this information. If you believe the war has been indiscriminate, as I do, then we must ask this question. If you believe Israel has done nothing wrong, then this information should support that belief.”During a speech on the Senate floor last week, Sanders said that due to the “scale of the destruction, and the extensive use of US arms in this campaign, including thousands of massive 2,000-pound bombs, Congress must act to conduct real oversight.”The White House came out against the resolution ahead of the vote as it supports unconditional aid to Israel despite the massive civilian death toll in Gaza. “We do not believe that this resolution is the right vehicle to address these issues,” said National Security Council spokesman John Kirby, who has repeatedly shrugged off Israel’s killing of civilians.

Houthi Missile Hits US-Owned Cargo Ship in Gulf of Aden - US Central Command said Monday that a Houthi anti-ship ballistic missile hit a US-owned cargo ship, an escalation that came a few days after the US and Britain bombed dozens of Houthi targets in Yemen. The missile struck the Gibraltar Eagle, a Marshall Islands-flagged shipthat’s owned by the US-based Eagle Bulk Shipping, while it was transiting the Gulf of Aden. CENTCOM said there were no casualties or damage reported. Eagle Bulk said there was “limited damage” but that the ship was able to leave the area. “As a result of the impact, the vessel suffered limited damage to a cargo hold but is stable and is heading out of the area,” the company said.The Houthis later took responsibility for the attack. “The naval forces of the Yemeni Armed Forces carried out a military operation targeting an American ship in the Gulf of Aden, with several appropriate naval missiles, resulting in precise and direct hits,” said Houthi military spokesman Yahya Sarea. Before Monday, the Houthis had not targeted US commercial shipping and said their attacks were limited to Israel-linked vessels. But that changed after the US and UK escalated the situation by bombing Yemen on Friday. After the strikes, a Houthi spokesman said that “all American-British interests have become legitimate targets.”The Houthis, officially known as Ansar Allah, have made clear their attacks on Israel-linked shipping wouldn’t stop until the Israeli onslaught in Gaza ends. Instead of pressuring Israel to end the slaughter, President Biden opted for regional escalation. US officials acknowledged that the bombing did not harm the Houthis’ ability to launch offensive attacks.The US and British airstrikes risk shattering the fragile truce between the US-backed Saudi-led coalition in Yemen and the Houthis, although Saudi Arabia has distanced itself from the anti-Houthi operations and is urging the US to show restraint. The US-backed war on the Houthis killed 377,000 people between 2015 and 2022, according to the UN. More than half died of starvation and disease caused by the brutal siege, which involved a major bombing campaign and a blockade on Houthi-controlled Yemen, where about 70%-80% of Yemenis live.

Tanker Companies Halt Red Sea Shipping After the US Bombs Yemen - President Biden’s decision to bomb Yemen has disrupted shipping in the region as several major tanker companies halted transits through the Red Sea after the US and British airstrikes against the Houthis.While container shipping had been disrupted by Houthi attacks on Israel-linked shipping, Red Sea oil and fuel tanker traffic had remained steady in December. But the tanker companies Hafnia, Torm, and Stena Bulk all halted Red Sea transits on Friday, and shipping data showed many tankers in the area turning around.The Combined Maritime Forces, a US-led coalition in the region, had issued a warning that advised ships to avoid transiting the Bab el-Mandeb Strait for “several days.” Oil prices also spiked by about 4% on Friday following the US and British strikes.President Biden said he ordered the strikes in Yemen to preserve “freedom of navigation” in the region. But the bombing significantly escalated tensions and made the situation much more volatile as the Houthis, officially known as Ansar Allah, are warning of a major response.The Houthis have repeatedly stated they would halt attacks on shipping once Israel ended its slaughter in Gaza. Instead of pressuring Israel to lift the siege, President Biden chose regional escalation, a decision that has come under significant criticism from members of Congress who say the bombing was unconstitutional.US concerns about freedom of navigation ring hollow to the people of Yemen, as since 2015, the US has helped a Saudi-led coalition enforce an air, land, and sea blockade on Houthi-controlled areas, which is where most Yemenis live. The blockade has been eased since the Houthis and Saudis reached a ceasefire in April 2022 but hasn’t been fully lifted.The US-backed war against the Houthis killed 377,000 people between 2015 and 2022. More than half were killed due to starvation and disease caused by the bombing campaign and blockade.

Houthis' Offensive Capabilities Not Significantly Damaged by US Airstrikes - US and British airstrikes launched across Houthi-controlled areas of Yemen did not significantly impact the Houthis’ ability to launch attacks in the Red Sea, US officials have acknowledged to The New York Times.The Pentagon said the first wave of strikes launched early Friday morning targeted around 30 locations and destroyed 60 missile and drone sites. Early Saturday morning, the US launched another strike on a radar facility US officials said was missed in the initial attack. Lt. Gen. Douglas Sims, the director of the US military’s joint staff, claimed on Friday that the US and British airstrikes were enough to stop the Houthis from launching a large drone and missile attack, but the US officials speaking to the Times said that wasn’t the case.The officials said the strikes only degraded about 20-30% of the Houthis offensive capability. They said much of the Houthis’ weapons are mounted on mobile platforms that can be easily moved and hidden and that finding targets was more difficult than anticipated since the US hasn’t been collecting much intelligence on the Houthis in recent years.The Houthis have downplayed the impact of the US and British airstrikes, saying five fighters were killed but only minimal damage was caused. Yemen’s SABA news agency reported another US and British bombing on Sunday, but US officials later denied that the US or its allies launched more strikes.The Houthis, officially known as Ansar Allah, endured a brutal bombing campaign launched by a US-backed Saudi-led coalition from 2015-2022, and they only became a more formidable fighting force during that time. The Houthis missile and drone capability significantly increased despite the air campaign and blockade, giving them the ability to hit oil fields deep inside Saudi Arabia.

US Launches Fourth Round of Strikes Against Houthis in Yemen - The US launched another round of missile strikes against the Houthis in Yemen, marking the fourth time the US has bombed the country since last Friday.US officials told AP that the strikes were launched from US Navy warships and submarines. The attack came after the Houthis, officially known as Ansar Allah, struck a US-owned cargo ship with a drone in the Gulf of Aden.Reports on social media said there were strikes in towns and cities across Houthi-controlled Yemen, including Hodeidah, Saada, Dhamar, and Al-Bayda. The Houthis control the Yemeni capital, Sanaa, and govern territory where 70-80% of Yemen’s population lives.US Central Command later confirmed the strikes and claimed it targeted 14 “Houthi missiles that were loaded to be fired in Houthi-controlled areas in Yemen.”The US strikes in Yemen have significantly escalated the situation in the region as the Houthis have expanded the scope of their targets to American commercial shipping. The Houthis have shown no sign of backing down in the face of the US military and have repeatedly stated they won’t stop attacking Israeli-linked shipping until the Israeli onslaught in Gaza ends.President Biden has come under significant criticism from some members of Congress for not getting authorization for the strikes on Yemen, but that hasn’t stopped him from continuing to bomb the country.

Houthis Attack Another US-Owned Commercial Vessel in Gulf of Aden - The Houthis have attacked another US-owned ship in the Gulf of Aden as the group is now targeting American commercial shipping following US and British airstrikes on Yemen.Houthi military spokesman Yahya Sarea said Houthi forces targeted the Genco Picardy, a bulk carrier owned by the New York City-based Genco Ship Management, according to ship ownership data.Sarea said the attack resulted in “direct hits” on the ship. Officials told The Associated Press that the vessel was struck about 70 miles southeast of Aden and was hit with a bomb-carrying drone.Sarea said the attack was launched in “support of the plight of the Palestinian people and in solidarity with our brethren in the Gaza Strip, and within the framework of responding to the American-British aggression on our country.”Since the US and Britain bombed Houthi targets in Yemen last Friday, the US has launched two more rounds of strikes. But the Houthis are not deterred and are vowing they won’t back down. The strikes against them are only escalating the situation, as the Houthis were not previously targeting American or British shipping.The attack on the Genco Picardy marked the second time this week that the Houthis, officially known as Ansar Allah, hit a US-owned vessel. Before the US and British airstrikes in Yemen, the Houthis made clear the only thing that would stop their attacks on Israel-linked shipping would be an end to the Israeli slaughter in Gaza. But President Biden chose escalation instead of pressuring Israel to end the siege.

Houthis Attack US-Owned Tankers, 3rd Time This Week, As Biden Admits Failure To Stop -- The Pentagon has revealed than an American-owned commercial vessel has come under attack in the Red Sea. It happened Thursday, the same day that President Biden admitted the US-led Prosperity Guardian has not halted the attacks out of Yemen. "Are they stopping the Houthis? No. Are they going to continue? Yes," Biden conceded in surprisingly blunt Thursday comments.The US-owned, Greek-operated Chem Ranger was targeted by a pair of anti-ship ballistic missiles, in what was the third such attack on international shipping in three days. "The crew observed the missiles impact the water near the ship. There were no reported injuries or damage to the ship," Central Command said. This follows closely on the heels of attacks on the US-owned Gibraltar Eagle and the Genco Picardy in the days prior, both which sail under Marshall Islands flags. The Houthis have declared that "we are now in direct confrontation with the US and UK" in the Red Sea, according to the Thursday words of Houthi chief Abdul-Malik al-Houthi.Not only has the Western coalition patrolling waters off Yemen attacked Houthi positions in four waves of strikes at this point, but the Biden administration put the Houthis back on the global terrorism list. None of this has deterred the Iran-backed rebel group, which has already been battling Saudi and US airpower in the Yemeni civil war that goes back to 2015.The resultant raised freight costs for the majority of big carriers choosing the more costly journey around Africa has continued the spur in Middle Eastern crude demand. For example, Bloomberg notes "The price of one of the Middle East’s most popular oil grades has jumped in Asia as buyers favor Persian Gulf producers that don’t have to send their crude via the Red Sea or on longer alternative routes"— in reference to Murban oil's premium surging...

Biden Says Strikes Against Houthis Aren't Working as US Bombs Yemen for 5th Time - President Biden acknowledged on Thursday that his strikes against the Houthis were not working to stop the Yemeni group but vowed they would continue anyway as the US military bombed Yemen for the fifth time within a week.The president made the comments when asked by a reporter if his strikes against the Houthis were working. “Well, when you say ‘working’ — are they stopping the Houthis? No. Are they going to continue? Yes,” he said.US Central Command (CENTCOM) reported that it launched more strikes in Yemen, claiming to target Houthi anti-ship missiles. “As part of ongoing multi-national efforts to protect freedom of navigation and prevent attacks on maritime vessels in the Red Sea, on Jan. 18 US Central Command forces conducted strikes on two Houthi anti-ship missiles that were aimed into the Southern Red Sea and were prepared to launch,” CENTCOM said.Later on Thursday, the Houthis said they targeted another US-owned ship, the Chem Ranger, a Marshall Island-flagged chemical tanker. The Houthis said the attack resulted in “direct hits,” but CENTCOM said in its press release on the attack that the crew “observed the missiles impact the water near the ship.”The Houthis, officially known as Ansar Allah, have vowed they won’t back down in the face of the US military. Ansar Allah’s leader, Abdul-Malik al-Houthi, said Thursday that it was a “blessing” for the Houthis to be in a direct fight with the US. “We praise god for this great blessing and great honor — for us to be in a direct confrontation with Israel and America,” he said. Since Biden ordered the first strikes against them last week, the situation in the region escalated dramatically. The Houthis are now targeting American commercial shipping, hitting two US-owned cargo ships with missiles earlier this week, and more shipping companies have suspended transits through the Red Sea. Before the US escalation, the Houthis made clear they would stop attacks on Israel-linked commercial shipping only if Israel’s onslaught in Gaza ended, but President Biden is determined to continue supporting the slaughter of Palestinians.

US battle with Houthi rebels shows no signs of stopping --The Houthi rebels, unbowed by U.S. strikes, are continuing to attack ships in the Red Sea, putting the Biden administration in a bind as it works to stomp out the Yemeni militant group’s aggression and resume global trade operations. An initial series of strikes last week on Houthi assets in Yemen was meant to degrade the Iranian-backed group’s capabilities to keep up the Red Sea attacks, but the Houthis emerged intact and with a resolve to continue their aggression. The U.S. continued to strike the Houthis this week and the rebel group has responded with more attacks. All signs are pointing toward a prolonged conflict. But a drawn-out battle between the Houthis and the U.S. will only deepen global shipping disruptions, worsen a humanitarian crisis in Yemen and inflame the Middle East as Washington seeks to contain a wider regional war, analysts say. Like other Iranian-backed groups, the Houthis have tied their operations to Israel’s war in Gaza and pledged to keep fighting as long as Israeli soldiers continue their fight in the Palestinian enclave. “Americans want the seas to be safe for the support and resources provided to the Israeli enemy while starving the Palestinian people,” Houthi leader Abdul-Malik al-Houthi said in a speech Thursday shared on pro-Iranian Telegram channels. “We warn against weariness towards the oppression of the Palestinian people. The longer the siege and starvation continue, the greater the responsibility on our nation.” The top concern for the Pentagon is how to resume global trade through the Red Sea. Shipping prices are surging as companies are forced to avoid the Red Sea shortcut and go around Africa. But tit-for-tat attacks may disrupt transit through the corridor even more, scaring off ships seeking to avoid conflict, said Caroline Rose with the New Lines Institute for Strategy and Policy. “Their long-term plan is, of course, to try and secure this waterway,“ said Rose, director of the think tank’s Blind Spots program. “In the short term, it actually encourages ships not to use that waterway because of the increase in instability and insecurity.”

When Yemen Does It It's Terrorism, When The US Does It It's "The Rules-Based Order" by Caitlin Johnstone - The Biden administration has officially re-designated Ansarallah — the dominant force in Yemen also known as the Houthis — as a Specially Designated Global Terrorist entity. The White House claims the designation is an appropriate response to the group’s attacks on US military vessels and commercial ships in the Red Sea and the Gulf of Aden, saying those attacks “fit the textbook definition of terrorism.” Ansarallah claims its actions “adhere to the provisions of Article 1 of the Convention on the Prevention and Punishment of the Crime of Genocide,” since it is only enforcing a blockade geared toward ceasing the ongoing Israeli destruction of Gaza.One of the most heinous acts committed by the Trump administration was its designation of Ansarallah as a Foreign Terrorist Organization (FTO) and as Specially Designated Global Terrorists (SDGT), both of which imposed sanctions that critics warned would plunge Yemen’s aid-dependent population into even greater levels of starvation than they were already experiencing by restricting the aid that would be allowed in. One of the Biden administration’s only decent foreign policy decisions has been the reversal of that sadistic move, and now that reversal is being partially rolled back, though thankfully only with the SDGT listing and not the more deadly and consequential FTO designation.In a new article for Antiwar about this latest development, Dave Decamp explains that as much as the Biden White House goes to great lengths insisting that it’s going to issue exemptions to ensure that its sanctions don’t harm the already struggling Yemeni people, “history has shown that sanctions scare away international companies and banks from doing business with the targeted nations or entities and cause shortages of medicine, food, and other basic goods.” DeCamp also notes that US and British airstrikes on Yemen have already forced some aid groups to suspend services to the country.So the US empire is going to be imposing sanctions on a nation that’s still trying to recover from the devastation caused by the US-backed Saudi blockade that contributed to hundreds of thousands of deaths between 2015 and 2022. All in response to the de facto government of that very same country imposing its own blockade with the goal of preventing a genocide.That’s right kids: when Yemen sets up a blockade to try and stop an active genocide, that’s terrorism, but when the US empire imposes a blockade to secure its geostrategic interests in the middle east, why that’s just the rules-based international order in action.

Iraqi leader dismisses US efforts in Middle East – — Iraq’s prime minister scoffed Thursday at U.S. efforts to rein in Israel’s military campaign against Hamas and lay out long-term plans for a more peaceful Middle East, noting that Israeli leaders aren’t onboard. In comments at the World Economic Forum, Mohammed Shia’ Al Sudani dismissed in particular Secretary of State Antony Blinken’s more hopeful earlier remarks about how the crisis playing out in the Gaza Strip could be a chance to get back on track for a two-state solution to the Israeli-Palestinian conflict. Blinken, who was in Davos on Tuesday and Wednesday, also stressed that doing so should involve broader efforts at improving Israel’s ties with Arab countries that have long shunned it. “That is nothing new, what Mr. Blinken has said. Everybody has said the same thing, basically,” Al Sudani said during a session moderated by POLITICO Global Editor-in-Chief John Harris. “What is being said by Blinken is refused by the Israeli government. Even the post-war scenario is refused from the Israelis.” “The international community has failed,” the Iraqi leader added. “The International organizations have failed. The international institutions have failed in this unjustifiable, unacceptable death that is unraveling before us in Gaza.” The remarks underscored the obstacles and skepticism the United States faces in the Middle East as it tries to rally countries to help it find a way out of the Israel-Hamas fight and broader regional tensions. Washington is trying to keep the battle from expanding into a full-blown regional war, but it’s also urging Israelis and Palestinians to start planning for post-war scenarios. That includes the critical question of who will govern Gaza, the scene of much of the fighting and which was long controlled by the militants of Hamas. Israeli Prime Minister Benjamin Netanyahu has resisted U.S. plans that call for a reformed Palestinian Authority to eventually take over Gaza. The Palestinian Authority governs in parts of the West Bank, but Netanyahu has long viewed it as an unacceptable partner. Since Hamas militants attacked Israel on October 7, killing 1,200 people, the Israeli military response has killed more than 22,000 in Gaza, while displacing hundreds of thousands. Iraq is among the countries affected by the fallout from the crisis. That’s largely because of its ties to Iran, a major backer of Hamas and other militant groups in the region.

‘Please guys, wake up’: European leaders push Biden, Congress on Ukraine - A group of European parliamentarians who are in Washington to drum up more support for Ukraine have a message for lawmakers and the White House: Get your act together. The group is wrapping up a frustrating week spent meeting with policymakers and lawmakers, and is ready to leave town unsure of America’s place in European security after finding their U.S. counterparts unable, or unwilling, to act on important issues. The parliamentarians spent the week “pleading with Americans to be Americans, to be engaged, to be focused, to be disciplined, and to work as closely as possible with us,” Ali Ehsassi, chair of the Canadian Parliament’s Foreign Affairs Committee, told reporters on Thursday. The message from other lawmakers in the group from the U.K., France, Spain, Lithuania and the Czech Republic were the same. They’re fed up watching the Biden administration struggle with Congress to support Kyiv in beating back the Russian troops still occupying a large swath of Ukraine. “It’s painful, but you have to spend 80 percent of your energy waking up Washington to be Washington,” said Žygimantas Pavilionis, chair of the Lithuanian parliament’s Foreign Affairs Committee. The takeaway from meetings with Democratic and Republican lawmakers in Congress and think tanks across Washington was that the European allies see a creeping American indifference to the five-month delay in passing a $100 billion supplemental bill that includes $61 billion for weapons and military support for Ukraine.

American Citizen Jailed in Ukraine for His Political Views Dies -- Gonzalo Lira, an American citizen who was jailed in Ukraine for his political views, has died in a Ukrainian prison, the State Department confirmed on Saturday. Lira died on January 11 after a battle with pneumonia that he said was initially ignored by Ukrainian authorities. Lira’s father, Gonzalo Lira Sr., first notified the media of his son’s death on Friday and said he had been pleading with the US embassy to intervene. “I cannot accept the way my son has died. He was tortured, extorted, incommunicado for 8 months and 11 days, and the US Embassy did nothing to help my son,” Lira Sr. said in an email, according to The Grayzone. The Grayzone obtained a note Lira Jr. recently wrote to his defense attorney that indicated he had pneumonia for months before being admitted into the hospital. “I have had double pneumonia (both lungs) as well as pneumothorax and a very severe case of edema (swelling of the body). All this started in mid-October, but was ignored by the prison,” the letter reads. “They only admitted I had pneumonia at a Dec. 22 hearing. I am about to have a procedure to reduce the edema pressure in my lungs, which is causing me extreme shortness of breath, to the point of passing out after minimal activity, or even just talking for 2 minutes,” Lira Jr. added.Lira Jr. was a popular YouTuber and political commentator based in the northeastern Ukrainian city of Kharkiv who gained prominence in the early days of the Russian invasion of Ukraine. He was very critical of the government of President Volodymyr Zelensky and was arrested by the Ukrainian Security Services (SBU) in May 2023 for allegedly justifying the Russian invasion.“After the start of the full-scale invasion, the blogger was one of the first to support the Russian invaders and glorify their war crimes,” the SBU said in a press release on his arrest. The SBU also accused Lira Jr. of “discrediting the top military and political leadership and the Defense Forces of our state.”

NATO to Hold Its Largest Military Exercises Since the Cold War - NATO will launch major war games next week with about 90,000 troops to prepare for a potential conflict with Russia that will mark the alliance’s largest military exercises since the end of the Cold War.“Exercise Steadfast Defender 2024 will be the largest NATO exercise in decades, with participation from approximately 90,000 forces from all 31 Allies and our good partner Sweden,” Gen. Christopher Cavoli, NATO’s supreme allied commander in Europe, told reporters.The drills will take place across Europe and will involve reinforcements coming from North America. “This reinforcement will occur during a simulated emerging conflict scenario against a near-peer adversary,” Cavoli said.Adm. Rob Bauer, the Dutch chairman of the NATO military committee, made clear the drills were about preparing for war with Russia. “I’m not saying it is going wrong tomorrow, but we have to realize it’s not a given that we are in peace,” Bauer said, according to Stars & Stripes.Bauer suggested last year that NATO countries should discuss shifting their economies to a “war economy,” where civilian factories would start producing military goods, similar to what the United States did during World War II, and said on Thursday that European societies need to be ready for a conflict. “It is the whole of society that will get involved (in a war) whether we like it or not,” he said.

Biden says US does not support Taiwan’s independence following election - President Biden had a short message for Taiwan after its election of a new president on Saturday. “We do not support independence,” Biden said on the South Lawn Saturday. Taiwan voters elected Vice President Lai Ching-te, who goes by William, as president Saturday, keeping the ruling party, the Democratic Progressive Party in power for its third straight term. The result of the election will determine the country’s relations with China for the next four years. China claims to rule the strip of water between the countries and claims sovereignty over the island despite it being self-governed for nearly three-quarters of a century. China previously warned that the election was critical, as voters could be choosing between war and peace. Biden’s stance reinforces the One China policy in recognizing Beijing’s claims that Taiwan is historically part of the mainland. The U.S. has committed to informal relations with Taipei. After Biden met with Chinese President Xi Jinping in Nov., he said he “made clear” China should not interfere in Taiwan’s election. He said the U.S. maintains the One China agreement and he does not have plans to change it. The U.S. announced Wednesday that it would be sending an unofficial delegation to Taiwan after the island conducted its election. The delegation will include former high-ranking U.S. officials. Biden has sent unofficial delegations to Taiwan in 2021 and 2022.“Given our unofficial relationship with Taiwan, we often send these high-level unofficial delegations of former government officials to Taipei,” a senior Biden administration official said. “We have a decades-long tradition of doing so.” It’s unknown how China will react to the new delegation and Lai’s win, but the countrypreviously told the U.S. that it will “not make any concession or compromise” on Taiwan.Secretary of State Antony Blinken congratulated Lai on his victory in a statement Saturday and offered congratulations to the Taiwan people for “demonstrating the strength of their robust democratic system and electoral process.”Lai, who said he is open to talks with China, posted on X, the platform formerly known as Twitter thanking voters for electing him and pledged to uphold peace in the Taiwan Straight and to be “a force of good in the international community.”

Why Joe Biden Is a Foreign Policy Failure - Jeff Sachs - When it comes to foreign policy, the president of the United States has two essential roles. The first is to rein in the military-industrial complex, or MIC, which is always pushing for war. The second is to rein in U.S. allies that expect the U.S. to go to war on their behalf. A few savvy presidents succeed, but most fail. Joe Biden is certainly a failure. One of the savviest presidents was Dwight Eisenhower. In late 1956, he confronted two simultaneous crises. The first was a disastrously misguided war launched by the United Kingdom, France, and Israel to overthrow the Egyptian government and retake control of the Suez Canal following its nationalization by Egypt. Eisenhower forced the allies to stop their brazen and illegal attack, including through a U.S.-sponsored United Nations General Assembly resolution. The second crisis was the Hungarian Uprising against Soviet domination of Hungary. While Eisenhower sympathized with the uprising, he wisely kept the U.S. out of Hungary and thereby avoided a dangerous military showdown with the Soviet Union. Following Eisenhower, John F. Kennedy brilliantly resolved the 1962 Cuban Missile Crisis, narrowly avoiding nuclear Armageddon by facing down his own war-mongering advisers to reach a peaceful solution with the Soviet Union. The following year he successfully negotiated the Partial Nuclear Test Ban Treaty with the Soviet Union, over Pentagon objections, and then won Senate ratification, thereby pulling the U.S. and Soviet Union back from the brink of war. Many believe that Kennedy’s peace initiatives led to his assassination at the hands of rogue CIA officials. Biden has joined the long line of presidents that have kept classified or redacted thousands of documents that would shed more light on the assassination. Sixty years onward, the MIC has an iron grip on American foreign policy.As I’ve recently described, foreign policy has become an insider racket, with the MIC in control of the White House, Pentagon, State Department, the Armed Services Committees of the Congress, and of course the CIA, all in a tight embrace with the major arms contractors. Only an exceptional president could resist the endless war-profiteering of this mammoth war machine.Alas, Biden doesn’t even try. Throughout his long political career, Biden has been supported by the MIC and has in turn enthusiastically supported wars of choice, massive arms sales, CIA-backed coups, and NATO enlargement.

Johnson feels heat from Trump, conservatives to reject Senate border deal -Speaker Mike Johnson (R-La.) is under pressure from conservatives and former President Trump to reject an emerging bipartisan border and Ukraine aid package even as he gets the squeeze from the Senate GOP and White House. Republican senators in support of the deal argue that the leverage of Ukraine aid has given them a unique opportunity to secure key border reforms from a Democratic administration, but the former president, who Johnson says he has consulted, is urging him to reject any legislation that isn’t “perfect.” The situation leaves little space to operate for the Speaker, who retains a historically slim House majority and is already dealing with rumblings about a move to oust him. The Speaker emerged from a White House meeting with President Biden and congressional leaders Wednesday — which Sen. Josh Hawley (R-Mo.) said appeared designed to “strong-arm” him into accepting the Senate deal — remaining highly critical of its reported contents and renewing his calls for Biden to take executive actions at the border. “If the bill looks like some of the things that have been rumored, of course it’s dead in the House, because it wouldn’t solve the problem,” Johnson said Wednesday on CNN. Yet Johnson did not completely shut the door on the deal, saying that he needs to wait to see the text of any bill and could not answer questions about a hypothetical. As he faces pressure on multiple fronts, Johnson insisted on Fox News: “No one is strong-arming me.” Many House Republicans are more than willing to rule out a border measure that does not go as far as their Secure the Border Act — a sweeping migration policy bill that Senate Majority Leader Chuck Schumer (D-N.Y.) has said would be dead on arrival in the upper chamber. The Senate deal is expected to include changes to asylum policy, but negotiators have said that the issue of humanitarian parole is a major sticking point in the talks. And in a presidential election year, some Republicans say a deal could neutralize a potent political issue for their party. “The worst thing we could do is to give the appearance that we’ve done something on border security, to give the American people false hope and a false impression that we’ve done something that will make a difference,” Rep. Bob Good (R-Va.), chair of the hard-line conservative House Freedom Caucus, said of the Senate border deal.

Child migrants drowned in the Rio Grande after Texas blocked Border Patrol from the area, congressman says Three migrants, including two children, died in Texas on Saturday after state authorities blocked Border Patrol from accessing the area. A woman and two children drowned in the Rio Grande, near Shelby Park in Eagle Pass, Democratic Rep. Henry Cuellar said in a post on X, formerly Twitter. Cuellar said that Border Patrol had been informed of six migrants in distress as they were trying to cross the Rio Grande on Friday. But its attempts to phone the Texas Military Department (TMD), the Texas National Guard, and the Texas Department of Public Safety about the situation were fruitless, he added. After making "physical contact" with the Texas Military Department and the Texas National Guard at an entrance gate at Shelby Park, "Texas Military Department soldiers stated they would not grant access to the migrants – even in the event of an emergency – and that they would send a soldier to investigate the situation." The TMD confirmed to Texas Public Radio that it had been contacted about a "migrant distress situation" at 9 p.m. on Friday. "TMD had a unit in the vicinity of the boat ramp and actively searched the river with lights and night vision goggles. No migrants were observed," it said in a statement, adding that it later "observed a group of Mexican authorities responding to an incident on the Mexico side of the river bank" and reported this to Border Patrol. "They confirmed that the Mexican authorities required no additional assistance. At that time, TMD ceased search operations," it continued. Cuellar said that the bodies of three migrants were subsequently found on Saturday morning by Mexican authorities. "Mexican sources say that the three migrants recovered today were a family. The female adult was identified as the mother of both children, an 8-year-old girl and a 10-year-old boy," Cuellar added in another post. In a statement to Business Insider, the US Department of Homeland Security (DHS) confirmed the news: "Tragically, a woman and two children drowned in the Shelby Park area of Eagle Pass, which was commandeered by the State of Texas earlier this week. In responding to a distress call from the Mexican government, Border Patrol agents were physically barred by Texas officials from entering the area," the DHS said. The tragedy comes a day after it was alleged that Texas National Guard soldiers had been blocking US Border Patrol agents from accessing parts of the US-Mexico border. The Justice Department said in a court filing on Friday that the Texas National Guard had erected new razor-wire barriers and fencing along a stretch of the border in Eagle Pass. "That fencing further restricts Border Patrol's ability to reach the river in particular areas," the Justice Department said in the filing, as it blocks access to a boat ramp that agents use to get to the Rio Grande. Under Texas Gov. Greg Abbott, the state has pushed its own border controls, which the federal government normally handles, Reuters reported. "The Texas governor's policies are cruel, dangerous, and inhumane, and Texas's blatant disregard for federal authority over immigration poses grave risks. The State of Texas should stop interfering with the U.S. Border Patrol's enforcement of U.S. law," the DHS said. The US Customs and Border Protection said it remained "gravely concerned by actions that prevent the U.S. Border Patrol from performing their essential missions of arresting individuals who enter the United States unlawfully and providing humanitarian response to individuals in need." The Texas National Guard and the Texas Military Department did not immediately respond to requests for comment from Business Insider.

Texas, US in legal standoff as state refuses to comply with directive on border access --The government of Texas and the Biden administration are in a legal standoff over a public parkalong the U.S.-Mexico border, where Texas National Guard soldiers have blocked access to Border Patrol officials.Texas Attorney General Ken Paxton on Wednesday repudiated a demand from the Department of Homeland Security (DHS) to provide Border Patrol officials access to Shelby Park in Eagle Pass.“Because the facts and law side with Texas, the State will continue utilizing its constitutional authority to defend her territory, and I will continue defending those lawful efforts in court,”Paxton wrote in a letter to DHS general counsel Jonathan Meyer.“The U.S. Department of Homeland Security should stop wasting scarce time and resources suing Texas, and start enforcing the immigration laws Congress already has on the books.”Paxton’s response followed a cease-and-desist letter dated Sunday, in which Meyer demanded that Texas officials stop blocking Border Patrol access and that they remove the barriers in the park.“The recent actions by the State of Texas have impeded operations of the Border Patrol. Those actions conflict with the authority and duties of Border Patrol under federal law and are preempted under the Supremacy Clause of the Constitution. Texas’s actions also improperly seek to regulate the federal government,” wrote Meyer. The issue was escalated by the drowning deaths of three migrants in the Rio Grande in the environs of Shelby Park on Jan. 12.Meyer wrote that Texas officials prevented Border Patrol agents from entering the park to assist a Mexican rescue operation, which ultimately saved two other migrants from drowning.“Texas has demonstrated that even in the most exigent circumstances, it will not allow Border Patrol access to the border to conduct law enforcement and emergency response activities,” wrote Meyer.Paxton denied that claim and said federal officials did not request access to the park the night in question.“Your attempt to blame Texas for three migrant deaths on January 12, 2024 is vile and, as you now should be aware, completely inaccurate. ‘Three individuals drowned’ that night on the Mexican side of the Rio Grande, but that tragedy is your fault. Contrary to your letter, [the Texas Military Department] did not prevent U.S. Border Patrol from entering Shelby Park to attempt a water rescue of migrants in distress.” The use of National Guard troops to prevent the Border Patrol’s access to the border is an escalation in an ongoing fight between Texas and the Biden administration over how immigration and border security policy should be enforced.

House, Senate tax chiefs announce deal on business deductions, low-income credits Top tax writers in Congress announced a deal Tuesday morning to beef up the child tax credit (CTC) and reinstate business deductions that were taken away to pay for the reduction of the corporate tax rate in the 2017 Tax Cuts and Jobs Act. The CTC expansion would increase the maximum credit per child to $2,000 from $1,600 through 2025 while restoring business deductions for research and development costs, interest payments and capital investments. The deal also has provisions on increasing the low-income housing tax credit and a carve-out for Taiwanese companies following an effort by the U.S. to reshore segments of the high-end semiconductor industry, much of which is based there. To pay for the $80 billion deal, tax writers want to nix the employment retention tax credit, which they say has been aggressively marketed within the tax industry and has been a locus of fraudulent business activity. “American families will benefit from this bipartisan agreement that provides greater tax relief, strengthens Main Street businesses, boosts our competitiveness with China, and creates jobs,” House Ways and Means Committee Chair Jason Smith (R-Mo.) said in a Tuesday morning statement. Senate Finance Committee Chair Ron Wyden (D-Ore.) said the proposal could help as many as 15 million children who are close to the poverty line and would increase the stock of low-income housing across the country. “At a time when so many people in Oregon and all across America are getting clobbered by rising rents and home prices, the improvements this plan makes to the Low-Income Housing Tax Credit will build more than 200,000 new affordable housing units,” he said in a statement. “By incentivizing R&D, this plan is also going to promote innovation and help sharpen our economic competitiveness with China.” What the final legislative vehicle for the tax deal could be, and whether it will make it into law before tax season starts on Jan. 29, remain to be seen. But some rank-and-file senators are already sounding enthusiastic about the deal’s prospects. “I have been strongly pushing to incentivize American R&D since first introducing bipartisan legislation in 2020 to restore the R&D deduction, and with the clear growing bipartisan support in both the Senate and the House, I will keep working with my colleagues and the business community to get this deal done,” Sen. Maggie Hassan (D-N.H.) said in a statement.

Patients, experts take center stage at Senate long-COVID hearing - Before the Senate's Health, Education, Labor, and Pension (HELP) committee today, patients battling long COVID and the mother of a teen patient detailed the day-to-day struggles with the condition and the obstacles in getting care. Also, healthcare providers and researchers described the challenges in managing and studying a condition with a wide spectrum of health impacts and debilitating effect on patients. Today's hearing attracted a large crowd of patients and their advocates that spilled over into a second room.In opening remarks, committee chair Sen. Bernie Sanders, I-Vt., said long COVID—affecting an estimated 16 million Americans of all ages and backgrounds—hasn't gotten the attention it deserves. Along with the escalating health impact, with rising risks from repeated infections, he said long COVID is also a drain on the nation's economy, with 4 million people out of work and $170 billion in lost wages. During testimony from a panel of patients, Angela Vasquez, MSW, described being a runner for two decades before she developed long COVID after an infection in 2020. Some of her symptoms include blood clots and myalgic encephalomyelitis/chronic fatigue syndrome (ME/CFS). Mostly homebound, she is on 12 medications and receives weekly intravenous medical treatments at the hospital. Though she has good insurance coverage through her employer, Vasquez said she and other long-COVID patients have to fend for themselves within the medical system to have their condition taken seriously and get treatments covered. "Having insurance doesn't ensure access to care," she said. Rachel Beale, MBA, from Southampton County, Virginia, has been living with long COVID for 3 years. Symptoms, including chronic fatigue, chronic pain, nausea, and dizziness, kept her from returning to her job as a human resources administrator at a community college. First, she went on short-term disability, then long-term disability. "Nothing prepares you for 'you no longer have a job,' " Beale said. Though long COVID is a disability under the Americans with Disabilities Act, her applications for Social Security disability have been denied twice. Nicole Heim said her now 16-year-old daughter contracted COVID during band class in September 2021. A month after recovery, she received a panicked call from the school nurse that her daughter was short of breath, with an extremely high pulse rate and unable to move her arms and legs. "This is the kind of phone call no parent is ever prepared to receive," she said. Initial symptoms included extreme fatigue, low blood pressure, increased heart rate, rapid weight loss due to daily nausea and vomiting, severe brain fog, and depression. After months of waiting and navigating prior authorization hoops in Medicaid, Heim's daughter started receiving care at a long-COVID specialty clinic and joined a National Institutes of Health (NIH) pediatric COVID outcomes study. Like other witnesses, Heim detailed obstacles long-COVID patients face that could be eased with help from federal health officials and Congress. Michelle Harkins, MD, a pulmonary and critical care physician at the University of New Mexico, described treating a primary care doctor who had breathing difficulty and brain fog months after her COVID illness. Though diagnostic tests were normal, the doctor left her job because she didn't have the mental recall to do her job.Harkins is an investigator for the NIH RECOVER study and is part of a group that set up a peer network to help doctors treat long-COVID patients, which got support from the federal government and includes 800 health providers.Besides sustained long-COVID research support, Harkins suggested three other steps, including easing access to patient care, preventing long COVID by removing barriers to vaccination, and ensuring that clinicians have access to the most up-to-date best practices.

Before the Coronavirus Pandemic, Overlooked Clues From Chinese Scientists -In late December 2019, eight pages of genetic code were sent to computers at the National Institutes of Health in Bethesda, Md. Unbeknown to American officials at the time, the genetic map that had landed on their doorstep contained critical clues about the virus that would soon touch off a pandemic.The genetic code, submitted by Chinese scientists to a vast public repository of sequencing data run by the U.S. government, described a mysterious new virus that had infected a 65-year-old man weeks earlier in Wuhan. At the time the code was sent, Chinese officials had not yet warned of the unexplained pneumonia sickening patients in the central city of Wuhan.But the U.S. repository, which was designed to help scientists share run-of-the-mill research data, never added the submission it received on Dec. 28, 2019, to its database. Instead, it asked the Chinese scientists three days later to resubmit the genetic sequence with certain additional technical details. That request went unanswered.It took almost another two weeks for a separate pair of virologists, one Australian and the other Chinese, to work together to post the genetic code of the new coronavirus online, setting off a frantic global effort to save lives by building tests and vaccines.The initial attempt by Chinese scientists to publicize the crucial code was revealed for the first time in documents released on Wednesday by House Republicans investigating Covid’s origins. The documents reinforced questions circulating since early 2020 about when China learned of the virus that was causing its unexplained outbreak — and also drew attention to gaps in the American system of monitoring for dangerous new pathogens.The Chinese government has said it promptly shared the virus’s genetic code with global health officials. House Republicans said the new documents suggested that was untrue. News accounts and Chinese social media posts have long reported that the virus was first sequenced in late December 2019.But lawmakers and independent scientists said that the documents did offer tantalizing new details about when and how scientists first tried to share those sequences globally, illustrating the difficulty the United States has with picking worrisome pathogens out of the thousands of humdrum genetic sequences that are submitted to its repository every day.“You’d never have an ambulance sitting in normal 3 p.m. traffic,” said Jeremy Kamil, a virologist at Louisiana State University Health Sciences Center Shreveport. Referring to the coronavirus code from 2019, he said, “Why would you allow this sequence to sit there under the same process as a sequence I just got from a new snail species I found in a ravine?”A spokeswoman for the Department of Health and Human Services, which includes the N.I.H., said in a statement on Wednesday that the genetic code was not published because it “was unable to be verified, despite follow-ups by N.I.H. to the Chinese scientist for more information and a response.”In an earlier letter to House Republicans, Melanie Anne Egorin, a senior Health Department official, said that the sequence had initially been subjected to a “technical, but not scientific or public health,” review, as was customary. After not hearing back from the Chinese scientists about its requested corrections, the database, known as GenBank, automatically deleted the submission from its queue of unpublished sequences on Jan. 16, 2020.It is not clear why the Chinese scientists did not respond. One of the submitters, Lili Ren, who worked at a pathogen institute within the state-affiliated Chinese Academy of Medical Sciences in Beijing, did not respond to a request for comment. The Chinese embassy said China’s response was “science-based, effective and consistent with China’s national realities.” But the same sequence that Dr. Ren’s group sent to GenBank was made public on a different online database, known as GISAID, on Jan. 12, 2020, shortly after other scientists had posted the first coronavirus code. Dr. Ren’s group also resubmitted a corrected version of the code to GenBank in early February and published a paper describing its work. The two-week gap between the code first being sent to the American database and China sharing the sequence with global health officials “underscores why we cannot trust any of the so-called ‘facts’ or data” from the Chinese government, the Republican leaders of the House Energy and Commerce Committee said.

Senate Panel to Vote on Subpoenas for CEOs of 'Pharma Profiteers' -- U.S. Sen. Bernie Sanders announced Thursday that the Senate Committee on Health, Education, Labor, and Pensions—which he chairs—will vote later this month on subpoenas to force two pharmaceutical CEOs to explain "why their companies charge substantially higher prices for medicine in the U.S. compared to other countries."Last November, Sanders and HELP Committee Democrats asked the CEOs of Johnson & Johnson, Merck, and Bristol Myers Squibb to testify at a hearing on drug prices. Bristol Myers Squibb CEO Chris Boerner agreed to testify. The January 31 vote will decide whether to compel Johnson & Johnson CEO Joaquin Duato and Merck CEO Robert Davis to do so."It is absolutely unacceptable that the CEOs of Johnson & Johnson and Merck have refused an invitation by a majority of members on the HELP Committee to appear before Congress about the outrageously high price of prescription drugs," Sanders—who has previously grilled Big Pharma executives about their price gouging—said in a statement."It is time to hold these pharmaceutical companies accountable for charging the American people the highest prices in the world for the medicine they need.""These CEOs may make tens of millions of dollars in compensation. The pharmaceutical companies they run may make billions in profits. But that does not give them a right to evade congressional oversight," the senator continued. "It is time to hold these pharmaceutical companies accountable for charging the American people the highest prices in the world for the medicine they need.""As the HELP Committee considers legislation to lower prescription drug prices, it is critical that these CEOs explain how they determine the price of medicine in the United States," Sanders added.An affirmative vote would be the committee's first approval of subpoenas since 1981. Consumer advocates welcomed the prospect of such action."Time's up for the prescription drug price gougers," Public Citizenpresident Robert Weissman said in a statement. "For too long, Big Pharma executives have behaved as if they are immune from accountability. They take publicly funded research; skyrocket prices to the moon, forcing patients to ration or skip medications they need; and then laugh as the very government that paid for the original research accepts without negotiation their outrageous prices, paying multiples of what other countries pay." Weissman continued: Merck charges 30 times more for a diabetes drug in the United States than it does in France. Johnson & Johnson charges almost five times more for a blood cancer drug in the United States than it does in Germany. Meanwhile, Johnson & Johnson is paying out more in stock buybacks, dividends, and executive compensation than they are spending on research and development, even though R&D is the only claimed rationale for high prices. "The pharma profiteers know exactly what they are doing," Weissman asserted. "They know how they are forcing rationing. They know they are ripping off the government and taxpayers. And they know they are getting rich."

Senator Sanders’ HELP Committee Subpoenas Merck, Johnson & Johnson CEOs - Today, the U.S. Senate Committee on Health, Education, Labor and Pensions subpoenaed the CEOs of Merck and Johnson & Johnson to testify before a committee hearing on “outrageously high drug prices”. The companies are among the 10 manufacturers of drugs chosen for Medicare price negotiations under the provisions of the Inflation Reduction Act.While the pharmaceutical industry claims that negotiating with Medicare will harm research and development, a new report by Public Citizen and Protect our Care reveals that the manufacturers of the drugs selected for Medicare price negotiation spent $10 billion more on stock buybacks, dividends to shareholders, and executive compensation than they spent on research and development in 2022.In response, Robert Weissman, president of Public Citizen, released the following statement.“Time’s up for the prescription drug price gougers.“For too long, Big Pharma executives have behaved as if they are immune from accountability. They take publicly funded research; skyrocket prices to the moon, forcing patients to ration or skip medications they need; and then laugh as the very government that paid for the original research accepts without negotiation their outrageous prices, paying multiples of what other countries pay.“Merck charges 30 times more for a diabetes drug in the United States than it does in France. Johnson & Johnson charges almost five times more for a blood cancer drug in the United States than it does in Germany.“Meanwhile, Johnson & Johnson is paying out more in stock buybacks, dividends and executive compensation than they are spending on research and development, even though R&D is the only claimed rationale for high prices.“The pharma profiteers know exactly what they are doing. They know how they are forcing rationing. They know they are ripping off the government and taxpayers. And they know they are getting rich.

Biggs bill tells providers to display ultrasound images to those seeking an abortion -- Rep. Andy Biggs (R-Ariz.) introduced legislation Thursday to “ensure” pregnant people receive an ultrasound and are offered a chance to see its images before consenting to an abortion. The legislation says abortion providers “shall” perform an ultrasound, “provide a complete medical description of the ultrasound images” — including size of the embryo and whether there is cardiac activity — and show the images to the mother. The bill states that those seeking an abortion will not be penalized for not looking at ultrasound images. “Neither the abortion provider nor the pregnant woman shall be subject to any penalty under this title if the pregnant woman declines to look at the displayed ultrasound images,” the bill reads. An exception is included for medical emergencies. “The Biden Administration’s heinous pro-abortion policies continue to incentivize women to end the lives of innocent, unborn American children,” Biggs said in a press release. “My legislation provides pregnant women a safe and intimate opportunity to rethink their abortion. This subtle but important process change can potentially save millions of unborn lives. Defending the right to life remains one of my top priorities in Congress.” Sponsors of the bill include Reps. Matt Rosendale (R-Mont.), Jeff Duncan (R-S.C.), Dan Crenshaw (R-Texas) and Mary Miller (R-Ill.). In 2022, the Supreme Court overturned Roe v. Wade, ending the constitutional right to an abortion, setting the stage for intense battles over abortion law nationwide. Sen. Elizabeth Warren (D-Mass.) warned Wednesday of a national abortion ban if Republicans gain full governmental control this year. “If the Republicans had the House, the Senate and the White House, if that happened, I don’t think there’s any doubt they’re going for a nationwide abortion ban,” Warren said.

'Shame': 3 Democrats Join GOP to Advance Backdoor Attack on Social Security - With the help of three Democratic members, the Republican-controlled House Budget Committee on Thursday advanced legislation to establish a fiscal commission that critics say is a trojan horse for Social Security and Medicare cuts.The final vote to send the bill to the full House was 22-12, with Reps. Earl Blumenauer (D-Ore.), Scott Peters (D-Calif.), and Jimmy Panetta (D-Calif.) joining every present Republican in supporting the Fiscal Commission Act.The committee rejected four proposed Democratic amendments, including one supporting tax hikes on the rich to bolster Social Security and Medicare. "Republicans are plowing ahead with their closed-door commission designed to cut Social Security and Medicare," Nancy Altman, the president of Social Security Works, said in a statement. "Many of the Republicans tried to claim that was not their goal, but they tellingly voted down Democratic amendments to rule out cutting those programs and instead require billionaires to pay their fair share.""The vast majority of Democrats on the committee rightfully opposed the commission. Shame on the handful of exceptions," Altman added. "They have stabbed the American people in the back, and undermined President Joe Biden."In his opening remarks at Thursday's hearing, Rep. Brendan Boyle (D-Pa.)—the top Democrat on the committee—warned that "there are absolutely those who are getting ready to use a commission as a backdoor way to force through unpopular cuts" to Social Security and Medicare."We can put both trust funds on the path to full solvency for the rest of this century," said Boyle, who introduced legislation last year that would extend Social Security's solvency by at least 75 years by making the wealthy pay a more equitable share into the program. "We don't need a commission to do that."Early in Thursday's hearing, Social Security Works executive director Alex Lawson interrupted the proceedings to deliver half a million petition signatures to the committee opposing the creation of a fiscal commission."We don't need a smoky back room. I would like you to listen to the American people when they say, 'Absolutely no cuts to Social Security,'" Lawson said as he was escorted out of the hearing room by a Capitol police officer. "A vote for a commission is a vote to cut Social Security."

Supreme Court set for pivotal cases that could claw back federal administrative power -The Supreme Court will hear a dispute this week that could lead to a decision dramatically clawing back the power of federal agencies, putting a number of consumer and environmental protections in jeopardy.At issue is whether courts should defer to interpretation by federal agencies when a law could have multiple meanings, a practice known as Chevron deference.In practical terms, this means the court is considering whether to weaken the ability of a presidential administration to put forward regulations meant to counter pollution or climate change or to protect consumers without clearer authorization from Congress.Such a feat would advance a long-sought goal of anti-regulatory interests, whose hopes are bolstered by some conservative justices’ recent skepticisms of Chevron. It is one of multiple, major cases at the high court this term implicating the administrative state. “This is a campaign to weaken government’s ability to protect you from these kinds of modern dangers whether they’re to your health through unsafe air or water or … through unsafe drugs or food or whether it’s your financial security,” said David Doniger, senior strategic director for the Natural Resources Defense Council’s (NRDC) climate and clean energy program. “Those protections require a government with some capacity to effectively respond, and this case is about destroying that capability,” Doniger added.The Chevron deference originated from a case argued by Doniger himself during the Reagan administration.A bedrock of administrative law, the nearly 40-year-old precedent has given federal agencies wide latitude to enact regulations in areas where a law set by Congress was ambiguous.Anne Gorsuch was then-President Reagan’s first Environmental Protection Agency (EPA) administrator when the challenge was made by Doniger and NRDC. Her son, Justice Neil Gorsuch, now may be a part of the majority that demolishes the Chevron standard.In two separate cases set to be argued Wednesday, the justices will hear challenges to the same fishery rule that have become the most promising vehicles yet to overrule Chevron.Gorsuch and fellow conservative Justice Clarence Thomas have publicly cast doubts about the precedent’s future. Justice Brett Kavanaugh is also viewed as a skeptic, while the views of some of the newer justices, particularly Justices Amy Coney Barrett and Ketanji Brown Jackson, are more unclear. For months, the court was set to hear just one of the cases, Loper Bright Enterprises v. Raimondo, a lawsuit brought by four family-owned Atlantic herring fisheries represented by conservative legal heavyweight Paul Clement.But Jackson recused herself from that case, as she had sat on the D.C. Circuit Court of Appeals when it previously heard the dispute.The court later added a second, near-identical case, Relentless, Inc. v. Department of Commerce, in which lawyers with the conservative New Civil Liberties Alliance (NCLA) challenged the same rule on behalf of a Rhode Island-based fishing fleet. All nine justices are expected to sit for this case.“The court has allowed them to misuse [Chevron] in ways that makes everyone perform badly in our tripartite government,” said John Vecchione, NCLA’s senior litigation counsel who is the plaintiffs’ counsel of record. “And the reason I say that is, it incentivizes Congress not to clearly state what they’re doing in a statute,” Vecchione added. “They put in the main points. And then they assume that whatever the administration does, if they like it, they can take credit; if they don’t like it, they can say, ‘ah, we could never know that was going to happen!’”

Supreme Court signals it will claw back federal agency power -- The Supreme Court’s conservatives appeared inclined to cut back the regulatory power of federal agencies, with several justices during a pair of arguments Wednesday seeming ready to overrule a legal doctrine that has bolstered agencies’ authority for decades. Over more than three hours of argument, the justices put the Biden administration’s top Supreme Court lawyer on defense as she sought to preserve Chevron deference, which instructs courts to defer to agencies’ interpretation of federal law if it could have multiple meanings. The practice has strengthened presidential administrations’ ability to regulate wide aspects of daily life. The range of examples referenced at the arguments revealed the breadth of Chevron’s impact: artificial intelligence, cryptocurrency, environmental protections and more. Although several conservative justices railed against the precedent during Wednesday’s arguments, it remains unclear whether a majority is willing to outright overrule Chevron, which would mark a major legal victory for business and anti-regulatory interests. The court could instead narrow the doctrine’s scope without explicitly disavowing it. In particular, three members of the high court’s conservative wing — Justices Clarence Thomas, Neil Gorsuch and Brett Kavanaugh — reiterated their long-publicized concerns about the precedent’s viability. “The government always wins,” Gorsuch said. Critics contend that Chevron requires judges to abdicate their responsibility to interpret the law. They also note a lack of consensus on when a statute is ambiguous enough to trigger deference to an agency, and how some federal judges have openly criticized the doctrine. “Should that be a clue that something needs to be fixed here?” Gorsuch said. The court’s three liberal justices, Sonia Sotomayor, Elena Kagan and Ketanji Brown Jackson, meanwhile, expressed opposition to overturning Chevron. They emphasized a desire to defer to subject-matter experts at agencies when ambiguous, complicated policy issues arise, rather than having a judge attempt to draw the line. “My concern is that if we take away something like Chevron, the court will then suddenly become a policymaker,” Jackson said. Kagan gave a hypothetical about whether a judge or the Department of Health and Human Services (HHS) should be the one to decide whether a cholesterol reducer should be considered a “drug” or a “dietary supplement.” “In that case I would rather have people at HHS telling me whether this new product was a dietary supplement or a drug,” she said. Kagan added at one point, “Judges should know what they don’t know.”

Special counsel responds to Hunter Biden's motions to dismiss gun charges, discloses cocaine residue found on his gun pouch - In a flurry of legal filings, special counsel David Weiss's office responded Tuesday to Hunter Biden's December motions to dismiss federal firearms charges filed against him in Delaware, on what his attorneys said in a statement were "unprecedented, unconstitutional" charges that violated a diversion agreement signed in 2023.In court documents, federal prosecutors argued that the gun charges facing the president's son were not part of a politicized and "selective and vindictive prosecution" as argued by the defense. They said the evidence, including Hunter Biden's own words in his 2021 memoir, Beautiful Things, recovered text messages and the presence of cocaine residue on a leather firearm pouch demonstrated he had unlawfully possessed a firearm during a period when he struggled with drug addiction."The charges in this case are not trumped up or because of former President Trump—they are instead a result of the defendant's own choices and were brought in spite of, not because of, any outside noise made by politicians," prosecutors said in the filings.Hunter Biden was indicted by a federal grand jury in September on three felony charges related to his alleged unlawful purchase and possession of a Colt Cobra .38 Special revolver in October 2018 while he was a drug user. He pleaded not guilty to all three charges in 2023.Federal prosecutors also argued that the diversion agreement — which would have immunized Biden from prosecution on federal gun charges if he agreed not to use drugs or possess a firearm — was never approved by U.S. Probation and never went into effect.But Hunter Biden's legal counsel maintains that the diversion agreement is legally binding and still valid. The agreement, along with a plea deal related to tax charges, unraveled in federal court in July after a judge questioned the terms and whether the agreement would allow Hunter Biden to avoid potential future charges.Hunter Biden's attorneys also leaned heavily on a Second Amendment argument that has been favored by his father's political opponents stemming from the Supreme Court's 2022 decision in the case New York State Rifle & Pistol Association v. Bruen. That case led to a new legal test laid out by Justice Clarence Thomas, which requires judges to weigh whether state and federal gun laws are "consistent with the nation's historical tradition of firearm regulation."In their motion to dismiss, Biden's counsel argued that the statute federal prosecutors used to charge him with the unlawful possession of a firearm as a drug user was unconstitutional because they cannot prove that he was using drugs at the moment of the transaction to purchase the firearm.In response, prosecutors for the special counsel stated that the government has evidence that Hunter Biden engaged in drug use while he possessed the firearm, and "Anglo American law has long recognized the government's ability to restrict access to firearms" for those whose possession would pose a risk to public safety.

Hunter Biden agrees to private deposition with Republicans on Feb. 28 (AP) — Hunter Biden has agreed to appear before House Republicans for a private deposition next month, ending months of defiance from the president’s son, who had insisted on testifying publicly.The House Oversight Committee announced Thursday that the two parties have agreed for Hunter Biden to sit for a deposition on Feb. 28.“The president’s son is a key witness in this investigation and he’s gonna be able to come in now and sit down and answer questions in a substantive, orderly manner,” Rep. James Comer, chair of the Oversight Committee, told reporters. He added that Hunter Biden will be able to testify publicly sometime after his deposition.News of the agreement was confirmed by Hunter Biden’s legal team Thursday night.Republicans had been set to advance a contempt resolution against him to the House floor this week but called it off Tuesday to give the attorneys additional time to negotiate. If they had voted on the contempt resolution, the referral would have been sent to the Justice Department where the U.S. attorney for the District of Columbia would have had to decide whether to prosecute Hunter Biden.The agreement concludes months of contentious back-and-forth between President Joe Biden’s son and Republicans who have been investigating his overseas business dealings for over a year in a so far futile effort to connect it to his father.Republicans, led by Comer and Jordan, first subpoenaed the younger Biden in November, demanding that he appear before lawmakers in a private setting by mid-December. Biden and his attorneys refused to comply with the private interview, saying that it would allow information to be selectively leaked and manipulated by House Republicans and insisted that he would only testify in a public setting.

Biden’s approval rating drops to new low: Poll ABC News said it’s the lowest approval rating since former President George W. Bush from 2006 to 2008. Biden, who is running for reelection, has a lower approval rating than former President Trump, who is the leading GOP nominee for president. Asked when “looking back” whether they approve or disapprove of the way Trump handled his job when he was president, 41 percent of respondents said they approve, down from 48 percent in September. Trump’s disapproval rating is 53 percent, up from 49 percent in September. Biden led Trump by 15 points when respondents were asked respectively whether Trump and Biden were “honest and trustworthy”: 41 percent said that description applies to Biden — unchanged from the previous poll in May 2023 — and 26 percent said that description applies to Trump, down from 33 percent in May 2023. Trump led Biden when asked whether the candidates had the mental sharpness to serve effectively and whether they were in good enough physical health to serve effectively — but both saw their numbers dip, when compared with last May. For Biden, 28 percent of respondents say he has adequate mental sharpness, down from 32 percent last year, while 28 percent say he’s in good enough physical health, down from 33 percent last year. For Trump, 47 percent say he has adequate mental sharpness, a drop from 54 percent last May, but still significantly better than Biden’s polling; 57 percent say he has good enough physical health, down from 64 percent last May. One sliver of good news for Biden’s campaign could come from the decrease in his disapproval rating for his handling of the economy. His approval on the economy is 31 percent, up from 30 percent in September, but his disapproval rating dropped by 8 points. It’s now 56 percent, compared with 64 percent in September. More Americans seem unsure whether they approve of Biden’s handling of the economy. In several polls conducted over a two-year period, from September 2021 to September 2023, only 4-6 percent ever skipped or said “no opinion” in response to economic approval. In January 2024, that number more than doubled to 14 percent.

Trump, DeSantis, Haley all leading Biden in new poll - The three top GOP presidential candidates are all leading President Biden in a hypothetical general election match-up, according to a new poll. The CBS News/YouGov poll found that former President Trump, former U.N. Ambassador Nikki Haley and Florida Gov. Ron DeSantis each edge out Biden in a head-to-head match-up. While Trump remains the clear favorite in the GOP primary, Haley fared the best against Biden. Haley had an 8-point lead over Biden — 53 percent support to 45 percent. This is likely due to her garnering more support among moderates and Independents than what Trump and DeSantis received, according to the survey. The poll found that 59 percent of independent voters would support Haley in a match-up with Biden, while 55 percent and 54 percent of independents would back DeSantis and Trump, respectively. In a contest with Biden, DeSantis received 51 percent of support, while the president received 48 percent. The match-up between Biden and Trump, the two front-runners for the 2024 election, was the closest among the GOP presidential hopefuls. The poll found that 50 percent of respondents would vote for Trump and 48 percent would vote for Biden. Trump still maintains a comfortable lead in the GOP primary, according to the new survey, leading the field by 55 points among GOP voters. Trump has 69 percent of support, DeSantis has 14 percent and Haley has 12 percent. The poll was conducted from Jan. 10-12 among 2,870 adults and has a margin of error of 2.5 percentage points. The poll also included responses from 786 likely Republican primary voters, which has a margin of error of 4.7 percentage points.

Trump leads Biden with independent voters by 11 points: Poll Former President Trump is leading President Biden with independent voters, outpacing the incumbent by 11 points, according to a new poll. In the new Messenger/Harris poll, the former president garnered 46 percent, while Biden got 35 percent when registered voters were asked who would they vote for today if those two were the only choices. Twenty percent were undecided. Trump beat Biden in a head-to-head match-up by 4 points with all voters, according to the poll, 46 percent to 42 percent. Trump’s lead shrank slightly since the last poll of this kind had him up 7 points.According to The Hill/Decision Desk HQ aggregation of polls, Trump is up by 1 point.Trump also enjoyed more support from men with 56 percent picking the former president over the 38 percent who chose Biden, according to the poll. Inversely, Biden has a 10-point lead with women, with 46 percent picking him over Trump, who won 36 percent. Trump maintained a 3-point lead when third-party candidates were added.Trump had 40 percent support, Biden had 37 percent and independent presidential candidate Robert F. Kennedy Jr. had 11 percent when all three were included. Two other independent candidates, Cornell West and Jill Stein, were in single digits.

RFK Jr. courts Black voters in Atlanta as Biden support drops - — A growing number of Black voters are weighing options for 2024 other than the two major-party candidates — a serious problem for Joe Biden’s reelection campaign.Robert F. Kennedy Jr. is trying to seize on that opening.The third-party presidential candidate — who recently defended his father’s decision to authorize the surveillance of Martin Luther King Jr. in the 1960s — spent last weekend campaigning in the heavily Black city of Atlanta. As African American leaders commemorated the civil rights icon at the King Center’s annual festivities, Kennedy hosted his own events to pitch himself to Black voters, playing up the Kennedy family’s reputation as allies of the Black community.He was well received, packing venues with supporters and campaign volunteers. They included a Saturday night event with mostly Black women at the YG Urban Cafe, a wellness and “mindful co-working” space in West Atlanta. (The chef there was referred to as the neighborhood’s Dr. Sebi, a self-proclaimed healer who claimed that a specialized diet could cure all diseases.)Kennedy’s ability to sell himself to Black voters could be a key factor in 2024. In Georgia, Black voters make up about a quarter of the electorate and were critical to Biden’s winning coalition in a state decided by less than 12,000 votes. Recent polling of voters in Georgia from the Atlanta Journal Constitution found that Biden had the support of just 58 percent of Black voters — he won 88 percent of African Americans there in 2020, according to exit polls — and one in five said they were either open to a third-party candidate, were undecided or didn’t plan to vote.

Former Congressman, Cleveland mayor files to run for House seat in Ohio - Former Rep. Dennis Kucinich (D-Ohio) filed to run for his old Congressional seat in suburban Cleveland Thursday, where he is set to face Rep. Max Miller (R-Ohio) as an independent candidate. Kucinich, 76, served Ohio’s 7th District from 1997 to 2012, when he lost a primary to Rep. Marcy Kaptur (D-Ohio) after redistricting. He previously served as Cleveland’s mayor in the 1970s. The deadline to file for the Democratic primary in the race passed last month, while the independent deadline is not until March.During his stint in Congress, Kuchinich launched two long-shot presidential campaigns in 2004 and 2008. He was the chair of the House Progressive Caucus, and notably voted against the Iraq War.In recent years, he lost the Democratic primaries for the 2018 Ohio gubernatorial election and the 2021 Cleveland mayoral election.Kucinich was most recently the campaign manager for Robert F. Kennedy Jr.’s long-shot Democratic presidential campaign. He left the Kennedy campaign in October when Kennedy decided to run as an independent candidate.Miller, a first-term congressman, was a Trump White House aide before entering Congress. He handily defeated Democrat Matthew Diemer in 2022 by an 11-point margin. Diemer is again running in the 2024 Democratic primary.“Congressman Miller’s focus is on serving the people of Ohio’s 7th Congressional District and he will continue putting his energy into effectively representing them at home and in Washington,” Miller spokesperson Tiffany Boguslawski told The Cleveland Plain-Dealer.The Hill has reached out to Kucinich and Miller’s campaigns for comment.

White House 'Swatted' After False Emergency Phoned In --The White House was 'swatted' on Monday, after a person called 911 to falsely claim that there was a fire at the residence and that someone was trapped inside. Multiple vehicles from DC Fire and Emergency Medical Services responded just after 7 a.m. ET, after which officials concluded that it was a false alarm.

‘Swatting’ targets all sides, raising fears -- Prominent figures and institutions across the political spectrum have been targets of “swatting” incidents in recent weeks, including the prosecutors and judges involved in former President Trump’s legal matters and some of his fiercest allies in Congress. It hasn’t stopped there. The White House was a target Monday when emergency responders were dispatched to a false alarm after a 911 caller claimed there was a structure fire in the building. President Biden was at Camp David at the time.And several state officials — such as Maine Secretary of State Shenna Bellows, who removed Trump from the state’s presidential primary ballot under the Constitution’s insurrection clause,and Gabriel Sterling, chief operating officer of the Georgia secretary of state — have also fallen victim. That’s in addition to several bomb threats that sparked evacuations at state capitols across the country early in the new year. The trend is raising the alarm among experts in political extremism and emergency management, who say swatting incidents targeting public officials will only continue to increase as Trump’s criminal trials near in the heat of the 2024 election. “Like a lot of things that become normal and weaponized, [swattings] are sort of trolling tactics,” said Oren Segal, vice president of the Anti-Defamation League’s Center on Extremism. “They’re intended to not be as heavy or serious — for lack of a better term, almost run-of-the-mill harassment.” “But it can move from trolling and harassment to a political weapon,” he said. Swatting involves prank calling emergency services to report a serious criminal threat, with the goal of drawing a significant law enforcement response. The first swatting incidents were recorded in the early 2000s, oftentimes among gaming streamers who targeted other gamers in hopes that their opponent’s webcam would catch a live swatting attack, said Lauren Shapiro, a professor at the City University of New York who has researched the phenomenon. Over time, swatters began harassing celebrities, schools and more recently, public officials, Shapiro said.

Trump tells SCOTUS kicking him off ballot would ‘unleash chaos’ - Donald Trump laid out his legal arguments at the Supreme Court for why he should remain on the 2024 ballot, urging the court to “put a swift and decisive end” to lawsuits that say he is ineligible to serve as president because of his efforts to cling to power after he lost the 2020 election.The challenges to his eligibility “threaten to disenfranchise tens of millions of Americans” and “promise to unleash chaos and bedlam” around the nation if they proceed, Trump’s lawyers wrote in a legal brief submitted Thursday evening.Trump’s lawyers urged the justices to overturn the Colorado Supreme Court ruling last month that concluded he should be barred from the ballot there under the 14th Amendment, which prohibits people from serving in public office if they engaged in insurrection after taking an oath to support the Constitution.The U.S. Supreme Court is scheduled to hear the case on Feb. 8.Trump’s legal arguments in the 59-page brief are familiar — they largely echo the arguments he has made in lower courts and previewed in earlier filings at the Supreme Court. But the brief is his formal presentation of his case to the justices in advance of what will be a historic showdown at the high court in three weeks.In the brief, Trump denied that he sparked the Jan. 6 riot at the Capitol.“Nothing that President Trump did in response to the 2020 election or on January 6, 2021, even remotely qualifies as ‘insurrection,’” his attorneys argued. “President Trump never participated in or directed any of the illegal conduct that occurred at the Capitol on January 6, 2021. In fact, the opposite is true, as President Trump repeatedly called for peace, patriotism, and law and order.”Trump’s lawyers said Trump’s speech at the Ellipse that day was political speech protected by the First Amendment and not an attempt to incite his supporters to storm the Capitol.“Claims that President Trump has powers of telepathy” and knew how his supporters would react don’t hold up, his lawyers wrote.

McConnell, Senate Republicans sign brief supporting Trump effort to stay on ballot Senate Minority Leader Mitch McConnell (Ky.) and other Senate Republicans have signed on to a briefsupporting former President Trump in his Colorado ballot case at the Supreme Court. The brief argues that the decision by the Colorado Supreme Court last month to kick the former president off the ballot under Section 3 of the 14th Amendment “tramples the prerogatives of members of Congress.” The brief was filed by Sen. Ted Cruz (R-Texas) and House Majority Leader Steve Scalise (R-La.) on Thursday, and 177 other members of Congress signed on alongside the two Southern lawmakers. McConnell and Trump have frequently battled, but McConnell joined more than 40 other Senate Republicans in arguing his name should not be taken off the ballot. “The court below raced past numerous textual and structural limitations on Section 3, which are primarily designed to ensure that Congress controls the enforcement and (if necessary) removal of Section 3’s ‘disability’ on holding office,” the brief reads. In a press release, Scalise said the Colorado Supreme Court has “no authority to remove President Trump from the ballot in the 2024 presidential election.” “By taking away people’s choice, the Colorado Supreme Court is setting a dangerous precedent and subverting the will of the American people,” Scalise said. “I’m proud to lead this amicus effort with Senator Cruz to stand up for American voters and our Constitution, and I urge the Supreme Court to thoughtfully consider our arguments and reverse this disastrous decision.” Thursday’s brief follows other briefs from the Republican National Committee (NRCC), and Sen. Steve Daines (R-Mont.) and the National Republican Senatorial Committee (NRSC) earlier this month in support of Trump’s challenge of the Centennial State’s highest court’s decision. “The Colorado Supreme Court’s decision is historically implausible,” the RNC and NRCC brief read. The NRCC and RNC brief also went after other states for following a similar path to Colorado. “The Colorado Supreme Court was the first to take the bait,” the brief reads. “It should have taken the other path.”

New York high court denies Trump appeal of fraud case gag order | New York’s top court has dismissed former President Trump’s appeal of a gag order imposed in his civil fraud trial, which came to a close last week.The New York Court of Appeals tossed the challenge because it involved no “substantial constitutional question,” according to a Tuesday court filing. Trump’s legal team had argued that the former president’s speech was unlawfully restricted by the rule. Judge Arthur Engoron imposed the gag order in October, barring Trump and his counsel from making comments about the trial judge’s staff. The order followed a post Trump made on his Truth Social account falsely deriding Engoron’s principal law clerk as Senate Majority Leader Chuck Schumer’s (D-N.Y.) “girlfriend” that included personally identifying information about her. A Schumer spokesperson called the post “ridiculous, absurd, and false” in a statement to The Hill at the time.After that, Engoron’s law clerk became an unwitting main character in the former president’s fraud trial. Trump and his lawyers accused her of acting as a “co-judge” in the case, which Engoron forcefully denied. The clerk played an active role in the trial, passing notes to and whispering with the judge.The ruling put Trump and his counsel at odds with Engoron, who repeatedly told them that attacks on his staff are “not appropriate” and won’t be tolerated “under any circumstance.” The judge at one point went so far as to unexpectedly calling Trump to the witness stand to explain himself for a comment the judge believed was about the clerk.In November, a lower appeals court reinstated Engoron’s order. Trump’s counsel had argued in their request to eliminate it that the trial judge’s enforcement of the rule “casts serious doubt” on his ability to serve as an “impartial finder of fact” overseeing the former president’s case.The purported bias of the judge and his clerk was also the basis of a mistrial motion filed by Trump’s counsel, which claimed the judge and his clerk “tainted” the trial with bias against Trump. Engoron denied the motion, calling it “utterly without merit.”Attacks against Engoron or New York Attorney General Letitia James (D), who sued Trump and his business in 2022, are not barred by the order. When Trump testified in the trial, he berated them as “Trump haters,” “frauds” and “political hacks.”

Trump’s next trial: E. Jean Carroll seeks $10M in defamation case | Fresh off his runaway win in the nation’s first 2024 presidential nominating contest, the next phase of former President Trump’s courtroom chronicles will begin Tuesday as a jury convenes to determine how much Trump must pay for defaming a longtime advice columnist.Last year, a jury concluded Trump sexually abused the columnist, E. Jean Carroll, in the mid-1990s at a New York City department store and later defamed her, awarding Carroll $5 million. Trump vehemently denies her claims. Now, Carroll is taking Trump to civil trial again. This time, she seeks at least $10 million in damages for Trump’s denials when the former “Elle” columnist first came forward publicly with her claims in 2019. Trump has already been found liable in the case, so the trial, expected to last upwards of one week, will be held simply to determine how much Trump must pay. It marks the latest chapter of Trump’s increasingly intertwined legal and campaign calendars as the primaries get underway. In the week leading up to the Iowa caucuses — the first 2024 presidential nominating contest in the nation — Trump spent two days in front of judges, turning his courtroom appearances into campaign stops as he portrays the civil lawsuits and criminal charges filed against him as politically motivated efforts to keep him from winning the White House. At one stop in Washington, D.C., he joined his lawyers as they attempted to convince an appeals court panel that Trump has criminal immunity for official acts during his presidency, and on Thursday, Trump showed up to closing arguments in his civil fraud trial in New York where he briefly addressed the court by lashing out at the attorney general who is prosecuting that case. Before heading to New Hampshire later on Tuesday, Trump is expected to be back in New York for Carroll’s defamation trial. He has suggested he will testify, telling reporters last week: “Yeah, I’m going to go to it, and I’m going to explain I don’t know who the hell she is.” Trump is on the witness list, and he has shown frustration with the case, lashing out at Carroll and the judge dozens of times on Truth Social in recent days. But it remains to be seen whether he will follow through on his renewed resolve to address the jury.Although Carroll’s cases have led to a regular stream of salacious and negative headlines, the former president’s lawyers have viewed her lawsuits as a less serious legal threat than the former president’s four criminal indictments and other legal headwinds. And if he does take the stand, Trump would be barred from telling jurors that the sexual assault did not occur and making many of the other claims he has espoused in public about the case.

Trump suggests Clinton-appointed judge won’t let him attend mother-in-law’s funeral -Former President Trump after his day in court Wednesday accused the presiding judge of making rulings against him because the judge is an appointee of former President Clinton. Trump made headlines throughout the day as he attended a trial proceeding that will determine how much he owes writer E. Jean Carroll for defaming her after she alleged he raped her. U.S. District Judge Lewis A. Kaplan at one point threatened to remove Trump from the courtroom, arguing he was being disruptive. Trump after the proceeding went on camera to lash out at Kaplan, who he had already criticized on social media. “He’s a nasty judge. He’s a Trump hating guy. And it’s obvious to everybody in the court. It’s a disgrace, frankly, what’s happening. It’s a disgrace. Happens to be a Clinton appointment, but I’m sure that has nothing to do with it,” Trump said with sarcasm. Trump has argued the trial proceeding should have been delayed to allow him to attend a funeral for former first lady Melania Trump’s mother. Trump’s attorney had requested “a one-week adjournment” of the trial so the former president could travel with his family and attend the funeral Wednesday and Thursday, according to court documents. Kaplan denied the request but said in a memorandum issued Sunday that Trump was “free to attend the funeral, the trial or both.” He also noted that Trump’s legal team informed the court “three days after the announcement of the death of Mrs. Trump’s mother and the day before the defendant’s request” that he would attend the trial. “What happened very terribly is we asked to just delay the trial for one day so I could go to the funeral tomorrow, and then we could start Friday or Monday or any time they want. Then he said, ‘Absolutely not. The trial will go on just as it is. You can go to the funeral, or you can go to the trial, but you can’t do both,’” Trump said, speaking of Kaplan. “So he would rather have you missed the funeral, or go to the funeral, or miss the trial. And that’s a nasty man. He’s a nasty judge. He’s a Trump hating guy,” Trump added.

‘I’m hated by a lot more people’: E. Jean Carroll concludes testimony in Trump trial - — The writer E. Jean Carroll completed her testimony in a civil defamation trial against Donald Trump in Manhattan federal court Thursday, telling jurors that her reputation suffered as a result of defamatory comments he made about her while he was president.“Yes, I’m more well-known, and I’m hated by a lot more people,” Carroll told jurors.Carroll is suing Trump for claiming in 2019, after she publicly accused Trump of having raped her in a department store dressing room in the 1990s, that he had never met her and suggesting she was motivated by money.Though Trump sat in the courtroom during the first two days of the trial, he didn’t attend court on Thursday, instead attending the funeral of his mother-in-law in Florida.Asked by Trump’s lawyer Alina Habba if Carroll’s social status had been elevated by the attention Carroll received after she accused Trump of rape, Carroll denied that was the case.“No, my status was lowered. I’m partaking in this trial to bring my old reputation and status back.”“So you sued Donald Trump to bring your old reputation back?” Habba asked. “Yeah,” Carroll replied.The trial is the second one between Carroll and Trump. Last year, a juryordered Trump to pay Carroll $5 million in damages after finding he sexually abused her and defamed her with separate comments he made in 2022.After Carroll finished her testimony Thursday, an expert witness, Ashlee Humphreys, a professor of marketing and communications at Northwestern University, took the witness stand.Humphreys previously testified in last year’s Carroll trial and in a recent defamation trial in a lawsuit filed by two Georgia election workers who won a $148 million judgment against Rudy Giuliani.According to Humphreys, the cost to repair Carroll’s reputation due to the effect of Trump’s remarks would be between $7.3 million and $12.1 million.In the current trial, Carroll is seeking at least $10 million in compensatory damages, plus an unspecified amount in punitive damages.

Fani Willis breaks silence on misconduct accusations - Fulton County, Ga., District Attorney Fani Willis on Sunday defended the qualifications of special prosecutor Nathan Wade in the state’s case against former President Trump, marking her first public remarks since allegations of misconduct involving Wade were weighed against her last week. Willis, speaking Sunday with a congregation at the Big Bethel AME Church ahead of Martin Luther King Jr. Day, did not directly address the allegations of an improper relationship with Wade, but fiercely rejected claims she acted improper in hiring Wade in the state’s election interference case involving Trump and more than a dozen co-defendants. Allegations surfaced last week from one of Trump’s co-defendants, Mike Roman, a political operative who served as Trump’s director of Election Day operations on his 2020 reelection campaign, who accused Willis and Wade of engaging in an “improper” romantic relationship. Citing “sources close” to both Willis and Wade, Roman’s lawyer, Ashleigh Merchant, claimed the pair have been involved in an “ongoing, personal and romantic relationship,” and went on vacations together. The filings argued the alleged relationship, which Merchant claims started before the election interference began, makes the indictment “fatally defective” and requests it be dismissed. “I’m a little confused. I appointed three special counselors. It’s my right to do, paid them all the same hourly rate. They only attack one,” Willis said Sunday. “I hired one white woman, a good personal friend and a great lawyer, a superstar, I tell you. I hired one white man — brilliant — my friend and a great lawyer. And I hired one Black man, another superstar, a great friend and a great lawyer.” She did not directly reference Wade by his name, but defended the lawyer’s “impeccable credentials.” “The Black man I chose has been a judge for more than 10 years, run[s] a private practice more than 20 [years],” Willis said. “Represented businesses in civil litigation … served a prosecutor, a criminal defense lawyer, special assistant attorney general.” Speaking as if she was having a conversation with God, Willis asked, “How come, God, the same Black man I hired was acceptable when a Republican in another country hired him and paid him twice the rate?”

Judge in Trump’s Georgia case orders DA to respond to allegations of impropriety - The judge overseeing the Fulton County prosecution of former President Donald Trump and numerous co-defendants has directed District Attorney Fani Willis to respond to allegations that she is in a romantic relationship with one of the lead prosecutors and has violated ethics rules.Judge Scott McAfee ordered Willis to file a written response by Feb. 2. He said he will hold a hearing on the allegations on Feb. 15.Mike Roman, a former Trump campaign official and one of the defendants in the case, lodged the bombshell allegations against Willis in court papers last week filed by his lawyer, Ashleigh Merchant. Merchant claimed that Willis is involved in an improper relationship with Nathan Wade, an outside lawyer whom Willis hired on a contract basis as a “special prosecutor” to help run the case.Merchant claimed, without proof, that Willis and Wade traveled on expensive vacations financed by the income Wade earned from his work on the case. The arrangement violates rules barring conflicts of interest, Merchant argued, and is grounds for the judge to disqualify Willis and her team from the prosecution.Before joining the Trump probe, Wade does not appear to have had any experience prosecuting complex cases. Wade’s biography on his law firm’s website touts his experience on personal injury issues, family law, contract disputes and other civil matters.Willis’ office said it would respond to the allegations in court filings. In an order handed down Thursday, McAfee directed Willis to do just that.Willis recently defended Wade’s qualifications in remarks during a church service honoring Martin Luther King, Jr. She did not address the allegations of impropriety.In November 2021, a day after joining the district attorney’s team, Wade filed to divorce his wife of more than two decades. That divorce proceedinghas now become intertwined with the Trump case, as Wade’s wife, Joycelyn Wade, recently subpoenaed Willis to testify in the divorce proceeding.

Three Branches of U.S. Government Have Kept the Secrets of Jeffrey Epstein’s Money Man, Leslie Wexner, Locked Up Tight --By Pam Martens and Russ Martens -The U.S. Senate Finance Committee, part of the legislative branch of the U.S. government, is investigating why Wall Street billionaire Leon Black gave sex trafficker Jeffrey Epstein $158 million. But the Senate has made no mention of investigating the more than $100 million in unexplained money and property that former retailing magnate and billionaire Leslie Wexner gave to Epstein. The Securities and Exchange Commission, part of the executive branch of the U.S. government, denied our Freedom of Information Act request for documents relating to Leslie Wexner’s relationship with Epstein. The Department of Justice, also part of the executive branch, has failed to bring any charges against Wexner.The federal courts in the Southern District of New York, part of the judicial branch of government, have locked up tight for years incriminating witness testimony involving Leslie Wexner.Earlier this week, one of those highly incriminating court documents was unsealed and released by the U.S. District Court for the Southern District of New York, following years of a legal fight by the Miami Herald newspaper to unlock the documents from the grasp of judicial darkness.The document was a deposition given by Virginia Giuffre, whom Epstein had turned into his sex slave when she was underage. In a BBC interview in 2022, Giuffre said she was “passed around like a platter of fruit” for sex with Epstein’s powerful friends. Prince Andrew was one of Epstein’s powerful friends and settled a lawsuit by Giuffre last year for a reported $12 million.The deposition of Giuffre was taken on January 16, 2016 as part of discovery in a Florida state court case where lawyers Brad Edwards and Paul Cassell sued attorney Alan Dershowitz for defamation. Dershowitz had claimed that the lawyers had filed a lawsuit containing falsehoods about him. The case was settled between the parties less than four months after it was filed with terms undisclosed. The Giuffre deposition document then made its way into Giuffre’s defamation claim against Epstein’s procurer of young girls, Ghislaine Maxwell, in the federal court in Manhattan. It was unsealed there on Tuesday.In the newly unsealed deposition, the following separate exchanges occur between the attorney for Dershowitz and Giuffre:

• Q. Was Les Wexner one of the powerful business executives that you were trafficked to? A. Yes.
• Q. How many times did you have sex with Les Wexner? A. Multiple. Q. What’s the approximate range of number, more than three? A. More than three. Q. More than five? A. Possibly. Q. More than ten? A. No.
• Q. Did Mr. Wexner ask you to wear any particular clothing during your sexual trafficking? [Back and forth comments between lawyers.] A. Yes, I wore lingerie for him. Q. At his request? A. It wasn’t his request, it was Ghislaine [Maxwell] who set it up for me. [Maxwell is serving a 20-year prison sentence after being convicted by a jury on federal sex trafficking charges related to Epstein’s victims.]
• Q. How many times did you and Les Wexner and Sarah Kellen have sex together? A. Once that I can remember. Q. Where were you? A. New Mexico. Q. Are there other witnesses? A. Number 48 [name redacted in document] I can’t pronounce her last name. Q. [Name redacted in document] A. [Redacted in document] yes. Q. Anyone else? A. Number 50, [name redacted in document].

Later in the deposition, the following separate exchanges occur:

• Q. Did you name Les Wexner to the FBI? A. Yes.
• Q. And you said I think he has relevant information, but I don’t think he’ll tell you the truth. Do you see that? A. Yes. Q. Why did you think he wouldn’t tell the truth? A. Because he did things that were wrong. Q. What do you mean by that? A. He participated in sex with minors. Q. Did you tell Rebecca [Giuffre’s friend] that Les Wexner had participated in sex with minors? A. Yes, I did.

Let’s pause here for a moment. Giuffre has listed three witnesses to her alleged sexual event(s) with Wexner. She reported his name to the FBI. Perjuring oneself in testimony to the FBI is not something that young women tend to do. And there is a further mountain of evidence that raises alarm bells about Wexner.Wexner is a billionaire and former longtime Chairman and CEO of The Limited (a/k/a L Brands) retailing chain which, at various times, included Abercrombie & Fitch, Victoria’s Secret, Lane Bryant, Bath & Body Works and others. L Brands was a publicly traded company which had to comply with SEC requirements.According to the SEC, form 8K must be filed with the SEC by a publicly-traded company to announce major events that shareholders should know about. Companies, typically, have just four days to make the 8K filing after becoming aware of the event.In 2019, the Board of Directors of L Brands hired the law firm, Davis Polk & Wardwell, to investigate the ties between Epstein and Wexner after their close relationship became public following Epstein’s arrest on federal sex trafficking charges. Wexner’s wife had been a lawyer at Davis Polk prior to her marriage to Wexner and the law firm was the longstanding outside counsel to the company. After a shareholder sued the company over Davis Polk not having adequate impartiality in the matter, L Brands hired a second law firm, Wachtell, Lipton, Rosen & Katz, to conduct a second investigation.We could find no public release of the findings of either the Davis Polk or Wachtell report, nor could we find an 8K filing by L Brands with the SEC disclosing those findings.

Trump vows to block creation of digital dollar -Former President Trump vowed Wednesday night to block the creation of a federal digital currency, calling it a “dangerous threat to freedom.” “Tonight, I am also making another promise to protect Americans from government tyranny,” Trump said at a rally in Portsmouth, N.H. “As your president, I will never allow the creation of a central bank digital currency.” “Such a currency would give a federal government, our federal government, the absolute control over your money,” he added. “They could take your money. You wouldn’t even know it was gone. This would be a dangerous threat to freedom.” A central bank digital currency (CBDC) is a digital version of a currency issued by a central bank. In the U.S., this would entail the Federal Reserve issuing a digital dollar that could be used the same way as a regular dollar. While President Biden called for additional discussion and research into a CBDC system in a September 2022 executive order, Fed Chair Jerome Powell said in March that the Fed and a Treasury-led interagency working group had not yet made “any real decisions” on the issue. Powell has also previously emphasized that the central bank would not move forward with a digital dollar without approval from Congress. Even so, the prospect of a federal digital currency has still drawn stiff opposition from Republican politicians. Republican presidential candidate and Florida Gov. Ron DeSantis signed a bill banning the use of CBDCs in the Sunshine State in May. As he urged Florida lawmakers to pass the legislation in March, DeSantis argued that CBDCs are part of an effort to push “woke ideology” and could be used by the federal government to spy on Americans and control their behavior. “What are they going to want to do here? If you go and buy too much gasoline, they won’t allow you to use this to make a transaction? Who knows? Maybe they won’t let you purchase a firearm,” DeSantis said at the time.

Bitcoin ETFs are ‘stepping away from the ideals’ of crypto — Blockchain execs --Billions of dollars flowed into United States spot Bitcoin (BTC) exchange-traded funds (ETFs) in the first week of trading. But despite their immense popularity, some crypto executives claim these instruments violate the ideals crypto was built on.The U.S. Securities and Exchange Commission approved multiple spot Bitcoin ETFs for the first time on Jan. 10, and they began trading on Jan. 11. Trading activity showed that there was enormous pent-up demand for these products, as theyexperienced $10 billion in trading volume over the first seven days. In addition, the Bitcoin ETF market saw over $782 million of net inflows of capital in just the first two days of trading.But despite the proven popularity of these financial instruments, some executives at crypto companies are urging caution, claiming that ETFs may lead to greater centralization in the crypto industry and will not be needed in the future anyway. Cointelegraph spoke to Andy Bromberg, CEO of wallet developer Eco, who claimed that ETFs could give traditional financial institutions excessive influence over the market. “You are, in fact, when you buy into one of these Bitcoin ETFs, giving Wall Street money to buy Bitcoin with, [and] they own the Bitcoin, and you own a piece of paper that says you have a share in this,” Bromberg stated. He claimed this was “stepping away from the ideals” that Bitcoin was founded upon:“There is a world where, if all people entering the industry care about and think about is price and not what this technology actually does, they’ll buy into these Bitcoin ETFs. And one day, these Wall Street institutions will own 70% of the Bitcoin in circulation [...] I’m not so sure that is the thing that we were trying to build.”Bromberg called Bitcoin an “incredible thing” but claimed that the ETFs are “Bitcoin with all of the incredible things taken away from it and just leaving the price.”Despite this criticism, Bromberg claimed that he was happy that the ETFs were approved. Echoing SEC Commissioner Hester Peirce, he stated that the decision gives Americans “the right to express their opinions on Bitcoin within financial markets.” However, he argued that the crypto community is facing a crucial test after the ETF approvals.If crypto users can’t help new investors “take one more step” into self-custodying their funds, “we’re going to end up with a Wall Street-owned financialized asset, same as everything else, and it will have all been for nought.”When asked about a solution to the problem, Bromberg claimed that developers need to “build products that are as easy as investing in the Bitcoin ETF but that allow people to have custody of their own assets and fulfill the promise of crypto.”

SEC, Gensler face bipartisan backlash over X account hack -- Securities and Exchange Commission (SEC) Chair Gary Gensler is facing bipartisan political backlash after the agency’s social media account was hacked last week and falsely claimed it had approved several highly anticipated bitcoin investment funds. While the SEC ultimately approved the exchange-traded funds (ETFs) holding bitcoin about 24 hours later, the high-profile blunder for the agency puts Gensler in a tough spot as an already unpopular figure in the cryptocurrency world and among Republican lawmakers. And some Democrats who have been generally pleased with Gensler are joining calls for investigations. “Mainly, it was embarrassing for the SEC,” Ian Katz, managing director at research consultancy Capital Alpha Partners, told The Hill. “It’s given ammunition to Gensler’s enemies and his opponents and people in Congress who don’t like him to begin with,” he added. The SEC revealed last Tuesday afternoon that its account on X, formerly known as Twitter, had been hacked after it appeared to approve the spot bitcoin ETFs. The agency deleted the post after about 30 minutes and replaced it with a disavowal. “The @SECGov X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products,” the agency said. The incident quickly prompted calls from Republican lawmakers for the SEC to provide an explanation for the breach. “Just like the SEC would demand accountability from a public company if they made such a colossal market-moving mistake, Congress needs answers on what just happened,” Sen. Bill Hagerty (R-Tenn.), a member of the Senate Banking Committee, said in a post on X. “This is unacceptable.” Sens. JD Vance (R-Ohio) and Thom Tillis (R-N.C.) sent a letter to Gensler in the aftermath requesting information about the incident, noting the impact of the false announcement on the price of bitcoin. The price of bitcoin briefly surged on the news, jumping to nearly $48,000, before falling to less than $46,000. “These developments raise serious concerns regarding the Commission’s internal cybersecurity procedures and are antithetical to the Commission’s tripart mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation,” Vance and Tillis wrote. The agency drew further scrutiny after X said a “preliminary investigation” found the hack was not due to a breach of the social media company’s systems but rather “an unidentified individual obtaining control over a phone number” associated with the account. The social media company also said the SEC’s account did not have two-factor authentication enabled at the time of the hack. Several Republican members of the House Financial Services Committee slammed the agency’s apparent lack of security measures in a letter to Gensler on Wednesday. “This failure is unacceptable, and it is disturbing that your agency could not even meet the standard you require of private industry,” they wrote. The criticisms of the SEC’s cybersecurity practices come as the agency recently enacted a rule requiring public companies to disclose significant cyber incidents that could affect investor decisions within four business days.

Fidelity becomes second spot bitcoin ETF issuer to hit $1 billion of inflows Total net flows from the first five days of trading for the new U.S. spot bitcoin ETFs now stand at nearly $1.2 billion, with Fidelity joining BlackRock in the $1 billion-plus inflows club yesterday, according to data from BitMEX Research. Bitwise is currently in third place with $395.5 million worth of inflows, while Ark Invest/21Shares and Invesco have seen a total of $320.9 million and $194.9 million, respectively. Overall, 10 of the 11 ETFs have seen inflows totaling almost $3.4 billion so far, with Grayscale notching up $2.2 billion in outflows. The remaining funds have all witnessed less than $100 million worth of total inflows. Overall, the spot bitcoin ETFs witnessed net outflows of $131.6 million yesterday — the largest so far — with GBTC significantly eclipsing inflows from the other funds. Despite 10 of the 11 ETF products generating a total of $447.9 million worth of inflows, it was not enough to overcome $579.6 million in outflows from Grayscale’s converted fund, according to BitMEX Research. Fidelity (FBTC) and BlackRock (IBIT) spot bitcoin ETFs led yesterday’s inflows, attracting $177.9 million and $145.6 million, respectively. Invesco (BTCO) witnessed the third-largest inflows for the day at $59 million, while Ark Invest/21Shares (ARKB) saw $41.8 million and Bitwise (BITB) $20.1 million. Flows for the remaining ETFs were flat on Thursday. Yesterday was the second day of net outflows, having returned to net inflows of $474 million on Wednesday. Tuesday also saw $40.5 million in outflows, compared to $229.4 million worth of inflows on day two and $628.5 million on day one. Daily product flow. Image: BitMEX Research. Grayscale, BlackRock and Fidelity continue to dominate trading volume and AUM Grayscale, BlackRock and Fidelity’s spot bitcoin ETFs continued to dominate trading volume yesterday, with almost $2.1 billion in volume across all the funds adding to a cumulative total approaching $14 billion, according to Yahoo Finance data compiled by The Block. Grayscale’s GBTC contributed nearly $1.1 billion to Thursday’s trading volume, with BlackRock’s IBIT and Fidelity’s FBTC generating $416 million and $367 million, respectively.

Why Coinbase (COIN) Is The Biggest Winner From Bitcoin ETF Pending Approvals -- After receiving dozens of applications, the Securities and Exchange Commission (SEC) finally gave the green light to 11 spot Bitcoin exchange-traded funds (ETFs) on Jan. 10. The decision is expected to bring new hype and investors into Bitcoin because it allows for a new, equity-based form of investment into the cryptocurrency. While much of the discussion around the benefits of Bitcoin ETFs has been focused on firms sponsoring them and new investors, one party has been left out of the discussion. The custodian of the ETFs also plays a major role in making them available to the everyday investor. Coinbase houses the Bitcoin for 10 out of the 13 spot Bitcoin ETF applications. An ETF works by a sponsoring firm collecting a pool of assets and dividing them into shares that can be sold to investors. Most of the time, the sponsoring firm can hold the assets itself. For instance, the most popular ETF — SPDR S&P 500 ETF Trust (NASDAQ) SPY — is a collection of all the stocks in the S&P 500. Sponsoring firm State Street Global Advisors holds the individual stocks. Regulations make this more difficult for sponsoring companies In the case of Bitcoin ETFs. Because of this, the companies must look elsewhere for a place to house Bitcoin, which they can then package into shares and deliver to investors. The logical choice for most of the spot Bitcoin ETFs was Coinbase. As the largest crypto trading platform in the world, the ETF sponsors are confident that they can trust Coinbase with the role of custodian. Coinbase is known for its safety and security for investors as well as low transaction fees. Cybersecurity and the history of safety are the most important issues for the ETFs. Since the beginning of crypto, hacks have been commonplace. However, Coinbase's security measures use machine learning, two-factor authentication and a vault system to ensure that users' investments are safe. This was particularly attractive for ETFs looking for a custodian. Additionally, whenever the ETFs create new shares, they must buy Bitcoin on Coinbase. Then they can use those Bitcoins to create new shares. Most ETFs are constantly creating new shares, so this could bring sustained institutional activity to the Coinbase platform. Though its role can be overlooked, Coinbase has a lot to gain from the custodial partnership with the new spot Bitcoin ETFs. Looking to the future, the decision to approve spot Bitcoin ETFs could also pave the way for other spot ETFs, such as Ethereum (ETH) and Solana (SOL). If these spot ETFs become a reality, Coinbase could also be the custodian for those.

Bitcoin slides back to $40,000 as post-ETF correction deepens -- Cryptocurrencies tumbled on Thursday, with bitcoin falling back to $40,000. Bitcoin last traded lower by 3.6% at $41,167.14, according to Coin Metrics. Earlier, it fell as far down as $40,601.37, its lowest level since Dec. 18. Ether, which has gotten a boost in recent days while bitcoin struggled, fell too. It was last down 3% at $2,448.41. The rest of the crypto market broadly dragged with them.The move in bitcoin weighed on crypto-related stocks, too.Coinbase and MicroStrategy ended the trading day down 7% and 2%, respectively. Miners CleanSpark andMarathon Digital lost more than 6% each, whileRiot Platforms fell 5% and Iris Energy retreated 8%."We are still in the correction post-ETF launch," said Julio Moreno, head of research at crypto data provider CryptoQuant."Short-term traders and large bitcoin holders are still doing significant selling in a context of a risk-off attitude," he added. "Additionally, unrealized profit margins have not fallen enough for sellers to be exhausted."

Pastor pocketed $1.3M selling worthless INDXcoin crypto, state says -- Speaking to online followers Aug. 22, 2022, Rev. Eli Regalado had a divine message. “It was last October that the Lord brought this cryptocurrency to me. He said, ‘Take this to my people for a wealth transfer.’ It has been confirmed a hundred times since,” the pastor said, according to a lawsuit filed in Denver this week. “It is coming, people,” he said. “Part of the making way for His people is to really train them up and teach them how finances work in the kingdom because many of you very soon are going to have more money than you’ve ever had in your life by participating in this crypto.” Regalado, a Denverite who, alongside his wife Kaitlyn, runs the online-only Victorious Grace Church, is also the creator of the cryptocurrency INDXcoin and the Kingdom Wealth Exchange, the only online marketplace where INDXcoin could be bought and sold. Both INDXcoin and the exchange were shut down on Nov. 1, leaving investors scrambling for answers. That same day, Regalado said that God had asked him to pass on a message to investors. “Stay where you’re at. Stay in INDXcoins. Stay with where I’m telling you to go. I’m going to make a way,” the Lord said to crypto investors, according to Regalado. “Just take that word as gospel truth and execute on that word and do not worry about how the money’s going to happen. I really believe you’re going to see a miracle in very short order.” State regulators say that no miracle has been forthcoming. So, they’re suing Eli and Kaitlyn Regalado for securities fraud. Tung Chan, the state’s securities commissioner, wrote in Tuesday’s lawsuit that the Regalados sold $3.4 million in “valueless” INDXcoins in 2022 and the first half of 2023. Chan, whose office subpoenaed the couple’s bank records, claims that at least $1.3 million of that went directly to the Regalados, who spent it on a Range Rover, jewelry, luxury handbags, cosmetic dentistry, boat rentals and snowmobile adventures, home renovations and an au pair. “Defendants have ensured that the investors will never recoup their funds because they took the investment money for their own benefit,” according to this week’s lawsuit. They also sent another $290,000 to their church, which does not have a brick-and-mortar location. The church is a nonprofit that the Regalados own. “Defendants told investors that they would ‘tithe’ and ‘sow’ in causes that helped widows and orphans…but the payments to ‘widows and orphans’ were primarily to the Regalados,” according to Chan’s lawsuit, which was filed in Denver District Court. Phone calls to the Regalados’ listed phone numbers were not answered Wednesday and an email to Kingdom Wealth Exchange bounced back. A website for Victorious Grace Church has been taken down. A message to the church on Facebook was not answered.

The Verge is not interested in interviewing you about crypto — but scammers are - If you get a message from someone at The Verge asking to schedule an interview about cryptocurrency, don’t do it. There’s a phishing scam going around that aǑempts to trick users into clicking on a fake Calendly link to “schedule”phony interviews in order to steal Discord credentials for a wallet-draining scam. We recently discovered that a bad actor has been impersonating Verge science reporter Justine Calma to carry out this scam.Justine recently changed her handle on X (formerly Twitter) from @justcalma to @justinecalmajourno. The scammer hijacked her old handle @justcalma —which was still present on her Verge profile at the time —and leveraged her identity when messaging users about a fake interview. If a victim said they were interested,the bad actor would send them a link to a phishing site disguised as a Calendly page. The page aǑempts to steal the victim’s credentials by asking them to “authorize” their Discord account to schedule the interview.Based on how other Calendly scams have played out in recent weeks,the aǑacker would then likely use the victim’s credentials to gain access to their Discord or other social media accounts and share a crypto wallet-draining scam with users. Reporters from The Verge aren't the only ones hackers are impersonating.Earlier this month,the blockchain security platform CertiK was contacted on X by an hacker pretending to be a reporter from Forbes who asked to schedule an interview through Calendly.After following through with the scam, bad actors gained access to CertiK’s X account, which currently has around 346,000 followers. The hacker posted a tweet that warned users about a fake exploit.It prompted them to use a malicious link to the Revoke.cash crypto website that would empty the wallets of unknowing users. Other users on X are reporting similar scams involving Calendly, with hackers also impersonating people who work at The Wall Street Journal, Bankless, Nasdaq, and the Nearweek newsleǑer. Last year, Bleeping Computer said hackers managed to steal $3 million by impersonating crypto news journalists from outlets like Decrypt and Cointelegraph and hijacking victims' Discord accounts.A scammer impersonating The Verge’s Nathan Edwards on Telegram and Discord contacted at least one crypto startup in June 2023

Jordan seeks answers from former Treasury official over flagged ‘MAGA’ transactions | -Rep. Jim Jordan (R-Ohio) is requesting a transcribed interview with a former Financial Crimes Enforcement Network (FinCEN) official for allegedly flagging consumer transactions that had the phrases “TRUMP” or “MAGA” in them. On behalf of the Judiciary Committee’s subcommittee on the weaponization of the federal government, Jordan sent a letter requesting testimony to Noah Bishoff, the former director of an office in the Strategic Operations Division of FinCEN, which is part of the Treasury Department. Jordan said the committee had obtained documents showing that FinCEN outlined “typologies” of persons of interest in materials distributed to financial institutions. He said these materials included “suggested search terms and Merchant Category Codes (MCCs) for identifying transactions on behalf of federal law enforcement” after Jan. 6, 2021.“These materials included a document recommending the use of generic terms like ‘TRUMP’ and ‘MAGA’ to ‘search Zelle payment messages’ as well as a ‘prior FinCEN analysis’ of ‘Lone Actor/Homegrown Violent Extremism Indicators,” the letter states.Jordan said FinCEN warned financial institutions of “extremism indicators,” like transportation charges “for travel to areas with no apparent purchase” or “subscriptions to other media containing extremist views.”“In other words, FinCEN urged large financial institutions to comb through the private transactions of their customers for suspicious charges on the basis of protected political and religious expression,” he said in the letter.The Treasury Department declined to comment on the letter. FinCEN’s mission is “to safeguard the financial system from illicit use, combat money laundering and its related crimes including terrorism,” according to its website.Jordan also said that FinCEN distributed slides that shows financial institutions how to flag customers who may be potential active shooters or terrorists based on their transactions. He contends that those who may have purchased a firearm, made a purchase at Cabela’s or Dick’s Sporting Goods and other businesses, may have had their transactions flagged.“Despite these transactions having no apparent criminal nexus — and, in fact, relate to Americans exercising their Second Amendment rights — FinCEN seems to have adopted a characterization of these Americans as potential threat actors,” Jordan wrote.“This kind of pervasive financial surveillance, carried out in coordination with and at the request of federal law enforcement, into Americans’ private transactions is alarming and raises serious doubts about FinCEN’s respect for fundamental civil liberties,” he added.

Fraud cost $500B, illicit money topped $3T in 2023: Report -- As the scale of financial crimes grows around the world, banks and financial institutions see a tidal wave of fraud, money laundering and trafficking proceeds sloshing through the global economy, with better coordination needed within and between national governments to dam it, a new report by Nasdaq and the financial consulting firm Oliver Wyman found. The numbers tell a stark story. Illicit money flows totalled $3.1 trillion globally in 2023, including $800 billion in drug trafficking proceeds, $350 billion from human trafficking, and $11 billion in terrorist financing. That total doesn't include fraud, which cost almost half a trillion dollars last year, including close to $450 billion from payments, check and credit card fraud and more than $40 billion in scams targeting individuals and companies, the report found. But that's just the fraud that authorities know about. "You have to assume it's more," said Adena Friedman, CEO of Nasdaq, which bought Verafin, an anti-financial-crime cloud software company, in 2020. A surprising finding, she said, was "the sheer amount of money that is moved through the banking system for nefarious purposes." Check fraud and scams were among the most prevalent fraud issues for banks last year, said Mike Timoney, vice president of payments improvement at the Federal Reserve. People are writing fewer checks, but checks still are the least secure payment type, he said, noting that Fincen found that check fraud doubled between 2021 and 2022 and that 63% of participants said their organizations were dealing with check fraud in the Association for Financial Professionals' Payments Fraud and Control Survey. Banks are also scrambling to keep ahead of scamsters, he said, with the amount of money lost to scams growing even as the number of reported scams fell between 2021 and 2022, according to Federal Trade Commission data. One issue: "The industry lacks a consistent way to define and classify scams, making it difficult to identify current tactics for this type of fraud," Timoney said. "The Federal Reserve is leading an industry work group that released a recommended definition of scams in fall 2023 and is focused on creating a scam classification structure to promote consistent scam reporting, trend measurement and analysis."Surveyed about what they considered the biggest threats, anti-financial-crime officials at 200 financial institutions said they were most worried about faster and instant payments (52%), money mules (47%), terrorist financing (33%) and drug trafficking (33%). As more banks move to instant payments, including the Fed's new FedNow system, guarding against payments fraud has become a major issue for banks. "I think [FedNow] is an important solution for the financial industry, but on the other hand, time is your friend a little bit when it comes to anti-fin crime, because by the delay in someone coming in or someone wanting to wire money or doing an ACH transaction and the time it takes to process that it enables the banks to do a lot of background checks and to do a lot of work ahead of the transaction actually occurring on issues of anti-fraud or crime," Friedman said. Without a payment delay, banks have to speed up their anti-fraud measures by checking customers' bona fides rapidly, which requires faster processing, to avoid paying the wrong party. Another emerging threat is human trafficking, which 19% of those surveyed named as a top concern for financial institutions. Popularly considered a problem mainly of forced prostitution and child exploitation, it goes far beyond that, said Ian Mitchell, founder and chair of nonprofit The Knoble, which coordinates with a network of 1000 banks and financial institutions to fight human trafficking. "Since the pandemic, a new global phenomenon has emerged: human trafficking scam centers," Mitchell said. "In these centers, criminal organizations force trafficked victims to commit financial scams against innocent people." Such operations — combining organized crime, trafficking and fraud — are just one example of how financial institutions need to work together, as well as with government agencies, to catch up to criminal enterprises, he said.

Regulators say they have the tools to address AI risks — Bank regulators said on Friday that while they are actively exploring the risks that could emerge from financial institutions' reliance on artificial intelligence, existing tools and laws are sufficient to prevent those risks from harming consumers or the financial system. "Whatever the technology — including artificial intelligence — that is going to be utilized by a financial institution, that has to be utilized in a way that is in compliance with existing law, whether it's consumer protection, safety and soundness or any or any other statute," said Federal Deposit Insurance Corp. Chairman Martin Gruenberg. "Our agencies currently have authority to enforce those laws over the technology." The comments came in the form of a roundtable discussion between Federal Reserve Vice Chair for Supervision Michael Barr, Federal Deposit Insurance Corp. Chair Martin Gruenberg, acting Comptroller of the Currency Michael Hsu and Consumer Financial Protection Bureau Director Rohit Chopra at the Urban Institute's Responsible AI Symposium in Washington, D.C. AI has been a growing area of concern for federal financial regulators. A recent report by the Financial Stability Oversight Council identified AI as an emerging risk for the first time in December. The four federal bank regulators all sit on FSOC, a financial oversight body created by the Dodd-Frank Act, and the report recommended member agencies monitor the rapid developments in the adoption of artificial intelligence. Regulators have raised concerns previously with AI, including its potential for replicating bias, the lack of explainability of AI algorithms and the risks of herd behavior. CFPB Director Chopra said many of the authorities in regulators' anti-discrimination rules are principles-based and flexible enough to be applied to new technology. "There is no 'fancy technology exception' to the Equal Credit Opportunity Act, the Fair Credit Reporting Act and others and we don't really care how you market your special technology," said Chopra. "If you can't give an adverse action notice, then you can't use it; if you can't give those reasons as to why someone has been denied, you can't use it — and yes, you will be accountable." Gruenberg also noted that banks must be conscious that the risks of AI used by third parties a bank does business with are the bank's own risks. Regulators recently updated guidance on how banks must manage risks associated with third-party entities.

Conservative judges look to weaken federal agency power in 'Chevron' cases— A conservative majority on the Supreme Court appeared poised to overturn, or at least moderate, a legal principle known as "Chevron deference," a decision that some banking experts worry could undercut the power of federal agencies and invite a wave of litigation from the industry against its regulators. The Supreme Court heard oral arguments for two similar cases on Wednesday, and in both cases parties challenged the doctrine of Chevron deference, in which federal courts defer to an agency's interpretation of ambiguous statutes. In both cases, herring fisherman are challenging a rule that required their companies to pay for federal monitors on their fishing vessels. Under Chevron, lower courts deferred to the agency that ordered the monitors, the National Marine Fisheries Service, part of the Department of Commerce's National Oceanic and Atmospheric Administration. The stakes are high for the decision, banking industry experts have said. The Chevron deference has been the backdrop of lawmaking and policymaking, and has served as precedent for thousands of court decisions since its namesake case in 1984. Overturning the rule would open the doors for more litigation brought by banks and their trade groups against regulators, and could dramatically shift power from agencies to both the courts and Congress over how statutes are enacted."If Supreme Court rules as most expect and kills Chevron, many fear it could throw the modern administrative state into chaos. Decades of regulations could face fresh legal challenges and bury agencies in endless litigation," said Erin Bryan, co-chair of Dorsey and Whitney's Consumer Finance Services Group. At oral arguments in the two cases, at least four justices on the nine-member court expressed doubts about the Chevron deference. Those justices fell on the conservative side of the spectrum: Clarence Thomas, Samuel Alito, Neil Gorsuch and Brett Kavanaugh. Solicitor General Elizabeth Prelogar argued that overturning the doctrine would be an "unprecedented shock to the legal system." But Kavanaugh questioned the impact a decision to that end would have, and said that Chevron itself provides "shocks to the system" as presidential administrations turn over and agency priorities change. “That is at war with reliance," he said. "That is not stability." Gorsuch, an outspoken critic of the Chevron deference, pressed the counsel on why a judge who disagrees with an agency's interpretation would want to "abdicate that responsibility and say, automatically, whatever the agency says wins. "The government always wins," he said. Gorsuch also criticized the piecemeal way that the Chevron doctrine has evolved. The rule has been modified in a variety of other cases, making it confusing, he said, for lower courts to make decisions. "Lower court judges, even here in this rather prosaic case, can't figure out what Chevron means," he said.Others, although less outspoken, signaled opposition to the doctrine. "Justice Thomas, who is famously silent at oral arguments, asked the first questions of the solicitor general, probing how much judicial deference is too much deference," Bryan said.

Congress could play bigger regulatory role in a post-Chevron world — Banking lawmakers could be poised to take a more direct role in the regulatory process, depending on the outcome of a critical Supreme Court case on a cornerstone of administrative law known as "Chevron deference." The Supreme Court earlier this week heard oral arguments for two cases that challenged the decades-old legal precedent, which says that federal courts should generally defer to an agency's interpretation of ambiguous statues, with some exceptions. While the legal question is usually framed — even by the Supreme Court justices themselves — as a power struggle between courts and regulatory agencies, there's a third major player in the mix: Congress. At the very least, overturning the Chevron deference would change the dynamics of how banking policy is written by lawmakers, experts said. With respect to financial and banking policy, Congress would have to be more explicit in spelling out where agencies do and don't have the power to interpret and enact laws. "Congress would need to write banking statutes that more specifically indicate what they want regulators to do — and this will be a relatively new skill for them," said David Zaring, a professor of legal studies and ethics at the Wharton School of the University of Pennsylvania. "Moreover, Congress does legislate in the banking space frequently." The Supreme Court heard a lot earlier this week about how the doctrine has impacted Congress in the past, and how overturning it might change things in the future. Paul Clement, one of the lawyers arguing to overturn Chevron, gave an impassioned speech on the issue, blaming the doctrine for political gridlock, pointing specifically to crypto legislation. Congress hasn't passed a crypto bill following the FTX failure, he said, "because there's an agency out there that thinks that he already has the authority to address this uniquely 21st century problem with a couple of statutes passed in the 1930s." "It's really convenient for some members of Congress not to have to tackle the hard questions and to rely on their friends in the executive branch to get them everything they want," Clement said. The theory is that Congress has an incentive to write laws broadly enough so they can take credit for doing something about a problem, but delegate the blame to agencies on how solving the problem actually gets done, and who will bear the costs, said Todd Zywicki, a law professor at the Antonin Scalia Law School at George Mason University. "Right now Congress can write really vague legislation and then delegate to the agencies to fill in the gaps," he said. "Here's where it gets interesting — from this perspective of Congress as a whole this reduces Congress's power. From the perspective of individual members of Congress, by contrast, this can increase their power." Members of Congress, this way, can directly and personally intervene with the agencies on behalf of interest groups and their own preferences, Zywicki said. "They do this through letters, phone calls, private communications," he said. The crux of the issue comes back to Congressional intent and how obvious it is. But that's not always an easy thing to figure out, and it often requires interpretation and judgment. Right now, agencies have a lot of leeway to interpret Congressional intent themselves, but in a post-Chevron reality, a lot will be subject to litigation. In financial policy, for example, Zaring said that it's easy to imagine a fintech trade group, for example, adding a section to a lawsuit saying that Congress didn't clearly authorize the fintech charter. That would put the pressure on Congress to pass laws that contain greater specificity, rather than leaving the responsibility to executive agencies to work out the details, said Erin Bryan, co-chair of Dorsey and Whitney's Consumer Finance Services Group. She said that overturning Chevron wouldn't give Congress more power than it already has, but it does place a lot of the policymaking onus on lawmakers. Congress, however, does not have a stellar track record of passing legislation to address regulatory gaps proactively. Bryan said that she expects "even greater delays" between new issues popping up around new financial technologies and the enactment of meaningful regulation. "If Chevron is overturned and agency rulemakings on crypto and AI are challenged, which they will be, then any meaningful technology regulation will depend on Congress making clear, specific, timely laws," she said. "Because of how quickly new technology emerges and evolves, it will be nearly impossible for Congress to proactively anticipate emerging risks and get ahead of them with effective legislation."

Fed, New York fine Chinese bank $32M for CSI, AML violations --The Federal Reserve and New York State Department of Financial Services issued an enforcement action against the Industrial and Commercial Bank of China Friday over misappropriation of confidential supervisory information and inadequate internal controls to combat money laundering, requiring the bank's U.S. subsidiary to pay $32 million in fines. The U.S. subsidiary of the Beijing-based ICBC had been subject to a cease-and-desist order from the Fed and NYDFS since 2018 due to "significant deficiencies" in the New York branch's anti-money-laundering and foreign assets compliance programs. The NYDFS order noted that an examination of the branch in 2023 found that the bank had "successfully remediat[ed] all prior examination findings" related to the Office of Foreign Assets Control, or OFAC, compliance program and AML compliance. However, NYDFS had been informed by a bank employee that the bank had failed to comply with know-your-customer, or KYC, requirements by failing to obtain a certification signature of a bank employee for compliance documents dating to 2014. The bank then attempted to have the employee — who had since left the bank — sign and back-date the KYC compliance documents. "Faced with the unsigned certifications, the senior employee contacted the former employee multiple times in August 2015, and asked the former employee to countersign the certifications as relationship manager at the New York branch, a position the former employee no longer held," the NYDFS enforcement action said. "The senior employee also provided various dates in 2014 that the former employee should use when signing the certifications — all dates when the former employee was still a relationship manager at the New York Branch. The former employee obliged, signing, backdating, and returning to the bank signed copies of the certifications for five different banking clients."

Bankers must remain vigilant about their sources of liquidity - The causes of financial crises aren't repeated in practice, but their impact on banks is often identical. One unexpected outcome of the 2008 crisis was the bailout of banks with criminal funds. That's why it's important to avoid old mistakes in a new wrapper in 2024. The banking system is going through a difficult period, with the Federal Reserve's benchmark interest rate at its highest level in 22 years. High rates make lending difficult and exacerbate bank liquidity problems, so three of the four largest bank failures in U.S. history occurred in 2023, and their total assets exceeded the sum of the 25 financial institutions that failed in the 2008 crisis. Other crises in July (Heartland Tri-State Bank, Farmington State Bank) and November (Citizens Bank, of Sac City, Iowa) allow us to talk about systemic risks. According to A.M. Costa, the head of the United Nations Office on Drugs and Crime, "drugs money worth billions of dollars kept the financial system afloat at the height of the global crisis 2008." Liquidity was the banking system's main problem in 2008 and, in many instances, the money from drugs was the only liquid investment capital. Liquidity problems are again at the top of the agenda for banks in 2024 and it's important to minimize the risks of criminal influence. In a financial crisis, banks may turn to the Fed for additional liquidity. U.S. banks borrowed a record $165 billion from the Fed on March 16, 2023 (50% more than the maximum of the 2008 crisis) and repeated the 2008 record of $110.2 billion just a week later. The correct decision for banks to request liquidity from the Fed is a signal to the regulator about the systemic errors of management. President Joe Biden warned that management of bankrupt banks will not only be fired, but also involved in investigations at the federal level. This prospect doesn't suit bank managers, who will look for other solutions. An alternative route is to find liquidity yourself to maintain the reputation of a successful manager. Banks have had an unusually difficult year in 2023 with the biggest deposit drop in U.S. history ($872 billion). According to Moody's, U.S. banks could be grappling with at least $650 billion of unrealized losses in their securities portfolios. In such a critical situation, managers of banks may prefer to receive money from unknown beneficiaries or suspicious sources instead of bankruptcy. International criminal organizations have the financial resources and need banks' assistance in money laundering. The annual volume of the world drug market could exceed $1 trillion, which is only 30% of the total income of transnational crime. It's also necessary to take into account the huge criminal resources of the crypto market, which can exceed $70 billion. An important feature of the criminal crypto market is a large concentration of resources, which allows their owners to offer substantial liquidity to banks in trouble. For example, the U.S. Department of Justice charged Ho Wan Kwok with orchestrating a cryptocurrency-related fraud worth over $1 billion. In addition, the U.S. Government seized approximately $634 million from 21 different bank accounts.

BankThink: We need a globalized system for flagging 'politically exposed persons' | American Banker -- In 2023, issues surrounding politically exposed persons (PEPs), ethically questionable transactions and outright corruption were in the news almost daily. And the stories weren't limited to the United States. Questions around de-banking in the U.K., the transnational evasion of Russian oil embargoes and lithium mining deals in Portugal demonstrate that implementing PEP screening and monitoring is highly complex. Yet this process remains crucial to rooting out corruption and preventing financial crime. With 40 countries worldwide holding national elections this year, PEP requirements will be top of mind for banks and other regulated industries as they look to onboard new customers or do additional screening with existing customers to remain compliant with local regulators' requirements.Even in the best of times, it can be challenging for financial institutions to make risk-based decisions. Is this person who they say they are? Who are they associated with? Are they foreign nationals? What is their business in the U.S.? Add to that the additional requirements that come with having a PEP as a customer, and some financial institutions may even decide that the risks are too high to make doing business with this person a viable option.Why is that the case?The Financial Action Task Force, the global standard-setter for anti-money-laundering requirements, is not prescriptive about how regulated companies should screen and monitor PEPs. Its principles-based approach gives participating countries the latitude to interpret and enact its goals based on their culture, economy and political frameworks.As such, national legislators have codified the FATF's guidance in various ways. For example,regulations in the United States apply only to foreign PEPs (people elected to foreign office) and international PEPs (people who hold prominent positions in international organizations). In the U.K., the Financial Conduct Authority (FCA) has more robust guidance on PEPs, including domestic and foreign officials. However, they limit the domestic PEP requirements to include only prominent national politicians and leave out local officials. In addition to screening and ongoing monitoring, there is also a requirement that regulated companies undertake additional enhanced due diligence. This involves independently verifying a PEP's source of wealth or how an ultimate beneficial owner acquired their wealth, as well as inquiring and verifying source of funds. The result being that U.S. entities operating in the U.K. have an additional layer of complexity. Beyond domestic and international PEP designations, many other questions must be answered. Should it apply only to national officials? What about local officials? How long after politicians leave office should they still retain that designation? Hong Kong's regulator states that once someone has become a PEP, they should be considered one for life. The U.K. and Australia say they are no longer PEPs once they've left their positions. Then there are the international organizations that hold influence yet aren't formally political, like the United Nations. As a result, the challenge of keeping track of who qualifies as a PEP is immense. So, as compliance experts with deep knowledge of financial institutions' challenges in screening and monitoring this customer category, we see an opportunity for the international community to address bribery and corruption with a single voice.

Walls are closing in on the Basel capital reforms --Groups across the ideological spectrum Tuesday raised concerns with capital reforms jointly proposed by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp. and the Board of Governors of the Federal Reserve. The diversity of naysayers on the rule was a point touted by the banking industry, whose trade groups have waged an aggressive pushback campaign on the proposal. Two of those groups— the Bank Policy Institute and the American Bankers Association — laid out their complaints on the proposal in a lengthy, more than 300 page document on Tuesday. While the leaders of the organizations outlined concerns over potential overlapping regulatory requirements and opaque expectations around appropriate risk weights, they also pointed to other comment letters, notably those written by civil rights and consumer advocacy groups. "I don't think in my experience in representing and serving the banking sector, I've ever seen so many disparate groups across the ideological spectrum raise their hands with concerns over rule proposals, ever," said ABA CEO Rob Nichols in a press conference on Tuesday. This latest push from the trade groups represents another escalation for the banking industry in its opposition to the rule. While last week, the bank trades made it clear that they believe the rule could be challenged legally, the lengthier letter lays out in detail the extent of the complaints, and gathering the community groups and others serves as an important stepping stone to making their case against the banking regulators. The strategy is a relatively novel one in financial policy: "Calls for 'withdrawal or we will sue' is unprecedented post-financial crisis and demonstrates a sea change in the way the bank trade associations are fighting back against this rule," said Edward Mills, a managing director at Raymond James. Still, the possibility of legal action is a "last resort," said Greg Baer, president and CEO of BPI, at the press conference. Baer said that it's the position of his trade group, at least, that banking regulators should restart the rulemaking process. At the very least, the suggestion of legal action will at least delay the finalization of the rule, Mills said. Other experts, however, anticipate a more drastic course-correction due to the outpouring of opposition to the Basel proposal. "The Basel III endgame proposal was always going to be softened, but the total tonnage of opposition to this proposal suggests that we could see a re-proposal rather than a softening through the final rule," said Isaac Boltansky, an analyst with BTIG Research. From civil rights advocates to the nation's largest public pension fund manager, a broad and ideologically diverse array of interests expressed concerns with the second order impacts of the capital reforms in their official comment letters.The National Community Reinvestment Coalition, which advocates for low- and moderate-income consumers and communities, acknowledged the positive aspects of the proposed rule inits comments. NCRC noted the need for robust capital in the banking system given the role insufficient capital played into the 2008 financial crisis, and said the proposal would fortify banks' resilience throughout stressful economic periods. But the group also said that the proposed rule would substantially increase risk-weightings for the kinds of high loan-to-value (LTV) loans that are disproportionately taken out by low-income people of color. Increased risk-weightings — which, they note exceed even the original standards suggested by the Basel Committee on Banking Supervision — would disincentivize banks from making those loans, and by extension could hurt lending in those communities. "If risk weightings for high loan-to-value mortgage loans held for investment increase dramatically, it may make banks more hesitant to extend mortgage loans to the types of borrowers — typically lower-wealth, lower-income, and of color — who make smaller down payments," the NCRC said in its letter. "The Agencies should adopt the effective but less punitive risk weightings called for in Basel III."

BankThink: Debunking the myths about the Basel III endgame regulation | American Banker --The U.S. is the only major banking power that has yet to implement "Basel III endgame" standards. This regulatory regime seeks to increase capital requirements for large banks as well as smaller banks with significant trading activities. As federal regulators inch closer toward finalizing the endgame rules, bank CEOs and conservative legislators have been pulling out all the stops to browbeat regulators into adopting laxer standards. These opponents of the endgame proposal have deployed a number of arguments that must be debunked.While the endgame proposal has many provisions, its most salient feature is that it requires banks to adopt a standardized framework to determine capital levels, in lieu of the proprietary risk models that have run the show thus far. Proponents of the status quo argue that internal models are fine-tuned to each bank's unique risk profile. However, such fine-tuning did little to avert the recent failures of Silicon Valley Bank and other banks in 2023 (even despite the regulatory interventions of the Dodd-Frank Act.) Similarly, the internal risk models devised by the legions of math and physics Ph.D.s. employed by banks did famously little to avert the 2008 financial crisis. Indeed, such failures are reminiscent of Long-Term Capital Management (LTCM), the hedge fund whose options bets almost caused a financial meltdown in 1998, despite the fund being led by Nobel Prize winners who literally wrote the book on options theory.The Basel endgame eschews opaque and abstruse internal models in favor of a standardized approach that brings transparency and reliability to risk modeling. Aside from making it harder for banks to hide risk within proprietary spreadsheets, a standardized approach will also allow regulators (and banks themselves) to benefit from collective cross-industry data that can help avert crises before they happen.Even though increased capital requirements could help avert or mitigate the next banking crisis, the endgame's opponents lament that it inefficiently requires banks to hoard idle cash derived from stock sales. However, this idea loses sight of the fact that even under the endgame proposal, banks can put their capitalized cash to work and earn revenue, while simultaneously improving their capital ratios. To achieve this, banks can sell off risky assets and instead purchase U.S. Treasuries, which carry a zero percent risk weight. Unlike illiquid investments, which are often zero-sum bargains with little benefit to anyone other than the concerned counterparties, Treasury purchases often fund massive government infrastructure projects that can boost the broader economy, if not save it, as we saw in 2020 with the government's COVID-related spending.Bank lobbyists often argue that poor mortgage decisions, not exploding derivatives, caused the 2008 financial crisis. If that is true, then the endgame proposal will help avoid a similar crash in the future. Studies show that banks meeting higher capital requirements are more likely to make prudent lending decisions, since defaulting loans increase risk weighting. The endgame proposal's heightened capital requirements would force banks to reconsider their balance sheets and offload underperforming assets. This also means that banks would avoid underwriting the sort of overleveraged mortgages that contributed to the 2008 crash.

Letter to the editor: Basel 'myths' are all too real for the financial services industry | American Banker -In a recent BankThink ("Debunking the myths about the Basel III endgame regulation," Jan. 18, 2024), the author is absolutely correct that the conversation about the possible increase in capital requirements must be based on facts. But from the very first sentence, the piece is filled with inaccuracies.First, just a handful of countries have implemented the agreement struck in Basel, Switzerland, in 2017. Like the United States, most of the jurisdictions around the world are at various stages of creating their rules. Thus far, the United States is proposing to increase capital to a much larger degree for its global systemically important banks (GSIBs) than other jurisdictions. The U.K. is proposing a 3.2% increase for its GSIBs versus a 5.6% increase for the EU and an estimated 30% for U.S. GSIBs. The U.S. proposal's many inconsistencies with the international Basel agreement and Basel III endgame proposals in other jurisdictions would worsen, rather than improve, already substantial international discrepancies in capital requirements. Such divergences would harm the American economy and the ability of U.S. companies to compete internationally. So much for the stated goal of harmonizing international capital rules.Second, the implementation of the Basel III endgame for the largest U.S. banks has absolutely nothing to do with the regional banking turmoil last year. To the contrary, because of their strong capital positions, the largest U.S. banks were called upon by the government to step in and support the financial sector in March, putting billions of dollars of unsecured deposits into First Republic Bank to squelch contagion and give the Federal Deposit Insurance Corp. time to wind down the ailing institution.Federal Reserve Chair Powell has said repeatedly that the nation's largest banks are "very strong" and a "source of strength." The largest U.S. banks have supported small and large businesses, households and communities, and helped to ensure smooth functioning financial markets during significant economic headwinds, such as the COVID-19 pandemic. In the past 15 years, U.S. GSIBs have more than tripled their common equity tier 1 capital to more than $900 billion. The largest U.S. banks also are subject to annual supervisory stress testing and have maintained capital well in excess of hypothetical losses estimated by those stress tests. These tests assume no emergency government support during an economic downturn. Finally, contrary to the author's statements, the largest U.S. banks and their more than 735,000 employees are essential to the strength and the competitiveness of the U.S. economy, supporting countless American households, businesses and governments every day, including those in historically underserved communities. In just one example, Forum members have invested more than $9.2 billion in Community Development Financial Institutions and committed more than $525 million to minority depository institutions since the beginning of 2020.

Renewable energy opens as new front in the Basel III war — Some Democratic lawmakers are criticizing a section of regulators' embattled proposal to raise capital requirements on the largest banks that, they say, could have a chilling effect on financing renewable energy projects.A group of moderate Democratic senators, led by Senate Banking Committee member Chris Van Hollen of Maryland, wrote to the Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency on Thursday urging them to consider an "appropriate balance of strong capitalization and risk weightings that would prevent a permanent chilling effect on future clean-energy deployments." The lawmakers asked that regulators finalize a rule that "reflects the low-risk profile of tax equity investments." "We are concerned that without recalibration, the rule could potentially have a chilling effect on clean energy financing across the country," the lawmakers said. "Several institutions are beginning to shy away from tax-equity-funded clean energy investments, including some multimillion-dollar clean energy projects across the nation. Developers of multiple renewable energy project sponsors across the country have expressed concerns with the sudden shift in deals failing to move forward until further notice." Overall, Van Hollen and the other lawmakers said in the letter they are "supportive" of the agencies' work to "strengthen the banking system's ability to withstand economic challenges and further improve the safety and soundness of our financial system." They also said that they appreciate that regulators have extended the comment period for the Basel proposal. Still, the letter is the latest example of mounting criticism of the Basel III endgame plan from various quarters.Banking trade groups have waged an aggressive campaign against the proposal, which would raise capital requirements for many of their members. Most recently, Bank Policy Institute and the American Bankers Association released a comment letter of more than 300 pages that argued why regulators should restart the rulemaking process. Around the release of the comment letter, the heads of those organizations pointed to unified pushback across sectors, including the energy industry. "Renewable energy projects will be harder to finance at a time when the administration is looking to expand investment in alternative energy sources," ABA CEO Rob Nichols said on a press call earlier this week. He continued: "I don't think in my experience in representing and serving the banking sector I've ever seen so many disparate groups across the ideological spectrum raise their hands with concerns over rule proposals, ever."

Chief Basel skeptic 'cautiously optimistic' about reaching a compromise -- One of the Basel III endgame's biggest skeptics is "cautiously optimistic" that regulators will make what she sees as necessary changes to the proposed large bank capital framework.Federal Reserve Board Gov. Michelle Bowman, in prepared remarks delivered Wednesday morning at a virtual event sponsored by the U.S. Chamber of Commerce, emphasized her reservations about the jointly proposed reforms, but said a compromise on a more palatable offering is still within reach.. "As I consider next steps, I am cautiously optimistic that policymakers can work toward a reasonable compromise, one that addresses two of the most critical shortcomings of the proposal: Over-calibration and the lack of regulatory tailoring," Bowman said. "Public feedback has also assisted in identifying the aspects of the proposal that result in the most severe unintended consequences. In my mind, it will be necessary for policymakers to modify the proposal to mitigate these issues and concerns as we move forward."Bowman has been the leading voice of internal dissent against the proposal, which would amend risk capital weights applied to all banks with at least $100 billion of assets. Since the Fed, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency put the rule forward for public comment in July, she has delivered numerous of speeches detailing her concerns with the package. Her latest remarks came just one day after the close of the comment period, which drew in scores of submissions, most of which raised problems with the new capital rules. During a question and answer session following her speech, Bowman noted that regulators have "a lot of work ahead of us" to sift through the various comments and will factor those into any changes made to the proposed rule before it is finalized. "One of the important parts of the proposal and the comment period is understanding more about the indirect costs," she said. "I think it's most effective to understand directly from the financial institutions that are subject to the rule so that they will be the ones making decisions about product costs and availability. … We have an obligation as policymakers to understand and assess the true cost of reform."Bowman argued that the rule as currently structured cuts against the stated goal of creating more uniform standards for regulating banks globally. She pointed to the Bank of England's counterpart proposal, which would only increase the aggregate capital held by the UK's largest banks by 3.2%, rather than the cumulative hike of 16% impacted U.S. banks stand to face. She also highlighted industry concerns about the framework, noting operational risk requirements could be excessively burdensome on banks that rely on fee-based income more rather than lending."Diversification in revenue streams can enhance the stability and resilience of a financial institution, and excessive capital charges for these revenue-generating activities could create incentives for banks to roll back the progress they have made to diversify revenues," she said. "Basel capital reforms should not penalize non-interest and fee-based income through the proposed operational risk requirements."Bowman also flagged the treatment of market risks as an area that "warrants attention," arguing that the proposed framework could result in higher hedging prices for farmers, manufacturers and other commodity price-sensitive businesses.Tuesday also marked the end of the data collection period for the Fed's quantitative impact study on the potential effects of the proposed capital rules on large banks. Last week, Fed Vice Chair for Supervision Michael Barr said the central bank's analysis of this information would be made available for public comment, adding that feedback would be incorporated into the final rule.Bowman said the information gleaned from the study would be "very instructive" as she and her fellow board members try to better assess the impact of their rule changes.

Fed's Waller says capital plan should be withdrawn -- A key Federal Reserve official said regulators should consider pulling their proposed capital framework for large banks to make substantial changes. During a virtual event hosted by the Brookings Institution on Tuesday, Fed Gov. Christopher Waller expressed fundamental concerns about the so-called Basel III endgame proposal issued last summer. He said efforts are being made to address a variety of issues, but noted that there may be too many issues."The blowback we've seen from the banking industry and [Capitol] Hill has shown that this is not necessarily a good rule — proposed rule — as it stands now," Waller said. "So, it's gotta have a major overhaul in my view to get a reasonable product, and possibly just taking it back and starting over."Waller's remarks occurred on the final day for the public to weigh in on the Basel III endgame plan. The proposal would make a variety of changes to how risk-based capital charges are calculated, chiefly by replacing internal models with standardized ones for all banks with at least $100 billion of assets.Waller and Fed Gov. Michelle Bowman in July voted against the proposed rule change, which was endorsed by four Fed board members and simultaneously issued by the Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. On Tuesday, Waller raised two main concerns.First, he said U.S. regulators stand to fall short of the Basel Committee on Banking Supervision's core mission of "harmonizing" regulatory standards — an exercise he and others view as being focused on bringing other jurisdictions up to the U.S. level of regulatory scrutiny. "European banks, U.K. banks were not going to carry through. We decided to go ahead — that's not harmonizing," Waller said, referring to reforms at the Bank of England and the European Central Bank that would result in more modest increases in aggregate capital. Waller's second and more pointed criticism of the proposal was its treatment of operational risk, or losses that could arise from lawsuits, natural disasters, cyberattacks, fraud or other misdeeds by bank employees or executives. He worries that the rule, as currently written, would limit banks' ability to extend credit. "We're basically going to impinge on capital market functioning, both in terms of products, services and pricing. I don't understand why we want to do that [for something that is not] seriously showing any threats," Waller said. "I made a big deal about operational risk, which is more than half of the increase, and the way it's calculated made absolutely no sense to me whatsoever."Banks and their allies have argued that the formula for determining operational risk capital is punitive. The amount of capital banks must hold is increased by recent past operational losses, while also being subject to a floor that would prevent banks with fewer operational losses from having lower capital requirements. Regulators and their supporters argue that past operational issues are often a good indicator of future losses. They also note that allowing large banks to create their own models for such risks — as is the case currently — allows for too much variability throughout the banking system.Waller said Fed officials are working on addressing issues with the proposal and will accelerate their efforts once the public comments are compiled and considered. He also reaffirmed Fed Chair Jerome Powell's commitment to reaching consensus on the final rule before putting it to a vote."[Powell] has said we want to have products go out with broad support on the board. That may be possible, if enough major things get redone, that we could get a broad support for it," he said. "But, it's got to have a lot of work, and like I said it might be best to just pull it back and then work on this and then put it back out at a later date."

OCC's Hsu calls for five-day liquidity requirement for large banks -- — Acting Comptroller of the Currency Michael Hsu wants regulators to enact a new "targeted liquidity requirement" to ensure banks are prepared to cover the types of large, rapid deposit runs that felled Silicon Valley Bank last year. In a speech delivered at an event at Columbia University Law School, Hsu called for a rule that would require large and midsize banks to position enough assets at the Federal Reserve's last resort lending facility, the discount window, to withstand "ultra short term, acute outflows." Along with bolstering individual banks and the system as a whole against panics, Hsu said the mandate could change the negative perception of the discount window, a factor that many point to as a reason why banks are reluctant to make use of it. "This would make clear that regulators expect banks in stress to utilize the discount window to help cover short term liquidity outflows when needed," he said. "This regulatory expectation could help de-stigmatize discount window usage." The requirement would be in addition to the liquidity coverage ratio, or LCR, which compels banks of a certain size to maintain enough high-quality liquid assets to cover 30 days of significant liquidity stress. Hsu said the change "warrants serious consideration," in light of not only recent events, but alsotechnological advancements, such as mobile banking, social media and the advent of real-time payment settlement. "The characteristics of bank runs are changing. Banks and regulators need to adapt accordingly," he said. "As the speed of banking and finance accelerates, so too does the need for better brakes to enable a safe and sound system." Hsu said a five-day liquidity requirement would merely codify an approach that many banks already take voluntarily, noting that more banks are pre-pledging assets to the discount window in the wake of last March's bank failures. He also suggested that the rule could include a requirement for regular testing of discount window readiness — something bank supervisors have strongly advocated in recent months. During the speech — delivered to a lecture hall of roughly 40 students, industry participants and reporters — Hsu pushed back against other liquidity management provisions that have been floated during the past year. Specifically, he dismissed the notion of adjusting the LCR by adding discount window capacity to the numerator of the formula and expanding asset eligibility beyond the current high-quality standards, calling the idea "dangerous."Hsu also noted that any adjustments to discount window policies should try to maintain the facility's status as a backstop and avoid turning it into a crutch. "The line between being a lender of last resort and providing a bailout can be a fine one, especially in stress," he said.

Fed extends living will deadline for Capital One, Truist, other banks -Fifteen large banks will have an additional eight months to prepare their next resolution plans while federal regulators weigh new requirements. The Federal Reserve announced Wednesday that the bank holding companies, which were previously due to submit new resolution plans by July 31 of this year, will now have until March 31, 2025, to submit them. The group includes Capital One Financial, Northern Trust, PNC Financial Services Group, Truist Financial, U.S. Bancorp, Bank of Montreal, Barclays, BNP Paribas, Deutsche Bank, Mitsubishi UFJ Financial Group, Mizuho Financial Group, Royal Bank of Canada, Sumitomo Mitsui Financial Group, Toronto-Dominion Bank and UBS Group AG. A resolution plan, also known as a living will, details a bank's strategy for handling a bankruptcy or dissolution in the face of failure or deep financial distress in a "rapid and orderly" fashion. The Dodd-Frank Act of 2010 established a resolution plan requirement for certain bank holding companies. In August, the Fed and Federal Deposit Insurance Corp. proposed a joint rule that would update these standards by setting out criteria that apply to specific risks within individual banks. The intent of the reform is for banks to be better prepared to handle deposit runs and other issues without jeopardizing the Deposit Insurance Fund. The proposal also calls for subjecting all banks with at least $100 billion of assets to stricter requirements, a provision that Fed Gov. Michelle Bowman said would run afoul of the Fed's commitment to tailor regulations in such a way that the most stringent requirements are reserved for the biggest and riskiest banks. When the proposal was put forth in August, Bowman called for a delay in issuing guidance on resolution planning standards until a final rule has been adopted. On Wednesday, Bowman said she supported the board's decision to extend the deadline on the 15 banks. The institutions all fall under Categories II and III under the Fed's tailoring framework, meaning they have more than $250 billion of assets but do not meet the "global systemically important bank" threshold. In a statement, Bowman noted that the current resolution plan rule requires the Fed and FDIC to give banks at least a year's notice of a new deadline to submit a living will. She added that banks should have more time if the new rules are not finalized before the end of March of this year. "Because the resolution plan rule contemplates that firms would have at least 12 months to prepare and submit a resolution plan, I expect that the board would provide another extension to Category II and Category III firms if the board and FDIC do not finalize their proposed guidance before March 31, 2024, so that the firms would have 12 months from the date of any finalized guidance to submit their next resolution plan," she said.

New York State Has Turned Over a Vast Amount of Its Financial Affairs to 5-Count Felon JPMorgan Chase - By Pam and Russ Martens - There’s only one thing more dangerous than the largest bank in the United States, JPMorgan Chase, being charged with (and admitting to) five criminal felony counts by the U.S. Department of Justice since 2014 and a host of other fraud charges by federal regulators. What is more dangerous is having government officials look the other way at this recidivist history of crime at the nation’s largest bank.In May, federal banking regulators allowed JPMorgan Chase to get even bigger, despite its unprecedented crime wave, by handing it the failed First Republic Bank in a sweetheart deal.Yesterday, we learned from online documents that the Comptroller of New York State has turned over a vast amount of the financial affairs of the fourth largest state in the country to this banking house of crime. (See related articles below.)According to a New York State Comptroller website, JPMorgan Chase has 59 contracts with the state with a total current contract amount of $5.2 billion. The contracts include everything from banking services to the purchasing cards for state employees.The New York State Comptroller is Thomas DiNapoli, who has held this no-term-limit position since February 7, 2007 – a span of 17 years. DiNapoli’s job description reads as follows: “The comptroller is the chief financial officer of the state government and the head of the Department of Audit and Control. The comptroller’s responsibilities include managing the state’s pension fund, auditing the spending practices of all state agencies and local governments, reporting on state finances, and serving as the custodian of unclaimed funds.”As it turns out, JPMorgan Chase has a 7-year contract with the Comptroller’s office to serve as the custodian for the securities held in the New York State Common Retirement Fund for state workers. As of September 30, 2023, the Common Retirement Fund had a value of almost a quarter of a trillion dollars, or $246.3 billion to be exact.But the Comptroller does not want the public to know all of the granular details in its contract between JPMorgan Chase and itself. Numerous paragraphs are blacked out in the document.According to the Common Retirement Fund’s Annual Report, JPMorgan Chase – not the Comptroller or the Fund’s auditor – calculates the rate of return for the fund. That return was indicated as “negative 4.14 percent, gross of certain investment fees” for the fiscal year ending March 31, 2023.How large is this custodial business at JPMorgan Chase, which holds so many securities for other parties?On November 24, 2020, the Office of the Comptroller of the Currency (OCC), the federal regulator of national banks, fined JPMorgan Chase $250 million for “failure to maintain adequate internal controls and internal audit over its fiduciary business.” That business includes its custodial business. The OCC Consent Order related to that fine revealed the following:“The Bank maintains one of the world’s largest and most complex fiduciary businesses with total fiduciary and related assets of $29.1 trillion, including $1.3 trillion in fiduciary assets and $27.8 trillion of non-fiduciary custody assets.” To put that $29.1 trillion into the proper perspective, the Federal Deposit Insurance Corporation (FDIC) reports that as of September 30, 2023 there were 4,049 commercial banks in the U.S. The total assets of those 4,049 banks was $22.2 trillion. But, somehow, just one of those banks has attracted $27.8 trillion of assets for which it serves as custodian.

BankThink: The Fed's $4 billion gift to Silicon Valley Bank's bondholders | American Banker --On March 10, 2023, the day regulators seized Silicon Valley Bank, the $3.3 billion in bonds of its holding company, SVB Financial Group (SVBFG), traded in the low to mid 30s. When SVBFG filed its Chapter 11 a week later, SVBFG bonds traded up 30 points to the low 60s — because SVBFG reported $4 billion in holding company assets, including a $1.93 billion bank deposit after Treasury Secretary Janet Yellen waived the $250,000 limit on deposit insurance.So, the parent company bondholders look to walk away with $4 billion when the Federal Deposit Insurance Corp. projects a loss of $16.1 billion.The Federal Reserve could get that $4 billion for the FDIC. Since 1983, Regulation Y has required holding companies to serve as a "source of strength" for their banks. In 1990 the Fed used Reg Y to compel MCorp to contribute $17 million to its bank.Or at least, the Fed could try. In 2010, Section 616(d) of the Dodd-Frank Act directed the Fed and the FDIC to require holding companies to serve as a source of strength for their banks.The Fed has done nothing.The Fed claims to have closely monitored Silicon Valley Bank throughout 2022. In December of 2022, Silicon Valley Bank borrowed an unprecedented $15 billion from the Federal Home Loan Bank of San Francisco, and the Fed had to know about that because Home Loan bank loans impair collateral otherwise pledged to the Fed. In February 2023, The Fed's staff used Silicon Valley Bank in a presentation to the Fed's Board of Governors as an example of interest rate risks to banks.And the Fed knew that SVBFG had substantial assets other than its stock in the bank, including its huge deposit at the bank, because SVBFG, like all large holding companies, files stand-alone holding company financial statements on Form FR Y-9LP.Yet at no time did the Fed require SVBFG to execute an enforceable agreement to maintain the capital and liquidity of Silicon Valley Bank. This is only the latest Fed failure to enforce its own source-of strength requirement.The FDIC has been getting capital and liquidity maintenance agreements for 40 years, and in 1990 Congress made those agreements specifically enforceable against a bankrupt holding company: The agreement must be assumed by a holding company immediately in its Chapter 11 case. The agreement must involve the holding company, the regulator of its bank and the FDIC.The Fed has often obtained a "memorandum of understanding" for a holding company to serve as a source of strength. The Fed has often obtained a stipulated "cease-and-desist order" compelling compliance with an FDIC capital plan.But the Fed has been incapable of drafting a memorandum of understanding or a cease-and-desist order to meet the simple requirements for enforcement in bankruptcy.

Fight between OCC and upside-down Texas bank boils over -Few banks in the country are as upside-down today as Industry Bancshares. But that isn't stopping the Texas company from fighting one of its regulators, which is pushing for fixes after the bank became heavily exposed to rising interest rates. The spat spilled into public view on Wednesday, when the OCC released documents arguing that the bank has fallen into "troubled condition" due to its flopped pandemic-era bond investments.The bank plowed cash into ultra-safe bonds during the COVID-19 pandemic — only to realize those bonds weren't so safe after all when interest rates shot up sharply in 2022 and 2023.The fight is the latest example of regulators cracking down on banks with bond portfolios that are massively underwater. Securities that some banks purchased when rates were low have since lost substantial value, which is not a problem if the securities are held until maturity, but can become an issue if the bank needs to sell them at a loss.That predicament helped sink Silicon Valley Bank last year, and regulators have been scrutinizing other banks' exposure to underwater securities more heavily in the months following SVB's failure. Last May, the Federal Reserve brought a public enforcement action against Du Quoin State Bank in Illinois, citing severe shortcomings in its management of interest rate risks. Disagreements between banks and their regulators usually happen behind the scenes. When they do go public, it's often because of a public enforcement agreement that the bank's management signs reluctantly, laying out specific fixes that the regulator is requiring. But executives at Industry Bancshares, which runs six small banks in Texas, declined to sign the agreements that the OCC proposed. The company said in a statement to American Banker the agreements "would cause more harm than good" and were unnecessary, given that the company was already working "tirelessly to address concerns" over its financial position. "This action by the OCC is an unfortunate example of regulatory overreach," the bank said in its statement. "Under these circumstances, we believe the Company has a responsibility to its stockholders, customers, employees, and the communities we serve to vigorously defend against this regulatory overreach. We are moving forward to have this matter heard before an administrative law judge." The OCC declined to provide comment beyond what it said in the documents it published Wednesday.The company is one of the few banks — out of the country's more than 4,600 — that currently owes more than it's currently worth. It had some $4.7 billion of assets and nearly $5.1 billion of liabilities at the end of September, according to regulatory data. An American Banker analysis in March flagged the bank as one of dozens of institutions where "unrealized" bond losses would prove fatal or nearly fatal if they were forced to fully absorb the blow. Last month, the Wall Street Journal featured the company's struggles in a story with the headline "Banking Crisis Plays Out at America's Smallest Lenders."

Everything that’s Dangerous about U.S. Banks Today in One Highly Readable Book - By Pam Martens: January 17, 2024 ~ Anat Admati, Professor of Finance and Economics at Stanford Graduate School of Business, and German economist Martin Hellwig, have performed a public service to all Americans with their newly released, updated and expanded book The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It. It puts the interlocking web of corruption that is mistakenly referred to as the U.S. banking system into a pristinely documented and highly readable book.

Fannie's CEO contemplates a future after government conservatorship After more than 15 years under government control, Fannie Mae's chief executive officer is thinking about a possible future without it. The business would certainly have more commercial muscle, she says."Conservatorship was never meant to be permanent, right?" Priscilla Almodovar, who took over as Fannie's CEO in December 2022, said in an interview Thursday at Bloomberg's Washington bureau. Fannie and its sister company, Freddie Mac, have been under federal conservatorship since 2008, when the government-sponsored enterprises were bailed out by the U.S. Treasury Department in the depths of the financial crisis."Someone somewhere has not taken a victory lap for the work that has been done to rehabilitate the enterprises." Almodovar said. A JPMorgan alumna, she came to Fannie after serving as the CEO of Enterprise Community Partners, a major housing nonprofit."Should they continue to be in conservatorship? What I worry about is you do lose some commercial muscle when you are in this sort of state, right? You're not government, you're not the private sector," she said.The conservatorship of Fannie and Freddie is one of the last major pieces of outstanding business from the 2008 financial crisis. Policymakers have long debated a return of the companies to private ownership, but no firm plan has been adopted. In 2019, the mortgage giants were allowed to start retaining more of their own earnings in order to build up a capital reserve, a necessity should the firms ever leave government control. Since then, Fannie and Freddie have built reserves of $73.7 billion and $44.7 billion, respectively, as of their most recent earnings.Fannie and Freddie don't make loans. Instead, they purchase mortgages from banks and other lenders and package them into bonds. Those securities have guarantees that protect bondholders from the risk of homeowners defaulting. The process provides ample liquidity for the mortgage market, keeping the housing sector humming and borrowing rates low. The Federal Housing Finance Agency, which serves as the conservator of the companies, has not set a path for the mortgage firms to return to private hands. But it has set some prerequisites. At a May hearing, FHFA Director Sandra Thompson said that Fannie and Freddie first need to build their capital buffer high enough, roughly $300 billion between the pair. Once that's done, there will still need to be conversations with Treasury, who holds the government's stake in the companies. Congress will have a say, too, she said. That leaves Fannie and its CEO stuck for the time being. The future of conservatorship is "for the policymakers to decide," Almodovar said. Like the rest of Fannie and Freddie, Almodovar is barred from lobbying the government on the issue. "My job as professional management is to lead a company and a team that's running the company as safely and soundly under the conditions that we're operating under," she said.

Capital rule's impact on mortgage risk offsets worries industry -One driver of fears housing finance stakeholders have had about the bank capital proposal'spotential for pushing affected depositories out further out of home lending is its disregard for certain accepted forms of risk management broadly used in the mortgage industry.That theme is evident in several Basel III endgame comment-period reactions specific to first-lien single-family loans. The most commonly-cited example is private mortgage insurance, which capital rules for prominent government-related home loan agencies and current bank regs generally account for, but new rules for depositories essentially wouldn't. "This proposal fails to recognize MI," Seth Appleton, president of U.S. Mortgage Insurers.To be sure, bank regulators have a reason for not adjusting for MI in their proposal that's tied tosome failures during the financial crisis.But there is consensus among some mortgage groups submitting comment letters that treating MI like it poses the same concerns it did during the Great Recession discounts the impact of broad reforms responding to it, including stronger capital standards insurers have."The industry holds 169% of the capital required by PMIERs," Appleton said, referring to the private mortgage insurer eligibility requirements that key secondary mortgage-market players set. All MIs have kept capital levels above minimum requirements since their inception in 2015.Disregard for MI's benefit is part of a core concern a broad swath of industry and consumer advocacy groups have had with the rule related to ascending risk weights for mortgages with high loan-to-value ratios, indicating they have lower down payments crucial to affordability.Current rules include private mortgage insurance in the a category of loans that get a break on their risk weight, so the Mortgage Bankers Association is calling for a revision to proposed regulation that continues to account for MI's use.The group in its comment letter is calling on regulators to simply "give credit to mortgage insurance for those higher LTV loans by going one LTV bucket lower," said Pete Mills, the association's senior vice president of residential policy and member engagement.Use of private mortgage insurance is most common in the United States and its omission in the proposed U.S. version of global bank rules is one of the reasons there's been concern in housing finance about how they compare or interact with other industry capital regs.

2023 Was The Worst Year On Record For Existing Home Sales - Existing Home Sales fell 1.0% MoM in December, worse than the +0.3% expected, leaving sales down 3.78mm - the lowest SAAR since 2010... But, on an annual basis, this is the worst year on record (back to at least 1995).. “The latest month’s sales look to be the bottom before inevitably turning higher in the new year,” said NAR Chief Economist Lawrence Yun. “Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months.” Existing Home Sales were flat in the Northeast, lower in the MidWest and the South, and up marginally in the West (driven by single-family-home sales as condo sales declined)... Last month, the number of previously owned homes for sale dropped to 1 million, the lowest since March. At the current sales pace, selling all the properties on the market would take 3.2 months. Realtors see anything below five months of supply as indicative of a tight resale market. That lack of inventory is helping to keep prices elevated. The median selling price climbed 4.4% to $382,600 in December from a year ago, reflecting increases in all four regions. Prices hit a record of $389,800 in 2023. But, with mortgage rates having tumbled (and given the lagged responses), are sales about to start rising again? So The Fed managed to kill sales, collapse inventories, send home prices higher, destroying affordability... and now what is going to happen?

Amid Collapsed Demand for Existing Homes, Prices Drop Further, Supply Highest for any December since 2018, New Listings Come out of the Woodwork By Wolf Richter -- The median price of existing single-family houses, condos, and co-ops in the US whose sales closed in December dropped to $382,600, down by 7.5% from the peak in June 2022, according to data from the National Association of Realtors (NAR) today. This puts 2023 on record as the first year since the Housing Bust when the seasonal high in June was below the seasonal high (and all-time high) a year earlier. Given the price surge in the spring 2023, the median price was 4.4% higher than in December a year ago. In another unusual development, prices have dropped every month since June – it’s unusual because seasonally, before the pandemic, there were upticks and flat spots in October through December periods, the little hooks in the chart (circled). There were no such upticks or flat spots in 2022 and 2023, prices fell right through that October-December period (historic data via YCharts): Demand for existing homes has collapsed. The seasonally adjusted annual rate of sales of existing homes fell to 3.78 million in December, the lowest since the worst two months of the Housing Bust in 2010. For the whole year, sales fell to 4.09 million, the worst year in the NAR’s data that goes back to 1995. Sales compared to prior Decembers (historic data via YCharts):

• From 2022: -6.2%.
• From 2021: -37.9%
• From 2020: -43.2%
• From 2019: -31.6%.
• From 2018: -24.4%.

Actual sales – not the seasonally adjusted annual rate – fell to 297,000 homes, down by 42% from December 2021. Seasonally, January and February mark the low months of the year in terms of closed sales. Sales that closed in those two months reflect the lull in deals over the holidays. June is usually when closed sales peak, reflecting deals made during the end of “spring selling season” in April and May. During the second half of the year closed sales decline (data via NAR): Months’ supply, at 3.2 months, was the highest for any December since 2018 (when a surge in mortgage rates due to Fed rate hikes slowed the housing market). And it matched 2017. Months’ supply is the result of sales that collapsed while sellers were still trying to outwait this situation (historic data via YCharts). Active listings always drop sharply in November and December as sellers pull their homes off the market before the holidays. But in November 2023 they rose, and in December, they barely dipped and at 714,000, were the highest for any December since 2019. The difference between 2019 and 2023 has gotten smaller every month since May. In May 2023, active listings were 50.7% below May 2019. By December, the difference shrank to 30.9%.

Housing January 15th Weekly Update: Inventory Up 1.2% Week-over-week, Up 6.7% Year-over-year - Altos reports that active single-family inventory was up 1.2% week-over-week. It is not unusually to get a small increase after the holidays (it happened in 4 of the last 10 years), however inventory will likely decrease a little seasonally until the Spring. This inventory graph is courtesy of Altos Research. As of January 12th, inventory was at 505 thousand (7-day average), compared to 499 thousand the prior week. Inventory is still far below pre-pandemic levels.The second graph shows the seasonal pattern for active single-family inventory since 2015.The red line is for 2024. The black line is for 2019. Note that inventory is up from the record low for the same week in 2022, but still well below normal levels.Inventory was up 6.7% compared to the same week in 2023 (last week it was up 5.7%), and down 38.0% compared to the same week in 2019 (last week down 39.0%). Back in June 2023, inventory was down almost 54% compared to 2019, so the gap to more normal inventory levels is closing. Mike Simonsen discusses this data regularly on Youtube.

Realtor.com Reports Active Inventory UP 7.9% YoY; New Listings up 7.0% YoY -Realtor.com has monthly and weekly data on the existing home market. Here is their weekly report: Weekly Housing Trends View — Data Week Ending January 13, 2024 • Active inventory increased, with for-sale homes 7.9% above year ago levels. Active listings in the past week grew by 7.9% above the previous year, the 10th straight week of annual growth. Active inventory picked up slightly compared to the previous week, diverging from the typical seasonal pattern which would suggest falling inventory until the spring market picks up in March. Should the uptick in new listings persist, inventory levels could continue to improve as hesitant buyers and sellers make their move ahead of the flurry of activity in the spring. New listings–a measure of sellers putting homes up for sale–were up this week, by 7.0% from one year ago.After an extended period of less listing activity from sellers due to the mortgage rate lock-in effect, newly listed homes have risen above last year’s levels for the 12th week in a row. This past week, the number of newly listed homes was 7.0% higher than the same time last year. However, the pace of new listings is still expected to be below typical pre-pandemic levels. In this past week, the new listing count was still 21.3% below similar weeks in 2017 to 2020.Here is a graph of the year-over-year change in inventory according to realtor.com. Inventory was up year-over-year for the 10th consecutive week following 20 consecutive weeks with a YoY decrease in inventory. Inventory is still historically very low.New listings really collapsed a year ago, so the YoY comparison for new listings is easier now - although new listings remain well below "typical pre-pandemic levels", new listings are now up YoY for the 12th consecutive week.

Housing Starts Decreased to 1.460 million Annual Rate in December -- From the Census Bureau: Permits, Starts and Completions - Privately‐owned housing starts in December were at a seasonally adjusted annual rate of 1,460,000. This is 4.3 percent below the revised November estimate of 1,525,000, but is 7.6 percent above the December 2022 rate of 1,357,000. Single‐family housing starts in December were at a rate of 1,027,000; this is 8.6 percent below the revised November figure of 1,124,000. The December rate for units in buildings with five units or more was 417,000.An estimated 1,413,100 housing units were started in 2023. This is 9.0 percent below the 2022 figure of 1,552,600. :Privately‐owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1,495,000. This is 1.9 percent above the revised November rate of 1,467,000 and is 6.1 percent above the December 2022 rate of 1,409,000. Single‐family authorizations in December were at a rate of 994,000; this is 1.7 percent above the revised November figure of 977,000. Authorizations of units in buildings with five units or more were at a rate of 449,000 in December.An estimated 1,469,800 housing units were authorized by building permits in 2023. This is 11.7 percent below the 2022 figure of 1,665,100.The first graph shows single and multi-family housing starts since 2000.Multi-family starts (blue, 2+ units) increased in December compared to November. Multi-family starts were down 7.9% year-over-year in December.Single-family starts (red) decreased in December and were up 15.8% year-over-year.The second graph shows single and multi-family housing starts since 1968. This shows the huge collapse following the housing bubble, and then the eventual recovery - and the recent collapse and recovery in single-family starts.Total housing starts in December were above expectations, however, starts in October and November were revised down, combined.

Single Family Starts Up Year-over-year in December; Near Record Number of Multi-Family Housing Units Under Construction - From the Census Bureau: Permits, Starts and Completions Privately‐owned housing starts in December were at a seasonally adjusted annual rate of 1,460,000. This is 4.3 percent below the revised November estimate of 1,525,000, but is 7.6 percent above the December 2022 rate of 1,357,000. Single‐family housing starts in December were at a rate of 1,027,000; this is 8.6 percent below the revised November figure of 1,124,000. The December rate for units in buildings with five units or more was 417,000.An estimated 1,413,100 housing units were started in 2023. This is 9.0 percent below the 2022 figure of 1,552,600.Privately‐owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1,495,000. This is 1.9 percent above the revised November rate of 1,467,000 and is 6.1 percent above the December 2022 rate of 1,409,000. Single‐family authorizations in December were at a rate of 994,000; this is 1.7 percent above the revised November figure of 977,000. Authorizations of units in buildings with five units or more were at a rate of 449,000 in December.An estimated 1,469,800 housing units were authorized by building permits in 2023. This is 11.7 percent below the 2022 figure of 1,665,100. The first graph shows single and multi-family housing starts since 2000 (including housing bubble).Multi-family starts (blue, 2+ units) increased in December compared to November. Multi-family starts were down 7.9% year-over-year in December. Single-family starts (red) decreased in December and were up 15.8% year-over-year.Note that the weakness in 2022 and early 2023 had been in single family starts (red), however the weakness has moved to multi-family now while single family has bounced back from the bottom.The second graph shows single and multi-family starts since 1968. This shows the huge collapse following the housing bubble, and then the eventual recovery - and the recent collapse and now recovery in single-family starts.Total housing starts in December were above expectations, however, starts in October and November were revised down, combined.The third graph shows the month-to-month comparison for total starts between 2022 (blue) and 2023 (red).Total starts were up 7.6% in December compared to December 2022. And starts in 2023 were down 9.0% compared to 2022.Starts were down year-over-year for 16 of the last 20 months, although starts were up year-over-year in 4 of the last 8 months. The year-over-year comparisons will be easier in 2024. Near Record Number of Multi-Family Housing Units Under Construction: The fourth graph shows housing starts under construction, Seasonally Adjusted (SA).

Residential Construction in 2023: Multifamily Starts Fall from 38-Year High, Single-Family Fall for 2nd Year, Both Still Higher than pre-Covid - By Wolf Richter - Construction starts of single-family houses and units in multifamily buildings (condos and apartments), fell by 9% in 2023, to 1.41 million housing units, the second year in a row of declines, from the 15-year high in 2021 (1.6 million housing units), according to Census data today. Compared to the 15-year high in 2021, construction starts fell by 11.7%. But construction starts in 2023 were still the third-highest since 2006, after the recent records in 2021 and 2022, and were up by 10% to 50% from the range between 2013 and 2019. As we’ll see in a moment, the blistering boom-and-bust cycles of overall residential construction are composed of epic multifamily and single-family booms-and-busts that occurred at different times. Construction starts of single-family houses fell by 6.0% in 2023 from 2022, and by 16.2% from the 15-year high in 2021, to 944,500 starts, after a decade of increases that followed the Housing Bust which nearly destroyed the homebuilder industry. Mortgage rates started rising in late 2021 and surged in 2022 and 2023, and the entire math changed. Homebuilders responded by building smaller homes at lower price points, buying down mortgage rates, and throwing other incentives at potential buyers, and this has kept their volume at still fairly high levels: Construction starts of units in multifamily projects, such as condo and apartment buildings, fell by 14.4% in 2023 to 468,600 units. But 2022 had been the biggest year since 1986. Still, multifamily construction starts were up by 17% from the range between 2015 and 2020, and up by 74% from the range in the decade before the Financial Crisis. They were the third highest since 1986, behind 2022 and 2021. But they were way below the crazy boom of the early 1970s that turned into an epic bust. Multifamily projects tend to be big and have long lead times. Projects where construction started in the recent peak year 2022 were in the planning stages years earlier. It took till 2023 for the decline in multifamily starts to show, a year after single-family starts began to decline. Still, both were higher in 2023 than in the years before the pandemic. In many densely populated cities and urban cores, such as in Manhattan, San Francisco, Boston, and other cities, multifamily is just about the only type of housing that is getting built. Most of the condos and apartments getting built are higher end. With these higher-end apartments, builders are targeting “renters of choice,” as the industry calls them, because that’s where the money is in expensive cities, which is part of the housing problem. Single-family construction takes place further away from urban cores. This includes the hottest trend in housing construction: “build to rent” developments designed specifically as rentals mostly for “renters of choice,” and built either by large landlords or by builders that then fill the developments with tenants and sell the income-producing project to large landlords, pension funds, and other funds. Starts of 2-4-unit multifamily projects are included in the overall multifamily starts. The numbers account for only 2.8% of multifamily starts. But they’re interesting because they testify to a shift in multifamily construction toward bigger projects. They used to be a much bigger deal but have fallen out of favor in the 1990s, and then brutally after the Housing Bust, collapsing by 80% to 90% from the peaks in the early 1970s through the early 1980s. In 2023, starts dropped by 20% from 2022, to 13,100 units, down by 90% from the spike in 1972. But starts in 2022 of 16,400 had been a 15-year record amid speculation that this category would take off again. Single-family construction dominates. Despite two years of declines in a row, single-family starts accounted for 67% of total residential construction starts in 2023. Multifamily accounted for 33%. The chart shows the booms and busts in each segment, single-family in red and multifamily in blue.

Hotels: Occupancy Rate Decreased 0.7% Year-over-year --From STR: U.S. hotel results for week ending 6 January -U.S. hotel performance decreased from the previous week, while year-over-year comparisons improved, according to CoStar’s latest data through 6 January. ... 31 December 2023 through 6 January 2024 (percentage change from comparable week in 2023):

• • Occupancy: 46.8% (-0.7%)
• • Average daily rate (ADR): US$152.17 (+7.2%)
• • Revenue per available room (RevPAR): US$71.28 (+6.4%)

The following graph shows the seasonal pattern for the hotel occupancy rate using the four-week average. The red line is for 2024, black is 2020, blue is the median, and dashed light blue is for 2023. Dashed purple is for 2018, the record year for hotel occupancy. The 4-week average of the occupancy rate is tracking close to last year, and above the median rate for the period 2000 through 2022 (Blue).

Office CRE Gets Even Messier: Aftermath of “The War for Space” - by Wolf Richter - Availability rates in the office sector – office space that is on the market for lease either by the landlord directly or by a tenant as a sublease – keeps getting worse in nearly every major office market. To set the mood, here is a chart that shows the availability rates in 12 large office markets. Data by Savills. Red shows the availability rates for Q4 2023; gray for Q1 2021, and blue for Q1 2019, which were the Good Times. San Francisco, after having been the hottest office market in 2019 with an availability rate of 7.9% amid constant hype about the “office shortage,” has become the worst office market with a record catastrophic availability rate of 36.7% in Q4 2023. The deterioration in Q4 came despite two major lease signings by, you guessed it, OpenAI for 486,600 sf, and AI startup Anthropic for 230,325 sf. But the AI hype is just not enough? Major companies have put vast amounts of office space on the market as sublease, including Salesforce, Meta, Microsoft, Twitter, Amazon, etc. Charles Schwab has been shrinking its way out of the City for many years, and in 2019 finally moved its headquarters to Texas, and it continues to shrink its footprint. Houston had been the worst office market since the Great American Oil Bust that started in late 2014. Within a few years, availability rates were over 30%, while San Francisco’s were in the single digits. But it has recently been benefiting from the renewed oil and gas boom, and from the export boom of petroleum products and LNG. The US has become the largest producer of crude oil and natural gas in the world, and in 2023 became the largest exporter of LNG in the world; and it has the largest petrochemical industry in the world. Much of the oil and gas industry is headquartered in Houston, and so Houston was the only one of the 12 office markets that has improved since Q1 2021. But Houston’s market is still in terrible shape, with an availability rate of 28.7%, one of the worst in the country, but less bad than San Francisco and Atlanta.

LA Port Inbound Traffic Increased Year-over-year in December -Container traffic gives us an idea about the volume of goods being exported and imported - and usually some hints about the trade report since LA area ports handle about 40% of the nation's container port traffic.The following graphs are for inbound and outbound traffic at the ports of Los Angeles and Long Beach in TEUs (TEUs: 20-foot equivalent units or 20-foot-long cargo container). To remove the strong seasonal component for inbound traffic, the first graph shows the rolling 12-month average. On a rolling 12-month basis, inbound traffic increased 1.3% in December compared to the rolling 12 months ending in November. Outbound traffic increased 0.5% compared to the rolling 12 months ending the previous month. The 2nd graph is the monthly data (with a strong seasonal pattern for imports).Usually imports peak in the July to October period as retailers import goods for the Christmas holiday, and then decline sharply and bottom in February or March depending on the timing of the Chinese New Year. Imports were up 18% YoY in December, and exports were up 6% YoY. In general, it appears port traffic is returning to the pre-pandemic patterns.

Annual Light Vehicle Sales Increase 12% in 2023; Heavy Trucks Sales up 6% YoY - Earlier the BEA released their estimate of light vehicle sales for December. The BEA estimates sales of 15.83 million SAAR in December 2023 (Seasonally Adjusted Annual Rate), up 3.3% from the November sales rate, and up 16.8% from December 2022. The first graph shows annual sales since 1976. Sales in 2020 were impacted by the pandemic, and then sales rebounded slightly in 2021. However, sales in 2022 were impacted significantly by supply chain disruptions. In 2023, the supply issues subsided, and sales increased even with much higher lending rates. This suggests vehicle sales might increase further in 2024 as rates decline. The second graph shows heavy truck sales since 1967 using data from the BEA. The dashed line is the December 2023 seasonally adjusted annual sales rate (SAAR). Heavy truck sales really collapsed during the great recession, falling to a low of 180 thousand SAAR in May 2009. Then heavy truck sales increased to a new all-time high of 570 thousand SAAR in April 2019. Note: "Heavy trucks - trucks more than 14,000 pounds gross vehicle weight." Heavy truck sales declined sharply at the beginning of the pandemic, falling to a low of 308 thousand SAAR in May 2020. Heavy truck sales were at 450 thousand SAAR in December, down from 478 thousand in November. On annual basis, sales in 2023 were at 506 thousand, up 6.4% from 476 thousand in 2022. Usually, heavy truck sales decline sharply prior to a recession. Sales were decent in December.

Law-Abiding Americans Reject Biden's Border Invasion & Imploding Cities By Buying More Guns - New data shows that 2023 firearm purchases among law-abiding Americans remain elevated. This comes as the Biden administration floods the nation with millions of illegals on the southern border, and Democrats controlling major metro areas have sparked a violent crime crisis in recent years due to failed social justice reforms. Americans know the country is in big trouble. The government is allowing an invasion of the southern border, and Democrat-run metro areas resemble scenes from the violent video game 'Grand Theft Auto.' Folks are waking up that stripped-down police forces (remember, Democrats pushed 'defund the police') aren't going to rescue them in a time of need, and they must rely on what the Founding Fathers granted them: Second Amendment. That's why new data from the National Shooting Sports Foundation shows nearly 16 million gun sales in 2023, with December alone seeing upwards of 1.7 million. "Further, 2023 continued a 53-month-long running trend of consumers purchasing over a million firearms per month," website Gun.com wrote. Mark Oliva, NSSF's director of public affairs, had this to say about elevated gun buying: "Americans showed they want their Second Amendment rights by the millions – once again. "These are solid figures that reflect the mood of Americans and the desire to exercise Second Amendment rights. These figures are a reminder of the importance law-abiding citizens place on their personal safety and freedoms, even as the Biden-Harris administration is using a 'whole-of-government' approach to chill and ultimately eliminate those rights." Meanwhile, the FBI's National Instant Criminal Background Check System ended the year with 29,854,186 checks, which surpassed 2022's figure of 28,904,713.

When DEI Becomes DIE: FAA Now Hiring People With "Severe Intellectual And Psychiatric Disability" - Americans were stunned on Sunday afternoon after Fox News reported the Federal Aviation Administration, overseen by Mayor Secretary Pete Buttigieg's Transporation Department, rolled out a new "Diversity and Inclusion" program to hire people with "severe intellectual disability" and "psychiatric disability" (among various other disabilities), just days after the latest mid-air near-disaster involving a Boeing 737 Max heightened the public's attention to the potentially deadly impact of woke Diversity, Equity, and Inclusion policies in the skies."Targeted disabilities are those disabilities that the Federal government, as a matter of policy, has identified for special emphasis in recruitment and hiring," the FAA's website read."They include hearing, vision, missing extremities, partial paralysis, complete paralysis, epilepsy, severe intellectual disability, psychiatric disability, and dwarfism."The FAA's "diversity, equity, and inclusion" (DEI) hiring plan claims that "diversity is integral to achieving FAA's mission of ensuring safe and efficient travel across our nation and beyond." This development comes after a Boeing 737 Max 9 jetliner's door ripped off the plane while flying over Portland earlier this month. X users have said Boeing prioritizes DEI initiatives, which could jeopardize safety. "Do you want to fly in an airplane where they prioritized DEI hiring over your safety?" Elon Musk wrote on X last week. "That is actually happening."

Unemployment Claims Decrease to 187,000 - The DOL reported:In the week ending January 13, the advance figure for seasonally adjusted initial claims was 187,000, a decrease of 16,000 from the previous week's revised level. This is the lowest level for initial claims since September 24, 2022 when it was 182,000. The previous week's level was revised up by 1,000 from 202,000 to 203,000. The 4-week moving average was 203,250, a decrease of 4,750 from the previous week's revised average. The previous week's average was revised up by 250 from 207,750 to 208,000. The following graph shows the 4-week moving average of weekly claims since 1971. The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims decreased to 203,250.The previous week was revised up.Weekly claims were below the consensus forecast.

Appeals Court Rules The Homeless Have A Right To Camp On Sidewalks - The 9th circuit court of appeals affirmed the constitutional right of vagrants to sleep on sidewalks, in parks, and even on the steps of court houses.Please consider the Coalition on Homeless v. the City of San Francisco, San Francisco Police Department filed January 11. 2024.In the ruling, the court sided with the Coalition on Homeless and against the city to “prevent the City and County of San Francisco from enforcing any ordinance that punishes sleeping, lodging, or camping on public property“. The ruling was based on an extreme interpretation of the 8th Amendment to the Constitution. The 8th amendment says “Excessive bail shall not be required, nor excessive fines imposed, nor cruel and unusual punishments inflicted.”In a 53-page ruling, the Appeals Court ruled that it is “cruel and unusual punishment” to prevent camping on sidewalks or any public property, presumably even courthouse steps.The last 36 pages of the ruling (first link) was a blistering dissent by circuit judge Patrick J. Bumatay. Here are some pertinent snips.Today, we let stand an injunction permitting homeless persons to sleep anywhere, anytime in public in the City of San Francisco unless adequate shelter is provided. The district court’s sweeping injunction represents yet another expansion of our court’s cruel and unusual Eighth Amendment jurisprudence. Our decision is cruel because it leaves the citizens of San Francisco powerless to enforce their own health and safety laws without the permission of a federal judge. And it’s unusual because no other court in the country has interpreted the Constitution in this way.Based on a misreading of the Eighth Amendment’s Cruel and Unusual Punishments Clause, the district court now dictates to San Francisco how it may manage its sidewalks, streets, and parks. The result of the district court’s far reaching injunction is that homeless persons now have a choice to sleep, lie, or sit anywhere they want in public at any time until San Francisco can provide them shelter. That ruling is far removed from the original meaning of the Cruel and Unusual Punishments Clause and disregards the long history of anti-vagrancy laws in this country. And the district court goes beyond even our circuit’s extraordinary reading of the Clause.

Child migrants drowned in the Rio Grande after Texas blocked Border Patrol from the area, congressman says Three migrants, including two children, died in Texas on Saturday after state authorities blocked Border Patrol from accessing the area. A woman and two children drowned in the Rio Grande, near Shelby Park in Eagle Pass, Democratic Rep. Henry Cuellar said in a post on X, formerly Twitter. Cuellar said that Border Patrol had been informed of six migrants in distress as they were trying to cross the Rio Grande on Friday. But its attempts to phone the Texas Military Department (TMD), the Texas National Guard, and the Texas Department of Public Safety about the situation were fruitless, he added. After making "physical contact" with the Texas Military Department and the Texas National Guard at an entrance gate at Shelby Park, "Texas Military Department soldiers stated they would not grant access to the migrants – even in the event of an emergency – and that they would send a soldier to investigate the situation." The TMD confirmed to Texas Public Radio that it had been contacted about a "migrant distress situation" at 9 p.m. on Friday. "TMD had a unit in the vicinity of the boat ramp and actively searched the river with lights and night vision goggles. No migrants were observed," it said in a statement, adding that it later "observed a group of Mexican authorities responding to an incident on the Mexico side of the river bank" and reported this to Border Patrol. "They confirmed that the Mexican authorities required no additional assistance. At that time, TMD ceased search operations," it continued. Cuellar said that the bodies of three migrants were subsequently found on Saturday morning by Mexican authorities. "Mexican sources say that the three migrants recovered today were a family. The female adult was identified as the mother of both children, an 8-year-old girl and a 10-year-old boy," Cuellar added in another post. In a statement to Business Insider, the US Department of Homeland Security (DHS) confirmed the news: "Tragically, a woman and two children drowned in the Shelby Park area of Eagle Pass, which was commandeered by the State of Texas earlier this week. In responding to a distress call from the Mexican government, Border Patrol agents were physically barred by Texas officials from entering the area," the DHS said. The tragedy comes a day after it was alleged that Texas National Guard soldiers had been blocking US Border Patrol agents from accessing parts of the US-Mexico border. The Justice Department said in a court filing on Friday that the Texas National Guard had erected new razor-wire barriers and fencing along a stretch of the border in Eagle Pass. "That fencing further restricts Border Patrol's ability to reach the river in particular areas," the Justice Department said in the filing, as it blocks access to a boat ramp that agents use to get to the Rio Grande. Under Texas Gov. Greg Abbott, the state has pushed its own border controls, which the federal government normally handles, Reuters reported. "The Texas governor's policies are cruel, dangerous, and inhumane, and Texas's blatant disregard for federal authority over immigration poses grave risks. The State of Texas should stop interfering with the U.S. Border Patrol's enforcement of U.S. law," the DHS said. The US Customs and Border Protection said it remained "gravely concerned by actions that prevent the U.S. Border Patrol from performing their essential missions of arresting individuals who enter the United States unlawfully and providing humanitarian response to individuals in need." The Texas National Guard and the Texas Military Department did not immediately respond to requests for comment from Business Insider.

Mississippi lacks resources, says no to a federally funded child food program - Some morning economics in the states trying to rein in costs. Mississippi Governor Tate Reeves takes on a cut back on food for kids by not accepting a fully funded program. Tate looks like he could spare a few pounds. . . Republican Governor Tate Reeves is declining to participate in the federal program giving electronic benefit transfer (EBT) cards to low-income families to supplement food costs for children when academic classes are out of session. And why would he do such? Mississippi quits child food program amid Republican ‘welfare state’ attack, The Guardian, Gloria Oladipo. The governor there announced his decision, characterizing the decision as a way to reject “attempts to expand the welfare state.” Eligible families would have received $40 a month, or a total of $120 to account for the break between school terms.Not satisfied with the governor’s words, the Mississippi’s welfare agency undercut Reeves’s reasoning, saying the state does not have the capacity to administer the program.According to spokesperson of the state human services (wow there is a misnomer) Mark Jones;“Both [the Mississippi department of education] and [its department of human services] lack the resources, including workforce capacity and funding, to support a summer EBT program.”In other words, if the state gave us capacity to do the program, we could do it. Reeves gets caught up in his reasoning by the looks of this. Mississippi Governor Tate Reeves is one of 15 Republican governors rejecting the federally funded food program meant to help feed children during the summer.Reeves’s latest comments ignited fierce backlash.Nikole Hannah-Jones, a scholar and creator of the 1619 Project, criticized Reeves’s decision as “cruelty”.“The cruelty of being the poorest state in America and choosing – choosing – to turn down federal aid for poor children to eat,” Hannah-Jones said in a post on X, formerly known as Twitter.Keith Boykin, author and co-founder of the National Black Justice Coalition, said funds earmarked for welfare in Mississippi have previously gone to superfluous objectives, including the construction of a sports stadium.“Mississippi gave millions of dollars of welfare funds to former NFL quarterback Brett Favre to build a volleyball facility for his daughter’s school, but they won’t take federal funds to feed hungry children. Because helping poor kids is the kind of welfare that Republicans hate,” Boykin said on X.

Supreme Court won’t review school transgender bathroom policies - The Supreme Court let stand a lower court ruling allowing transgender students in Indiana to access school restrooms and locker rooms consistent with their gender identity Tuesday.The justices in a brief order denied a request from a central Indiana school district to hear the case, which centers around a now-teenage transgender boy, identified in court documents as A.C., who was barred from using the boys restrooms at his former middle school.The refusal to take up the case, which had no noted dissents, leaves unresolved a split among the nation’s federal appeals courts as to whether school districts are barred from enacting policies prohibiting transgender students from using bathrooms that align with their gender identity.Transgender students have filed lawsuits across the country challenging their districts’ policies, contending they violate the 14th Amendment’s Equal Protection Clause and Title IX, the federal civil rights law prohibiting sex-based discrimination.But the Supreme Court has shown a reluctance to wade into issues implicating transgender protections. In 2021, the court similarly declined to weigh in on a transgender bathroom dispute. The justices last year declined to intervene to enforce West Virginia’s transgender athlete ban. And in June, the high court declined to disturb a ruling favoring a transgender woman who contested she was unlawfully deprived of her hormone treatment in jail.Backed by 19 Republican state attorneys general as well as conservative and religious advocacy groups, the Metropolitan School District of Martinsville had hoped to use its case to convince the conservative-majority court that the time had come to step in.“Not surprisingly in a diverse and divided nation, local jurisdictions have resolved this question differently,” wrote Paul Clement, a conservative legal heavyweight who represents the school district and has argued more than 100 cases before the Supreme Court.“And not surprisingly in a litigious society, these disputes have made their way to federal courts. The federal courts have proven as divided as local school boards,” Clement told the justices.In a 2021 lawsuit filed on behalf of A.C. and his parents by the American Civil Liberties Union (ACLU) of Indiana, attorneys for the family argued that A.C., while a student at John R. Wooden Middle School, was “caused irreparable harm” after he was denied access to the boys restrooms and locker rooms.School staff routinely referred to A.C. using female pronouns despite protest from his mother and stepfather, according to court documents, and a request for A.C. to join the boys soccer team was denied at least twice.A federal judge in April 2022 granted A.C’s request for a preliminary injunction.“The overwhelming majority of federal courts — including the Court of Appeals for the Seventh Circuit — have recently examined transgender education-discrimination claims under Title IX and concluded that preventing a transgender student from using a school restroom consistent with the student’s gender identity violates Title IX,” District Judge Tanya Walton Pratt wrote.On appeal, A.C.’s case was consolidated with another challenge involving two transgender boys — identified in court documents as B.E. and S.E. — who similarly sued their Indiana school district after they were denied access to boys restrooms.Each of the three boys has legally changed his name and amended his birth certificate to identify him as a boy.In its August decision, a three-judge panel for the 7th U.S. Circuit Court of Appeals wrote that because the plaintiffs “appear to be boys in the eyes of the State of Indiana … then it would be contrary to Indiana law for the school districts to treat A.C., B.E., and S.E. as though they are not boys and to require them to use the girls’ bathrooms and locker rooms.”The boys are likely to succeed on their claims of sex discrimination, the panel wrote, but added that the Supreme Court is likely to intervene.“Litigation over transgender rights is occurring all over the country, and we assume that at some point the Supreme Court will step in with more guidance than it has furnished so far,” the panel wrote at the time.But A.C., represented by his mother because he is a minor, contended that the Supreme Court had no jurisdiction to hear the appeal. A.C. has graduated from middle school, making the lower ruling at issue moot, he argued.

Chicago Public Schools: Hundreds Of New Sexual Abuse Allegations Should Get All The Attention -- A glance at the news coverage of the recent Inspector General report on financial and sexual misconduct at Chicago Public Schools shows it’s the fiscal mismanagement that’s getting all the attention. The media is highlighting more than $23 million in missing laptops among other material fraud. But it’s the more urgent issue of sexual abuse in CPS that should dominate the headlines. The IG reported a total of 446 sexual allegations made in 2023, ranging from misconduct and sexual harassment to nonsexual conduct that raises “the appearance of impropriety or possible grooming concerns.” That’s similar to 2022’s 470 allegations. The IG also substantiated eight cases of adult-on-student sexual abuse.Instances of abuse continue despite the Chicago Tribune’s exposure in 2018 of the school district’s sexual abuse crisis, when the newspaper found police had investigated more than 520 cases of juvenile sexual assault and abuse in Chicago’s public schools from 2008 to 2017.Some things have improved since the publication, like the passage of Faith’s Law and the creation of the OIG’s Sexual Allegations Unit, but until CPS is subject to massive outside scrutiny and public outcry – much like the Catholic Church rightfully received for its own abuse scandals – count on cases of abuse to continue.The problem at CPS is a lack of control and oversight, something the OIG office openly admits: “Among cases closed by the agency’s general investigations unit from July 2022 through June 2023, Inspector General Will Fletcher said there’s a consistent theme: ‘Where you find vulnerabilities in management controls (and) exercising oversight — you will find fraud.’”Those same vulnerabilities allow for continued instances of sexual abuse. What’s worse, sexual abuse is harder to detect than stolen laptops or missing funds. There’s nothing “missing” for a manager to notice. The prevalence of texting and video also makes abuse easier to perpetrate and harder to detect.There are also likely many cases that go unreported and undiscovered due to shame or fear of retribution. That was certainly the case for the Catholic Church, which saw most accusations take years or decades to emerge.And then there’s the CTU and its collective bargaining agreement. Their “myriad” and “tedious” rules are more about protecting the union and its members than they are about protecting children.In sum, the deck is already stacked against parents and their children when it comes to abuse. The system’s continued mismanagement only makes things worse.

Schools intensify their climate change efforts as temperatures rise - Last year was the hottest on record, according to data released this week, and U.S. schools are ramping up their fight against climate change after President Biden announced a $1 billion investment into electric school buses. Schools are slowly transitioning towards greener paths of energy consumption, an important step as K-12 public schools in the U.S. consume 8 percent of the energy used by commercial buildings, according to the Sierra Club. “When you think about our emissions from society as a whole, our schools are also responsible for a part of that carbon pollution because they have a lot of needs to be able to serve children and students more broadly,” said Laura Schifter, fellow with the Aspen Institute and director of This is Planet Ed. “And so actually thinking about the opportunity to reduce our carbon pollution within schools is very much necessary. It’s something that our schools need to be doing,” Schifter added. The Biden administration announced this week it is investing $1 billion so 67 schools and districts could replace their school bus fleet with low-emission and zero-emission buses. The president’s initiative on electric school buses has totaled $1.84 billion so far, with the Environmental Protection Agency saying 5,000 low- or zero-emission buses have been funded. “Every school day, 25 million children ride our nation’s largest form of mass transit: the school bus. The vast majority of those buses run on diesel, exposing students, teachers, and bus drivers to toxic air pollution,” Vice President Harris said in a statement announcing the latest $1 billion in funding. “As part of our work to tackle the climate crisis, the historic funding we are announcing today is an investment in our children, their health, and their education. It also strengthens our economy by investing in American manufacturing and America’s workforce,” she added. The buses, however, are just one part of a bigger picture on how schools have been working to make their operations more environmentally friendly. Schifter had previously pointed out there are 100,000 K-12 public schools in the U.S. that sit on 2 million acres of land, operate 480,000 buses and produce 53,000 tons of food waste, meaning they have ample opportunities to help bring about a greener future. One of the biggest ways schools have changed their operations is by reevaluating what type of energy they are using to run their buildings. Solar power in schools has become increasingly popular, going up 81 percent from 2014 to 2019, according to Generation 180, a nonprofit that advocates for clean energy. However, that still means only 5.1 percent of K-12 schools are using solar energy. Schifter highlighted a school in Batesville, Ark., that has found that switching to better energy sources will help reduce their costs in the long run, freeing up more money to put toward staff salaries. “They had an opportunity to build a solar array with an agreement that they wouldn’t have to pay the cost of installing the solar array, and then they’d enter into a contract that would enable them to have a lot of money saved up through their energy use over time,” she said. “And what they’ve been able to do is actually use the savings from the solar to go in and increase teacher pay so really thinking creatively about this.”

Uvalde parents brace for federal review of failures in police response - — Justice Department leaders held an emotional private meeting Wednesday night with the families of victims of the Robb Elementary School shooting in Uvalde, Tex., preparing them for a mammoth, long-awaited report to be released Thursday that is expected to recount major failures in the police response to the crisis. Sign up for Fact Checker, our weekly review of what's true, false or in-between in politics. Attorney General Merrick Garland and other Justice Department officials traveled to Texas to meet with the parents of those killed and survivors of the May, 24, 2022, massacre that left 19 students and two teachers dead in one of the worst school shootings in U.S. history. Former Uvalde mayor Don McLaughlin had requested the review after state officials provided contradictory accounts about what happened in the 77 minutes in which police failed to stop an 18-year-old gunman from firing an AR-15 style rifle inside two fourth-grade classrooms. A group of six officers, including members of a U.S. Border Patrol tactical team, eventually breached a classroom door and killed the shooter. Oscar Orona, whose then-10-year-old son was shot inside one of the targeted classrooms, said federal officials took the families through the process of how they conducted their review, whom they spoke to and what they did to pull the more than 500-page report together. But they did not deliver specifics about their top findings or conclusions drawn from the scores of interviews and hours of evidence analysis, he said. Nevertheless, Orona said he was encouraged that the report would be substantive after he directed a question to the report authors: “Was this, in your estimation, the failure that we’ve all seen?” Each one said yes, he said. “I think the report will validate what we knew all this time, that is was an abysmal failure,” Orona said. “But now the world will know, too.” The families will be able to pick up their copies of the report on Thursday. Though they did not walk away with specific findings, the relatives who attended Wednesday’s discussion said it was more information than they have received from state and city officials about the day their children and teachers were killed.

DOJ report finds 'cascading failures' and 'no urgency' during Uvalde shooting — Police officials who responded to the deadly Uvalde, Texas, elementary school shooting waited far too long to confront the gunman, acted with “no urgency” in establishing a command post and repeatedly communicated inaccurate information to grieving families, according to a Justice Department report released Thursday that identifies “cascading failures” in law enforcement's handling of the massacre. The Justice Department report, the most comprehensive federal accounting of the maligned police response to the May 24, 2022, shooting at Robb Elementary School, catalogs a sweeping array of training, communication, leadership and technology problems that federal officials say contributed to the crisis lasting far longer than necessary. All the while, the report says, terrified students inside the classrooms called 911 and agonized parents begged officers to go in. “I told the families gathered last night what I hope is clear among the hundreds of pages and thousands of details in this report: Their loved ones deserved better,” Attorney General Merrick Garland said at a news conference in Uvalde on Thursday after briefing family members on the Justice Department's findings. Even for a mass shooting that has already been the subject of intense scrutiny and in-depth examinations — an earlier report by Texas lawmakers, for instance, faulted law enforcement at every level with failing “to prioritize saving innocent lives over their own safety" — the nearly 600-page Justice Department report adds to the public understanding of how police failed to stop an attack that killed 19 children and two staff members. The report underscores how police made a costly error in assuming that the shooter was barricaded, or otherwise contained or dead, even as he continued to fire shots. That mistaken “mindset permeated throughout much of the incident response" as police, rather than rushing inside the classrooms to end the carnage, waited nearly an hour to confront the gunman in what the report called a costly “lack of urgency.” The gunman, Salvador Ramos, was killed roughly 77 minutes after police arrived on the scene, when a tactical team led by the Border Patrol eventually went into the classroom to take him down. “An active shooter with access to victims should never be considered and treated as a barricaded subject,” the report says, with the word “never” emphasized in italics. In other errors, the report says, police acted with “no urgency” in establishing a command center at the scene, creating confusion among police about who was in charge. Officials also hindered the response, with the then-school district police chief, Pete Arredondo, discarding his radios on arrival because he deemed them unnecessary.

Study: Infection-control measures stemmed COVID spread in hospitals from 2020 to 2022 --Implementation of ventilation standards of at least five clean-air changes per hour, COVID-19 testing, the use of personal protective equipment (PPE), and universal wearing of respirators prevented most SARS-CoV-2 transmissions in a California healthcare system from 2020 to 2022, suggests a studypublished yesterday in Clinical Infectious Diseases. For the study, University of California (UC) researchers used electronic health records and movement data of patients and staff to conduct viral genomic and social network analyses to estimate COVID-19 spread in the UC–San Diego Health system. The team analyzed 12,933 viral genomes from 35,666 infected patients and healthcare workers (HCWs) (out of 1,303,622 tests [2.7%]) from November 2020 to January 2022. HCWs were required to wear N95 respirators, eye protection, gowns, and gloves while directly caring for COVID-19 patients and were asked to don KN95 or N95 respirators in all hospital areas, including non–patient-care areas. All unvaccinated HCWs underwent COVID-19 testing twice weekly, and vaccinated HCWs were tested weekly during periods of increased community transmission. Each HCW completed a daily COVID-19 symptom survey and were referred for testing if they reported a positive symptom or exposure. Patients were tested at admission and on day 3 of hospitalization and were asked to mask while within 6 feet of another person, but the authors noted inconsistent compliance. Owing to a limited number of negative-pressure rooms, COVID-19 patients were not always placed in these rooms, and patients room doors were often kept open to enable direct observation. Of the 5,112 SARS-CoV-2 viral samples sequenced from the second and third pandemic waves (pre-Omicron variant era), 291 patient or HCW interactions may have involved a healthcare exposure. Thirty-four of the 291 pairs (12%) were genetically linked, with 19 attributable to household transmission and 14 to healthcare spread. In December 2021 and January 2022 (Omicron period), 1,376 HCWs tested positive for COVID-19, up over 800% from the previous 2 months. At the peak of this wave, as many as 257 HCWs tested positive each day. During this time, 2,106 contact pairs from 7,821 genetic sequences identified 120 (6%) related pairs among 32 clusters, of which 10 were likely healthcare-related. Spread was more likely to occur in shared spaces in the older Hillcrest campus during the second and third waves amid Omicron than in the newer La Jolla campus, which has mainly single-occupancy patient rooms. Of the remaining 20 pairs, 19 were linked to shared households, and the infections in two patients involved no meaningful contact within the healthcare system from their self-report of dates worked. The two interacted only with each other 24 hours before testing positive, suggesting previous community acquisition. Spread was more likely to occur in shared spaces in the older Hillcrest campus (11 contact pairs [79%]) during the second and third waves and 18 pairs (75%) amid Omicron than in the newer La Jolla campus, which has mainly single-occupancy patient rooms (3 pairs [21%] and 5 pairs [21%], respectively; 2.5 vs 0.6 transmission events per 1,000 admissions).

FDA Launches Fresh Bid To Toss Out High-Profile Ivermectin Case -The U.S. Food and Drug Administration (FDA) is seeking to persuade a federal court to dismiss a lawsuit challenging its repeated advisories against using ivermectin to treat COVID-19.The FDA in a sealed motion asked the U.S. District Court for the Southern District of Texas to dismiss the suit, which was brought by three doctors who allege the FDA’s warnings were illegal.The late 2023 motion was sealed because exhibits the government cited “include confidential information” from a separate legal proceeding, according to a government brief.Government lawyers said they would file redacted versions of the motion for public perusal but still have not done so.Attorneys for the doctors said on Jan. 12 that the court should reject the government’s fresh bid to throw out the case.“The FDA exceeded its authority by repeatedly issuing public directives not to use ivermectin for COVID-19, even though the drug remains fully approved for human use,” they wrote.One of the directives said: “You are not a horse. Stop it with the #Ivermectin. It’s not authorized for treating #COVID.”The government motion came after an appeals court found the FDA likely overstepped its authority with the warnings.“FDA can inform, but it has identified no authority allowing it to recommend consumers ’stop' taking medicine,” U.S. Circuit Judge Don Willett, an appointee of former President Donald Trump, wrote in the ruling.The appeals court remanded the case back to U.S. District Judge Jeffrey Brown, who said in 2022 that the doctors failed to prove their allegations. The FDA in the sealed motion asked Judge Brown, another appointee of President Trump, to dismiss the case.According to lawyers for the doctors, the FDA’s motion includes arguments that claim the plaintiffs have not suffered injuries that are traceable to the FDA, and that cannot be remedied by a ruling in favor of the plaintiffs.“The FDA is wrong,” the lawyers said. “Plaintiffs have suffered interference with their practice of medicine and the doctor-patient relationship, economic harm, reputational harm, and increased exposure to malpractice liability, and have been subject to disciplinary proceedings and forced resignations, all of which clearly trace to the FDA’s campaign against ivermectin and would be remedied by equitable relief.”

Patients, experts take center stage at Senate long-COVID hearing - Before the Senate's Health, Education, Labor, and Pension (HELP) committee today, patients battling long COVID and the mother of a teen patient detailed the day-to-day struggles with the condition and the obstacles in getting care. Also, healthcare providers and researchers described the challenges in managing and studying a condition with a wide spectrum of health impacts and debilitating effect on patients. Today's hearing attracted a large crowd of patients and their advocates that spilled over into a second room.In opening remarks, committee chair Sen. Bernie Sanders, I-Vt., said long COVID—affecting an estimated 16 million Americans of all ages and backgrounds—hasn't gotten the attention it deserves. Along with the escalating health impact, with rising risks from repeated infections, he said long COVID is also a drain on the nation's economy, with 4 million people out of work and $170 billion in lost wages. During testimony from a panel of patients, Angela Vasquez, MSW, described being a runner for two decades before she developed long COVID after an infection in 2020. Some of her symptoms include blood clots and myalgic encephalomyelitis/chronic fatigue syndrome (ME/CFS). Mostly homebound, she is on 12 medications and receives weekly intravenous medical treatments at the hospital. Though she has good insurance coverage through her employer, Vasquez said she and other long-COVID patients have to fend for themselves within the medical system to have their condition taken seriously and get treatments covered. "Having insurance doesn't ensure access to care," she said. Rachel Beale, MBA, from Southampton County, Virginia, has been living with long COVID for 3 years. Symptoms, including chronic fatigue, chronic pain, nausea, and dizziness, kept her from returning to her job as a human resources administrator at a community college. First, she went on short-term disability, then long-term disability. "Nothing prepares you for 'you no longer have a job,' " Beale said. Though long COVID is a disability under the Americans with Disabilities Act, her applications for Social Security disability have been denied twice. Nicole Heim said her now 16-year-old daughter contracted COVID during band class in September 2021. A month after recovery, she received a panicked call from the school nurse that her daughter was short of breath, with an extremely high pulse rate and unable to move her arms and legs. "This is the kind of phone call no parent is ever prepared to receive," she said. Initial symptoms included extreme fatigue, low blood pressure, increased heart rate, rapid weight loss due to daily nausea and vomiting, severe brain fog, and depression. After months of waiting and navigating prior authorization hoops in Medicaid, Heim's daughter started receiving care at a long-COVID specialty clinic and joined a National Institutes of Health (NIH) pediatric COVID outcomes study. Like other witnesses, Heim detailed obstacles long-COVID patients face that could be eased with help from federal health officials and Congress. Michelle Harkins, MD, a pulmonary and critical care physician at the University of New Mexico, described treating a primary care doctor who had breathing difficulty and brain fog months after her COVID illness. Though diagnostic tests were normal, the doctor left her job because she didn't have the mental recall to do her job.Harkins is an investigator for the NIH RECOVER study and is part of a group that set up a peer network to help doctors treat long-COVID patients, which got support from the federal government and includes 800 health providers.Besides sustained long-COVID research support, Harkins suggested three other steps, including easing access to patient care, preventing long COVID by removing barriers to vaccination, and ensuring that clinicians have access to the most up-to-date best practices.

Study finds blood changes in long-COVID patients -- An analysis published today in Science examined blood samples from patients with long COVID and found significant serum protein changes, opening the door to developing biomarker-based tests to identify the condition.The protein changes suggest a significant alteration of the complement system, which results in the immune system remaining activated and inflamed after acute infection, the authors explained.The complement system also controls blood clotting and the repair of damaged tissue, and dysregulation of complement proteins could be behind the wide and varied symptoms experienced by long-COVID patients."In patients with Long Covid, the complement system no longer returns to its basal state, but remains activated and, thus, also damages healthy body cells," said lead researcher Onur Boyman, MD, a professor of immunology at the University of Zurich, in a university press release.The researchers analyzed blood serum samples collected from 113 patients who either fully recovered from COVID-19 (73) or developed long COVID (40), as well as healthy controls (39).Samples were collected at baseline and 6 months after acute illness, and researchers screened for serum levels of 6,596 human proteins.The blood antimicrobial defense systems of complement and pentraxin 3 were elevated in blood samples collected at 6 months in the patients who had developed persistent symptoms associated with long COVID, including fatigue and brain fog.Long-COVID patients also had significantly more terminal complement complex (TCC) at 6 months, which can result in cell activation, breakdown, and tissue damage."Markers of hemolysis, tissue injury, platelet activation, and monocyte–platelet aggregates were increased in Long Covid," the author wrote. "These patients also showed signs of antibody-mediated activation of the classical complement pathway, which was associated with increased anti-CMV (cytomegalovirus, also known as human herpesvirus 5) and anti-EBV (Epstein-Barr virus) immunoglobulin G (IgG) antibody levels."The discovery means long-COVID treatment may be found in treatments for other chronic diseases involving complement activation, which include neurodegenerative diseases."Our work not only lays the foundation for better diagnosis, but also supports clinical research into substances that could be used to regulate the complement system. This opens up new avenues for the development of more targeted therapies for patients with Long Covid," said Boyman.Some experts said that while the study is important and raises key questions about long COVID, they caution that the findings need to be replicated with larger studies.Claire Steves, MBBS, PhD, a professor of aging and health at King's College London, said in a Science Media Centre expert reaction, "I would caution that this study includes a very small number of individuals living with Long COVID, and larger studies are really needed to replicate these findings. Similarly, this study does not have a positive control group—that is, individuals with a non-COVID infection who also had symptoms, so we don't know if these signals are specific to COVID or related to long symptoms generally."

‘Emergency’ or Not, Covid Is Still Killing People. Here’s What Doctors Advise to Stay Safe. - Let’s not confuse the terms “pandemic” and “emergency.” As Abraar Karan, an infectious disease physician and researcher at Stanford University, said, “The pandemic is over until you are scrunched in bed, feeling terrible.” Pandemics are defined by neither time nor severity, but rather by large numbers of ongoing infections worldwide. Emergencies are acute and declared to trigger an urgent response. Ending the official emergency shifted the responsibility for curbing covid from leaders to the public. In the United States, it meant, for example, that the government largely stopped covering the cost of covid tests and vaccines. But the virus is still infecting people; indeed, it is surging right now. With changes in the nature of the pandemic and the response, KFF Health News spoke with doctors and researchers about how to best handle covid, influenza, and other respiratory ailments spreading this season. A holiday wave of sickness has ensued as expected. Covid infections have escalated nationwide in the past few weeks, with analyses of virus traces in wastewater suggesting infection rates as high as last year’s. More than 73,000 people died of covid in the U.S. in 2023, meaning the virus remains deadlier than car accidents and influenza. Still, compared with last year’s seasonal surge, this winter’s wave of covid hospitalizations has been lower and death rates less than half. “We’re seeing outbreaks in homeless shelters and in nursing homes, but hospitals aren’t overwhelmed like they have been in the past,” said Salvador Sandoval, a doctor and health officer at the Merced County public health department in California. He attributes that welcome fact to vaccination, covid treatments like Paxlovid, and a degree of immunity from prior infections. While a new coronavirus variant, JN.1, has spread around the world, the current vaccines and covid tests remain effective. Other seasonal illnesses are surging, too, but rates are consistent with those of previous years. Between 9,400 and 28,000 people died from influenza from Oct. 1 to Jan. 6, estimates the Centers for Disease Control and Prevention, and millions felt so ill from the flu that they sought medical care. Cases of pneumonia — a serious condition marked by inflamed lungs that can be triggered by the flu, covid, or other infections — also predictably rose as winter set in. Researchers are now less concerned about flare-ups of pneumonia in China, Denmark, and France in November and December, because they fit cyclical patterns of the pneumonia-causing bacteria Mycoplasma pneumoniae rather than outbreaks of a dangerous new bug. Public health researchers recommend following the CDC guidance on getting the latest covid and influenza vaccines to ward off hospitalization and death from the diseases and reduce chances of getting sick. A recent review of studies that included 614,000 people found that those who received two covid vaccines were also less likely to develop long covid; often involving fatigue, cognitive dysfunction, and joint pain, the condition is marked by the development or continuation of symptoms a few months after an infection and has been debilitating for millions of people. Another analysis found that people who had three doses of covid vaccines were much less likely to have long covid than those who were unvaccinated. (A caveat, however, is that those with three doses might have taken additional measures to avoid infections than those who chose to go without.)

Experiment shows mule deer could spread SARS-CoV-2 | -- A new study from the US Department of Agriculture shows that elk experimentally infected with SARS-CoV-2 did not shed infectious virus but mounted low-level serologic responses, while mule deer shed and transmitted virus and mounted a more pronounced serologic response to the virus.The authors of the study, published in Emerging Infectious Diseases, said the results suggest mule deer could spread COVID-19."Surveillance studies have demonstrated SARS-CoV-2 infection in free-ranging and captive white-tailed deer in the United States and Canada," the authors wrote explaining previously documented human-to-animal spillovers in cervid populations. "After their displacement in humans, the Alpha and Delta variants of concern persisted in white-tailed deer population."The experiment consisted of infecting 6 weanling elk (all female) and 6 yearling mule deer (5 female, 1 male), with the Delta variant of SARS-CoV-2. The virus was not detectable from the oral and nasal swabs of elk, but was seen in samples from the mule deer."Our results indicate that although elk seem to be minimally susceptible to infection with the Delta variant, mule deer are highly susceptible and capable of transmitting the virus," the authors said. "Inoculated elk showed no clinical signs, did not shed infectious virus, and mounted low-level humoral titers."

Researchers outline COVID-19 outbreak at Mongolian beaver farm -Yesterday in Emerging Infectious Diseases, scientistsdescribe a 2021 COVID-19 outbreak at a beaver farm in Mongolia.Located in the Bayanzurkh district in Ulaanbaatar, the farm raised 32 adult beavers and 16 kits in 2021 for conservation purposes. The animals lived in a large indoor area separated by waist-high walls.On August 6, one of the seven farm employees tested positive for COVID-19 after experiencing flu-like symptoms. Three days later, the farm reported the death of two beavers aged 6 months and 2 years after they exhibited cough, nasal discharge, rasping sounds in the lungs and chest, sluggishness, and food aversion.On August 13, investigators collected nasal swabs, saliva, and tissue from the two dead beavers and obtained nasal samples, saliva, and blood from seven other beavers exhibiting cough and nasal discharge with pus. Later that week and on September 12, the researchers collected more samples from the same animals and from two healthy beavers.Nearly all (46 of 48) specimens from nine beavers with clinical signs, including the two dead animals, tested positive for COVID-19 on polymerase chain reaction (PCR) testing. Serologic testing of 23 samples revealed the presence of SARS-CoV-2 antibodies in 15. One beaver that didn't show signs of infection also had antibodies.Five random SARS-CoV-2–positive samples were shipped to Austria for whole-genome sequencing, which identified the Delta variant. The Delta and Alpha variants were circulating among people in Mongolia at the time, and the closest related sequences in the beaver samples were from human SARS-CoV-2 in Mongolia, although they contained four novel mutations not found in any public databases as of November 2023."An alarming aspect of SARS-CoV-2 infection in animals is that host animals can maintain the virus and contribute to the emergence in humans of new variants that have accumulated multiple mutations," the study authors wrote. "Because the emergence of viruses with mutations not targeted by current SARS-CoV-2 vaccines is a credible possibility, more active surveillance of SARS-CoV-2 infection in animals should be encouraged to identify the appearance of mutated viruses."

Canadian study shows no increase in pediatric preventable disease during pandemic A new large study published in CMAJ(Canadian Medical Association Journal) shows that even though the first 2 years of the pandemic resulted in significant disruptions to regular healthcare, preventable diseases and deaths didn't increase among Canadian children.The study was based on emergency visits, hospital admissions, and deaths for children ages 0 to 17 years recorded in Ontario from January 2017 to February 2020 (the prepandemic period), with trends seen from March 2020 to August 2022.All acute care and emergency visits dropped at the start of the pandemic, with the lowest number seen in April 2020. Compared to the prepandemic period, the adjusted relative rate (RR) for emergency visits was 0.28 (95% confidence interval [CI], 0.28 to 0.29), and hospital admissions was 0.43 (95% CI, 0.40 to 0.44). These decreases were sustained until September 2021 and May 2022, respectively, the authors said.The only acute condition with significant delays in diagnosis in the first year of the pandemic was diabetes. Diabetes diagnoses dropped sharply in March, April, and May 2020, but rebounded in 2021 and 2022 (peak adjusted RR, 1.49; 95% CI, 1.28 to 1.74). Children diagnosed as having diabetes in 2021 and 2022 were more likely to present with diabetic ketoacidosis. "While ongoing pandemic-related challenges, such as surgical wait times, for pediatric care persist, our analyses suggest that most urgent medical care needs of children were met despite the disruptions to the health care system," senior author Astrid Guttmann, MD, at the Hospital for Sick Children in Toronto, said in a press release.

Virus Soup: Many Respiratory Viruses Peaking in Early 2024 – The familiar symptoms are back again – a runny nose, coughing, aches, congestion, and maybe a fever. When the at-home COVID-19 test comes back negative, you head to the doctor to see if they can figure out what you’ve caught. At the doctor, though, the typical COVID and flu tests also come back negative. It could seem like a new mysterious respiratory illness is making the rounds.Instead, several typical respiratory viruses seem to be peaking at once. Doctors are reporting high levels of COVID, the flu, and respiratory syncytial virus (RSV), as well as other “flu-like illnesses” that cause similar symptoms, such as the common cold, other coronaviruses, and parainfluenza viruses (which cause typical respiratory symptoms such as a fever, runny nose, coughing, sneezing, and a sore throat).“Respiratory viruses are still very high right now, as you would expect at this time of year,” said Brianne Barker, PhD, who researches viruses and the body’s immune response as an associate professor of biology at Drew University in New Jersey. “Also, a fair number of patients seem to have multiple infections at once, such as flu and strep, which may cause confusion when patients consider their symptoms.”So, what should you do? Wear a mask in public if you think you have symptoms, Barker said. Stay home if you feel sick, particularly if you have a fever over 100.4 F and signs of contagiousness, such as chills and muscle aches. Antiviral medications – such as Tamiflu for the flu and Paxlovid for COVID – may help if you catch it soon enough, but otherwise, it’s most important to stay hydrated and rest at home.“The big picture is we’re in the heat of respiratory virus season, and the big player at the hospital right now is the flu, which seems to be superseding everything else,” said Dhaval Desai, MD, director of hospital medicine at Emory Saint Joseph’s Hospital in Atlanta. “I’m not sure if certain viruses are more aggressive or different this year, so it’s hard to say exactly what’s going on, but we’ve certainly seen an uptick since mid-December, and it hasn’t stopped.”The current COVID-19 surge appears to be at the highest point since the Omicron variant infected millions in December 2022, according to the CDC's COVID wastewater data. Test positivity appears to be stabilizing after increasing since November, the CDC’s COVID Data Tracker shows, though the rate was still high at 12.7% positivity during the first week of January. At that time, COVID-19 emergency department visits began declining, though hospitalizations were still on the rise and deaths were up 14.3% from the previous week. As of Jan. 6, the JN.1 variant is driving most of the spread, accounting for 61.6% of COVID-19 cases in the U.S., according to CDC variant data.“COVID doesn’t seem as bad right now as in the days of Omicron, but the problem is that it’s tough to compare because COVID cases aren’t reported in the same way as before, and we don’t have that state data,”

US respiratory illness levels still high but showing some signs of reprieve | Illnesses from three main respiratory viruses remain high across the nation, but, for a second week, some indicators that the Centers for Disease Control and Prevention (CDC) tracks, such as hospitalizations and SARS-CoV-2 wastewater levels, showed declines.In its latest updates for COVID-19, flu, and respiratory syncytial virus (RSV), the CDC said rapid increases seen in the weeks leading up to the winter holidays have slowed, with decreases noted for COVID-19 and continuing declines in RSV activity in some regions. Overall, flu activity shows stable or declining trends, but the CDC said it is closely watching for a second spike that sometimes occurs after the winter holidays.Hospital occupancy, including intensive care unit capacity, remains stable for all causes, including COVID and flu.Of the two main severity markers for COVID, hospitalizations fell 9.6% compared to the previous week, but deaths were up 10.3%. COVID deaths make up the lion's share of fatalities from the three respiratory viruses. Deaths were highest in the Midwest and Northeast. Early indicators also declined, with emergency department (ED) visits down 19%. They are highest for infants and older adults, but are also elevated for young children. Test positivity declined slightly, by 1%, and is at 11.8% nationally, with positivity a bit higher in Midwest, Northeast, South Central, and Northwestern states than in other regions.Influenza A is still dominant, at 81.3% of positive respiratory specimens at public flu labs. Of subtyped A viruses, 73.1% were the 2009 H1N1 strain. The CDC said SARS-CoV-2 wastewater detections are still at very high levels. Biobot SARS-CoV-2 wastewater tracking shows that detections have been declining nationally since the end of December. Levels are declining for all regions, with detections highest in the Northeast, followed by the Midwest.The CDC also released its latest variant proportion estimates today, which also show another steady jump in JN.1 viruses. The variant, part of the BA.2.86 family, now makes up 85.7% of SARS-CoV-2 viruses, up steadily from 68.8% reported 2 weeks ago.Though flu ebbed or stabilized over the past 2 weeks, percent positivity at clinical labs and ED visits increased in some regions and in some age-groups over the past week, the CDC said in its respiratory virus snapshot.ED visits for flu are increasing in children ages 5 to 11 years old and are declining in other age-groups. Meanwhile, outpatient visits for flulike illness—still above the national baseline since November—dropped a bit, the CDC said in its latest weekly FluView report.Hospitalizations declined for the second week in a row, with rates highest in seniors, followed by adults ages 50 to 64 and children as old as 4.Seven more pediatric flu deaths were reported, raising the season's total to 47. They occurred from early December to the first week of January. Five were linked to influenza B, and two involved influenza A. Across all age-groups, deaths from flu declined 1.2% last week.In its RSV tracking, the CDC said activity is still high across all regions, but it has declined in some areas. ED visits stabilized at the end of November and started to decline in late December and are currently highest in children as old as 4.Test positivity for RSV has shown a steady decline since the middle of December, with a sharper drop in hospitalizations that began at the end of the month.

Flu cases plummet after winter, spring breaks in schools, study suggests - Cases of influenza-like illness (ILI) among students in a Wisconsin school district dropped by nearly half after winter and spring breaks, with the largest dips occurring when the breaks coincided with spikes in local flu activity, University of Wisconsin researchers report. Published yesterday in Influenza and Other Respiratory Viruses, the observational study compared school absenteeism for ILI (a-ILI) among about 4,100 K-12 students in the 2 weeks before and after winter and spring breaks from September 2014 to June 2019. The investigators inserted a 9-day "pseudobreak" 5 weeks before spring break when school was in session as the control. "School-aged children and school reopening dates have important roles in community influenza transmission," the authors wrote. "Children frequently have larger social networks, experience prolonged viral shedding, have lower coverage rates for influenza vaccine, and may lack sufficient preexisting immunity for herd effects." The average numbers of flu cases during the 2 weeks before winter and spring breaks were 130.4 (range, 51 to 262) and 151.4 (range, 69 to 275), respectively. The average case counts for the periods after winter and spring breaks were 82 (range, 33 to 152) and 49.6 (range, 33 to 74), respectively. Greater flu activity was reported among younger students than among those in middle and high schools. The 2 weeks after breaks were tied to a statistically significant decline in the likelihood of flu, as well as after winter (estimated odds ratio [OR], 0.68) and spring (OR, 0.33) breaks. The 2 weeks before and after pseudobreaks saw average flu tallies of 106 (range, 43 to 200) and 100.8 (range, 71 to 131), respectively. No significant differences were seen in the 2 weeks before and after pseudobreaks. "These findings suggest that brief breaks of in-person schooling, such as planned breaks lasting 9–16 calendar days, can effectively reduce influenza in schools and community spread,"

Quick takes: Ninth measles case in Philly, upcoming Senate hearing on long COVID, Brazil details dengue vaccine plan | CIDRAP

• The Philadelphia Department of Public Health yesterday reported another confirmed measles case in the city's outbreak, raising the total to nine. The latest illness involves a fifth case related to exposures at a daycare facility. The outbreak began in December, with illnesses reported at a hospital, then a cluster in children at a daycare. The cluster at the daycare occurred after a sick patient attended the facility despite quarantine and exclusion instructions. City health officials are tracking potential exposures and are offering measles, mumps, and rubella (MMR) vaccination at multiple community sites.
• The US Senate Health, Education, Labor, and Pensions (HELP) committee announced yesterday that it will hold a full committee hearing at 9:00 am (EST) tomorrow on addressing long COVID, focusing on advancing research and improving patient care. In a statement, Sen. Bernie Sanders, (I.-Vt.) said that the impact of the pandemic is still felt by millions of families. "Lives are at stake. I look forward to hearing from patients, experts, and researchers about what we must do to address this crisis, including the advanced research and patient care that so many Americans desperately need," he said. The committee will hear testimony from two panels, one a group of long-COVID patients and the other comprising medical doctors and researchers.
• Brazil's health ministry this week announced some initial details about a plan to launch the dengue vaccine through its public system, which will make it the first country in the world to do so. The ministry incorporated the Qdenga vaccine, made by Takeda, in December and said the company expects to deliver 5.2 million doses between February and November. The company has donated another 12 million doses. Officials said doses will be staggered throughout the year, based on the company's vaccine delivery schedule, with a goal of vaccinating about 3.2 million people with the two-dose schedule. Technical experts advised the ministry that doses be prioritized to children ages 6 to 16 years old, based on World Health Organization recommendations. The Americas region reported record dengue cases in 2023, with Brazil as the hardest hit country.

Virginia officials warn of measles exposures at 2 international airports - The Virginia Department of Health (VDH) recently announced that it is investigating potential measles exposures following the confirmation of an infection in a person who traveled through northern Virginia after returning from an international trip. The VDH is warning people about potential exposure at multiple locations, including Dulles International Airport the evening of January 3 and Ronald Reagan Washington National Airport during the afternoon of January 4. "Health officials are coordinating an effort to identify people who might have been exposed, including contacting potentially exposed passengers on specific flights," the agency said.People who were at the locations during the time and have never received a measles-containing vaccine are at risk for illness, the VDH warned, adding that people with possible exposure should watch for symptoms until January 25. No new cases have been reported over the past few days in an outbreak centered in Philadelphia, keeping the illness total at eight, the city's health department said in a January 12 update. Officials also announced more new vaccination sites for children and adults who need to receive the measles, mumps, and rubella (MMR) vaccine in their community.Philadelphia's outbreak began in December, with the virus spreading to two hospital patients and to children in a daycare. The daycare illnesses occurred after a sick patient was at the location, despite quarantine and exclusion instructions.

As Salmonella outbreak cases double, feds identify link to second charcuterie brand -- Federal health officials yesterday issued new warnings about the risk of Salmonella illnesses in an ongoing outbreak, with a second brand now linked to some of the infections.Earlier this month, the Centers for Disease Control and Prevention (CDC)announced a multistate Salmonella I 4:I:- outbreak that had sickened at least 24 people from 14 states and was linked to a Busseto Foods charcuterie sampler sold at Sam's Club stores. In its update yesterday, the CDC said cases have nearly doubled, with 47 cases reported from eight more states.In the ongoing investigation, interviews with sick patients revealed that four people had bought Fratelli Beretta brand Antipasto Gran Beretta from Costco before they got sick.The US Department of Agriculture (USDA) Food Safety and Inspection Service (FSIS) said both products were sold as twin packs. Any lot code is potentially contaminated. The products have been removed from store shelves, but health officials are concerned that the products may still be in consumers' refrigerators and recommend throwing the products away.In its update, the CDC said of 47 patients linked to the outbreak, 10 were hospitalized. No deaths have been reported. Illness onset dates range from November 20, 2023, to January 1.Minnesota's agriculture department had earlier identified the outbreak strain in an unopened package of Busseto brand charcuterie sampler. Whole-genome sequencing done through the CDC on 46 samples from patients and 1 food sample predicts resistance to ampicillin, kanamycin, streptomycin, and sulfisoxazole. Though most people recover from their Salmonella infections without antibiotics, the CDC warned that some illnesses may be difficult to treat with commonly prescribed antibiotics.

CDC report details 2023 Pseudomonas outbreak traced to Maine hotel pool - Today in Morbidity and Mortality Weekly Report, researchers with the US Centers for Disease Control and Prevention (CDC)describe a 2023 Pseudomonas outbreak tied to a hotel swimming pool that lacked a disinfectant feeder system.Twenty-three of 26 people (88%) who swam in the Maine hotel pool on March 4 or 5 reported developing ear pain (70%), rash (65%), or pain or swelling in their feet and hands (30%) after a median of 1 day.P aeruginosa is a virulent pathogen that has evolved mechanisms to resist antibiotics. Water-related cases can cause acute otitis externa ("swimmer's ear"), folliculitis (hot tub-related rash), and painful nodules on the soles or palms. Hotel management closed the pool after receiving guest complaints, and the CDC's Maine Health Inspection Program launched an investigation on March 8. Cultures of skin lesions from three swimmers revealedPseudomonas aeruginosa.Inspectors identified three violations, including having no disinfectant feeder system. The three violations and an additional one had been documented in a January 2022 inspection. "The pool logs for March 1–5 showed two compliant free chlorine concentration readings, not the expected 15, and both readings were dated March 3," the researchers wrote. Inspectors were unable to collect environmental samples because hotel employees added an indeterminate amount of chlorine to the pool after it was closed. The researchers noted that hotel pools and hot tubs are the source of a third of treated recreational water–associated outbreaks and that P aeruginosa outbreaks typically occur from January to April. Health departments, they said, can help reduce the risk of these outbreaks by working with pool operators to ensure compliance with public health codes.

Wastewater tracking useful for norovirus activity - Wastewater monitoring of norovirus can be a useful monitoring system and can provide an earlier signal than other surveillance methods, researchers from the University of Michigan reported yesterday in PLOS Water. Monitoring wastewater as an early virus activity indicator has become more common following the emergence of SARS-CoV-2, and the researchers wanted to see if it could bolster surveillance of norovirus, which causes a substantial medical burden. They said current surveillance relies on syndromic surveillance, such as school and emergency department data on gastrointestinal illnesses, which sometimes isn't specific to norovirus and isn't easily available to the public.For the study, they sampled wastewater samples from five communities in southeastern Michigan, mostly between July 2021 and July 2022. Communities included Ann Arbor, Flint, Jackson, Tecumseh, and Ypsilanti. They compared the detections with syndromic surveillance findings as well as digital epidemiologic sources such as search term data.Wastewater RNA detections were highest in the winter and spring and were comparable across all five sampling sites. Norovirus wastewater signals typically led syndromic, outbreak, and search-term trend data.Researchers said when used alongside other monitoring methods, wastewater sampling for norovirus can provide an early and accessible warning system that has the advantage of detecting virus from people who have mild or asymptomatic infections. Unlike other monitoring methods, wastewater tracking doesn't depend on healthcare seeking, clinical testing, or inference based on other patterns, they said.In other norovirus developments, the Centers for Disease Control and Prevention (CDC) recently reportedthe first cruise ship norovirus outbreak of 2024. The outbreak involved the Celebrity Cruises Celebrity Constellation that sailed from January 2 to 12. Of 2,056 passengers, 92 got sick. The virus also sickened 8 of 948 crew members.

Study finds high rate of sexually transmitted infections in transgender women A study of six US cities found a high prevalence of bacterial sexually transmitted infections (STIs) in transgender women (TGW), particularly those with HIV, researchers reported today in the Journal of Infectious Diseases. Using baseline data from the Leading Innovation for Transgender Women's Health and Empowerment study, which examined HIV incidence and other health outcomes in TGW in six southeastern and eastern US cities (Atlanta, Baltimore, Boston, Miami, New York, and Washington, DC), a team led by researchers from Johns Hopkins Bloomberg School of Public Health analyzed bacterial STI test results from 1,018 participants. The primary outcome was the prevalence of at least one bacterial STI (gonorrhea, chlamydia, or syphilis) at any anatomic site. The median age of participants was 29 years, 29% were Black, 27% were Hispanic, and 27% had HIV. The overall prevalence of any bacterial STI was 16% but was threefold higher in TGW with HIV (32% vs 11% among those without HIV). After adjustments for age, race and ethnicity, and region, HIV infection remained significantly associated with any bacterial STI (adjusted prevalence ratio, 1.9; 95% confidence interval, 1.39 to 2.62). Among TGW without HIV, bacterial STI prevalence differed by geographic region, race and ethnicity, and gender identity, and was positively associated with reporting more than 1 sexual partner, hazardous alcohol use, homelessness, having safety concerns regarding transit to healthcare, and no prior receipt of gender-affirming health services. Among TGW with HIV, older age was inversely associated with bacterial STI. The study authors say the findings underscore the need to develop interventions that are tailored to the unique needs and risks of each population. "Although participants with and without HIV had a high prevalence of bacterial STIs, the variation in bacterial STI prevalence and correlates seen between TGW with and without HIV highlights the differential burden and needs of these two populations," they wrote. "Elucidating the ways in which situated vulnerabilities are associated with STI risk may help inform more tailored intervention strategies for each population."

FDA temporarily allows import of French firm's penicillin for syphilis during US drug shortage -- Amid rising syphilis infections in the United States and a continuing shortage of Pfizer’s penicillin G injectable Bicillin, the Food and Drug Administration (FDA) is allowing the temporary import of a similar but US-unapproved drug from a French pharmaceutical firm.In a letter to Paris-based Laboratoires Delbert on the FDA website, the agency approved the import into the US market of prescriptionpenicillin G benzathine (brand name, Extencilline) powder and diluent for reconstitution for injection. The drug is made in Italy and is being imported by Provepharm for distribution by Direct Success.The FDA letter warns of important differences between Bicillin and Extencilline, such as that the latter lacks some US-required labeling and instructions and contains soy, which may cause allergic reactions in people with a sensitivity. Also, Bicillin comes in filled syringes, while Extencilline requires reconstitution.The FDA first announced the Bicillin shortage on its website in late April 2023. In June, Pfizer warned customers of a coming depletion. In December, the American Society of Health-System Pharmacists(ASHP) said Bicillin was in short supply because Pfizer, the sole US supplier of the formulation, was prioritizing it for rising adult syphilis cases. "Once current supplies of the pediatric Bicillin-LA vials are depleted, it is unclear when more product will be manufactured," ASHP said on its website.Since bottoming out in 2000 and 2001, syphilis rates have climbed nearly every year, spiking 28.6% in 2020 and 2021, according to the most recent data from the US Centers for Disease Control and Prevention.Rates of the sexually transmitted infection have also been spiking in newborns, with 10 times as many babies born with it in 2022 than the annual rate 10 years prior, raising rates to their highest in 30 years or more, the American Academy of Pediatrics noted on its website. Other antibiotics can be used in adults and children, but they don't offer the convenience of Bicillin, which is the only one approved for treatment of infected pregnant women.

Six African nations report total of 20 new polio cases Chad, Ivory Coast, the Democratic Republic of the Congo (DRC), Mozambique, Nigeria, and South Sudan all reported new polio cases this week, according to an update yesterday from the Global Polio Eradication Initiative. All involved circulating vaccine-derived poliovirus type 1 (cVDPV1) or type 2 (cVDPV2) and were confirmed in 2023. Chad confirmed 1 cVDPV2 case in Mandoul, bringing its number of 2023 cases to 51. The DRC reported 4 cVDPV1 cases in Tanganyika, bringing its 2023 cases to 101, and 1 cVDPV2 case in Tshopo, raising the 2023 total to 118. Ivory Coast reported 1 cVDPV2 case in Haut-Sassandra, bringing the country's 2023 cases to 6.Mozambique had 1 cVDPV1 case in Zambezia, for a total of 4 for 2023. Nigeria confirmed 6 cVDPV2 cases, 1 in Kano and five in Katsina, bringing its 2023 total to 70. And South Sudan recorded 1 cVDPV2 case in Central Equatoria, which doubled its 2023 total.Afghanistan and Pakistan reported no new wild poliovirus type 1 cases but did report several positive environmental samples.

New estimate doubles likely deaths from fungal disease globally -The annual total of deaths from fungal disease worldwide has risen to 3.75 million, double the previous estimate, according to a new study. In a paper, titled "Global incidence and mortality of severe fungal disease" published in The Lancet Infectious Diseases, David Denning, a professor of infectious disease at The University of Manchester also calculates an annual total at about 6.55 million acute cases using data from over 80 countries. Though fungal disease has multiple causes, the updated mortality figures nevertheless dwarf deaths from other single pathogens, killing six times more people than malaria, and almost three times as many than tuberculosis. The work is the result of a collaboration of over 300 professionals across the world who contributed to published estimates for their country and individual fungal diseases. Previous estimates were imprecise, argues Professor Denning, as many fungal disease exacerbate an existing disorder, itself often severe, such as leukemia or AIDS. However according to the study, of the deaths linked to fungal disease, around 68%—or 2.55 million were likely to have been directly caused by it. Around 1.2 million deaths (32%) had other underlying disease, with fungal disease contributing. Around a third of 3.23 million chronic obstructive pulmonary disease (COPD) deaths worldwide are linked to infection with the fungus Aspergillus finds Professor Denning. Though pulmonary tuberculosis was classified as the cause of death in 1.2 million people in 2019, as many as 340,000 (28%) of these could actually be fungal disease deaths he estimates.Of the estimated 311,594 leukemia deaths globally in 2020, 14,000 (4.5%) could be attributable to aspergillosis, and some to other fungal infections they find.Lung and bronchus cancer annual deaths stand at 1.8 million, with the new estimate indicating that aspergillosis is implicated in 49,000 deaths (2.7%) of them. Candida— another type of fungal infection- is a serious problem in intensive care, complex surgical patients, diabetes, cancer and renal failure, as well as premature babies.The researchers estimate that about 1.57 million people suffer from Candida bloodstream infection or invasive candidiasis with 995,000 deaths (63.6%), each year.

Overuse of antifungal skin meds could be driving drug-resistant disease U.S. doctors are prescribing antifungal creams to patients with skin complaints at rates so high they could be contributing to the rise of drug-resistant infections, new research shows.These are "severe antimicrobial-resistant superficial fungal infections, which have recently been detected in the United States," noted a team led by Jeremy Gold, a researcher at the U.S. Centers for Disease Control and Prevention.One of the biggest emerging threats: Drug-resistant forms of ringworm (a form of dermatophytosis).In Southeast Asia, major outbreaks of this itchy, circular rash have occurred that are not responding to either topical antifungal creams or pills.Cases of ringworm resistant to drugs have also now been spotted in 11 U.S. states, Gold's team noted. This is leading to "patients experiencing extensive lesions and delays in diagnosis," the team said.As is seen with the overuse of antibiotics, fungi naturally build up resistance to antifungal meds the more they are exposed to them. The CDC team believes that antifungal topical creams are being overprescribed.Looking at 2021 Medicare Part D data, they found that 6.5 million prescriptions for creams containing antifungals, such as ketoconazole, nystatin and clotrimazole-betamethasone, were prescribed that year. The findings were published in the Jan. 11 issue of the CDC journal Morbidity and Mortality Weekly Report.In sheer numbers, primary care doctors wrote the biggest percentage of these prescriptions, but dermatologists and podiatrists had much higher rates on a prescriptions-per-doctor basis. One of the big issues, according to Gold's team, is that most doctors diagnose a skin condition simply by looking at it, a method that is "frequently incorrect," even among board-certified dermatologists."Confirmatory diagnostic testing" of a skin lesion beyond just looking at it is rarely done, they added.A small percentage of physicians are prescribing antifungal drugs at exceedingly high rates. In 2021, "10% of antifungal prescribers prescribed nearly one half of these medications," Gold's group found.The new study probably only captures a fraction of the overuse of antifungals, since "most topical antifungals can be purchased over the counter without a prescription," the researchers noted.The high use of clotrimazole-betamethasone, in particular, is thought to be a big factor in the emergence of drug-resistant ringworm.This drug (a combination of a steroid and an antifungal) can also "cause skin damage if applied to intertriginous areas," meaning areas where the skin folds onto itself, such as occurs around the groin, buttocks and armpits.Long-term, extensive use of clotrimazole-betamethasone can also trigger hormonal problems,

H5N6 avian flu hospitalizes woman in China - A 59-year-old woman from China's Sichuan province is hospitalized in serious condition with H5N6 avian flu, Hong Kong's Centre for Health Protection said today. The woman is from Ziyang City, her symptoms began on November 25, and she was hospitalized 4 days later. An investigation revealed that she had visited a live-poultry market before her symptoms began. Her illness marks China's eighth human H5N6 infection of 2023 and the country's 89th since the virus was first detected in humans in 2014. China reported its last H5N6 case in the middle of December, which also involved a woman from Sichuan province. That patient, who died from her infection, had also visited a live-poultry market before she became ill. Highly pathogenic H5N6 avian flu is known to circulate in poultry in some Asian countries, but only China and Laos have reported human cases, which are often severe or fatal. Most patients have had contact with poultry or had been exposed to poultry environments.

Brazilian study indicates Zika reinfection possible - Three of 135 patients in a Brazilian cohort were reinfected with the Zika virus (ZIKV), according to a study published yesterday in Emerging Infectious Diseases.A team led by Brazilian researchers sequenced 238 ZIKV genomes obtained from 135 adults who gave plasma, urine, or semen samples over 1 year to assess viral persistence. Participants were recruited within 1 week of Zika symptom onset from June 2017 to June 2019. The average patient age was 38 years. ZIKV is transmitted in tropical and subtropical regions through the bite of Aedes mosquitoes. While 80% of Zika cases cause few or no symptoms, infected pregnant women can give birth to babies with severe birth defects, including microcephaly, an abnormally small head. After a large Zika outbreak occurred in Brazil in 2015, viral circulation declined, and cases are uncommon today.

Researchers warn of global threat to crops as insecticide resistance emerges in bluegreen aphids - For the first time, researchers in Australia have documented insecticide resistance in field-collected populations of bluegreen aphids, Acyrthosiphon kondoi—a worldwide pest of pulses and other legume crops. The study, published in Pest Management Science, serves as a warning to growers globally and highlights the need for new strategies to manage this pervasive pest. "Our primary motivation was to help Australian growers understand an emerging pest management challenge," said Chirgwin. "Australian growers have traditionally relied upon two types of insecticides (organophosphate and carbamates) to protect their legume crops from A. kondoi. However, in recent years, multiple growers in Southern Australia reported these insecticide sprays were no longer controlling A. kondoi, which indicated this pest may have evolved insecticide resistance for the first time." A. kondoi is an agricultural pest in the U.S., South America, Asia, Europe, Africa and Australia. Chirgwin explained that they damage crops by feeding on upper leaves, stems, and terminal buds. "A. kondoi also causes indirect damage by spreading plant viruses, including cucumber mosaic virus and bean yellow mosaic virus," he noted. Australian researchers warn of global threat to crops as insecticide resistance emerges in bluegreen aphids Bluegreen aphids on Petri dishes containing alfalfa leaves in 1% (w/v) agar. Credit: Cesar Australia The team collected A. kondoi populations from lentil and alfalfa paddocks where insecticide control failures have recently been reported across Victoria, South Australia, and New South Wales. The populations were exposed to different insecticides in bioassays, revealing moderate resistance to three insecticide groups: organophosphates, carbamates, and pyrethroids. Explaining the impact of resistance at this level to Australian growers, Chirgwin said, "On a practical level, growers cannot rely on organophosphates and carbamates (at the registered rate) to confidently control these newly evolved A. kondoi populations. Still, the low-to-moderate levels (20-40 fold) of resistance shown by A. kondoi in this study is less than some other aphid species (i.e., >100 fold) have been able to evolve to these chemicals."

Burning stuff is depriving us of years of healthy living - Homes are far tighter than what they used to be by design. There is much less of an outside air exchange today. Unless, the home design allows it to breath. We are seeing a higher level of air pollutants which impact our health over time. Lloyd is asking us to step back and take a look at what everyday life dangers lie in within our homes: Burning stuff is depriving us of years of healthy living, Carbon Upfront, by Lloyd AlterA new study looks at the chemicals in our homes and their effect on DALYs, an important metric we should use more often.A lot of people are flipping out over per-and poly-fluoroalkyl substances (PFAS) these days, and not without good reason; as the US Environmental Protection Agency notes,“Scientific studies have shown that exposure to some PFAS in the environment may be linked to harmful health effects in humans and animals.”But what flips me out is that everyone gets preoccupied with the latest new thing and ignores the clear and present danger of the stuff that we are breathing and ingesting with known harmful effects. I can imagine a family sitting around the dinner table discussing PFAS while eating a meal cooked on a gas stove, while a recent study, “A preliminary assessment of the health impacts of indoor air contaminants determined using the DALY metric,” shows us what we should really be worrying about now.The DALY metric is a fascinating and useful tool. A good definition:“DALY is an abbreviation for disability-adjusted life year. It is a universal metric that allows researchers and policymakers to compare very different populations and health conditions across time. DALYs equal the sum of years of life lost (YLLs) and years lived with disability (YLDs). One DALY equals one lost year of healthy life. DALYs allow us to estimate the total number of years lost due to specific causes and risk factors at the country, regional, and global levels.”The DALY metric is useful because we often hear about the number of deaths caused by something, but rarely do we hear about the lost years of healthy living that injuries or health conditions cause. I often point to this chart comparing deaths caused by automobiles to the DALYs, and the difference is staggering: 1.5 million deaths in a year, but close to 80 million DALYs lost. We need to look at the DALYs to understand the true cost of years lost.The study* searched the literature and collected information on “risk estimates, baseline incidence rates, damage factors, indoor air contaminant concentrations, human toxicological & epidemiological effect factors, dose–response factors, cancer-related variables and breathing rates.”

Are gas stoves dangerous? We tested against induction cooktops to find out. - The Washington Post --In 40 million American homes, the “click” of a gas stove igniting is the sound of dinner.But millions of people are questioning whether they should keep this classic American appliance in their kitchen. For decades, a steady drumbeat of studies has pointed to the risks of burning methane in our homes, from asthma to chronic respiratory diseases, especially in children and the elderly.Does that mean you should ditch your gas stove?Scientists’ best answer, at the moment, is: We’re not sure yet. There’s no doubt pollutants produced by gas stoves, including nitrogen dioxide (NO2), formaldehyde and benzene harm your health. What we don’t know is whether the amounts spewed by gas stoves into your home can make you sick.So we launched an experiment to help shed some light on the dilemma. We tested how pollutants from cooking infiltrate a typical American kitchen equipped with a gas stove, and the steps Americans can take to protect their health.To do this, we teamed up with RoundhouseOne, an environmental monitoring and analytics lab, to measure gas stove pollutants in a kitchen in Oakland, Calif. We deployed 12 commercial sensors for four weeks. To gauge what the average American might be breathing in each evening, we monitored what was in the air each day, particularly NO2 and particulate matter. Then we cooked burgers and pasta on a gas stove, and prepared the same meals on an electric induction burner to compare indoor air pollution levels. “You want to track this data over time because chronic exposure is how these pollutants affect you,” says Archana Ramachandran, an engineer and director of RoundhouseOne who designed the experiment. “These things are silent killers.”Our findings suggest that some people — particularly those with respiratory or heart conditions, the elderly and children — may have reason to worry. Based on several safety standards, levels of pollution detected by the sensors regularly rose to hazardous levels. But the exercise also revealed some fairly easy and effective ways to minimize those risks.For our first test, we chose pasta. Since boiling water releases only water vapor, not particulates, we could largely isolate the effects of burning methane, compared with electricity, on air quality. Most particulates are released from the food we cook, not the fuel source. Boiling water doesn’t seem like it would worsen air quality, but the results were unambiguous. Concentrations of NO2 soared after lighting the gas stove, while hardly budging when boiling water with induction. Overall, the maximum NO2 level when we used gas was more than twice as high as when we used the induction plate.

Dangerous chemicals found in recycled plastics, making them unsafe for use. Experts explain the hazards -- Plastic pollution is a menace worldwide. Plastics are now found in everyenvironment on the planet, from the deepest seas to the atmosphere and human bodies.Scientific evidence describing harm to the environment and humans is growing. Hence, the United Nations has resolved tonegotiate a legally binding instrument to end plastic pollution.Strategies to achieve this goal include provisions throughout the plastics lifespan: production, use, waste management and remediation.In designing rules for managing plastic, it's important to understand that plastic materials and waste streams are complex. Not all plastics are the same. And recycled plastics are not necessarily "better"—less harmful—than virgin plastics. If they contained harmful chemicals to begin with, recycling doesn't make them less harmful. And sometimes they are contaminated by other substances.We conducted a study identifying and measuring the concentration of contaminants in recycled pellets from 28 small-scale recycling facilities in the global south. Plastic waste is often exported from high income countries to less developed countries, with few to no requirements for reporting their makeup.Our investigation covered facilities in Cameroon, Mauritius, Nigeria, Tanzania and Togo in Africa as well others in Asia, Europe and South America.We found 191 pesticides, 107 pharmaceuticals and 81 industrial compounds among many others in the recycled plastic pellets. Many of these chemicals could be hazardous and make the plastics unsuitable for reuse.This finding can inform regulations for recycled plastics. The chemical composition of the plastic should be checked before it is recycled.

Small-scale study finds microplastics from natural fertilizers are blowing in the wind more often than once thought --Though natural fertilizers made from treated sewage sludge are used to reintroduce nutrients onto agricultural fields, they bring along microplastic pollutants too. And according to a small-scale study published in Environmental Science & Technology Letters, more plastic particles get picked up by the wind than once thought. Researchers have discovered that the microplastics are released from fields more easily than similarly sized dust particles, becoming airborne from even a slight breeze.Microplastics, or small bits of plastic less than 5 millimeters long, have appeared everywhere from clouds to heart tissues. And with these plastics' increasing prevalence in people and water supplies, they've also been found in sewage and wastewater.Though sewage solids might not immediately seem like a useful product, after treatment they can form "biosolids," which are applied to agricultural soils as a natural, renewable source of fertilizer.According to estimates by the U.S. Environmental Protection Agency, over 2 million dry metric tons of biosolids—roughly half of the total amount collected by wastewater treatment plants—are applied to land each year. As a result, microplastics in these biosolids have the chance to reenter the environment. Because the plastics could carry other pollutants from the wastewater they originated from, they can be potentially dangerous when inhaled. So, Sanjay Mohanty and colleagues wanted to investigate how wind could pick up and transport microplastic particles from biosolid-treatedagricultural fields. The team analyzed airborne microplastics in wind-blown sediments that were gathered during wind-tunnel experiments on two plots of biosolid-treated land in rural Washington state. The researchers discovered that these wind-blown sediments contained higher concentrations of microplastics than either the biosolids or the source soil itself. This enrichment effect is caused by the plastic particles being less dense than soil minerals, such as quartz, and less "sticky"—they're not trapped as easily by moisture as the soil minerals are. As a result, microplastics can be picked up by a breeze more easily than soil minerals, and winds that might not be strong enough to kick up dust could still be introducing microplastics into the air.

New York Stock Exchange Abandons Plan To Control America's Natural Resources -The New York Stock Exchange (NYSE) on Jan. 17 withdrew its proposal to establish and list Natural Asset Companies (NAC), which would pool investors’ money from around the world to buy controlling rights to public and private land throughout the United States. The NACs would, according to filing documents, manage the lands solely for the purpose of “sustainability.” Critics of the plan charged that wealthy investors and foreign entities would be able to use these vehicles to make decisions to allow or block the public from accessing the publicly owned land that is designated for uses such as hunting, fishing, drilling, mining, hiking, and logging. While some conservation groups and global warming activists had supported the initiative as a way to protect natural resources, many land-rights activists applauded its demise and questioned whether wealthy investors would be better stewards of America’s land. “Today’s withdrawal is a major victory for Americans,” Margaret Byfield, executive director of American Stewards of Liberty, a land-rights organization, told The Epoch Times. “Very few people understand how close we were to losing control of our property and natural resources through this diabolical NAC scam.” The creation of NACs was the initiative of an organization called the Intrinsic Exchange Group (IEG), which was created with funding from the Rockefeller Foundation and other unnamed investors. IEG entered into a partnership with the NYSE, where the NYSE bought a stake in IEG.The two organizations collaborated to set up NACs, which would have been financed and traded on the exchange, while licensing IEG’s proprietary software for valuation and reporting according to guidelines based in the U.N. environmental accounting standards. Because this was a nonstandard type of company, which wouldn’t earn profits for investors in the way that other companies do, nor would it use GAAP accounting to value its assets, the NYSE applied to the Securities and Exchange Commission (SEC) to grant an exception to its existing rules of operation. “Ending the overconsumption of and underinvestment in nature requires bringing natural assets into the financial mainstream,” the NYSE stated in its SEC filing.“The financing gap for biodiversity is estimated between US$598 and US$824 billion per year, and for climate change is estimated at over US$5 trillion per year, and likely an order of magnitude larger for the transition to a more sustainable, resilient, and equitable economy.”The initial SEC approval process for NACs was relatively short, critics said, allowing for only a 21-day comment period that ran through the Christmas holiday. Amid protests from 25 state attorneys general, 32 members of Congress, and 22 state financial officers, the SEC extended the comment period until Jan. 18.

Winter storm: Arctic blast bringing record cold and wind chills as snow moves into Northeast | CNN - Enough snow fell in New York City, Philadelphia, Baltimore and Washington, DC, to end nearly 2-year-long waits for an inch of snow there. The cities all recorded at least an inch of snow in 24 hours, something that hadn’t been done in more than 700 days in all the locations. The streaks were record-long in Baltimore, New York, Philadelphia and the DC area’s Dulles International Airport. Nearly 80% of the US will see below-freezing temperatures over the next week as another shot of cold air spreads across the country by late week. Numerous daily cold records have already been set – including across Texas, Oklahoma and Kansas. It snowed as far south as Mobile, Alabama, and Pensacola, Florida, on Tuesday morning, and while there was no accumulation, both cities reported rare snowfall for a few hours. Hundreds of Alabama National Guardsmen jumped into action to assist motorists and clear vehicles on Interstate 65. Hard freeze warnings are expected Tuesday evening for much of the Gulf Coast, from Texas to Florida. Temperatures in Memphis, Dallas and Nashville are expected to stay below freezing for at least 72 consecutive hours. Much of the Rockies, Great Plains and Midwest will see life-threatening sub-zero wind chills into Wednesday, with wind chills as low as minus 30 degrees over the Northern Plains. “These wind chills could cause frostbite on exposed skin in a few minutes and hypothermia shortly thereafter,” the National Weather Service warned.Deaths have been reported across Arkansas, Oregon, Mississippi, Kansas and Tennessee since January 12 as back-to-back winter storms have pummeled the US with dangerous wind, ice and snow. One person was killed and another was injured in Arkansas after their pickup truck careened off a snowy White County highway and hit a tree, according to state police. Wintry conditions were reported on roads in at least a half-dozen southern states Tuesday morning. Crashes on a slick I-10 in southern Louisiana closed an expansive stretch of the highway in both directions Tuesday morning. Transportation departments across the region urged people to stay home and off roads as they tried to combat the conditions. “Hundreds” of travel incidents unfolded on Tennessee roads Monday, the state’s DOT said. The transportation toll from a hyperactive stretch of winter weather goes beyond roads. More than 10,000 flights have been cancelled since Friday, FlightAware data shows. Most cancellations Tuesday were in the East because of the active storm, but the flight issues stretch as far west as Denver. School districts in more than half a dozen states, including Alabama, Louisiana, Mississippi, Texas and West Virginia announced closures amid the frigid temperatures. Federal government offices closed in Washington, DC, for the first time since Jan. 7, 2022 because of the weather.

Almost 2,000 flights canceled as airports deal with snow, ice Almost 2,000 flights across the U.S. have been canceled Tuesday as airports deal with snow and ice from storms that have hit much of the country.According to Flightaware.com, a flight tracking website, there are currently 1,870 flight cancelations into or out of the United States and 4,454 flight delays.The airline with the most cancellations is Southwest, with 391 flights. United Airlines has the second-most, with 338 canceled flights.The most affected airport is LaGuardia International Airport. As of midday, there have been 129 cancelations, or 24 percent of the airport’s flights, and 216 delayed planes attempting to leave the New York airport. Ronald Reagan National Airport in Arlington, Va., is the second most affected airport, with 122 cancellations and 112 delays for flights attempting to leave the D.C. area. The airport is experiencing the most cancellations and delays for flights attempting to arrive, too.Washington experienced its biggest snowfall in two years, closing schools and government offices in the capital region. Flights into the area were delayed and diverted, users on social media posted. Some users noted online Monday evening that their planes were rerouted to Philadelphia, while others successfully landed at a D.C. airport, but were stuck on the tarmac for hours. Snowy conditions continue to impact much of the mid-Atlantic and Northeast on Tuesday, the National Weather Service said. Many parts of the D.C. area are under a winter storm warning, and New York is under a winter weather advisory until Tuesday evening.The Federal Aviation Administration posted on X, the platform formerly known as Twitter, advising travelers to check their flight status with the airline and plan to arrive at the airport early.The FAA warned that snow could be causing delays in Boston; Newark, N.J.; New York; Philadelphia; Baltimore and Washington, while low clouds could impact Atlanta, Los Angeles, and several airports in Florida: Orlando, Fort Lauderdale, Miami and Tampa.

Iconic 100-Year-Old Fishing Shacks Washed Into Sea as Maine High Tide Breaks All-Time Record -- From New York City to the coast of Maine, record-breaking high tides in part fueled by the climate crisis brought destruction to the U.S. northeast on Saturday with roads flooded, infrastructure destroyed, and historic buildings washed out to sea—a horrifying preview of what scientists say will become all the more frequent if humanity continues its refusal to end the era of fossil fuels. In downtown Portland, Maine the areas along the harbor and waterfront piers were inundated with unprecedented flooding. The city's vibrant Old Port was underwater in many places with extensive damage to buildings, businesses, and infrastructure. Across the harbor in nearby South Portland, locals expressed heartbreak as a threesome of iconic fishing shacks that have survived nearly 100 years were washed into the sea. After the first shack was gone, the other two did not last much longer. While a storm system was blowing through southern Maine, bringing heavy winds and rain, the region has experienced much larger and powerful storms. According to WGME, the local CBS affiliate, "The Portland tide gauge settled out at 14.57 feet. That's the highest tide ever recorded in Portland." Major coastline flooding was also reported in New York, Connecticut, Massachusetts, Rhode Island, and New Hampshire.\

Winter storms cause over 40 deaths across nine US states - (5 videos( Winter storms cause over 40 deaths across nine US states January 2024 Since January 12, 2024, a series of winter storms and an outbreak of cold air have led to at least 40 deaths across nine US states. The severe weather has caused significant disruptions, including power outages affecting over 85 000 homes and businesses in Oregon, hazardous travel conditions, and extensive road closures. The latest forecasts indicate another round of extreme cold and heavy snowfall across the central and eastern US. Since January 12, 2024, a series of winter storms and a cold air outbreak have wreaked havoc across several states in the United States, resulting in over 40 fatalities. These weather-related deaths have been reported in nine states, including Arkansas, Illinois, Kansas, Mississippi, New York, Oregon, Pennsylvania, Tennessee, and Wisconsin. Tennessee has been particularly hard hit, with 14 weather-related deaths, including a tragic incident where a box truck driver lost control on a snowy highway in Knoxville. In Pennsylvania, a snow-covered Interstate 81 was the site of a fatal minivan accident that claimed five lives, according to the coroner’s office in Lackawanna County. On January 13 and 14, as the cold airmass moved south, sub-zero air temperatures enveloped Montana and the Dakotas. In Billings, Montana, the National Weather Service station recorded a temperature of -34 °C (-30 °F) on January 13, marking the lowest temperature at this site since its establishment in 1999. The wind chill factor, which measures how cold it feels to human skin when wind is considered, reached extreme lows in both states, dropping to as much as -51 °C (-60 °F). In the Pacific Northwest, Oregon experienced significant power outages, with more than 85 000 homes and businesses losing power amid freezing temperatures. As of 09:17 UTC on January 18, there were 42 000 customers still without power in Oregon and another 12 000 in California. Travel remained treacherous due to icy roadways, downed trees, and power lines. A critical stretch of Interstate 84 was closed, and as of Wednesday evening, it remained shut down due to unsafe conditions. New York City experienced its first significant snowfall in almost two years. On Tuesday morning, January 16, Manhattan’s Central Park was blanketed with 3.6 cm (1.4 inches) of snow, marking the end of a notable “snow drought” that lasted 701 days, during which the city had not seen more than 2.5 cm (1 inch) of snow. 10 to 13 cm (4 to 5 inches) of snow was recorded in Washington, D.C., and 5 to 8 cm (2 to 3 inches) in Baltimore and Philadelphia. Buffalo, New York, received 30 – 91 cm (1 to 3 feet) of lake-effect snow overnight Tuesday. That’s on top of 91 cm (3 feet) that fell over the weekend. Snowfall extended to the Appalachians and Western North Carolina, while Southern states faced unexpected cold conditions. air temperature at 2 meters january 15 2024 Image credit: NASA/GEOS In Texas and Louisiana, temperatures dropped into the teens on January 15 and 16. On January 16, the airport in Houston, Texas, registered -7 °C (19 °F), setting a new all-time low for that date. Nashville, Tennessee, a city not typically accustomed to heavy snow, received from 15 to 20 cm (6 to 8 inches) while residents of Mobile, Alabama experienced rare freezing rain and temperatures dropping to -0.5 °C (31 °F). (5 YouTube videos) The weather forecast indicates that the situation is far from over. Another round of freezing rain and heavy mountain snowfall is expected to hit the Pacific Northwest. This new storm system is anticipated to bring up to 13 mm (0.5 inches) of ice in some areas, exacerbating the already challenging conditions. In the Cascades, snowfall rates could exceed 2.5 cm (1 inch) per hour, leading to total snowfall of 30 to 90 cm (1 – 3 feet) by Saturday, January 20. The immediate coastline in northwest Oregon and Washington will experience rain, which poses a risk of localized flash flooding. Northern California is also bracing for isolated flash flooding. Meanwhile, lake effect snow bands will continue to affect areas downwind of the Great Lakes. The Mid-Mississippi Valley is now the focus of the next winter weather system, with snow expected to spread to the Midwest, Lower Great Lakes, and Mid-Atlantic by Friday. The Southern Plains and Gulf Coast will experience a brief respite from the cold, with temperatures in the range of 16 – 27 °C (60s and 70s °F). However, another Arctic airmass is set to bring a sharp drop in temperatures across the eastern half of the US, with daytime highs predicted to be 11 – 17 °C (20 – 30 °F) below normal in some areas. This will also bring low-temperature records and harsh wind chills. References:

Antarctica is warmer than part of the US right now: When could that change? — In nearly every state, winter weather advisories and warnings are in place, many related to the frigid cold temperatures that have been blasting the country since last week. Much of the U.S. was even colder than Antarctica on Monday. With temperatures at two of its three stations between 30°F and 36°F, places like Denver, Salt Lake City, and Chicago were way colder (temperatures were -6°F, 16°F, and 2°F, respectively, at airports within the cities, according to the National Weather Service). When you factor in the wind chill, temperatures in parts of Texas were below 10°F Tuesday morning. As of 11 a.m. CT Tuesday, it’s 36° F at the Palmer Station in Antarctica and 27° F at the McMurdo Station, according to the United States Antarctic Program. At Chicago O’Hare International Airport, for example, it’s 0° F, but the windchill makes it feel like -19° F — which is, however, warmer than a third station in Antarctica, the South Pole Station, where the temperature is -22° F. Back in the U.S., nearly 30 states have some or all of their counties under a wind chill warning or advisory as of Tuesday morning, according to the NWS. Wind chills below -30°F are expected across much of the Rockies, Great Plains, and Midwest through Tuesday, the NWS Weather Prediction Center (NWSWPC) said Monday night.“These wind chills could cause frostbite on exposed skin in a few minutes and hypothermia shortly thereafter,” the NWSWPC wrote in a social media post. “Temperatures are expected to moderate midweek. However, a new surge of colder air will drop south over the northern Plains and Midwest, reaching the Deep South by the end of the week.” Once we get through this week, though, it seems temperatures will rebound. According to the NWS’s 8-14 day temperature outlook released Monday, all of the U.S. (except Alaska) has a chance at above-normal temperatures on the horizon. As you may recall, we’re in an El Niño year. In December, the Climate Prediction Center said this winter’s El Niño was slightly favored to be “historically strong.” During an El Niño winter, California and the Southern U.S. typically see a colder, wetter winter, while the Pacific Northwest and Ohio Valley have a warm, dry winter. However, El Niño hasn’t exactly been living up to the hype in some parts of the country. In California, for example, many areas are below normal when it comes to rainfall, Joe Sirard, a meteorologist with the National Weather Service office in Los Angeles, told Nexstar’s KTLA. When it comes to El Niño, it’s important to remember its typical weather isn’t a guarantee, Michelle L’Heureux, a scientist at the Climate Prediction Center previously explained to Nexstar. It’s always in terms of probabilities, just like the temperature outlook featured above.

US in deep freeze while much of the world is extra toasty? Yet again, it's climate change -- Much of the United States is shivering through brutal cold as most of the rest of the world is feeling unusually warm weather. However strange it sounds, that contradiction fits snugly in explanations of what climate change is doing to Earth, scientists said. In a map of global temperatures the last several days, big chunks of the world — the Arctic, Asia, parts of Africa, the Middle East and South America — show as dark red, signifying more than a dozen degrees Fahrenheit (7 degrees Celsius) warmer than the late 20th-century average. But the United States stands out like a cold thumb — a deep bluish-purple that is just as out of whack but on the frigid side. Wind chills in parts of North Dakota reached minus 70 degrees (minus 56 degrees Celsius), while the heat index in Miami was more than 160 degrees warmer at 92 (33 degrees Celsius). The fourth-coldest NFL football game took place in Kansas City, while across the globe the thermometer hit a blistering 92 degrees, 12 degrees (6.8 degrees Celsius) warmer than average on Friday during tennis’ Australian Open in Melbourne. Warm temperature records fell overnight in Aruba, Curacao, parts of Argentina, Oman and Iran. Where weather was warmer than usual, it was happening both in the southern hemisphere, which is in summer, and in the northern hemisphere, which is in winter. For example, Oman, in the north, had its warmest January night ever at 79.5 degrees (26.4 degrees Celsius). Argentina, in the south, had a record for warmest January night at 81.1 Fahrenheit (27.3 Celsius).If it seems as if the world has gone topsy-turvy, in a way it has. Because this all comes from what’s happening in the Arctic, where it used to be warming twice as fast as the rest of the planet. Now, it’s warming three to four times faster. “When the Arctic is off-the-charts warm (like now), we’re more likely to see frigid cold invade places like Texas that are ill-equipped to deal with it,” said Jennifer Francis, a Woodwell Research Center climate scientist and a pioneer in the theory of Arctic Amplification, which links the cold outbreaks to climate change. “Rapid Arctic warming is one of the clearest symptoms of human-caused climate change, making winter extremes more likely even as the globe warms overall.” The way the cold is invading is through a weather phrase that is becoming increasingly familiar to Americans: The polar vortex. It’s a weather term that goes back to 1853 but has only been frequently used in the past decade or so.The polar vortex is strong, icy weather that usually stays over the top of the planet, penned in by strong winds that whip around it, Cohen said. It’s like an ice skater spinning rapidly with her arms tucked in, he said. But when the polar vortex weakens, the arms start flailing out, the skater slips and “all the cold air then gets released away from the center of the polar vortex,” Cohen said.

Violent thunderstorms cause deadly floods in KwaZulu-Natal, South Africa - 3 videos - Violent thunderstorms and heavy rainfall affecting KwaZulu-Natal Province, South Africa, since January 12, 2024, have led to devastating floods, resulting in at least 11 fatalities and significant property damage in the Durban City area, particularly in eThekwini Municipality. As of January 16, the disaster has led to at least 11 fatalities, with two people still reported missing. The rising waters, resulting from river overflows, have caused extensive harm to the local communities. The floods have resulted in six injuries due to severe weather-related incidents. Rescue operations in Thongathi Town have successfully saved three people, while several others have been evacuated from flood-impacted areas across eThekwini, KwaDukuza, and Ndwedwe Municipalities. The damage extends to the destruction of approximately 250 houses, with numerous roads and bridges in the mentioned municipalities rendered impassable. In addition, water infrastructure has been badly damaged, with many areas now without drinking water. Floods also washed away power poles, leaving communities across the municipality without electricity. “It’s going to take time for people to get back on their feet and resume their normal lives,” said Samantha Meyrick, IPSS Spokesperson. Mayrick added the extent of the damage is still not known. Authorities have issued warnings as the weather forecasts predict more rainfall over the affected regions in the next 48 hours.

Severe floods and landslides hit Rio de Janeiro, claiming 11 lives, Brazil -At least 11 people have died in Rio de Janeiro after a month’s worth of rain hit parts of the city, turning roads into raging rivers, the fire department confirmed on Sunday, January 15, 2024. The northern parts of the city were particularly affected, with incidents of landslides, drownings, and electrocutions reported. In Acari, one of the hardest-hit neighborhoods, the deluge flooded the basement offices of the Ronaldo Gazolla hospital and severely impacted local businesses, while in Avenida de Brasil, one of the city’s major thoroughfares, water levels reached the roofs of cars. A dozen bus lines ceased operations, and multiple metro stations closed due to water inundating the tracks. According to a report from the firefighters, they responded to over 200 storm-related incidents. Some areas of Rio de Janeiro experienced a month’s worth of typical January rainfall within just 24 hours.The severity of the situation prompted Mayor Eduardo Paes to declare a state of emergency, urging residents to stay indoors both for their safety and to facilitate rescue and recovery operations.

Heavy rains, deadly landslide hit Mindanao, Philippines - (video) Recent heavy rainfall and strong winds in parts of Mindanao, southern Philippines, have led to floods and landslides, resulting in at least seven deaths, including five children, 10 people missing, and significant damage. The disaster has affected over 187 000 people across four provinces in the Davao region, with ongoing rains halting search and rescue operations. In the last few days, parts of Mindanao in the southern Philippines have been experiencing severe weather conditions, including heavy rainfall and strong winds. This extreme weather has led to flooding, triggered landslides, and caused casualties and damage in the region. A tragic incident occurred in the southern Davao de Oro province, where a landslide, following days of heavy rains, buried a house, resulting in the death of seven people, including five children. Ednar Dayanghirang, director of the regional civil defence agency, reported this information on DZRH radio. Alongside the fatalities, two people have been injured, and approximately ten are reported missing. The continuing rains have forced the authorities to suspend search and rescue operations in a residential area known for small-scale mining activities. The impact of these heavy rains and floods has been widespread in the Davao region. According to data from the national disaster agency, over 187 000 people in four provinces have been affected by the severe weather conditions. The ASEAN Disaster Information Network has provided additional data on the situation. In the Caraga Region, northern Mindanao, 5 474 people have been displaced and are currently housed in 26 evacuation centers. Meanwhile, in the Davao Region, southeastern Mindanao, 1 800 people have been evacuated to seven evacuation centers, and more than 2 200 individuals have been affected. Cloudy skies with scattered rain showers and thunderstorms are expected across the affected areas over the next 24 hours. Consequently, an extreme flood advisory has been issued for the Davao Region, while a severe flood advisory is in place for the Caraga Region.

DR Congo declares hydrological and ecological catastrophe - 2 videos - Record flooding of the Congo River has resulted in a catastrophic situation in the Democratic Republic of the Congo (DRC), affecting 15 provinces, leading to over 300 deaths, and impacting at least 304 000 families. The Democratic Republic of the Congo is currently facing one of its most severe natural disasters in recent history. Exceptional rainfall has caused the Congo River to rise to a record 6.26 m (20.54 feet), surpassing levels last seen in 1961. This has led to widespread flooding across 15 of the country’s 26 provinces, affecting at least 304 000 families and resulting in around 300 fatalities. In Kinshasa province, streets have transformed into rivers, with residents resorting to boats for evacuation. The scale of the flooding is unprecedented, with extensive damage reported across various districts. Notably, at least 600 000 individuals have been impacted in the Equateur province alone. The extent of damage includes 43 750 houses, 1 325 schools, 269 health centers, 41 public markets, and 85 roads. These figures are expected to rise as assessments continue. The Congolese government has declared the situation a hydrological and ecological catastrophe. YouTube video YouTube video Humanitarian organizations, both local and international, are collaborating with the Congolese authorities to conduct assessments and provide aid. The catastrophe adds to the already dire humanitarian situation in Eastern DRC, where over 6.5 million people are displaced due to conflict. The neighboring Congo Republic is also facing similar challenges. The capital, Brazzaville, located across the river, has reported at least 17 deaths due to flooding in eight departments, affecting over 320 000 people.

Destructive winds, severe flooding as Tropical Cyclone “Belal” makes a direct hit on Reunion - The eye of Tropical Cyclone “Belal” passed over the northern part of Reunion Island (population 870 000), shortly after 06:00 UTC on January 15, 2024, with maximum sustained winds of 148 km/h (92 mph), and gusts to 213 km/h (132 mph). Before the impact, Météo-France predicted potentially historic impacts and placed the entire island under a Purple alert, the highest level of warning, effectively implementing a total lockdown of the population. This included emergency and security services, with a strict prohibition on all movement. Residents were advised to prepare for the cyclone’s impact by stocking up on essential supplies, unplugging electrical devices, refraining from using tap water, limiting phone use to emergencies only, and staying indoors for an extended period of 36 hours. High waves, anticipated to reach heights between 13 to 15 m (42 – 50 feet), led to a heightened alert along the coastline, and flight operations at the island’s main airport were suspended. After the peak of the cyclone passed, at around 08:00 UTC, the alert level was downgraded to Red, allowing emergency services to resume operations.

Scientists knew 2023’s heat would be historic — but not by this much - The year 2023 was the hottest in recorded human history, Europe’s top climate agency announced Tuesday, with blistering surface temperatures and torrid ocean conditions pushing the planet dangerously close to a long-feared warming threshold. According to new data from the Copernicus Climate Change Service, Earth’s average temperature last year was 1.48 degrees Celsius (2.66 degrees Fahrenheit) hotter than the preindustrial average, before humans began to warm the planet through fossil fuel burning and other polluting activities. Last year shattered the previous global temperature record by almost two-tenths of a degree — the largest jump scientists have ever observed. This year is predicted to be even hotter. By the end of January or February, the agency warned, the planet’s 12-month average temperature is likely to exceed 1.5 degrees Celsius (2.7 degrees Fahrenheit) above the preindustrial level — blasting past the world’s most ambitious climate goal.The announcement of a new temperature record comes as little surprise to scientists who have witnessed the past 12 months of raging wildfires, deadly ocean heat waves, cataclysmic flooding and a worrisome Antarctic thaw. A scorching summer and “gobsmacking” autumn temperature anomalies had all but guaranteed that 2023 would be a year for the history books. But the amount by which the previous record was broken shocked even climate experts.“I don’t think anybody was expecting anomalies as large as we have seen,” Copernicus director Carlo Buontempo said. “It was on the edge of what was plausible.”The staggering new statistics underscore how human-caused climate change has allowed regular planetary fluctuations to push temperatures into uncharted territory. Each of the past eight years was already among the eight warmest ever observed. Then, a complex and still somewhat mysterious host of climatic influences combined with human activities to push 2023 even hotter — ushering in an age of “global boiling,” in the words of United Nations Secretary General António Guterres.Unless nations transform their economies and rapidly transition away from polluting fuels, experts warn, this level of warming will unravel ecological webs and cause human-built systems to collapse.

Team uncovers new marine source of carbon emissions into atmosphere -- Bottom trawling is a previously unaccounted for source of atmospheric carbon emissions, scientists reveal in a study published today. As the world scrambles to slash emissions caused by fossil fuels, deforestation and other sources, the study finds bottom trawling—the act of dragging a heavy fishing net across the ocean floor and resuspending some of the carbon in the seafloor sediment—to be a significant source of atmospheric carbon pollution.The work is published in Frontiers in Marine Science.A previous study had found that part of that disturbed sediment carbon turns into carbon dioxide underwater. Today's study finds that 55%–60% of the carbon dioxide produced underwater by bottom trawling will make it into the atmosphere within nine years.The amount of carbon released by bottom trawling into the atmosphere each year is estimated to double the annual emissions from fuel combustion of the entire global fishing fleet—about 4 million vessels."We have long known that dragging heavy fishing nets—some as large as ten 747 jets—across the ocean floor destroys sea life and habitats," said Dr. Trisha Atwood of Utah State University and National Geographic Pristine Seas."Only recently, we have discovered that bottom trawling also unleashes plumes of carbon, which otherwise would be safely stored for millennia in the ocean floor. Our study is the very first to show that over half the carbon released by bottom trawling eventually escapes into the atmosphere as carbon dioxide over the span of about ten years, contributing to global warming. Much like destroying forests, scraping up the seafloor causes irreparable harm to the climate, society and wildlife."

Climate change isn't producing expected increase in atmospheric moisture over dry regions: Study --The laws of thermodynamics dictate that a warmer atmosphere can hold more water vapor, but new research has found that atmospheric moisture has not increased as expected over arid and semi-arid regions of the world as the climate has warmed.The findings are particularly puzzling because climate models have been predicting that the atmosphere will become more moist, even over dry regions. If the atmosphere is drier than anticipated, arid and semi-arid regions may be even more vulnerable to future wildfires and extreme heat than projected.The authors of the new study, led by the U.S. National Science Foundation National Center for Atmospheric Research (NSF NCAR), are uncertain what's causing the discrepancy."The impacts could be potentially severe," said NSF NCAR scientist Isla Simpson, lead author of the study. "This is a global problem, and it's something that is completely unexpected given our climate model results."Simpson and her co-authors say follow-up research is needed to determine whywater vapor is not increasing. The reasons could have to do with moisture not moving from Earth's surface into the atmosphere as projected or circulating around the atmosphere in unanticipated ways. It's also possible that an entirely different mechanism could be responsible.Adding to the mystery, the new study showed that while water vapor is increasing over humid regions of the world, it is not rising as much as expected during the most arid months of the year. The study appears in the Proceedings of the National Academy of Sciences.

Climate change may make wildfires larger, more common in US southern Appalachian region --In a new study, North Carolina State University researchers have found that more extreme and frequent droughts would dramatically increase the amount of forest burned by wildfire in the southern Appalachian region of the Southeast through the end of the century.In a study published in Fire Ecology, researchers found the most severe and frequent drought scenario would mean about 310 square miles of forest in the southern Appalachians burning every year in the decade ending in 2100. In comparison, there were around 231 square miles burned in 2016 in the mountain region—a year considered historic for wildfire in the southern Appalachians following multiple acts of arson, accidental ignitions and downed power lines."2016 was a watermark year for wildfire; we didn't know we could have that much fire in the southern Appalachians," said study co-author Robert Scheller, professor of forestry and environmental resources at NC State and associate dean for research in the NC State College of Natural Resources. "Under the most extreme conditions we forecasted, we would have the wildfire equivalent to that, or more, almost every year by the end of the century."In the study, researchers used computer modeling to project the total area burned by wildfire in the southern Appalachians of North Carolina, South Carolina, Georgia and Tennessee in 80 years across four scenarios that differed in terms of drought severity, and in terms of whether drought occurred in a year. Under the least extreme drought scenario, they projected a total of 231 square miles of forest would burn every decade through 2100—which is similar to the outcomes they predicted under historical climate conditions. In the most extreme scenario of high drought intensity and high variability of drought year to year, the total area of forest burned would double within the next decade, and increase by approximately 900%, or nine times, by the end of the century. That would mean around 3,125 square miles of forest burning in the decade ending in 2100.Across the entire 80-year period of the study, they projected a nearly five-fold increase in total area burned under the more extreme scenario, for a total of more than 17,000 square miles. They also saw that more intense drought had a bigger impact on total area burned than variability in drought."This was the worst outcome from the most extreme drought scenarios, but that more extreme scenario could be on the low-end of the future reality," Scheller said. "The existing climate models have underestimated the current drought and heat conditions that we've seen in California recently. We should expect that impacts of climate change will be seen in big-step changes—the impacts can happen really fast."

Scientists discover southern Africa's temps will rise past rhinos' tolerance - Southern Africa contains the vast majority of the world's remaining populations of both black and white rhinoceroses (80% and 92%, respectively). The region's climate is changing rapidly as a result global warming. Traditional conservation efforts aimed at protecting rhinos have focused on poaching, but until now, there has been no analysis of the impact that climate change may have on the animals. A research team from the University of Massachusetts Amherst has recently reported in the journal Biodiversity that, though the area will be affected by both higher temperatures and changing precipitation, the rhinos are more sensitive to rising temperatures, which will quickly increase above the animals' acceptable maximum threshold. Managers in national parks should begin planning adaptations to manage the increased temperatures in the hopes of preserving a future for the rhinoceroses. The African continent has seen its average monthly temperatures rise by 0.5–2 degrees Celsius over the past century, with up to another two degrees of warming projected for the next 100 years, according to the Intergovernmental Panel on Climate Change's (IPCC) high greenhouse gas emissions scenario. It is also well known that the changing climate will disrupt historical precipitation patterns—but which of these, temperature or rainfall, will have the most impact on a species, like white and black rhinos, that have long been the target of conservation efforts? The question is especially important for rhinos because they don't sweat, and instead cool themselves off by bathing and finding shade. "Generally speaking, most, if not all, species will, in one way or another, be negatively affected by the changing climate," says lead author Hlelowenkhosi S. Mamba, who completed this research as part of her graduate studies at UMass Amherst. "It is therefore important for conservationists to conduct macroecological assessments over large areas to catch trends and model futures for some of the world's most vulnerable species to prepare to mitigate climate change's effects, hence minimizing global biodiversity losses."

We are losing tetrapod species at a faster rate than we are rediscovering them, researchers say - Lost species are those that have not been observed in the wild for over 10 years, despite searches to find them. Lost tetrapod species (four-limbed vertebrate animals including amphibians, birds, mammals and reptiles) are a global phenomenon—there are more than 800 of them, and they are broadly distributed worldwide.Our research, published today in the journal Global Change Biology, attempts to pin down why certain tetrapod species are rediscovered but others not. It also reveals that the number of lost tetrapod species is increasing decade-on-decade. This means that despite many searches, we are losing tetrapod species at a faster rate than we are rediscovering them. In particular, rates of rediscovery for lost amphibian, bird and mammal species have slowed in recent years, while rates of loss for reptile specieshave increased.This is not good news. Species are often lost because their populations have shrunk to a very small size due to human threats like hunting and pollution. Consequently, many lost species are in danger of becoming extinct (in fact, some probably are extinct). However, it is difficult to protect lost species from extinction because we don't know where they are.In 2018, researchers in Colombia successfully searched for the Antioquia brush-finch (Atlapetes blancae), a bird species unrecorded since 1971. This rediscovery led to the establishment of a reserve to protect the remaining population of the brush-finch, which is tiny and threatened by habitat loss caused by agricultural expansion and climate change.The Victorian grassland earless dragon (Tympanocryptis pinguicolla) was rediscovered in Australia last year. It hadn't been recorded for 54 years, and was presumed to be extinct, due to the loss of its grassland habitat and predation by invasive alien species including feral cats. Its rediscovery resulted in government funding to trial new survey techniques to find further populations of the species, a breeding program, and the preparation of a species recovery plan.Thus, rediscoveries are important: they provide evidence of the continued existence of highly threatened species, prompting funding for conservation action. The results or our study may help to prioritize searches for lost species. In the image below, we mapped their global distribution, identifying regions with many lost and few rediscovered species.

Greenland has lost more ice than previously thought: Study - Climate change has caused Greenland's ice sheet to lose 20 percent more ice than previously thought, according to research published Wednesday that used satellite imagery to track the retreat of glaciers over the past four decades.Previous studies have found that about 5,000 gigatons of ice has been lost from the surface of the Greenland ice sheet in the past two decades, a major contributor to rising sea levels.In the new study, researchers in the United States compiled nearly 240,000 satellite images of glacier terminus positions—where glaciers meet the ocean—from 1985 to 2022."Nearly every glacier in Greenland has thinned or retreated over the past few decades," lead author Chad Greene, a glaciologist from NASA's Jet Propulsion Laboratory, told AFP."There really aren't any exceptions, and this is happening everywhere, all at once."They found that over 1000 gigatons (1 gigaton is equivalent to 1 billion tons), or 20 percent, of ice around the edges of Greenland had been lost over the past four decades and not been accounted for."The Greenland ice sheet has lost appreciably more ice in recent decades than previously thought," researchers said in the journal Nature.Because the ice at the island's edges is already in the water, the authors stressed that this would have had a "minimal" direct impact on sea level rise.But it could herald further overall ice melt, allowing glaciers to more easily slip towards the sea. Researchers found that the Greenland glaciers most susceptible to seasonal changes—that is expanding in winter and retreating in summer—are also the ones most sensitive to the impact of global warming and experienced the most significant retreat since 1985.The melting of Greenland's vast ice sheet—the world's second-largest after Antarctica—is estimated to have contributed more than 20 percent to observed sea level rise since 2002.Rising sea levels threaten to intensify flooding in coastal and island communities that are home to hundreds of millions of people, and could eventually submerge whole island nations and seafront cities.

Eruption started north of Grindavík, lava enters city limits, Iceland - - Another eruption began south-southeast of Hagafell, Reykjanes Peninsula, Iceland at 07:57 UTC on January 14, 2024. The latest images show the lava flowing toward the town of Grindavik. The perimeter was about 450 m (1 470 feet) from the northernmost houses in the town around 08:40 UTC. According to the Icelandic Met Office (IMO), an intense series of earthquakes began at the Sundhnúksgígar crater row at around 03:00 UTC today, with more than 200 earthquakes over the next 3 hours. The largest recorded earthquake was M3.5 at Hagafell at 04:07 UTC. Approximately 45 minutes after the start of the eruption, images from the Coast Guard’s surveillance flight showed a crack had opened on both sides of the defenses that have begun to be built north of Grindavík. Judging by the pictures, lava is now flowing towards Grindavík. Based on measurements from the Coast Guard’s helicopter, the perimeter is now about 450 m (1 470 feet) from the northernmost houses in the town. Live view of the eruption: YouTube video. Just before the eruption started, the Norwegian Meteorological Agency updated the hazard assessment map in light of the interpretation of the latest data. hazard assessment map january 14 2023 reykjanes iceland Both real-time GPS measurements and borehole pressure readings (from HS Orka) showed major changes since the onset of earthquake activity. In addition, seismicity moved toward the town of Grindavik. map showing latest earthquake activity reykjanes iceland january 14 2024 Image credit: IMO The previous eruption in this region started on December 18, 2023, after months of intense seismicity and ground uplift, and ended on December 21.

Grindavik faces significant risk of ground collapse due to fissures, Iceland - Recent volcanic activity in the Svartsengi area has led to continuous land uplift, although the exact rate is still being determined through GNSS measurements. Around 200 earthquakes, the largest measuring M1.4, have been recorded near the magma conduit since yesterday. Despite a reduction in earthquake frequency, significant risks, including ground collapse, remain for the nearby Grindavík area. The Svartsengi area, known for its recent volcanic activity, continues to exhibit clear signs of land rise, the Icelandic Met Office reported at 15:30 UTC on January 18, 2024. While the precise rate of uplift is yet to be established, ongoing GNSS (Global Navigation Satellite System) measurements are being conducted to provide a comprehensive evaluation of the geological changes in the area. This follows similar deformation patterns observed after the volcanic eruption on December 18. In the latest seismic updates, approximately 200 earthquakes have been detected near the magma conduit since yesterday. The largest of these earthquakes measured 1.4 in magnitude. Since midnight, the area has experienced around 70 smaller seismic events, indicating a decrease in frequency compared to the previous day. It’s important to note that the recent weather conditions have influenced the detection of earthquakes, but the overall trend suggests a decrease in seismic activity. Despite the reduction in earthquake frequency, the town of Grindavík, situated in proximity to Svartsengi, faces significant risks associated with the current geological activity. The primary concern is the potential for ground collapse into the fissures that have formed in the region. (hazard map) One of the GNSS meters, which was located north of Grindavík, went under lava after the second eruption in the region started on January 14, but over 20 GNSS stations are in the area and are being used. According to computational models, magma lies shallow at the southern end of the conduit, where the land appears to be heavily fractured, making it easier for the magma to reach the surface. Therefore, there is a continued likelihood that new eruptive fissures may open without warning. Significant deformation has occurred in connection with the graben in the eastern part of Grindavík. These movements were mostly along the fissures that formed on November 10 and had already been mapped.

Major coastal changes after M7.6 earthquake in Japan left 15 ports unusable, 58 damaged - The M7.6 earthquake that struck Japan’s Noto Peninsula on January 1, 2024, has caused significant changes in the coastal landscape, leaving at least 15 ports unusable. Out of about 70 ports in Ishikawa Prefecture, 58 reported various degrees of damage. According to state media reports on January 17, at least 15 ports have become unusable due to significant alterations in the coastal relief, which led to the coastline’s extension. The most dramatically transformed area is Wajima City, where the land elevation on the Noto Peninsula has increased by over 200 m (655 feet) from the sea, causing many ships to become stranded. Local fishermen, heavily reliant on these ports for their livelihood, are facing dire circumstances as their vessels remain docked. Japanese public broadcaster NHK reported on the profound impact the disaster has had on the fishing community. In the port of Kuroshima, Wajima, the rise in land has exposed a large portion of the ocean floor, leading to the death of marine wildlife and hindering fishing activities. One of the affected residents, 80-year-old Naganori Takashima, shared his plight with NHK. His home was damaged by the earthquake and subsequent tsunami, and his ability to fish, which he did around 100 days a year, has been severely compromised. Takashima, along with approximately 16 000 others who remain displaced, expressed despair over the situation, fearing a loss of vitality in the area. Ishikawa Prefecture, the epicenter of the disaster, reported various damages across 58 ports out of about 70. The quake has caused at least 232 fatalities, left 21 missing, and over 1 000 injured. The destruction extends to over 20 000 homes, with thousands more damaged. Continuing power outages affect about 7 800 residences, and water supply disruptions impact over 50 000 households. Authorities have warned that these supply cuts could persist for up to two months in some areas. The government’s Earthquake Investigation Committee is closely analyzing the tremor. Their findings suggest that one of the involved faults has barely moved, raising concerns about the possibility of similar or larger earthquakes occurring in the future.

New mud volcanoes emerge in Trinidad, prompting evacuation plans – video - Recent discoveries of new small mud volcanoes in Trinidad’s eastern region have prompted local authorities to prepare evacuation plans, following a small eruption in the Cascadoux Trace area last week. Three homes closest to the new mud volcanoes were already evacuated. Officials have announced plans to conduct community meetings in the eastern part of the island this week to discuss evacuation strategies. The Mayaro/Rio Claro Regional Corporation, under the leadership of Chairman Raymond Cozier, is closely monitoring the situation. Cozier indicated that the University of the West Indies Seismic Research Center is actively involved in investigating these natural formations, which are currently exhibiting bubbling activity but have not shown signs of significant eruptions. Since last Thursday, January 11, 2024, at least five additional mud volcano craters have been discovered, adding to the nearly two dozen already identified in the southern region of Trinidad. These mud volcanoes are located near oil and gas reserves, a factor that adds complexity to the situation. Notably, Trinidad’s sister island, Tobago, has not reported any such geological activities. One of Trinidad’s most famous mud volcanoes, Piparo, is remembered for its eruption in 1997, which necessitated the evacuation of hundreds of residents. The island’s mud volcanoes have long been a point of interest, with several becoming popular tourist attractions. However, the recent increase in volcanic activity has shifted focus towards ensuring public safety and preparedness.

"90% Of The Population Will Be Dead Within A Year" - Dennis Quaid Warns Tucker Of Inevitable Major Solar Storm Destroying All Tech -- "Basically, there is a 100% probability that our sun, generating what they call a GMD, which is a solar storm, that hits hard, hits our Earth, and the magnetic field we have around the Earth, and can fry everything that is electric above the ground, including our entire grid," actor Dannis Quaid explained to Tucker Carlson in one of the former Fox anchor's most surreal yet terrifying interviews yet.Scared yet? You should be. Accomplished actor and musician Quaid shares insights on his upcoming documentary titled "Grid Down, Power Up", highlighting the inevitability of a massive solar storm (a Carrington event such as occurred in 1859) impacting Earth in catastrophic ways.At the time, Quaid notes, the GMD (geomagnetic disturbance) devastated the then-existing telegraph system, and asks Carlson to consider the potential magnitude of such a disaster in today's electrically-dependent society. He notes:"imagine what that would do now with a very large storm... it would take out not only the electricity but all of our infrastructure," the actor exclaims, adding that:“There wouldn’t be water in your tap. You couldn’t get gas for your car because the whole system is broken down."Quaid hopes that by bringing attention to the potential catastrophe he can nudge politicians into action to harden the grid against such events (natural or terrorist-driven)..."It's something we don't like to think about but it's... whether from the Sun or a bad actor this is something that 100% chance it's going to happen and we are just no nowhere no way prepared for it." ;...although he is not optimistic given the challenges posed by regulatory agencies and the private ownership of power companies.

EPA proposes new rules for methane emission fees -A Biden administration rule issued Friday would establish new fees for methane emissions, one of the most potent drivers of climate change, under the provisions of the Inflation Reduction Act. The Methane Emissions Reduction Program, an enforcement provision in the 2022 climate law, imposes fees on excess emissions, and those fees will increase over the rest of the decade. The fee will initially kick in at $900 per metric ton this year, rise to $1,200 next year and increase to $1,500 from 2026 on.The Friday proposal hammers out further details on how the fee would be calculated and when oil and gas facilities would be eligible for exemptions. The Environmental Protection Agency (EPA) projects the rule will reduce emissions from methane by about 80 percent. Methane comprises about a third of greenhouse gas emissions, and while it dissipates in the atmosphere faster than carbon dioxide, it is more potent as a warming accelerant. EPA Administrator Michael Regan said Friday that facilities will be exempt from the fees if they comply with recently finalized Clean Air Act rules on industrial operations. “We are laser-focused on working collectively with companies, states, and communities to ensure that America leads in deploying technologies and innovations that aid in the development of a clean energy economy,” Regan said in a statement. It received harsh reviews from the American Petroleum Institute, the biggest lobbying group for the oil and gas industry. Dustin Meyer, American Petroleum Institute’s senior vice president of policy, economics and regulatory affairs, called on Congress to repeal the fee, saying: “While we support smart federal methane regulation, this proposal creates an incoherent, confusing regulatory regime that will only stifle innovation and undermine our ability to meet rising energy demand.” Meanwhile, the Center for Biological Diversity (CBD) said the rule was a step in the right direction but that it would be insufficient amid an unprecedented level of fossil fuel production, including record highs for oil production. “It’s significant that this rule holds polluters accountable for their super-polluting methane emissions, but the real issue is continued fossil fuel expansion,” Jason Rylander, legal director at the CBD’s Climate Law Institute, said in a statement. “After the hottest year on record, we know full well that fines won’t fix the climate emergency. The Biden administration needs to move toward phasing out climate-killing oil and gas, and a good place to start would be denying permits for new facilities to export fracked gas.”

America’s first federal emissions tax will only increase emissions - The new year brings a historic and self-defeating tax courtesy of the Inflation Reduction Act. Certain methane emissions produced by oil and gas companies this year will be subject to the nation’s first federal emissions tax. Designed solely to punish the backbone of the American energy industry, the tax will likely achieve its goal, albeit while increasing methane emissions in the process.Since its initial drafting in 2021, the tax was written to target energy companies that are disfavored by the Biden administration. For methane emissions above a low threshold in 2024, the tax is $900 per metric ton — equivalent to a tax of $36 per ton of carbon dioxide. This tax will be levied exclusively on companies that produce or transport oil and gas. Yet, the oil and gas industry is not the largest overall producer of methane emissions in America. That title belongs to livestock farmers, who get a pass under the law. The landfill industry is the third largest source of methane, yet it too goes untouched because regulators are determined to scrap the oil and gas industries first. All three industries are essential to modern life, but evidently, some emissions are more acceptable than others under the Inflation Reduction Act.If reducing methane were the real objective, the act’s authors would have rewarded the energy industry. According to the Environmental Protection Agency’s most recent blockbuster emissions report, between 1990 and 2020, methane emissions from natural gas systems fell 15.7 percent. That achievement is in addition to the fact that the majority of the U.S. carbon dioxide emissions reductions since their peak in the early 2000s are attributable to a shift toward natural gas.This year’s tax hike is only the beginning. The tax rises to $1,200 per ton of methane in 2025 and $1,500 in 2026, pushing the carbon equivalent price to $60. According to the Congressional Budget Office, the tax is expected to penalize American energy companies to the tune of $6.35 billion over 10 years.These cascading costs are a dark harbinger for consumers. American oil and gas production has finally surpassed pre-pandemic levels, yet household energy prices remain elevated due to a litany of regulatory restrictions on refining, transportation and electricity generation. Energy prices are 32 percent above when President Biden took office, and the cost of these new taxes will inevitably flow to consumers in the coming years. While this is the federal government’s first direct fee or tax on greenhouse gas emissions, it already dwarfs similar taxes in other industrialized nations. According to data compiled by the World Bank, the Inflation Reduction Act’s $36 carbon-equivalent tax is already larger than those on greenhouse gases in Japan ($2.17), Singapore ($3.77), Spain ($16.31) and Denmark ($26.53). China is the world’s largest emitter of methane, but the Communist Party has so far rebuffed progressive pleas to reduce its emissions. While the country has a carbon emissions trading scheme, in recent weeks, the price per ton has fluctuated around a paltry $10. Unlike China’s scheme, the Inflation Reduction Act methane tax and its initial $36 carbon-equivalent price are designed to move in only one direction. Rather than reducing emissions, punishing the clean American oil and gas industry will drive up methane emissions on a global scale. American oil production is significantly cleaner than most of its global peers. On a per-barrel basis, the World Bank estimates that American oil production in 2022 resulted in far less methane emissions through flaring than in Russia, Venezuela, or Iran. Oil and natural gas are largely fungible, meaning that taxing cleaner and more efficient energy production at home will make dirtier production by our adversaries more competitive. The ability of efficient American producers to meet the globe’s growing energy demand will be hobbled, and this pyrrhic emissions policy will drive up global aggregate emissions.

Battleground State Energy Survey Shows Americans Reject Carbon Tax -- Marcellus Drilling News -- The American Energy Alliance and the Committee to Unleash Prosperity recently sponsored a survey of 1,600 likely voters equally divided among eight “battleground” states (Georgia, Pennsylvania, Wisconsin, Arizona, Nevada, Michigan, Missouri, and Ohio) conducted by MWR Strategies in December 2023. The total sample margin of error is 2.45%. The survey results confirm that there has been little change in sentiment and attitudes on energy and climate change. Many of the responses in the survey are either consistent with or more emphatic than what they found in previous surveys.

Advocates Welcome EPA’s Proposed Pollution Restrictions On Trash Incineration. But Environmental Justice Concerns Remain - Advocates and environmental groups largely welcomed the Environmental Protection Agency’s Jan. 11 proposal to impose stricter pollution limits on large trash incinerators. But they caution that the new standards, if implemented, would not eliminate the public health risks caused by toxic pollutants, such as lead, mercury and dioxin, that these facilities are known to emit in abundance. The EPA said that the proposed standards would apply to 57 facilities located across the nation with the capacity to burn more than 250 tons of trash a day. Nearly 4 million Americans live within 3 miles of these large facilities, which, according to the agency, are disproportionately located in low-income communities and communities of color. “By reducing harmful pollution and improving air quality, this rule will advance environmental justice for nearby communities already overburdened with pollution,” EPA Administrator Michael Regan said in a press release. He added that the EPA is committed to ensuring that large facilities burning municipal waste utilize the most up-to-date and cost-effective control technologies to reduce pollution and protect public health. “A trash incinerator, despite its advanced emission upgrades, will continue to release pollutants that have no safe level of exposure and harm the health of communities already overburdened by pollution,” countered Senay Emmanuel, a climate policy analyst with Progressive Maryland, a grassroots advocacy group. “When I think about this rule, I think about the impact it could have on communities adjacent to trash incinerators across the U.S.,” Emmanuel said, adding that Baltimore City reports asthma rates three times higher than the rest of Maryland. In addition to emitting hundreds of thousands of tons of CO2 every year, trash incinerators are known to emit some of the most toxic pollutants with no safe level of exposure. The contaminants include significant amounts of lead, mercury, nitrogen oxides (NOx) and sulfur dioxide, which are known to trigger and worsen asthma symptoms, as well as PM2.5—extremely small particles that get into lungs and blood. Baltimore City, to this day, remains heavily invested in trash-to-energy incineration after Maryland’s former governor, Martin O’Malley, a Democrat, signed a legislation in 2011 making the electricity generated from burning trash a “tier one” renewable energy on a par with wind, solar and geothermal. In late 2020, the city authorities signed a 10-year contract extension on the Wheelabrator incinerator off I-95 even though such incinerators spew large quantities of toxic substances into the air. As result, the South Baltimore communities near the incinerator are asthma hotspots and have disproportionally high hospitalization rates, according to Progressive Maryland.

Minnesota mental health professionals say climate concerns driving patients to depression - More than half of Minnesota’s mental health professionals report seeing anxiety, depression and chronic psychological distress related to climate concerns among their patients, according to a study by researchers at the University of Minnesota.Most concerning, more than one-fifth of the surveyed mental health professionals reported “sometimes” or “often” observing signs of suicidal ideation or attempts linked to climate anxiety.“I work mainly with adolescents — who often express a sense of hopelessness about their future due to the overwhelming and seemingly ‘unfixable’ climate crisis,” one professional said.The 2022 survey was conducted among 517 active and licensed mental health professionals in the state, including social workers, family counselors, psychologists and other therapists. The sample, while not representative of every mental health professional in the state, included a mix of respondents who worked with children and adults, in inpatient and outpatient settings, and in rural, suburban, urban and tribal areas.Therapists were asked about their own climate concerns, how clients addressed the topic in practice, and climate-related mental health struggles they observed. In addition to anxiety, depression and distress, the therapists reported seeing signs of substance abuse, post-traumatic stress disorder and other mental ailments driven by climate worries among their patients. Some of these issues are driven by direct personal experience with climate-driven natural disasters like floods and droughts. But other research has found evidence of a more diffuse sort of anxiety or dread over steadily ratcheting temperatures, their effects on the global environment, and the frustratingly slow pace of efforts to reverse the trend.Many researchers believe the links between climate and mental health are severely understudied. In one recent systematic review of the existing literature, authors found only one report containing direct evidence on a possible link between climate-driven emotions and suicidality: the Minnesota mental health professionals survey.“This scarcity underscores the urgent need for more comprehensive studies exploring the potential connection between eco-emotions and suicidality at an individual level,” the authors of the literature review wrote.There are also many caveats to the Minnesota data. The therapists’ own attitudes toward climate could influence their recollections of their clients’ behaviors, for instance. Plus, the overwhelming majority of adults and children do not receive mental health care, so their attitudes aren’t captured at all in this study.Still, mental illness and suicidality are growing problems in Minnesota and the U.S. as a whole. Understanding potential links to climate anxiety could help improve the situation.“Climate change is no longer a psychologically distant, future problem,” the study’s authors conclude.

Schools intensify their climate change efforts as temperatures rise - Last year was the hottest on record, according to data released this week, and U.S. schools are ramping up their fight against climate change after President Biden announced a $1 billion investment into electric school buses. Schools are slowly transitioning towards greener paths of energy consumption, an important step as K-12 public schools in the U.S. consume 8 percent of the energy used by commercial buildings, according to the Sierra Club. “When you think about our emissions from society as a whole, our schools are also responsible for a part of that carbon pollution because they have a lot of needs to be able to serve children and students more broadly,” said Laura Schifter, fellow with the Aspen Institute and director of This is Planet Ed. “And so actually thinking about the opportunity to reduce our carbon pollution within schools is very much necessary. It’s something that our schools need to be doing,” Schifter added. The Biden administration announced this week it is investing $1 billion so 67 schools and districts could replace their school bus fleet with low-emission and zero-emission buses. The president’s initiative on electric school buses has totaled $1.84 billion so far, with the Environmental Protection Agency saying 5,000 low- or zero-emission buses have been funded. “Every school day, 25 million children ride our nation’s largest form of mass transit: the school bus. The vast majority of those buses run on diesel, exposing students, teachers, and bus drivers to toxic air pollution,” Vice President Harris said in a statement announcing the latest $1 billion in funding. “As part of our work to tackle the climate crisis, the historic funding we are announcing today is an investment in our children, their health, and their education. It also strengthens our economy by investing in American manufacturing and America’s workforce,” she added. The buses, however, are just one part of a bigger picture on how schools have been working to make their operations more environmentally friendly. Schifter had previously pointed out there are 100,000 K-12 public schools in the U.S. that sit on 2 million acres of land, operate 480,000 buses and produce 53,000 tons of food waste, meaning they have ample opportunities to help bring about a greener future. One of the biggest ways schools have changed their operations is by reevaluating what type of energy they are using to run their buildings. Solar power in schools has become increasingly popular, going up 81 percent from 2014 to 2019, according to Generation 180, a nonprofit that advocates for clean energy. However, that still means only 5.1 percent of K-12 schools are using solar energy. Schifter highlighted a school in Batesville, Ark., that has found that switching to better energy sources will help reduce their costs in the long run, freeing up more money to put toward staff salaries. “They had an opportunity to build a solar array with an agreement that they wouldn’t have to pay the cost of installing the solar array, and then they’d enter into a contract that would enable them to have a lot of money saved up through their energy use over time,” she said. “And what they’ve been able to do is actually use the savings from the solar to go in and increase teacher pay so really thinking creatively about this.”

On YouTube, climate denialism takes a turn -- A study of more than 12,000 videos found that efforts to discredit the climate movement have moved on from whether climate change is real to focus on skepticism of solutions, activists and scientists. The voices that deny climate change have settled on a new refrain. Instead of rejecting the fact that the Earth is warming, they’re now focusing on skepticism of climate solutions, as well as scientists and activists and altogether the idea that climate change will cause harm, according to a new report from the Center for Countering Digital Hate, a nonprofit organization that researches digital hate speech and misinformation.The organization’s analysis suggests that the outright dismissal of climate change is no longer as convincing an argument, so climate skeptics are shifting the ideological fight to how seriously humanity must take climate change or what ought to be done about it. The report also claims that the content policies of YouTube’s parent company, Google — which are supposed to block advertising money from content that rejects the scientific consensus about the existence and causes of climate change — are ineffective and ought to be updated. “A new front has opened up in this battle,” Imran Ahmed, the organization’s CEO, said at a news conference. “They’ve gone from saying climate change isn’t happening to now saying: ‘Hey, climate change is happening, but there is no hope. There are no solutions.’”Scientists who study Earth systems have agreed for decades that the human burning of fossil fuels creates an imbalance of heat-trapping gases in the atmosphere that are warming the world. Earth has warmed by roughly 1.2 degrees Celsius, on average, since before industrial times, when fossil fuels began to drive economies. That warming is melting ice shelves, causing sea-level rise and intensifying the water cycle. In recent years, scientists have been able to connect individual events, like killer heat waves in 2021 in the Pacific Northwest, to human-caused climate change. U.S. public perception of climate change has shifted in recent decades, but it remains highly politicized, according to the Pew Research Center. The nonprofit Environmental and Energy Study Institute said in a report in February that "Americans are increasingly convinced that global warming is happening, human-caused, and a serious problem. Americans also increasingly understand that climate impacts are here and now and would like to see more government action." The Center for Countering Digital Hate is a nonprofit organization whose stated goal is to “protect human rights and civil liberties” by holding social media companies accountable. Ahmed said the organization has been “tightly integrated with the climate movement.” For its analysis, the organization used an artificial intelligence model to evaluate the arguments used in more than 12,000 YouTube videos from 96 channels it said featured climate change denial content, including videos from Blaze TV, a conservative media channel, and the Heartland Institute, a free-market think tank. The videos were published from January 2018 through September 2023. The “deep learning model” processed YouTube transcripts and sought to identify whether particular climate denial themes were present, the report says. Independent evaluators checked part of the text transcripts and graded the model’s accuracy. The independent evaluators said it accurately found denial claims about 78% of the time. Over more than five years of videos, the researchers said, arguments suggesting climate solutions won’t work or that climate advocates in science or activism are unreliable have grown 21.4 and 12 percentage points, respectively. The idea that global warming isn’t happening at all has dropped by 34.3 percentage points. The research, which was published in the peer-reviewed journal Scientific Reports, found a similar trend. “It’s clear that the future of climate misinformation will be more and more focused on solutions and attacking climate science itself,” Cook said in an email. “Misinformation targeting solutions is designed to delay climate action, while misinformation attacking climate science erodes public trust in climate science and scientists.” The report from the Center for Countering Digital Hate takes aim at YouTube’s policies on climate misinformation, saying it is failing to prevent monetization of denial narratives; the report includes screenshots of advertisements on videos it categorizes as “old denial,” which outright denies climate change is happening. The nonprofit group argues YouTube and Google should broaden the kind of content that can’t be monetized to include content it categorizes as “new denial,” which rejects scientific consensus about the “causes, impacts and solutions” to climate change. YouTube has enforcement teams that review questionable content, including content about climate change. YouTube reviewed the Center for Countering Digital Hate’s report and agreed that some of the videos it cited did violate its climate change policies. However, it said most of the videos complied with its policy. “Our climate change policy prohibits ads from running on content that contradicts well-established scientific consensus around the existence and causes of climate change,” Nate Funkhouser, a YouTube spokesperson, said in an email. “Debate or discussions of climate change topics, including around public policy or research, is allowed. However, when content crosses the line to climate change denial, we stop showing ads on those videos. We also display information panels under relevant videos to provide additional information on climate change and context from third parties.”

Biden is toughening limits on deadly soot. Industry is fighting back. - The Washington Post -- The Environmental Protection Agency is preparing to significantly strengthen limits on fine particle matter, one of the nation’s most widespread deadly air pollutants, even as industry groups warn that the standard could erase manufacturing jobs across the country. Several major companies, trade associations and some Democratic lobbyists are trying to preempt the rule by suggesting it could harm President Biden’s reelection chances in key swing states. They say the tougher standard for soot and other pollutants could destroy factory jobs and investments in the Midwest and elsewhere, undermining Biden’s pitch that he has revitalized these areas more than Donald Trump, the GOP presidential front-runner. Public health advocates strongly disagree with the industry’s assertions. They say strengthening the soot standard would yield significant medical and economic benefits by preventing thousands of hospitalizations, lost workdays and lost lives, particularly in communities of color that are disproportionately exposed to unhealthy air. Efforts to curb PM2.5 — tiny particles measuring less than 2.5 micrometers in diameter, or one-thirtieth the width of a human hair — have produced enormous public health benefits along with massive political pushback. These particles, which include soot, can penetrate deep into the lungs and enter the bloodstream, causing asthma, heart disease and thousands of premature deaths each year. EPA lawyers have said in court filings that the soot rule could be finalized by the end of this month. As soon as next week, the agency is expected to lower the annual soot standard to 9 micrograms per cubic meter of air, down from the current standard of 12 micrograms, according to two people briefed on the matter who spoke on the condition of anonymity because they were not authorized to comment publicly. The EPA has estimated that if finalized, an annual soot standard of 9 micrograms per cubic meter would prevent up to 4,200 premature deaths and 270,000 lost workdays per year. A limit of 9 micrograms could sharply increase the number of counties that are in violation of the soot standard or just below the threshold, according to a map produced by the American Forest & Paper Association, a trade group. Companies would then have a harder time getting permits to build or expand their industrial plants, potentially prompting them to move to other countries with weaker environmental rules, the group says. “Our average ambient level of PM2.5 in this country is 8; in China and India, it’s about 5 to 6 times that level,” said Heidi Brock, the American Forest & Paper Association’s president and chief executive. “What sense does it make to offshore jobs from this country, where we have some of the cleanest air on the planet?”

Friends of the Earth Netherlands Announces Suit Against 'Banker of the Climate Crisis' --Friends of the Earth Netherlands, which won a historic climate case against Shell in 2021, announced a new lawsuit on Friday against ING, the country's largest bank.The environmental group, known as Milieudefensie in Dutch, isdemanding that the bank bring its climate policy in line with the Paris agreement goal of limiting global warming to 1.5°C, slash its carbon dioxide emissions by 48% of 2019 levels by 2030 and its carbon-dioxide equivalent emissions by 43%, take measures to ensure its clients are not destroying the Earth, and begin a dialogue with Milieudefensie about meeting these demands."The bank finances oil and gas companies, deforestation, and heavy industry, all of which add to the climate crisis," Milieudefensie director Donald Pols said in a statement. "Whether you are drilling for oil yourself, or have paid for the drill, in both cases you are contributing to and bear responsibility for the climate crisis we are currently experiencing."In 2022, ING emitted at least 61 megatons of climate pollution, more than Ghana, Switzerland, or Sweden. Almost all of ING's emissions come through the companies it invests in and does business with, and it emits more than any other bank in the Netherlands."He who pays the piper calls the tune. Due to ING's financing of, e.g., oil and gas companies, ING is the banker of the climate crisis," Pols said.

Tesla Drivers in Chicago Confront a Harsh Foe: Cold Weather - With Chicago temperatures sinking below zero, electric vehicle charging stations have become scenes of desperation: depleted batteries, confrontational drivers and lines stretching out onto the street. “When it’s cold like this, cars aren’t functioning well, chargers aren’t functioning well, and people don’t function so well either,” said Javed Spencer, an Uber driver who said he had done little else in the last three days besides charge his rented Chevy Bolt and worry about being stranded with a dead battery — again. Mr. Spencer, 27, said he set out on Sunday for a charging station with 30 miles left on his battery. Within minutes, the battery was dead. He had to have the car towed to the station. “When I finally plugged it in, it wasn’t getting any charge,” he said. Recharging the battery, which usually takes Mr. Spencer an hour, took five hours. With more people owning electric vehicles than ever before, cold snaps this winter have created headaches for electric vehicle owners, as freezing temperatures drain batteries and reduce driving range.

How cold temperatures are affecting Teslas, other electric vehicles - Electric vehicle drivers are reporting trouble charging their cars as an Arctic blast sweeps much of U.S. Not only does charging take longer in freezing temperatures, some electric vehicle owners are surprised to find how much their car's driving range is compromised by winter weather. Long lines and issues charging EVs have been reported in areas like Chicago that are experiencing bitterly cold weather. Tesla driver Brandon Welbourne told CBS News Chicago that a charge that should take 45 minutes was taking two hours. "I've been here for over five hours at this point and I still have not gotten to charge my car," he said. While all cars are less efficient in the cold, electric vehicles are impacted more because the energy it takes to both power the vehicle and warm the cabin lowers its driving range, according to analysis firm Recurrent.A Recurrent analysis of 18 popular EV models found that, on average, their range dropped to around 70% in freezing conditions. EV owners in colder climates therefore must adjust their driving and charging habits in the winter. Cars parked outside in the extreme cold conditions are especially vulnerable. Of note: Some EV manufacturers have been adding heat pump technology to reduce the impact.

Humboldt Bay commits to ‘green terminal’ strategy for offshore wind development - Environmental groups have successfully pushed for a ‘green terminal’ strategy at the Port of Humboldt outside Eureka. On Thursday, the Humboldt Bay Harbor District, which manages the port, committed to using electricity instead of diesel to power the terminal’s machinery. The net-zero emissions goal will be implemented as the harbor develops a terminal where giant offshore wind turbines will be built. In the coming years, Humboldt Bay is expected to be one of the leading ports for the deployment of floating offshore wind turbines on the West Coast. But that requires a new terminal built from the ground up. Matthew Simmons from the Environmental Protection Information Center said a green terminal is a no-brainer, since California has already set green-energy targets in the coming years. “If we were to build it all out with fossil fuels today, and then have to undo it and rebuild it all with electricity in 20 years, that would end up costing quite a lot more," Simmons said. "So building it right the first time is gonna save us money in the long run.” One part of this strategy involves reducing the emissions from ships in the harbor, which traditionally run their engines to power equipment. “But new ports are being built with essentially a giant plug that the ship can plug into, and then run on electricity while it’s in the harbor so it doesn’t have to run the engine and emit diesel fumes," said Simmons. Other ports on the West Coast, including Los Angeles and Long Beach, have committed to net-zero emissions by 2030, Simmons said. Both have spent millions on upgrades to reduce emissions at their ports. The Humboldt Bay Harbor District plans on having a terminal built by the beginning of 2028, in order to deliver wind turbines in time to meet state climate goals. It will spend the next year developing a timeline for the terminal.

US gas-fired capacity to grow, even under 95% carbon reduction scenario: NREL --While modeling by the National Renewable Energy Laboratory indicates U.S. power sector carbon emissions are set to plunge, it also shows a rise in gas-fired capacity through 2050. In a “mid-case” scenario tied to existing policies, U.S. gas-fired capacity increases by 200 GW through 2050, National Renewable Energy Laboratory researchers said in a report released Tuesday. And, even when cutting carbon emissions by 95%, gas-fired capacity would grow by 130 GW by mid-century, according to the modeling. “We will continue to use fossil fuels during times of critical demand to provide grid resilience and reliability,” NREL said. Coal without carbon capture declines significantly through the 2020s, but persists at low levels through 2050 in the scenarios without national carbon emissions constraints, NREL said in its annual Standard Scenarios report, which examined 53 power sector scenarios.Fossil-fueled power plants without carbon capture equipment would produce 14% of U.S. electricity by 2050, but account for 47% of total U.S. capacity under the mid-case scenario, which is based on existing policies and assumes a 1.8% annual electric demand growth rate.The mid-case modeling shows U.S. solar capacity soaring to 1,090 GW and wind capacity jumping to 770 GW by 2050, or about tens times and five times more than existing capacity, respectively.Under the mid-case modeling, the cost of reaching 95% net decarbonization by 2050 would increase present-value bulk electric sector costs by 0.5%, according to the report. Complete net power sector decarbonization by 2035 increases costs by 14%, the NREL researchers said.NREL’s modeling shows power sector carbon emissions decreasing sharply through the 2030s. Annual power sector carbon emissions fall 81% below 2005 levels in 2035 in the mid-case scenario, and 71% to 86% across all scenarios with current policies, NREL said.In a change from last year’s report, NREL’s modeling found that the Inflation Reduction Act’s clean energy tax credits would keep running to 2050 under most scenarios because the U.S. wouldn’t reduce its carbon emissions below the law’s threshold for triggering an end to the tax credits.“The difference [from the 2022 report] is driven primarily by greater demand growth as well as higher costs of connecting renewable generators to the electric grid,” NREL said.

South Dakota PUC asks Xcel Energy to reconsider closing King, Sherco coal plants -- The South Dakota Public Utilities Commission on Jan. 4 asked Xcel Energy to reconsider shuttering its Sherco and King coal-fired power plants, writing that their premature closure “adds to the uncertainty of electric generation resource adequacy in the upper Midwest.” The three-unit Sherco plant in Minnesota is closing in stages; Xcelshuttered one unit in December and the final two are scheduled to close in 2026 and 2030. The King plant, also in Minnesota, isslated to retire in 2028. The four units combined could provide almost 2,700 MW. An Xcel spokesperson said the utility appreciated the South Dakota PUC’s feedback and “we are in alignment with the commission’s priority to ensure reliability throughout the clean energy transition.” The utility has plans to add more than 4.6 GW of renewables onto its Upper Midwest system by 2032.The Midcontinent Independent System Operator’s territory spans 15 states, including South Dakota, and in December a grid reliability watchdog warned the region faced a heightened risk of insufficient power resources.MISO faces a projected 4.7 GW shortfall beginning in 2028 “if expected generator retirements occur,” the North American Electric Reliability Corp. concluded in its annual Long-Term Reliability Assessment. South Dakota regulators pointed to the shortfall in their letter to Xcel.“Such warning demands action such as we are asking for today to prevent these shortfalls,” regulators wrote.Across MISO, they noted that 103 GW of generation will be shuttered over the next 19 years. About 80% of the expected closures are dispatchable generation, but not all of the replacement capacity will be, they said.“In addition, there are grave concerns regarding whether replacement generation can be built quickly enough and in large enough quantities to fill in for plants retiring prematurely,” the PUC told Xcel.As Xcel retires its coal plants, the utility plans to add 2,150 MW of wind and 2,500 MW of solar by 2032, with another 1,100 MW of wind and solar expected beyond that. Those resources will be added in Minnesota, North Dakota, South Dakota, Wisconsin and Michigan.“While the power generated by these resources is variable, we will complement it with ‘dispatchable’ generation,” Xcel spokesperson Theo Keith said in an email.Xcel has two nuclear energy plants and also plans to add 1,100 MW of dispatchable generation.Of the new dispatchable generation, Keith said, “with guidance from our policymakers, we hope to include 800 megawatts of hydrogen-ready combustion turbines. To better connect all of this new generation to the grid and bolster reliability, we plan to construct between 500 and 700 miles of new transmission lines.”

Oil, Gas Production Projected to Drop Across Utica, Marcellus - Youngstown Business Journal Daily – Oil and gas production across the Appalachian Basin is expected to drop in February compared with January, according to the most recent drilling productivity report from the U.S. Energy Information Agency. The Appalachian Basin constitutes the combined oil and gas-rich Utica/Point Pleasant and Marcellus shale formations across eastern Ohio, western and central Pennsylvania and West Virginia. In January, wells across the basin produced an average of 147,000 barrels of oil per day, according to the EIA. In February, that number is expected to decline to 145,000 barrels per day, the report shows. Columbiana County has emerged as a hot spot for oil production in eastern Ohio’s Utica/Point Pleasant shale through the first three quarters of 2023, records from the Ohio Department of Natural Resources show. Through the first nine months of 2023 – the most recent production data available – horizontal wells across the county collectively produced 728,413 barrels of oil, data show. Much of the oil production during the third quarter of 2023 came from a handful of newly drilled wells by EAP Ohio, a subsidiary of Houston-based Encino Energy Partners, which has offices in Carrollton. Four EAP wells drilled at the Sanor Farms well pad in Knox Township yielded 258,739 barrels of oil. Three of those wells – the Sanor 6H, 8H and 10H – are ranked sixth, seventh and eighth, respectively, among the top 10 oil producers in the state, according to ODNR. Natural gas production across the Utica/Point Pleasant and Marcellus shale is also expected to decline next month, according to the EIA. In January, Appalachian wells yielded on average 35.642 billion cubic feet per day. That number is expected to drop by 159 million cubic feet per day to 35.483 billion. The EIA reports that overall oil and gas production across all seven shale plays across the country will decline in February. Just one shale play, the Permian Basin in Texas, is expected to increase oil production during February, with a boost of 5,000 barrels per day. Overall oil production across the shale regions is projected to drop by 2,000 barrels per day. Natural gas production is expected to decline, too, the EIA reports. In January, shale wells across the country produced 99.076 billion cubic feet of natural gas per day. In February, the number is expected to drop to 98.889 billion, or a decline of 187 million cubic feet per day.

EOG Resources: Continued Growth And The Utica Shale - EOG Resources (NYSE:EOG) is one of the premier oil producers in the United States. My last article where I discussed EOG Resources was published on August 28, 2023. At that time I rated the company a Strong Buy and the company traded at $125.81 per share. At the same time, WTI oil traded for roughly $80 and today oil is trading for $72.68. On a percentage basis, EOG Resources shares have performed slightly better than oil prices. Natural gas prices have increased slightly during that same time period.Since then, the company last reported its Q3 financial results in November 2, 2023. The company is very active in the Delaware Basin within the larger Permian Basin but the company's most interesting up-and-coming prospect lies in the Utica Shale, which sits primarily in eastern Ohio. EOG Resources is an interesting company to follow as their leadership is usually ahead of other companies in unveiling the next promising hydrocarbon play.EOG Resources currently has a strong balance sheet relative to its peers, as it normally does. Were oil prices to decline significantly, EOG is financially positioned to weather the storm for long-term shareholders.EOG continues to grow their annual operating cash flow. Although oil prices have been steady and on a slight decline over the past year, that hasn't stopped EOG from growing its cash flows. When oil prices begin to rise again, EOG is positioned to see strong growth in cash flows from its growth in production.Because of its strong returns that EOG receives from its capital investments, they are committed to returning 60% of their annual free cash flow to shareholders. They execute this strategy through their regular dividend, share repurchases, and special dividends. The chart below demonstrates where the free cash flow is estimated to go when FY2023 results are reported. The remaining free cash flow will be used to retire debt that is maturing..The last section showed EOG's continued cash flow growth which is translated from its steadily growing annual production. Their Q4 and full year results will be reported some time in February and if they hit their estimates they will have accomplished growth in each hydrocarbon category. Here are the estimated YoY growth projections in each category.

• Oil and Condensate: 3.05%
• Natural Gas Liquids: 11.46%
• Natural Gas: 13.7%
• MBOeD: 8.13%

The slide below from their Q3 presentation shows EOG's acreage in the Utica Combo Play as well as some of their wells in the play. Thus far, the company is seeing results that they believe rivals even the Delaware Basin in the Permian Basin. After 90 days of production, the company is seeing a product mix of 55% oil, 25% NGLs, and 20% gas which is attractive relative to product mixes in other plays. Currently, oil and gas companies are able to generate better returns from oil rather than gas and so 'oil-ier' wells is what EOG likes to see. Unconventional Combo plays like the Utica Shale present good diversification strategies across the various products for companies like EOG as well. Currently, EOG Resources has 430,000 net acres in the Utica Shale while growing their position when the opportunity presents itself. This play is not as big as the Permian and so to amass that much acreage is impressive. It is uncommon for a company to be able to acquire 100% of the mineral interests, but EOG Resources claims to have been able to do so across 135,000 of their Utica acres. Should the company want to retain their Utica acreage without investing in further drilling and development, they are able to do so on 90% of their current acreage in the play.

Fitch Rates EQT Corporation's Proposed 10-Year Senior Unsecured Notes 'BBB-' Fitch Ratings The company has another 70,000 core net acres in Ohio's Utica Shale. EQT estimates it has 2,100 core undeveloped drilling locations ...

EQT Expecting Stronger Natural Gas Output in 4Q, with Higher Spending in 2024 as Inflation Lingers - EQT Corp., the nation’s largest natural gas producer, said in a regulatory filing that it expects to spend more this year than in 2023 In preliminary fourth quarter results filed in a Form 8K with the U.S. Securities and Exchange Commission on Wednesday, EQT said it expects capital expenditures of $2.15-2.35 billion in 2024. That compares with $1.7-1.9 billion initially guided for 2023 spending. The Appalachian pure-play bolted on 90,000 net acres in West Virginia in a deal to acquire Tug Hill Inc.’s upstream and midstream assets that closed in 3Q2023. As a result, fourth quarter production is expected to come in at 525-575 Bcfe, compared with 459 Bcfe it reported in the year-ago period. In addition to the acquisition, analysts at Tudor, Pickering, Holt & Co. said in a...

Arguments heard in injection well suspension case – Athens County Independent — The Ohio Oil and Gas Commission heard two days of testimony last week as it considers whether to reverse the state’s suspension of three fracking waste injection wells in eastern Athens County. The state says the suspension is necessary to protect drinking water.The Ohio Department of Natural Resources Division of Oil and Gas Resources Management initially suspended the three wells, operated by K&H Partners, in May. The three class II wells are used to contain toxic wastewater from oil and gas production thousands of feet underground, isolating it from groundwater. The wastewater is commonly known as brine.  However, the division found that fluid injected into the wells had spread at least 1.5 miles underground, reaching oil and gas production wells in Athens and Washington counties. The underground spread of fracking waste threatens drinking water and therefore human health and the environment, the division has said. The division has estimated that at least 20 water wells within a half-mile radius of the K&H wells could be affected, though it has not yet seen direct evidence of drinking water contamination.The division’s expert witness on groundwater, Ohio University Professor Natalie Kruse Daniels, testified at the hearing that many people in eastern Athens County rely exclusively on private groundwater wells for drinking water. If groundwater were impacted, it may be difficult for residents to notice, she said. If an impact does occur, Kruse Daniels said it would impact the community’s drinking water “in perpetuity,” and many residents may not be able to shoulder the cost of accessing clean drinking water.“There is a risk to the residents of the community, and they deserve to be heard,” Kruse Daniels said.K&H had and continues to have the option to create a plan that would bring its wells up to the division’s standards. At the hearing last week, Mike Stahl, director of water operations at Tallgrass Energy, parent company to K&H, said the only way the company believes it could meet the division’s standards would be to drill the wells substantially deeper, into a lower geologic formation. Stahl estimated that this would cost $4 million, and said at the hearing it is not economically feasible. In court documents, the company valued its operation in Torch at $43 million. Tallgrass Energy is owned by the trillion-dollar hedge fund Blackstone, Inc., which claims to be the “world’s largest alternative asset manager.”Instead of working with the division on a plan to address its concerns, K&H quickly appealed the state’s suspension order, both to the quasi-judicial Ohio Oil and Gas Commission, created to hear these types of cases, and the Franklin County Court of Common Pleas. The Franklin County case was later dismissed for lack of jurisdiction.

Natural Gas Production Plunges Amid Arctic Blast, Spurring Spot Price Surge - Extreme cold that permeated much of the Lower 48 throughout the long Martin Luther King Jr. Day holiday weekend and into the current trading week at once sent natural gas demand soaring and froze wells, causing steep cuts to production that carried into Tuesday. Temperatures over parts of the Mountain West, Plains and Midwest plunged to around 50 below zero when accounting for wind chills over the weekend. Conditions remained frigid Tuesday. Ahead of that, natural gas cash prices ballooned last Friday, when NGI’s Spot Gas National Avg. spiked $13.450 to $16.770 and reached the highest level since 2021. That year, Winter Storm Elliott ushered in brutal winter conditions to Texas that forced deadly power outages and contributed to a massive...

NatGas Prices Make Huge Jump on Deep Freeze – Some M-U Prices 4X --Marcellus Drilling News -- U.S. natural gas and power prices hit multi-year highs on Friday with the prospect of frigid temps and snow storms in various portions of the country. The extreme cold was expected to bring record gas demand and cut supplies by freezing wells. The spot price of natural gas at various trading hubs from the West Coast to Middle America to the East Coast all jumped. Of particular interest for us, spot gas prices at the Eastern Gas South hub, widely considered the “benchmark” for the Marcellus/Utica, jumped from $2.45 per million British thermal units (MMBtu) on Thursday to $10.40 on Friday — the highest price at that hub since July 2008.

23 New Shale Well Permits Issued for PA-OH-WV Jan 8 – 14 - Marcellus Drilling News -- There were 23 new permits issued to drill in the Marcellus/Utica during the week of Jan. 8-14, versus 18 permits issued for the prior week. Pennsylvania issued 13 new permits last week. Ohio issued just 2 new permits. West Virginia issued 8 new permits — for the second week in a row. EQT scored the top slot for new permits, receiving 7 permits to drill in Lycoming and Greene counties in PA. ALLEGHENY COUNTY | ANTERO RESOURCES | ARSENAL RESOURCES | CARROLL COUNTY | DIVERSIFIED GAS & OIL | EOG RESOURCES | EQT CORP |GREENE COUNTY (PA) | HARRISON COUNTY | INFLECTION ENERGY | JKLM ENERGY | LOLA ENERGY | LYCOMING COUNTY | MARSHALL COUNTY | MONONGALIA COUNTY |NORTHEAST NATURAL ENERGY | POTTER COUNTY | RANGE RESOURCES CORP | RITCHIE COUNTY | SOUTHWESTERN ENERGY | TIOGA COUNTY (PA)

Activists warn of health, climate risks of proposed CT gas pipeline; Company says it will stabilize energy access and costs --- For the last five years, Sena Wazer has fought climate change, but the 20-year-old environmental activist’s latest battle hits closer to home than ever before. “As a young person, it constantly feels like I’m watching my future go up in flames,” Wazer said. The natural gas pipeline that runs a street down from Wazer’s family home in Mansfield is part of a proposed 1,131-mile expansion of the Algonquin Gas Transmission line. The proposal, known as Project Maple, would raise the natural gas-carrying capacity of the pipeline, which bisects Connecticut and extends into New York, New Jersey, Rhode Island and Massachusetts. Enbridge, the Canadian-based energy company behind the project, said in documents that the expansion will increase the reliability of the Northeast’s power grid, stabilize gas prices, and support “New England’s continued journey to Net Zero.” Wazer called the proposal “a slap in the face,” from Enbridge but also the federal commissions, state agencies and governors who have not opposed the project. “The science is very clear that we need to be rapidly moving off of fossil fuel infrastructure. But instead here we are expanding it in a way that prolongs our reliance,” Wazer said. “I want them to know that young folks are watching and this is our future that they’re deciding whether or not to sacrifice in the name of profit.” Wazer is part of a growing grassroots coalition in Connecticut that emerged in opposition to Project Maple. Through protest and advocacy, the multistate movement hopes to compel federal policymakers and state leaders to adhere to climate goals and block Enbridge’s expansion. According to documents from Enbridge, the company anticipates that Project Maple, which could process an extra 249 to 499 million cubic feet of natural gas per day in some locations, could go online “as early as November 2029.” The expansion would include an overhaul of existing pipeline infrastructure in order to increase its carrying volume. Expected renovations in the documents include replacing smaller diameter pipes with larger ones, laying new transmission lines besides existing infrastructure, and expanding compressor stations along the route. Max Bergeron, an Enbridge spokesperson, said the company remains “very early in the process and plan to finalize the project scope and schedule.” He said Enbridge initiated Project Maple in response to grid reliability concerns increased demand “from gas utilities and power generators” along the Algonquin Gas Transmission system. “The Federal Energy Regulatory Commission has held technical conferences which have highlighted the power grid reliability concerns the region continues to face, and Project Maple is one solution which seeks to meet the need for reliable access to fuel for power generation, in addition to supporting growing demand from gas utilities,” Bergeron said in a statement to the Courant. On paper, the prospect of a natural gas expansion appears at odds with the Northeast region’s ambitious climate goals. With the exception of New Hampshire, each New England state has set a target to reduce greenhouse gas emissions economywide by 2050, according to ISO New England. Connecticut is uniquely legislated to maintain a carbon-free electric grid by 2040. Currently, Connecticut consumes more natural gas than any other energy source. In 2023 natural gas-fired power plants accounted for 60% of all electricity generated in the state, according to the U.S. Energy Information Administration. But Paul Coppleman, a spokesperson for the Connecticut Department of Energy and Environmental Protection, said in a statement to the Courant that the state’s “electricity supply is already 73% carbon free.” “The Lamont Administration’s strategy is to provide clean, affordable, and reliable energy to the residents and businesses of Connecticut, and to achieve our state’s statutory target of 100% zero-carbon electricity by 2040,” Copleman said. “Achieving the 2040 target will require bringing additional new carbon-free energy online as well as ensuring that existing carbon-free resources, like nuclear, continue to operate.” In December, more than 90 climate and environmental justice groups sent Gov. Ned Lamont and the leaders of other impacted states a letter opposing Project Maple. The letter urged the governors to oppose the expansion publicly, demand “strict adherence and enforcement of all climate laws and regulation,” and “deny all permits to Project Maple.” In response to activists’ action, Lamont’s Senior Press Secretary David Bednarz said in a statement to the Courant that “The governor appreciates their outreach and will take their feedback into consideration.” Environmental groups in Connecticut have also called on DEEP Commissioner Katie Dykes to deny all state permits for the Project Maple Expansion. “DEEP is aware of the early-stage efforts exploring additional natural gas pipeline infrastructure that would potentially service Connecticut customers and transport gas through the state,” Paul Copleman said. “As no application has been submitted to DEEP, it would be premature to comment on the project.” Nick Katkevich, the Northeast field organizer for the Sierra Club, said that this kind of preemptive action is part of the coalition’s strategy to block Project Maple. In order for Enbridge to proceed with the expansion, Project Maple must first receive a green light from the Federal Energy Regulatory Commission – an agency that Katkevich said “seldom rejects fossil fuel projects.” But, even if Project Maple passes this stage, Katkevich said he is confident that the coalition can block the project through information campaigns, letter writing, protest, public hearings and other actions that will get state and federal officials, and the public, to adopt their cause. “If they (Enbridge) are wanting to expand compressor stations, they’re going to need air permits from all the state agencies. And if they’re crossing waterways, they might need waterway permits as well,” Katkevich said. “There’s lots of opportunities to stop this project.” “This is just the beginning of this coordinated regional resistance,” Katekevich added. “I think what’s on our side is really shifting the narrative from top to bottom politically in the region against this project.” Enbridge argues that Project Maple would benefit the Northeast. “Greater access to reliable, affordable natural gas supplies can help lower energy costs for consumers in New England, help address well-known energy reliability concerns, and help prevent the use of higher-emitting fuels during high energy-demand periods such as during the winter,” Bergeron said. According to a forecast from ISO New England released in June, the demand for electricity in the region is expected to grow 2.3% each year through 2032, with winter peak demand projected at a 2.9% annual increase In documents, Enbridge said that as the demand for solar and wind energy grows, so will the need for natural gas to “offset the supply gaps” during peak demand periods that coincide with a decrease in renewable energy productivity. Enbridge said that “pipeline infrastructure has played a critical role in the emissions reduction success New England has achieved to date,” and that the Project Maple expansion would be “supporting New England’s continued journey to Net Zero.” Martha Klein, a Connecticut resident who serves as the lead organizer of Stop Project Maple for the Sierra Club, described Enbridge’s net zero claims as “Orwellian.” While natural gas is often touted as the “cleaner” alternative to its fossil fuel counterparts due to its comparatively low carbon dioxide emissions, Klein said that any potential benefits to the earth’s atmosphere are offset by methane leaks. “You are accelerating climate change at an even worse pace than if you were burning coal or oil because of fugitive methane emissions,” Klein said. Methane, the predominant component of natural gas, traps heat in the atmosphere at 28 times the rate of carbon dioxide, according to the U.S. Environmental Protection Agency Next to agriculture, the EPA said natural gas and petroleum systems are the second largest source of methane emissions in the country, which “occur in all segments of the natural gas industry, from production, through processing and transmission, to distribution … through intentional venting and unintentional leaks.” These leaks can sometimes also lead to disaster. Between 2010 and 2021, 368 documented pipeline explosions resulted in 89 deaths, 440 injuries and millions of dollars in property damages, according to an analysis of data from the Pipeline and Hazardous Materials Safety Administration compiled by the Doan Law Firm. Chemical pollutants from compressor stations that operate along the pipeline are also a major concern. Ian McDonald of the Windham Willimantic NAACP Environmental Justice Committee said the areas most impacted by fossil fuel infrastructure often overlap with historically marginalized communities, distressed communities and communities of color. “The impacts in terms of fugitive methane emissions tend to be especially bad, a lot of times, in already affected environmental justice communities, who already have particularly heavy pollution burdens,” McDonald said. “[Project Maple] is a major climate concern, but there are also serious concerns about exacerbating localized pollution, particularly when Connecticut has some of the worst ozone pollution.

MVP construction almost done, developers say -- Six winters ago, the first of many trees was felled to make way for a behemoth natural gas pipeline that would snake its way through the mountains of Southwest Virginia. After many starts and stops — which took the Mountain Valley Pipeline through regulatory hearings, courtrooms, Congress and eventually the U.S. Supreme Court — it appears the end is in sight. Mountain Valley “has continued to make significant forward construction progress” and remains on target to have the 303-mile pipeline completed by the end of March, the company said in a Jan. 3 filing with the U.S. Securities and Exchange Commission. When work resumed last summer, after repeated delays caused by legal challenges, Mountain Valley still had to cross 428 streams and wetlands, either by digging through or boring under them. All but 49 had been completed by early January. About 20 miles of pipe sections have been welded together, leaving less than a mile to go. And six of nine major boring projects, including one that channeled the pipe under Interstate 81 in Montgomery County, have been completed, according to the SEC report. In previous winters, construction of the $7.2 billion project was either stalled by the courts and regulatory agencies or put on hold due to cold weather and heavy snows. But a relatively mild start to 2024 allowed construction to continue at a brisk pace. Rather than reduce its workforce to about 500, as it originally planned, Mountain Valley says up to 2,000 workers remain on the job along the buried pipeline’s route, which takes it from northern West Virginia, through the New River and Roanoke valleys, to connect with an existing pipeline near the North Carolina line. Crews are continuing to work through “challenging physical construction conditions,” the SEC report says. Some of the last sections to be completed are on particularly steep slopes, such as Poor Mountain in Roanoke and Montgomery counties. Digging trenches for the 42-inch diameter pipe up and down mountainsides, especially during heavy rains, produced muddy runoff that carried sediment onto adjacent private property and into streams and wetlands. During the first two years of construction in 2018 and 2019, the Virginia Department of Environmental Quality cited Mountain Valley with more than 300 violations of erosion and sedimentation control regulations. The joint venture of five energy companies building the pipeline agreed to pay a fine of $2.15 million. Since work resumed last summer, there have been no findings of non-compliance, DEQ spokeswoman Irina Calos said. Much of the earth moving likely to cause erosion has already occurred, and Mountain Valley says it took steps to improve measures to curb runoff after being hit with the large fine. But opponents say there is still plenty of damage being caused by pipeline construction — damage they say is being overlooked by state inspectors after Congress passed a law last year that declared the project in the national interest, shielded it from lawsuits, and fast-tracked its completion. The U.S. Supreme Court lifted a stay on work in July that had been imposed by a Richmond-based federal appeals court, dealing with what amounted to a death blow to legal challenges brought by environmental groups. Previously, the 4th U.S. Circuit Court of Appeals had thrown out nearly a dozen government permits that the lawsuits said did not adequately guard against erosion. That erosion, some say, now goes unchecked. “We are alarmed by the high amounts of sedimentation in creeks and streams along the route,” said Russell Chisholm, managing director of the Protect Our Water, Heritage, Rights coalition. “This will alter those water bodies forever.” Mountain Valley Watch, a citizens group that trains volunteers to monitor work sites for problems, has reported 57 cases to DEQ since last summer and asked for investigations. “These were all met with complacent DEQ dismissal,” Chisholm wrote in an email.

Inside the last-ditch effort to stop the Mountain Valley Pipeline - As day broke over the small mountain town of Elliston, Virginia, one Monday in October, masked figures in thick coats emerged from the woods surrounding a construction site. Three of them approached three excavators and, one by one, locked themselves to the machines, bringing the day’s work to a halt. As they did so, several dozen of their fellow protesters gathered around them, unfurling banners and chanting amid the groaning and beeping of construction equipment. They made their way across the field, over patches of bare earth, around sections of rusty pipe meant for burial beneath the mountain. Eventually the metal tubes will form yet another section of the Mountain Valley Pipeline, which will soon carry 2 billion cubic feet of fracked methane from the shale fields of West Virginia to North Carolina each day. Workers in highlighter-yellow vests and hard hats milled around, some looking amused, others frustrated. One or two engaged with the protesters, only to be told off by an irate site manager. A few miles away at the West Virginia state line, another three dozen or so activists did much the same atop Peters Mountain. One even managed to crawl under an excavator and lock herself in place, despite the cold. The others rallied around, enclosing her in a tight, protective circle. Some might wonder why they bothered. After all, the project is, by the Mountain Valley Pipeline company’s estimate, 94 percent complete and will be wrapped up before summer. It stalled for several years amid legal fights over various permits, but Senator Joe Manchin, a moderate Democrat from West Virginia, almost single-handedly revived it in 2022 in exchange for his support of key Democratic priorities. Since then, the Biden administration and the Supreme Court have all but assured its completion. With the approximately 303-mile pipeline approaching the final stretch after almost a decade’s work, it might seem hardly worth fighting at this point. A large contingent of steadfast opposition begs to differ — and will enthusiastically explain why. The pipeline is six years behind schedule, about half a billion dollars over budget, and, despite promises that it would be done by the end of last year, delayed once again. The remaining construction is over rugged terrain, with hundreds of water crossings left to bridge. The company recently postponed, shortened, and rerouted its planned extension into North Carolina, a proposal long stymied by permitting problems with the main line. And, just last month, Equitrans, which owns the pipeline and many others across the country, was said to be considering selling itself. The road to the pipeline’s completion remains rocky, its opponents argue, with many opportunities to make finishing it as difficult as possible. “We cannot let them destroy our land and water,” said a young woman named Ericka. Like many interviewed for this story, she gave only her first name out of fear of reprisal from Mountain Valley Pipeline LLC, which has begun suing protesters in a bid to silence them. She had brought her three children to occupy the land that day. “What are we going to drink? Where are we going to live? People have to come here and stop this.” Killing the project is their ideal outcome. Barring that, those who have for almost a decade packed public hearings, spent weeks at sit-ins and even lived high in trees for 932 days want to make building pipelines so time-consuming, so expensive, so plain annoying, that fossil fuel companies and the politicians who support them think twice about green-lighting any more. Even as pipeline crews continue steadily boring under rivers and felling trees, activists say each day they can delay construction is another day humanity delays the worst impacts of climate change. The increasingly grave personal and legal risks they face are, they say, worth it, if only for that. “For five f—g years, we’ve fought you without fear,” sang the masked figures on Peters Mountain, and “we’ll fight you for five f—g more.” The pipeline workers retreated, mostly without complaint — followed by the protestors’ calls of, “Paid time off! Paid time off!” Some of those gathered began to sing: John Prine songs about beautiful landscapes stripped for coal, union songs, and striking miners’ ballads that reverberated through the same ridges long ago. When their voices grew weary, someone blared dance music through a loudspeaker as police cars rumbled up the gravel access road. They tried not to be afraid as the sirens grew louder, knowing the risk they had taken in coming here and knowing, as many said, that the time of act is now. Jammie Hale is a bespectacled and bearded 51-year-old from Giles County, Virginia. Before he joined the campaign to stop the pipeline five and a half years ago, he was depressed and struggling with addiction. It didn’t help that the ruckus of construction invaded his waking and sleeping hours as it got closer and closer to his home, which lies within the 500-foot blast zone that could level his house in an explosion. “After a while, you hear all that, it kind of gets under your skin,” he said with a gentle intensity. “You build these angers up inside you, and how do you release these angers? Through self harm?” He became sleepless, consumed with visions of his family, and the land he plans to deed to his children, going up in flames. When people began to organize, he and others in the community joined in. He found a will to live in the work. “I’m five years sober because of this project,” Hale said. “Because, you know, I wanted to be useful.” These days, Hale supports protestors from afar by making signs and sharing food, among other things. There’s still some risk, he says, but if he lands in a cell or a courtroom, so be it. “I’m not scared,” he said. “It’s kind of strange that they’re trying to get people for trespassing when they are the ones that have been trespassing.” Another longtime pipeline fighter who goes by Larkin is no stranger to arrests, or to supporting people whose civil disobedience has landed them in court time and again. A soft-spoken health care worker from nearby Blacksburg, Virginia, Larkin, who is in her late 30s, has been fighting resource extraction in Appalachia since she was a teenager. She spent the better part of a decade marching onto dusty strip mines, locking herself to equipment, and demanding a federal ban on mountaintop-removal coal mining. Ten years ago, that energy shifted toward the region’s multiplying pipelines. The Atlantic Coast Pipeline was proposed alongside the MVP; it met with similarly vehement opposition and eventually died amid mounting legal costs and project delays. In short, protest worked, Larkin said. One activist who goes by Gator had only just turned 18 and drifted north after a working-class childhood on the Gulf Coast of Louisiana. He felt disconnected and adrift at a military high school, beset by a gnawing sense of climate apocalypse and a bleak future. “My home is disappearing,” he said bluntly. Gator found his way to the Weelaunee “Stop Cop City” occupation in Atlanta last summer. The connections he made there led him to the woods of Virginia and West Virginia, where he camped in the pipeline’s path and met people who shared his feelings of desperation and urgency. He felt himself cross a Rubicon of sorts during a stint in jail after his arrest at another demonstration. He spent several days locked up, not knowing how much time had passed and listening to guards mock the people around him. As he sat there on the cold, concrete bed, he knew there was no return to regular life, to regular expectations for himself.

Developers Seek Big Changes to the Mountain Valley Pipeline’s Southgate Extension, Amid Sustained Opposition - Developers of the Mountain Valley Pipeline Southgate extension are planning significant changes to the project intended to bring fracked gas from Virginia to North Carolina.According to a Dec. 29 letter from Mountain Valley Pipeline LLC to the Federal Energy Regulatory Commission (FERC), the pipeline developers intend to cut the length of MVP Southgate in half, have “substantially fewer water crossings” and eliminate the need for a new compressor station in Virginia. However, the project would also be physically bigger and carry more gas.The letter describing these changes came 10 days after FERC issued a three-year extension of the project’s federal certification. The pipeline’s initial approval included a construction deadline of June 2023, but due to delays, construction on MVP Southgate has yet to begin.Opponents have argued the new proposal is so different from the original plans that the initial certification should no longer apply.“It seems as if they think people are going to be OK with the project, just because they made some changes,” said Aminah Ghaffar, policy director for 7 Directions of Service, an Indigenous coalition based in Haw River, North Carolina, that is fighting the pipeline.In a statement, a spokesperson for MVP Southgate said the company is committed to the pipeline, and “intends to pursue all necessary permits and authorizations to complete the construction of this important energy infrastructure project.”MVP Southgate was originally intended to run 75 miles from Pittsylvania County, Virginia, into Alamance County, North Carolina, as an extension of the controversial Mountain Valley Pipeline project. According to developers, MVP Southgate would meet the supply required for the Public Service Company of North Carolina (PSNC), the North Carolina subsidiary of Dominion Energy.Under the proposed changes, MVP Southgate would now stretch 31 miles, ending in Rockingham County, North Carolina. The diameter of the pipe itself would also increase, from 16 and 24 inches to 30 inches, allowing the amended project to carry more gas than the previous design. The proposal also increases the daily capacity commitments.“This is looking like a different project,” said Greg Buppert, senior attorney with the Southern Environmental Law Center and regional lead for the organization’s work on natural gas. Not only will the increased capacity lead to more emissions, he said, but there is also a new, unnamed buyer that was not part of the original project, referred to in the documents only as an investment grade utility. The initial proposal only included PSNC.To Buppert, the combination of increased capacity and a new buyer indicate that the purpose of the pipeline has also changed. Based on additional filings in North Carolina, he suspects it may help support a newly proposed gas-fired power plant in the state. “The pipeline is larger, its impacts are different, and it’s serving a different need,” than when it was certified, he said, so that certification should no longer stand.When asked about the unnamed utility in the new plans, and if the project will be used to fuel a new power plant, MVP Southgate spokesperson Shawn Day repeated his earlier statement that “at the appropriate time, the MVP Southgate team intends to pursue all necessary permits and authorizations” to complete the project. MVP Southgate did not respond to a request for further clarification about the new utility or the purpose of the pipeline.

Antero Trying to Collect $11 Million from Former Employee | Marcellus Drilling News -Antero Resources is one of the largest drillers in the Marcellus/Utica (with major assets in West Virginia). As good and careful as companies like Antero are when hiring, sometimes there’s a rotten apple found in the barrel. Such was the case with a former employee who headed up the company’s operations in WV — where most of its drilling happens. The former employee took bribes and kickbacks from a vendor over a period of years (2012-2015), steering contracts to that vendor. The vendor’s performance was not as good as other competitors. At the end of years of litigation, Antero was finally awarded compensation from a jury, and a bit extra from a judge, to make up for the actions of their rogue employee (see Antero Prevails Against Corrupt Employee, Wins $12.9M at Trial). However, the employee has hidden the money in offshore companies, and Antero is still trying to collect.

Transco, TGP Granted FERC Approvals for Natural Gas Expansions -FERC on Thursday approved separate natural gas projects, including by Transcontinental Gas Pipe Line Co. LLC (Transco) and Tennessee Gas Pipeline Co. LLC (TGP), that would expand deliveries to the Gulf Coast and Northeast. Transco, a Williams subsidiary, received the green light for its Texas to Louisiana Energy Pathway to serve rising demand for LNG from the Gulf Coast. The project received a positive environmental assessment in June. Transco plans to build a compressor station near Houston in Fort Bend County and it would modify existing stations in Hardin and Victoria counties. Construction is expected to start later this year, with a targeted in-service date in early 2025. Two Federal Energy Regulatory Commission members voted in favor of a certificate (No. CP22-495)

FERC greenlights pipeline projects despite Democratic rift - The Federal Energy Regulatory Commission approved key pipeline projects Thursday during its first open meeting of 2024 — including a high-profile permit for the nation’s largest public power provider, which is seeking to transition away from coal.FERC voted to approve a permit for a 32-mile natural gas pipeline that would help fuel proposed gas-fired generation at the Tennessee Valley Authority’s Cumberland Fossil Plant. The commission also approved a Texas-to-Louisiana project by Williams Cos., which aims to expand an existing pipeline and boost gas flow to the Gulf Coast.Both decisions saw FERC’s two Democrats diverge. Acting Chair Willie Phillips voted in favor of all pipeline certificates, while Commissioner Allison Clements dissented in part on the pipeline for TVA and in full on the Williams project. Commissioner Mark Christie, FERC’s lone Republican, voted the same as Phillips on the two projects and other commission business. The outcome showed that the commission’s two Democrats aren’t bound to align on every vote as two FERC seats remain vacant. And it reinforced the continuing tussle over natural gas in major U.S. infrastructure projects.While proponents say gas has helped slash power plant emissions, many environmental groups are calling on the U.S. to phase out fossil fuels — and not lock in new developments that could be in place for decades. TVA, in particular, has been under pressure to speed up plans to lower emissions as President Joe Biden seeks a carbon-free U.S. power grid by 2035.The electric utility’s desired pipeline is part of a larger natural gas build-out. TVA has warned that if the pipeline were not built, it may have to keep some coal-fired generation online past its planned retirement date.“The proposed pipeline is crucial for staying on track with our plans to retire the first [coal-fired] unit at Cumberland Fossil Plant and replace that generation with a combined cycle gas plant,” TVA spokesperson Elizabeth Gibson said in an email Thursday.The public power provider, which serves Tennessee and parts of six neighboring states, “welcomes FERC’s decision,” Gibson said.Kinder Morgan’s Tennessee Gas Pipeline plans to build the pipeline.Kinder Morgan spokesperson Vicky Oddi said in an email that the company is “pleased with the Commission’s approval of the Cumberland Project certificate order at today’s meeting.”Environmental advocates have warned that the Tennessee project would continue climate-warming emissions and a reliance on fossil fuels. Sen. Ed Markey (D-Mass.) echoed those concerns in a post on X, the site formerly known as Twitter, as other FERC critics issued statements.“FERC commissioners moved to recklessly rubberstamp this project without fully evaluating the harm this unnecessary pipeline would do to families throughout the Tennessee Valley,” Amanda Garcia, a senior attorney at the Southern Environmental Law Center, said in a statement.The Southern Environmental Law Center has two lawsuits challenging the plant that are currently pending in federal court, the group said in its statement.Clements issued a separate full dissent on FERC’s decision to green-light the Williams’ Texas-to-Louisiana Energy Pathway project. It would add 364,400 dekatherms per day of capacity — a measure of heat — to its existing 10,200-mile Transcontinental Gas Pipe Line system, which serves more than a dozen states from the Southeast to New York City.Williams Cos. said in a statement to E&E News that FERC’s approval for the project “represents an important milestone” for “a critical project that will support reliability and diversification of energy infrastructure along the Gulf Coast.” Clements said during FERC’s open meeting that she disagreed “with this order’s determination that there are no tools available to assess a project’s greenhouse gas emissions.”“Second, and critically, there is insufficient record evidence to support the finding that the project is required by the public convenience and necessity,” she added.Clements said that the Williams’ request violates a 1999 certificate policy that governs FERC’s review of gas pipelines. That is a policy she said she wants to modernize “to address the complexities of the momentous energy transition now underway.”In a press briefing following FERC’s open meeting, Phillips said “we are currently using the 1999 policy statement, and it is working.”Richard Glick, former FERC commissioner and chair, passed a modernized FERC’s pipeline review policy that considered the climate-warming emissions from new gas pipelines in 2022. But Glick’s changes were revised into unenforceable “drafts” after FERC faced pushback from Sen. Joe Manchin (D-W.Va.), who chairs the Senate Energy and Natural Resources Committee, and from natural gas pipeline groups. Glick left his post at the start of 2023 after failing to secure renomination.

Utilities plan onsite gas storage to improve reliability; critics warn of costs, safety concerns - As the U.S. electric power system has become more reliant on natural gas plants, it’s also become more vulnerable to gas system failures.During Winter Storm Elliott in 2022, about 18% of the anticipated power supply in the portion of the grid that serves the entire eastern half of the United States, called the Eastern Interconnection, was offline. Of the power plants that failed to perform, 47% were natural-gas fired, according to a joint inquiry by the Federal Energy Regulatory Commission and the North American Electric Reliability Corporation.Natural gas fuel problems accounted for 20% of all generation outages, the report noted.However, in an era when building new gas pipelines, along with other infrastructure, has proven increasingly fraught, some utilities see a solution to gas shortages: adding liquified natural gas storage onsite. Virginia utility giant Dominion Energy is proposing to add liquefied natural gas storage to serve two large power plants it operates near Emporia in southern Virginia. The company also plans to build an LNG storage facility in rural Person County, North Carolina, which abuts the Virginia state line. And in South Dakota, Otter Tail Power Company is planning to add gas storage at its Astoria combustion turbine plant in Deuel County. A spokesman for Duke Energy, a large North Carolina-based utility company which was forced to cut power to customers during Elliott last year, said it is “exploring all on-site storage options, including LNG and other alternative fuel storage technologies for future use.” A 2021 study by researchers at Carnegie Mellon University found that storing gas onsite could also yield benefits for electric customers in New England, where gas supply is tight.Some pro-renewable energy analysts, though, are wary about the costs and impacts of adding new gas infrastructure at a time when cutting emissions to mitigate climate change is becoming ever more pressing. There are also safety and environmental concerns. Having backup fuel on site is common at many natural gas power plants, though the go-to option is typically a distillate fuel oil (like diesel), said Michael Caravaggio, director of research and development at the Electric Power Research Institute, an independent nonprofit research organization. The main advantage is ease of storage and management over a long period of time, whereas liquefied natural gas needs to be kept at extremely low temperatures, (about -260 degrees Fahrenheit). That means that adding LNG storage involves either liquefying pipeline gas onsite or transporting LNG in for storage in specialized tanks.“That’s a lot of infrastructure for backup fuel,” Caravaggio said. “The vast majority of the U.S. would likely pencil out with diesel and distillate oil as the onsite backup and that’s what we see currently.”

Chesapeake to buy Southwestern for more than $7 billion | Oil & Gas Journal - Chesapeake Energy Corp., Oklahoma City, plans to pay about $7.4 billion for Southwestern Energy Co. to create a natural gas producer with daily production slightly larger than that of Chevron Corp. and Exxon Mobil Corp. The proposed all-stock combination of Chesapeake and Southwestern will create an entity with more than 5,000 locations in Haynesville and Marcellus regions that today are producing about 7.9 bcfd. Chesapeake president and chief executive officer Nick Dell’Osso is slated to retain those roles at the merged company. Speaking to analysts after announcing the deal, Dell’Osso noted the flexibility the company will have when it comes to managing its combined 1.2 million net acres in Appalachia and 650,000 acres in the Haynesville. The organization, he said, will be able to appropriately move around production and capital while having more than 25 sales points in the Northeast and along the Gulf Coast for its products. The two companies’ teams have identified at least $400 million in possible annual cost savings, $130 million of which are expected to come from more efficient drilling and completion work. “The opportunity to improve upon the overall access to infrastructure of this combined portfolio is tremendous,” Dell’Osso said. “How we market our gas is not assumed as a synergy here but it is an enormous opportunity and something we expect to deliver really significant value out of.” Nick Pope at Seaport Research wrote Jan. 11 that “the deal makes strong operational and strategic sense” and estimates the two companies today account for about 40% of gross gas production in the Haynesville—combined, they are producing more than 4 bcf/d there—and nearly 20% of Appalachian production. Becoming “LNG-ready” is a major element of this planned deal: Dell’Osso said plans call for 20% of the merged company’s production to be tied to the fast-growing LNG export market. Analysts at Enverus Intelligence Research expect that roughy 10 bcfd of LNG export capacity will come online in the next 3 years and Andrew Dittmar, a senior vice-president at the firm, said LNG export growth “should tighten the gap between lower US natural gas prices and a stronger international market.” The planned union of Chesapeake and Southwestern is expected to close by mid-year, when its board of directors will grow to 11 members–seven from Chesapeake and four from Southwestern—and it will adopt a new name. The company will be headquartered in Oklahoma City but will retain “a material presence” at Southwestern’s main office in Houston.

Chesapeake and Southwestern Energy to Merge - Chesapeake Energy Corporation and Southwestern Energy Company recently announced in a joint statement that they have entered into an agreement to merge in an all-stock transaction valued at $7.4 billion, or $6.69 per share, based on Chesapeake’s closing price on January 10, 2024. Under the terms of the deal, Southwestern shareholders will receive a fixed exchange ratio of 0.0867 shares of Chesapeake common stock for each share of Southwestern common stock owned at closing, the statement noted, adding that, at this exchange ratio and the respective share prices on January 10, 2024, the combined company would have an enterprise value of approximately $24 billion. Pro forma for the transaction, Chesapeake shareholders will own approximately 60 percent and Southwestern shareholders will own approximately 40 percent of the combined company, on a fully diluted basis, the statement said. The companies noted in the statement that the strategic combination will create a premier energy company underpinned by a leading natural gas portfolio adjacent to the highest demand markets, premium inventory, resilient free cash flow, and an investment grade quality balance sheet. The deal is accretive to all key financial metrics, the companies outlined in the statement. The statement also revealed that the combined company will assume a new name at closing and that its board of directors will increase to 11 members and will initially be comprised of seven representatives from Chesapeake and four representatives from Southwestern. Mike Wichterich will serve as Non-Executive Chairman and Nick Dell’Osso as President and Chief Executive Officer of the combined company, according to the statement, which noted that the combined business will be headquartered in Oklahoma City “while maintaining a material presence in Houston”. The combination has been approved by the boards of directors of both companies, the statement revealed. The transaction, which is subject to customary closing conditions, including approvals by Chesapeake and Southwestern shareholders and regulatory clearances, is targeted to close in the second quarter of 2024, the statement added. “This powerful combination redefines the natural gas producer, forming the first U.S. based independent that can truly compete on an international scale,” “The union creates a deep inventory of advantaged assets adjacent to high demand markets, allowing for the application of proven operational practices and the power of an investment grade quality balance sheet to drive significant synergies benefiting energy consumers and shareholders alike,” In a statement sent to Rigzone, Andrew Dittmar, a Senior Vice President at Enverus Intelligence Research, said, “Chesapeake’s $11.5 billion acquisition of Southwestern (including debt) is the biggest gas-focused U.S. upstream deal in more than 10 years and reflects emerging confidence around the long-term outlook for the commodity”. “With its modest premium and increased exposure to the Haynesville by adding Southwestern’s high-quality acreage, plus financial accretion, the acquisition looks like a winning deal for Chesapeake,” Dittmar added. In the statement, Dittmar said Chesapeake is likely buying Southwestern in large part to add its 286,000 net acres in the Haynesville in Louisiana. “The acreage contains about 1,300 gross operated drilling locations capable of generating a 10 percent return at $3.50/Mcf gas pricing or less,” he noted. “Combined Chesapeake and Southwestern will be the largest producer in the Haynesville with over 4 Bcf/d gross operated production, and the largest gas producer in the U.S., jumping EQT,” he added. The Haynesville is particularly desirable as an area for Chesapeake to grow its exposure as the play combines high-quality drilling opportunities with proximity to a burgeoning market for gas to feed U.S. LNG exports, Dittmar noted. “Enverus expects LNG to increase its share of U.S. gas demand from 12 percent to 20 percent in 2030 and account for the majority of future demand growth,” he said in the statement. “There is about 10 Bcf/d of increased LNG export capacity coming online in the next 36 months that should tighten the gap between lower U.S. natural gas prices and a stronger international market,” he added. In a BofA Global Research report sent to Rigzone recently, analysts at the company said, “since speculation of a merger between Chesapeake and Southwestern Energy first emerged last year, we believe investor consensus overwhelmingly supported the logic”. “With the deal announced, we see the yet to be renamed NewCo amongst the most attractive rate of change opportunities among U.S. E&Ps, led by transparent synergies that we think have upside potential,” they added. “Critically, we see the combined company as the best route to position for what we view as a material change in U.S. natural gas dynamics. We reiterate our Buy rating on CHK, PO to $120/sh which excludes any upside from SWN pending completion - expected 2Q24, subject to shareholder approvals,” the analysts continued. In that report, the BofA Global Research analysts stated that they continue to believe the dynamics of U.S. natural gas markets are on the cusp of significant change as LNG demand raises the incremental clearing price for U.S. gas. “At a current forward curve holding around $4.00/mcf, we have discussed our view that the broader gas E&P sector is undervalued,” they added.

Chesapeake to become top US natural gas producer with $7.4 billion deal for Southwestern (Reuters) - Chesapeake Energy agreed to buy smaller rival Southwestern Energy in an all-stock transaction valued at $7.4 billion, a deal that will make it the largest independent U.S. natural gas producer. The deal disclosed on Thursday is a bet natural gas prices will stay off the multi-year lows they touched last year as demand from proposed new U.S. liquefied natural gas (LNG) export terminals jumps in 2025. "By combining our companies, we are LNG-ready," said Chesapeake Chief Executive Domenic Dell’Osso, who will hold the top job at the yet-to-be-named combined company. The purchase is expected to close next quarter. Expectations for rising gas demand from LNG exporters "created some impetus to move," Dell’Osso said on a call to discuss the deal. The new company expects up to 20% of its future production will be tied to international pricing, he said. Chesapeake's offer of $6.69 per Southwestern share represented a discount of about 3% to the stock's last close, according to Reuters calculation. Shares have gained about 2% since Reuters reported in mid-October on the deal talks. Shares of Chesapeake were up 6.2% in morning trading on Thursday. The larger output from the combined company "will improve the company's position ... as it relates to unlocking and securing additional LNG opportunities," U.S. gas production in recent years has jumped well above domestic demand, pushing inventories up and reducing profits at gas producers. U.S. gas on Thursday traded around $3 per million British thermal units. Average price last year fell 62%, opens new tab compared to 2022. The Southwestern bid is the biggest move to date in Chesapeake's efforts to regain its former stature as the largest U.S. gas producer since emerging from bankruptcy restructuring in 2021. Last year, it beefed up its position in the gas-rich shale plays of the U.S. northeast with a $2.5 billion buyout of Chief E&D. Investment firm Kimmeridge Energy Management, which pushed Chesapeake to move away from oil drilling, is "highly supportive of the merger," it said. The firm has a little over 2% stake in each company. Most of Southwestern's production is in Appalachia's shale formations in the U.S. East and in the Haynesville shale basin close to U.S. LNG export plants. The combined company will have production of about 7.9 billion cubic feet equivalent per day (Bcfepd), and leapfrog EQT Corp as the largest independent natural gas exploration and production company in the U.S. by market value and output. The deal is expected to close in the second quarter and bear a new name, ending the Chesapeake brand almost 35 years after its founding by wildcatters Aubrey McClendon and Tom Ward. Chesapeake shareholders will own about 60% of the combined company and Southwestern investors the rest. The deal is the latest in a spate of multi-billion consolidation in the U.S. energy sector as companies seek to secure future production. Among the recent combinations: Exxon Mobil's $60-billion pending offer for shale firm Pioneer Natural Resources and Chevron's $53-billion agreement to buy Hess . Last week, APA Corp agreed to buy Callon Petroleum for $4.5 billion.

Permian to Partly Offset Natural Gas Production Declines from Gassy Plays in Early 2024, EIA Says - Shrinking volumes from gassy plays will overshadow higher associated output from the Permian Basin to drive a modest decline in natural gas production from key Lower 48 regions in early 2024, according to the latest modeling from the U.S. Energy Information Administration (EIA). In its updated Drilling Productivity Report (DPR), EIA projected 98.889 Bcf/d of combined production in February from the seven Lower 48 regions tracked in its monthly report. That would represent a 187 MMcf/d sequential decline from January output of 99.076 Bcf/d. Alongside the Permian, the DPR tracks production trends in the Anadarko and Appalachian basins, as well as the Bakken, Eagle Ford, Haynesville and Niobrara shales.

EPA sets rules for proposed methane emissions fee for oil, gas industry | Oil & Gas Journal -- US oil and gas companies would pay $900/tonne this year for methane emissions exceeding certain levels under a proposed rule released Friday by the US Environmental Protection Agency (EPA). The Methane Emissions Reduction Program, included in the Inflation Reduction Act of 2022, includes the directive from Congress requiring EPA to impose and collect the emissions fees. The new Waste Emissions Charge (WEC) for methane applies to oil and natural gas operations that emit more than 25,000 tonnes/year (tpy) of CO2 equivalent, that exceed statutorily specified waste emissions thresholds set by Congress, and that are not otherwise exempt from the charge, EPA said. The WEC fee would jump to $1,200/tonne for 2025 emissions and $1,500/tonne for emissions in 2026 and later. EPA said the fee should encourage industry to adopt best practices that reduce emissions of the greenhouse gas to avoid paying. EPA Administrator Michael Regan said the proposed fee will complement other actions mandated by Congress, including the agency’s final rule on methane emissions issued in December. That rule includes a 2-year phase-in period for companies to stop flaring natural gas at new oil wells. As part of the broader methane-reduction programs outlined by Congress in 2022, EPA in partnership with the US Department of Energy (DOE) will provide $1 billion in financial and technical assistance to accelerate a transition to no- and low-emitting oil and gas technologies, including funds for activities associated with low-producing conventional wells, support for methane monitoring, and funding to help reduce methane emissions from oil and gas operations. EPA is also working with industry and other stakeholders to improve the existing Greenhouse Gas Reporting Program and increase the accuracy of reported methane emissions. “EPA is delivering on a comprehensive strategy to reduce wasteful methane emissions that endanger communities and fuel the climate crisis,” Regan said in a statement. When finalized later this year, the proposed methane fee will set technology standards that will “incentivize industry innovation”' and spur action to reduce pollution, he said. Regan acknowledged that some oil and gas companies already meet or exceed performance levels set by Congress under the law and will not face the proposed fee. Over time, fewer oil and gas producers will face the fee as they reduce emissions in compliance with the rule, EPA said.

Kinder Morgan CEO Says Strong Natural Gas Production, Long-Term Export Demand Fuel Bullish Outlook - Kinder Morgan Inc. (KMI) said its natural gas pipeline and storage business expanded substantially late in 2023 and is poised for continued growth in the year ahead. It expects to capitalize on robust natural gas production and expectations for exponential growth in export demand in the back half of the decade. LNG Prices The Houston-based midstream giant was first out of the gate late Wednesday in issuing its fourth quarter results. While the outlook is positive, fourth quarter revenues were dragged down by weakened natural gas prices. The full-year bottom line results also were adversely impacted by higher interest rates on its debt. This developed during a year in which the Federal Reserve, aka the Fed, aggressively pushed up rates to combat inflation ignited by pandemic-imposed...

EQT inks tolling deal with Glenfarne’s Texas LNG - US natural gas producer EQT has entered into a heads of agreement for liquefaction services from Texas LNG’s planned facility in Brownsville to produce 0.5 mtpa of LNG under a 15-year tolling agreement. The deal anticipates the finalization of a definitive 15-year tolling agreement from the first train of Glenfarne Group’s Texas LNG. Texas LNG said in a statement it plans to achieve financial close and begin construction in 2024. Moreover, the firm aims to launch commercial operations in late 2027 or early 2028, it said. Brendan Duval, Glenfarne CEO and Founder, welcomed EQT as a customer and partner for Texas LNG. “This is an important milestone for Texas LNG, with additional agreements to be announced in the near-term as we progress towards a final investment decision,” he said. Toby Z. Rice, president and CEO of EQT, said this HoA with Texas LNG “highlights continued momentum behind EQT’s differentiated LNG strategy, which is focused on achieving the best combination of upside exposure and downside risk mitigation.” Also, Rice added that this tolling capacity gives EQT “direct connectivity to end users of natural gas globally, allowing for end-market structuring flexibility and superior downside protection.”Texas LNG previously selected Swiss engineering group ABB and US energy services firmBaker Hughes to supply equipment for its 4 mtpa LNG project.The developer of the plant appointed a joint venture of Technip Energies USA and Samsung Engineering to lead the delivery of the facility.Texas LNG said in April last year that it expected to take the investment decision to build its LNG export project in 2023 following an order by the US FERC, but it later postponed the decision to 2024.FERC issued an order on remand to the planned export terminal in the Port of Brownsville, Texas, owned by Glenfarne Energy Transition’s Texas LNG, following the completion of an additional social cost of carbon and environmental justice analysis.

US weekly LNG exports reach 28 cargoes - US liquefaction plants shipped 28 liquefied natural gas (LNG) cargoes in the week ending January 10, while natural gas deliveries to these terminals increased by 1 percent compared to the week before.The EIA said in its weekly report, citing shipping data provided by Bloomberg Finance, that the total capacity of these 28 LNG vessels is 100 Bcf.The agency did not release its weekly report in the prior two weeks due to holidays. During the week of December 14-20, 2024, US terminals shipped 22 LNG cargoes.Average natural gas deliveries to US LNG export terminals increased by 0.1 Bcf/d week over week, averaging 14.7 Bcf/d, according to data from S&P Global.Natural gas deliveries to terminals in South Louisiana decreased by 1 percent (0.1 Bcf/d) to 9.2 Bcf/d, while natural gas deliveries to terminals in South Texas increased by 5.4 percent (0.2 Bcf/d) to 4.4 Bcf/d.The agency said that natural gas deliveries to terminals outside the Gulf Coast were essentially unchanged.Cheniere’s Sabine Pass plant shipped eight cargoes and the company’s Corpus Christi facility sent four shipments during the period under review.The Freeport LNG terminal Venture Global’s Calcasieu Pass each shipped four cargoes, and Sempra Infrastructure’s Cameron LNG terminal and the Elba terminal each shipped three cargoes during the week under review.Also, the Cove Point LNG terminal shipped two cargoes.One LNG vessel with a carrying capacity of 3 Bcf docked for off-loading at the Everett LNG terminal in Boston Harbor in Massachusetts between January 4 and January 10, the agency said.This report week, the Henry Hub spot price rose 63 cents from $2.60 per million British thermal units (MMBtu) last Wednesday to $3.23/MMBtu this Wednesday, the second day in a row Henry Hub was above $3.20/MMBtu, the agency said.The last time the Henry Hub price was at $3.00/MMBtu or above for more than one day was in early November 2023, it said.Moreover, the price of the February 2024 NYMEX contract increased 37.1 cents, from $2.668/MMBtu last Wednesday to $3.039/MMBtu this Wednesday.According to the agency, the price of the 12-month strip averaging February 2024 through January 2025 futures contracts climbed 14.2 cents to $3.008/MMBtu, with higher prices next winter pulling up the 12-month average.The January 2025 futures contract rose above $4.00/MMBtu on January 9, significantly higher than futures prices for all other months in the strip, it said.The agency said that international natural gas futures decreased this report week.Bloomberg Finance reported that weekly average front-month futures prices for LNG cargoes in East Asia fell 12 cents to a weekly average of $11.44/MMBtu.Natural gas futures for delivery at the Dutch TTF decreased 3 cents to a weekly average of $10.35/MMBtu. In the same week last year (week ending January 11, 2023), the prices were $27.67/MMBtu in East Asia and $22.02/MMBtu at TTF, the EIA said

Exports drive North American natural gas pipeline projects | Oil & Gas Journal -- The US Energy Information Administration (EIA) expects North America’s LNG export capacity to increase to 24.3 bcfd by end-2027 from its current 11.4 bcfd. Growth will be driven by new LNG plants in Mexico and Canada and expansion of existing capacity in the US. EIA estimates LNG export capacity will grow by 1.1 bcfd in Mexico, 2.1 bcfd in Canada, and 9.7 bcfd in the US from a total of 10 new projects across the three countries. Five LNG plant expansions are under construction in the US. More than 20 bcfd of natural gas pipeline capacity under Federal Energy Regulatory Commission (FERC) or Railroad Commission of Texas jurisdiction is under construction, partly completed, or approved to deliver natural gas to these five plants. About 12.2 bcfd of this capacity is currently under construction. Enbridge Inc. is building two pipelines, comprising the 4-bcfd Gator Express system, to deliver natural gas from pipeline interconnections to Venture Global LNG Inc.’s 20-million tonne/year (tpy) Plaquemines LNG plant south of New Orleans, La. Phase 1 of the project will be a 15-mile pipeline and Phase 2 a 12-mile pipeline. Enbridge’s 3-mile, 1.3-bcfd Venice Extension project will allow for reversal of natural gas flows on the Line 40 segment of its Texas Eastern Transmission (TET) system for delivery to Plaquemines LNG via Gator Express (Fig. 1). A 31,900-hp compressor station will be built in Pointe Coupee Parish, La., as part of the project. Kinder Morgan Inc.’s (KMI) Tennessee Gas Pipeline (TGP) Co. is building the 13-mile Evangeline Pass Phase 2 pipeline to deliver an additional 1.1-bcfd to Plaquemines, also via Gator Express, from a Southern Natural Gas Co. interconnect in Mississippi. TGP and Southern last year received FERC authorization to begin building Phase 2. Construction of Evangeline Pass’ 900-MMcfd Phase 1 is ongoing. Expected in-service dates for each phase will be aligned with Plaquemine’s phased 2024-25 startup Golden Pass Pipeline LLC is expanding its existing 69-mile pipeline that originates northeast of Starks, La., by 2.5 bcfd to deliver natural gas to ExxonMobil Corp. and QatarEnergy’s 15.6-million tpy Golden Pass LNG plant in Jefferson County, Tex. The primary flow of the pipeline, originally built in 2010 to transport imported natural gas to interconnected interstate pipelines and northern US markets, will be changed to a southbound direction and connections to nearby natural gas supply sources added. ExxonMobil last month delayed startup of the LNG plant to first-half 2025 from second-half 2024. Port Arthur Pipeline Co. will build two 2-bcfd pipelines to deliver natural gas to Sempra Infrastructure’s 27-million tpy Port Arthur LNG plant, also in Jefferson County. The 72-mile Louisiana Connector will deliver natural gas through pipeline interconnections in Louisiana and Texas, and the 34-mile Texas Connector will extend from interconnections in Texas to the LNG plant. Late last year the US Court of Appeals for the Fifth Circuit vacated an emissions permit for the 13.5-million tpy first phase of Port Arthur LNG. The company said it will continue to build at the site while it works with the Texas Commission on Environmental Quality (TCEQ) on resolving the issue (OGJ Online, Nov. 16, 2023). Sempra earlier in 2023 had received US Federal Energy Regulatory Commission authorization to proceed with Port Arthur LNG Phase 2, adding two trains to the plant and roughly doubling its capacity (OGJ Online, Sept. 22, 2023). At the time, Port Arthur Trains 1 and 2 (Phase 1) were expected to be completed in 2027 and 2028, respectively. Enbridge Inc. is building twin 138-mile pipelines—the Rio Bravo pipeline—with a combined capacity of 4.5 bcfd to deliver natural gas from the Agua Dulce hub in South Texas to the 18-million tpy first phase of NextDecade Corp.’s 27-million tpy Rio Grande LNG (RGLNG) plant under development in Brownsville, Tex. Enbridge started construction last year following NextDecade’s final investment decision on RGLNG (OGJ Online, Aug. 4, 2023). Rio Bravo’s first phase will transport 2.6 bcfd of gas from a new 282,000-hp compressor station in Kleberg County, Tex., and is expected to achieve commercial operation second-half 2026, assuming a 2025 construction start. Enbridge acquired Rio Bravo Pipeline Co. LLC from NextDecade in 2020. WhiteWater Midstream LLC is building the 39-mile Agua Dulce-Corpus Christi (ADCC) pipeline with a capacity of 1.7 bcfd to deliver gas to Cheniere Energy Inc.’s 10-million tpy Corpus Christi Stage III (CCL3) LNG plant expansion. ADCC starts at the end of WhiteWater’s 2-bcfd Whistler pipeline near the Agua Dulce hub in Nueces County, Tex., and will deliver Permian gas for liquefaction. The company expects ADCC to enter service in 2024. It will be expandable to 2.5 bcfd. Cheniere Corpus Christi Pipeline is also building its own 21-mile pipeline to supply the Stage III expansion, capable of delivering 1.5 bcfd. The pipeline will run parallel with an existing pipeline originating at the Sinton compressor station in San Patricio County, Tex., and will deliver gas from various interconnections. Compression at Sinton will be expanded by 44,000 hp as part of the project, using two Solar Turbine Titan 130E gas-fired units. Cheniere said late last year that CCL3 was months ahead of schedule and could achieve first LNG by end-2024. KMI also recently increased its South Texas presence with the late-2023 acquisition of NextEra Energy Partner’s STX Midstream (OGJ Online, Nov. 6, 2023). STX’s 462-mile pipeline system includes integrated, large diameter high pressure natural gas lines capable of delivering 4.9 bcfd of Eagle Ford production to Mexico and the US Gulf Coast. US natural gas exports to Mexico hit record highs at or near 7 bcfd in 2023. TC Energy Corp. plans to add to this with its 1.3-bcfd Southeast Gateway pipeline set to begin operations mid-2025. The company is building onshore infrastructure and landfalls—including 25 km of pipeline—and said that engineering of the project’s 690-km offshore section is complete, with installation expected to begin by end-2023 or early 2024. -

How Fracking Helped the U.S. Become the World’s Top LNG Exporter -In 2003, the late author and investment banker Matther Simmons predicted that with “certainty,” by 2005 the U.S. would enter a long-term natural gas crisis for which the only solution was “to pray.” T. Boone Pickens and a number of high-profile energy insiders concurred.ConocoPhillips and ExxonMobil made large acquisitions of natural gas companies, betting on a future with much higher natural gas prices. Liquefied natural gas (LNG) import terminals were being built to help address the expected supply shortfall.By 2005, U.S. natural gas production had begun to decline. Natural gas spot prices regularly spiked above $10 per million British thermal units (MMBtu), and sometimes as high as $15/MMBtu.What happened next was unanticipated. Natural gas producers were experimenting with a combination of hydraulic fracturing (“fracking”) and horizontal drilling. Their success would change everything.Instead of an ongoing decline, by 2007 U.S. natural gas production was moving substantially higher. The industry was in the early stages of the largest expansion of U.S. natural gas production in its history.A decade later, natural gas production was 50% higher than the level in 2007. Today, it is 86% higher and still climbing. Along the way, LNG import terminals were converted into LNG export terminals, and many more were built.Natural gas expansion was so dramatic, that in 2016, the U.S. began to sharply increase LNG exports. At first, exports were a drop in the bucket compared to those of Qatar and Australia — the world’s two largest LNG exporters. But the rise was steep, and by 2022 it looked like a possibility that the U.S. could soon overtake those countries as the world’s largest LNG exporter. That has now happened, according to data compiled byBloomberg. Data through the end of December 2023 showed record U.S. exports of 91.2 million metric tons. The U.S. became the world’s leading LNG exporter in 2023, surpassing Qatar and Australia.

Environmental Groups Target LNG in Election Year, Threatening U.S. Export Buildout -Growing environmental opposition and political headwinds could combine to be one of this year’s biggest challenges for U.S. LNG projects working to advance. International environmental organizations, along with grassroots groups, social media influencers and some Democrats, are stepping up their efforts to stop the expansion of U.S. gas exports that’s accelerated in recent years. The offensive comes in an election year, as President Biden looks to rebuild his support among disenchanted voters concerned about climate change.

Kansas City Fed Survey Shows Softened Natural Gas Price Outlook, Fourth Straight Activity Decline - Oil and gas executives in the Rocky Mountain and Midcontinent regions no longer expect the Henry Hub natural gas price to surpass $4/MMBtu at any point in the next five years, according to the Federal Reserve Bank of Kansas City. The Kansas City Fed conducts quarterly surveys to gauge current and expected drilling activity in the Tenth Federal Reserve District, as well as expectations for natural gas and oil prices. The district includes Colorado, Kansas, Nebraska, Oklahoma and Wyoming, as well as 43 counties in western Missouri and 14 counties in northern New Mexico. For the fourth quarter 2023 survey, conducted between Dec. 15, 2023 and Jan. 3, 2024, executives were asked to predict the Henry Hub price in six months, one year, two years and five years. The average responses were $76, $79, $84, and $88 per barrel, respectively.Firms were asked what oil and natural gas prices were needed on average for drilling to be profitable across the fields in which they are active. The average oil price needed was $64 per barrel. while the average natural gas price needed was $3.12 per million Btu.

Oil and gas activity in US Midwest, Rockies falls in 4Q: Fed Survey -Oil and gas activity in the U.S. Midwest and Rockies fell sharplyin the fourth quarter, but is expected to recover over the next six monthsdespite a weak outlook for natural gas, according to a survey released on Friday by the Federal Reserve Bank of Kansas City. The drilling and business activity fell to -33 from -13, according to the survey, which polls producers from states including Colorado, Wyoming, Oklahoma and the northern half of New Mexico. Lower natural gas prices in last six months of 2023 likely pressured the drop in activity, Chad Wilkerson, a senior vice president at the bank said. U.S. gas futures plunged by 44% in 2023, while crude oil futures fell 11%, prompting a 20% drop in the total number of drilling rigs in the country last year. RIG/U Activity is anticipated to pick up modestly in the next six months, but survey participants expect profits to stay flat, hampered in part by lower natural gas prices. Henry Hub gas prices NGc1 are projected to average just $2.50 per million Btu in six months, below the $3.12 per mmBtu needed to drill profitably, according to the survey. “There is an abundant supply of natural gas, driven mostly as a by-product of oil drilling,” said an unnamed survey participant. Gas prices need to rise to $4.04 per mmBtu to spur a substantial increase in drilling, participants said, but they do not anticipate Henry Hub to average over$4 for the next five years. Henry Hub futures settled at $3.31on Friday, up roughly 8% ahead of extreme cold across much of the country. The outlook for oil prices was more upbeat, with respondents anticipating crude prices CLc1 to average $75 a barrel within six months, well above the $64 a barrel needed to make a profit. Oil prices would need to average $84 a barrel to substantially increase drilling, they said. U.S. crude futures settled at $72.68 on Friday. Only 40% of firms said they expect to increase capital spending in 2024, while roughly another 40% anticipate decreasing spending. “Lack of infrastructure will prohibit being able to develop and connect supplies to growing markets,” said one survey participant. The survey was conducted between Dec. 15 and Jan. 3 and included 31 responses from firms in the U.S. Midwest and Rockies.

US natgas prices plunge 13% on warmer forecasts for late January (Reuters) - U.S. natural gas futures plunged about 13% to a one-week low on Tuesday on forecasts for demand to drop and output to rise once the weather turns warmer than normal in late January. Also weighing on prices, the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants dropped on Monday to a three-month low. Still, spot power and gas prices soared to multi-year highs as extremely cold weather cut gas supplies and was on track to boost daily demand to a record high. "It appears that the run-up last week may have been overly reactive to news of the cold. As the adage goes, 'buy the rumor, sell the news' and today appears to be the latter half on full display," analysts at energy consulting firm Gelber and Associates told customers in a note explaining the massive drop in futures prices. Last week, futures jumped about 15% for a second week in a row due primarily to worries about what this week's extreme cold would do to gas supplies and demand. The futures market is trading for February, when analysts said the country should have enough production and gas in storage to meet at least normal weather conditions without boosting prices much. Front-month gas futures for February delivery on the New York Mercantile Exchange fell 41.3 cents, or 12.5%, to settle at $2.900 per million British thermal units (mmBtu), their lowest close since Jan. 5 and the front-month's biggest daily percentage drop since it fell about 15% on March 6, 2023. In the spot market, power prices at the Mid-Columbia hub in Oregon soared to a record high of $1,075 per megawatt hour. Next-day gas prices jumped to $10.40 per mmBtu at the Eastern Gas South hub in Pennsylvania, their highest since July 2008, and $9.72 at the AECO hub in Alberta in Canada, their highest since February 2014. Financial company LSEG said average gas output in the Lower 48 states fell to 103.9 billion cubic feet per day (bcfd) so far in January from a monthly record of 108.0 bcfd in December. On a daily basis, output fell by 14.9 bcfd from Jan. 8-15 to a 12-month low of 92.8 bcfd on Monday. That drop was less than losses of 19.6 bcfd during Winter Storm Elliott in December 2022 and 20.4 bcfd during the February freeze in 2021. Meteorologists projected temperatures in the Lower 48 states would switch from colder than normal from Jan. 16-21 to mostly warmer than normal from Jan. 22-31. With warmer weather coming, LSEG forecast U.S. gas demand in the Lower 48, including exports, would drop from 154.1 bcfd this week to 138.8 bcfd next week. The forecast for this week was lower than LSEG's outlook on Monday. On a daily basis, LSEG projected total gas demand, including exports, would reach 170.0 bcfd on Tuesday, lower than LSEG forecast on Monday but still exceeding the all-time high of 162.5 bcfd set on Dec. 23, 2022, during Winter Storm Elliott, according to federal energy data from S&P Global Commodities Insights. Gas flows to the seven big U.S. LNG export plants slid to an average of 14.4 bcfd so far in January from a monthly record of 14.7 bcfd in December. On a daily basis, LNG feedgas dropped to a three-month low of 11.7 bcfd on Monday due mostly to reductions at U.S. energy company Cheniere Energy's Sabine Pass in Louisiana and Freeport LNG's plant in Texas.

U.S. natural gas prices fall 6% on small storage decline, warmer forecasts (Reuters) - U.S. natural gas futures fell about 6% to a two-week low on Thursday on a smaller-than-expected storage withdrawal and forecasts for demand to drop and output to rise with the weather turning warmer than normal in late January. The U.S. Energy Information Administration (EIA) said utilities pulled 154 billion cubic feet (bcf) of gas out of storage during the week ended Jan. 12. That was smaller than the 164-bcf decline analysts forecast in a Reuters poll and compares with a withdrawal of 68 bcf in the same week last year and a five-year (2019-2023) average decline of 126 bcf. Also weighing on prices, the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants fell this week to a one-year low as energy firms likely sold some of their gas into the domestic market after extreme cold this week boosted U.S. power gas prices to multi-year highs in several regions. The extreme cold also cut gas supplies by freezing wells and increased daily gas demand to a record high on Tuesday. Front-month gas futures for February delivery on the New York Mercantile Exchange fell 17.3 cents, or 6.0%, to settle at $2.697 per million British thermal units (mmBtu), their lowest close since Jan. 3. Financial company LSEG said average gas output in the Lower 48 states fell to 103.2 billion cubic feet per day (bcfd) so far in January from a monthly record of 108.0 bcfd in December. On a daily basis, U.S. gas output was on track to jump 7.7 bcfd over the last two days to 98.1 bcfd on Thursday after plunging by 17.3 bcfd from Jan. 8-16 due primarily to freeze-offs and other cold weather events to a 12-month low of 90.4 bcfd on Tuesday. That drop was smaller than losses of 19.6 bcfd during Winter Storm Elliott in December 2022 and 20.4 bcfd during the February freeze in 2021. Meteorologists projected temperatures in the Lower 48 states would switch from colder than normal from Jan. 18-21 to mostly warmer than normal from Jan. 22-Feb. 2. With less cold weather coming, LSEG forecast U.S. gas demand in the Lower 48, including exports, would drop from 154.1 bcfd this week to 139.9 bcfd next week. The forecast for next week was lower than LSEG's outlook on Wednesday. On a daily basis, LSEG said total gas demand, including exports, soared to a record 168.2 bcfd on Tuesday. That was higher than LSEG forecast on Wednesday and topped the prior all-time high of 162.5 bcfd set on Dec. 23, 2022, during Winter Storm Elliott, according to federal energy data from S&P Global Commodities Insights. Gas flows to the seven big U.S. LNG export plants fell to an average of 13.9 bcfd so far in January from a monthly record of 14.7 bcfd in December. On a daily basis, LNG feedgas was on track to jump about 4.2 bcfd over the last two days to 13.5 bcfd on Thursday after dropping by 5.8 bcfd from Jan. 13-16 to a one-year low of 9.2 bcfd on Tuesday due mostly to reductions at U.S. energy company Cheniere Energy's Sabine Pass in Louisiana and Corpus Christi in Texas, Freeport LNG's plant in Texas and Cameron LNG's plant in Louisiana.

US natgas prices drop 7% to 3-week low on warmer late January forecasts (Reuters) - U.S. natural gas futures dropped about 7% to a three-week low on Friday on forecasts for demand to drop and output to rise as the weather turns warmer than normal in late January and early February. That price drop came even though the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants was rising after it fell to a one-year low during this week's Arctic freeze, which also boosted daily gas demand to a record high and cut output to a one-year low by freezing wells. Front-month gas futures NGc1 for February delivery on the New York Mercantile Exchange fell 17.8 cents, or 6.6%, to settle at $2.519 per million British thermal units (mmBtu), their lowest close since Dec. 29. That put the contract down for a fourth day in a row for the first time since November. For the week, the front-month was down by almost 24% after rising about 15% in each of the prior two weeks. This week's price drop would be its biggest weekly percentage decline since it fell by just over 24% in a week in December 2021. Financial company LSEG said average gas output in the Lower 48 states fell to 102.9 billion cubic feet per day (bcfd) so far in January, down from a monthly record of 108.0 bcfd in December. On a daily basis, U.S. gas output was on track to jump 10.3 bcfd over the past three days to a preliminary 100.8 bcfd on Friday. It had plunged by 17.2 bcfd from Jan. 8-16 to a 12-month low of 90.5 bcfd on Tuesday, due primarily to freeze-offs and other cold weather events. The drop earlier this week, however, was smaller than losses of 19.6 bcfd during Winter Storm Elliott in December 2022 and 20.4 bcfd during the February freeze in 2021. Meteorologists projected temperatures in the Lower 48 states would switch from colder than normal from Jan. 19-21 to mostly warmer than normal from Jan. 22-Feb. 3. With less cold weather in the outlook, LSEG forecast U.S. gas demand in the Lower 48, including exports, would drop from 155.0 bcfd this week to 141.5 bcfd next week and 123.8 bcfd in two weeks. The forecast for this week and next were higher than LSEG's outlook on Thursday. On a daily basis, LSEG said total gas demand, including exports, soared to a record 168.4 bcfd on Jan. 16. That was similar to LSEG's estimate on Thursday and topped the prior all-time high of 162.5 bcfd set on Dec. 23, 2022, during Winter Storm Elliott, according to federal energy data from S&P Global Commodities Insights. Gas flows to the seven big U.S. LNG export plants fell to an average of 13.9 bcfd so far in January, down from a monthly record of 14.7 bcfd in December.On a daily basis, LNG feedgas was on track to jump about 4.7 bcfd over the last three days to a preliminary 14.0 bcfd on Friday after dropping by 5.8 bcfd from Jan. 13-16 to a one-year low of 9.2 bcfd on Tuesday, due mostly to reductions at U.S. energy company Cheniere Energy's LNG.A Sabine Pass in Louisiana and Corpus Christi in Texas, Freeport LNG's plant in Texas and Cameron LNG's plant in Louisiana.

North American Upstream Capex Inching Up, with Discipline and Shareholders Still Top Priorities - Natural gas and oil explorers worldwide are predicted to spend 5% more overall this year for upstream activity, with North American budgets rising for the third consecutive year. While upstream capital expenditures (capex) by global exploration and production (E&P) companies will climb, it’s predicted to sharply decelerate from the double-digit gains in 2023, according to Evercore ISI’s 2024 Global E&P Spending Outlook. Still, the “globally coordinated upturn is extending into the third year,” Evercore analyst James West said. The energy analyst team reviewed the financial and strategic documents for almost 300 global gas and oil companies to complete the survey, which was completed in December.

New Hampshire firefighters battle massive blaze after multiple oil tankers catch fire - New Hampshire firefighters are battling a massive blaze after multiple oil tankers caught fire on Saturday, the Exeter Fire Department said on X. Three oil tankers and a tractor-trailer at North Atlantic Fuels in Epping, caught fire, officials said, setting off a blaze large enough to require the assistance of a crash truck. A truck from Manchester-Boston Regional Airport arrived to provide foam fire suppression, the fire department said. A Southeast HAZMAT team with 500 gallons of foam also arrived to assist various fire crews on site. Video from the scene posted by the Exeter Fire Department shows burnt-out truck bodies engulfed in red-hot flames.Officials reported that there were no injuries.

Epping Fire Chief shares what he saw after intense North Atlantic Fuels fire — The town of Epping saw one of the largest fires in its history at the North Atlantic Fuels site Saturday evening. Hazmat operators responded to the scene while three oil tankers with 100,000 gallons of fuel went up in flames, additionally burning one tractor-trailer. Officials say that no one was inside of those vehicles at the time and no injuries were reported. In an interview with News 9, Epping Fire Chief Donald DeAngelis shares what he saw that night. “This was probably one of the most intense and largest fires in my career,” the chief said. Chief DeAngelis later said that a major risk was identified and called for quick action. “There were compressed gases at the next building over,” he said. “Had it gotten to the pressed gases, we would've had to evacuate the area or let it burn.” Firefighters were dispatched from communities in Wear, New Hampshire, to York, Maine. “It quickly went from a first to second, third, and fourth alarm,” DeAngelis said. “I couldn't have asked for a better outcome for a response and cooperation,” he added. Around 30 local communities came to help move other tankers that were at risk of catching fire, while also controlling the burning spilled oil. The New Hampshire State Fire Marshall's office says there was no suspicious activity involved in the cause of the fire. “We reviewed the videos. It doesn't look suspicious it looks like there was a failure in the truck,” Chief DeAngelis said. “That's our earliest insight.” The exact cause of the fire remains unknown. The New Hampshire Department of Environmental Services will be coordinating the cleanup process.

Officials investigating fuel spill in North Fort Myers canal — The Department of Environmental Protection (DEP) is investigating after fuel was found in a North Fort Myers canal along North Gulf Circle on Monday. The Coast Guard was called to the canal in the Waterway Estates community. They determined a construction company working on a barge spilled fuel on the deck. The area received rain on Monday which helped float the oil off the barge and into the canal. The Coast Guard is determining whether to issue that company a fine. This isn’t the first time fuel leaked into this canal. In 2022, there was a different spill. The North Fort Myers Fire Control District investigated but never found a source. Codty Pierce, the Calusa Waterkeeper, said this could be a deadly mistake. It only takes a small amount of fuel to kill marine life. "Diesel fuel is considered to be one of the more acute toxic petroleum products that can be applied into the waterway, so anything that comes in direct contact with that does have the risk for you know dire consequences," Pierce said. "That’s when we start to see some fish kills, we can see a die-off of barnacles and oysters that are attached to the sea walls that are inside of a confined space." "Our estuary is our greatest asset so it’s up to us to take care of it and take ownership of it so when we see things like this, please don’t hesitate to call," Pierce said. "Do the right thing and report it." David Van Buren reported the fuel spill that happened on Monday. He lives on North Gulf Circle and witnessed the fuel spill in 2022. "In 2022 in June there was a fuel spill here and there were dead fish and crabs and there were small birds that were falling out of their nests and dying because of this -- the vapors from the diesel fuel," Van Buren said. "This is the second time there’s been a major oil spill right over here and it’s very frustrating, it’s aggravating."

A million gallons of oil spilled into the Gulf in November. We still don’t know where it came from. - Two months after an estimated 1.1 million gallons of crude oil were released into the Gulf of Mexico, the source of the leak remains unknown.The source and the cause of the spill, first reported Nov. 16, remains under investigation, the Coast Guard said in a statement Thursday. Without a clear indication of its source, a 67-mile Main Pass Oil Gathering pipeline operated by Houston-based Third Coast Infrastructure remains shut down. The investigation, which was expected to take weeks to complete, has dragged on for months, raising new questions about where the oil that caused a slick between 3 and 4 miles wide could have come from.An initial report made to the Coast Guard on Nov. 16 said a pipeline rupture near the mouth of the Mississippi River released a maximum of 1.1 million gallons into the Gulf of Mexico.“This is really unusual,” said Daniel Nagala, a longtime pipeline leak detection specialist and founder of Friendswood leak detection company UTSI. “I wouldn’t have expected it would take more than a week or two to find where it was, so I’m really surprised.”The Third Coast pipeline was initially suspected of being the source of the release some 19 miles off Louisiana, near the mouth of the Mississippi River. But despite the pipeline being shut down, a second sheen was discovered last month in the same area. The Coast Guard said it was unclear whether the second sheen was related to the initial spill.Oil found in the Gulf of Mexico can be coming from so many different places along a seabed dotted with old wells and pipelines, so it’s not uncommon for it to confound first responders, said Mark Davis, research professor and director of Tulane University's Center for Environmental Law. The Taylor Energy spill, for example — the longest-running oil spill in U.S. history, which began when Hurricane Ivan triggered a mudslide that swallowed a production platform — was at first believed to be small but hassurpassed the BP Deepwater Horizon spill in volume, he said.It took more than a decade to realize how much oil was slowly leaking from Taylor’s wells, he said.“Each spill is different, and understanding what kind of oil it is, where it’s coming from, who owns it and what can be done can be a real challenge,” Davis said.Plus, the crews available to continue these investigations are limited, he said. “It’s sort of like how many police are available to answer 911 calls,” he said. “At some point, the availability changes and the Coast Guard has other things that it’s supposed to be doing.”

Railroad Commission’s no fly zone in West Texas extended through June --Flight restrictions banning drones in the area of what the Texas Railroad Commission said was an uncontrolled well have been extended through June as state crews continue to work onsite, according to a notice issued Tuesday by the Federal Aviation Administration. Sarah Stogner, who identified herself as the drone pilot who inspired the original no-fly zone issued last month in Crane County, posted a new photo Tuesday showing large amounts of water pooling in the waste pits and trenches installed to contain the flow. Stogner said Tuesday that she was unaware of the new flight restrictions when she captured the images, which she said were taken at dawn. The Railroad Commission, the state’s oil and gas regulator, said in a statement Tuesday that the no-fly zone was extended “for the safety of crews on the ground.” It said last month that it requested the no-fly zone after “a drone pilot was flying a drone dangerously close to crews and equipment.” The new notice also lowered the 3,000-foot height restriction of the original no-fly order to 1,000 feet. “The June 9 flight restriction date is simply a placeholder,” an RRC spokeswoman said. “We do not anticipate work will take that long; we are currently plugging the well and as soon as the work at the site is complete, we’ll ask the FAA to cancel the restriction.”The eruption of water in Crane County is the latest sign of trouble under the aging oil fields just north of Fort Stockton. Water under pressure can travel underground — at times carrying radioactive elements, chemicals and other oil field waste — until it finds the path of least resistance, often an unplugged well that can allow it to burst to the surface.The Railroad Commission said Tuesday that tests of the water found no presence of oil or gas but it did not specify if other chemicals were identified. The RRC has not been able to identify a record of the well it is working to plug, it said. Bill Wight, a cattle rancher who owns the property where the Railroad Commission is seeking to stanch the flow of super-salty water belching from below the surface, said Tuesday that he was unaware that efforts to stop the water rising to the surface could continue until June.“I don’t know anything about it. The Railroad Commission doesn’t tell me anything,” he said. “I don’t think they have any idea how long they plan to be on the property.”

Earthquakes over magnitude 4 among smaller temblors recorded in Oklahoma – At least six earthquakes that include two greater than magnitude 4 have been recorded near an Oklahoma City suburb, according to the U.S. Geological Survey.The preliminary magnitudes of the earthquakes near Edmond include a 4.1 shortly after 5:30 a.m. Saturday and a 4.3 at about 9:45 p.m. Friday.The USGS had earlier rated the Friday night quake at magnitude 4.4 in a preliminary report.No injuries or significant damage has been reported, according to city of Edmond spokesperson Bill Begley, who said investigators will fully inspect infrastructure.“We are in contact with state officials investigating the occurrences, as well as the Corps of Engineers, who will inspect the dam at Arcadia Lake,” said a statement from Begley.Arcadia Lake is used to supply drinking water to the city of about 96,000. Four other earthquakes ranging from magnitude 2.5 to 3.2 were also recorded by the USGS Friday night and early Saturday in the area about 15 miles (24 kilometers) northeast of Oklahoma City.

Major Edmond earthquakes jostle odd Oklahoma history on regulation, litigation - Several earthquakes struck Edmond and shook surrounding communities Friday night into early Saturday morning, with a pair registering magnitudes above 4.0 and marking some of the state’s most prominent tremors since a surge in seismic events last decade triggered controversial litigation.The first trio of quakes hit between 9:37 p.m. and 10:04 p.m. Friday, with Oklahoma Geological Survey data eventually gauging their magnitudes as 3.2, 4.3 and 2.5.At 4:43 a.m. Saturday, another 2.6 quake occurred, and at 5:36 a.m. the ground twerked again for a 4.1 seismic shake. At 6:55 a.m., the OGS registered another 2.7 magnitude earthquake. Several other aftershocks registered at lower levels near a fault line spanning the Arcadia area, and Oklahomans took to social media to share their rattling experiences.“Did anyone else hear a loud boom and (feel their) house shake?” a woman wrote in the All Things Edmond group on Facebook around 9:40 p.m.Within 40 minutes, more than 800 comments had been made on the post. There and in other posts, people expressed shock, frustration and sometimes a sense of humor. Bill Begley, Edmond’s marketing and public relations manager, released a statement Saturday saying the city is “inspecting facilities and infrastructure.”“We are in contact with state officials investigating the occurrences, as well as the Corps of Engineers, who will inspect the dam at Arcadia Lake for impacts,” Begley said. “All new water and wastewater infrastructure in place as part of the city’s on-going water infrastructure improvements — including water towers — are built to structurally handle the seismic activity, but will be inspected to ensure their integrity and ability to continue to deliver safe, clean water to Edmond residents.”He said damage appeared to be minimal after early assessments.“Currently, police and fire report no incidents of safety or property impacts, but residents are encouraged to inspect their homes and structures for impacts and ensure they are safe,” he said.Similarly, Oklahoma Department of Transportation spokeswoman Brenda Perry Clark said no state highway or turnpike infrastructure was affected by the Edmond earthquakes, noting that the agency receives automated notifications from OGS based on local geology, magnitude and bridge condition. “These quakes did not reach those thresholds that require further inspection,” she said.

Meet the farmers pushing for stronger Colorado pipeline safety “We don’t want to be activists”: The farmers pushing for stronger pipeline safety rules --Colorado utilities regulators Wednesday will begin work on rules to improve safety inspections of pipelines like the one that leaked gas and destroyed Mark and Julie Nygren’s home. -- A pair of sugar beet and corn farmers would seem an unlikely duo to take on the oil and gas industry and the state’s biggest utilities over the issue of pipeline safety, but that is exactly what Mark and Julie Nygren have done.The Nygrens’ battle before the Colorado Public Utilities Commission is now close to bearing fruit as the commission is slated to take up draft rules Wednesday. The comprehensive pipeline safety regulations were required by Senate Bill 108.The new rules will come none too soon, state Sen. Tammy Story, a Democrat from Conifer who was a prime sponsor of the 2021 legislation, said. A Colorado State Auditor review in May found widespread shortcomings in the PUC’s inspection program.“The entire gas pipeline system as it relates to inspection and monitoring is an epic failure,” said Story, who requested the state audit.The Nygrens’ tale underscores those findings in human terms, as pollution from a leaking pipeline led to the destruction of their home and the loss of most of their belongings. “We are farmers,” Mark Nygren said. “We don’t want to be activists. We support the oil and gas industry. But what has happened to us should never happen to another family in Colorado.”An administrative law judge has recommended the commission adopt rules, including mapping the location of pipelines where possible and a Nygren proposal for an annual report by each operator listing the size and location of all leaks. Incidents currently aren’t required to be reported under federal and state rules unless they result in death or injury requiring hospitalization, property damage of at least $122,000, unintentional gas loss of 3 million cubic feet or more, or an emergency shutdown of a facility. The judge, however, rejected another Nygren proposal asking that operators be required to use advanced leak detection systems. The couple, in PUC filings, are still pressing the full commission to adopt the requirement. The story of how the Nygrens went from their Johnstown farm to appearing before the PUC began in 2016 with some dying trees in their yard. They had an arborist come out who thought it might be beetles. It wasn’t.Nygrens have farmed in Weld County for four generations and Mark and Julie moved to the farm adjoining his father’s spread in 1984 and there they raised their daughter and two sons, as well as a range of crops from barley to pinto beans to wheat. “After we discovered the leak a lot of things fell into place,” Mark Nygren said. The leak from a DCP Midstream pipeline was located April 2, 2019, when a bright green sludge and plume of gas vapors was found in a ditch across the road from the house.By this time, Julie Nygren said she and her husband had been dealing with a string of health issues including nerve pain, severe headaches and digestive problems, but they were told the leak was too far away to cause any problems. Three days after the leak was found an Xcel Energy inspector discovered that the couple’s basement was filled with explosive gas and soon a green sludge, similar to the substances across the road, was found near the home’s sump pump. The pipeline operator told the couple that the entire area needed to be remediated and that their home had to be leveled and their contaminated belongings carted away.The family’s possessions were hauled out to the front lawn for Mark and Julie Nygren to shift through. “We kept a few heirlooms that are now in storage,” Mark Nygren said, “but everything porous — clothing, beds, furniture — went to the landfill.”

Extreme cold weather causing oil spills in North Dakota; 60 reports over past week - -- Bitter cold weather is causing a rash of spills in the oil fields of North Dakota as well as a slowdown in production, regulators say. North Dakota has seen multiple days of frigid weather with windchills at times reaching as low as minus 70 degrees (minus 57 Celsius) in its Bakken oil fields. Regulators say that strains workers and equipment, which can result in mishaps that lead to spills. More than 60 spills and other gas or oil environmental problems have been reported in the last week, according to the state's spill dashboard. “This is probably the worst little stretch that I’ve seen since I took over the spill program” a decade ago, North Dakota Department of Environmental Quality Spill Investigation Program Manager Bill Suess told the Bismarck Tribune. Public health is not at risk due to the remoteness of the spills, Suess said. The spills most commonly have involved crude oil and produced water — wastewater that is a byproduct of oil and gas production, containing oil, drilling chemicals and salts. Produced water spills can cause long-term damage to impacted land. Some companies are already engaged in cleanup despite the extreme cold, while others wait for the weather to warm. Suess said that given the extreme circumstances, the agency is giving companies some breathing room, but still expects the work to begin soon. “They can’t wait until spring thaw,” Suess said. “They’re going to have to get out there working on these in the next say week or so.” Production has declined during the cold spell, in part because companies are trying to prevent spills, said North Dakota Petroleum Council President Ron Ness. North Dakota producers are used to the cold, but “20 below is a different level,” Ness said. As of Wednesday morning, the state’s output was estimated to be down 650,000 to 700,000 barrels of oil a day, and 1.7 to 1.9 billion cubic feet of gas per day, said North Dakota Pipeline Authority Executive Director Justin Kringstad. By comparison, the state produced an average of 1.24 million barrels of oil per day and 3.4 billion cubic feet of gas per day in October.

Coast Guard responds to oil spill near Venice - The Coast Guard is investigating an oil spill off the coast of Plaquemines Parish. According to officials in the Coast Guard Heartland Office, someone in an airplane first noticed the spill on Wednesday and notified officials. Investigators later discovered that the spill was coming from a pipeline owned by the Texas Petroleum Investment Company. Coast Guard officials say TPIC secured and repaired the pipeline on Thursday, but not before an estimated 1,008 gallons of oil was discharged into the Gulf of Mexico. The pipeline has since been brought back online with no further leaks. According to the Coast Guard, there are no reports of injuries, wildlife, or shoreline impacts. Late Thursday, Coast Guard officials noted a broken 13-mile sheen with streaks of recoverable oil. Coast Guard officials say TPIC is coordinating cleanup efforts.

Can pumping CO2 into oil fields help stop global warming? – LATimes - The U.S. Environmental Protection Agency has signed off on a California oil company’s plans to permanently store carbon emissions deep underground to combat global warming — the first proposal of its kind to be tentatively approved in the state.California Resources Corp., the state’s largest oil and gas company, applied for permission to send 1.46 million metric tons of carbon dioxide each year into the Elk Hills oil field, a depleted oil reservoir about 25 miles outside of downtown Bakersfield. The emissions would be collected from several industrial sources nearby, compressed into a liquid-like state and injected into porous rock more than one mile underground.Although this technique has never been performed on a large scale in California,the state’s climate plan calls for these operations to be widely deployed across the Central Valley to reduce carbon emissions from industrial facilities. The EPA issued a draft permit for the California Resources Corp. project, which is poised to be finalized in March following public comments. As California transitions away from oil production, a new business model for fossil fuel companies has emerged: carbon management. Oil companies have heavily invested in transforming their vast network of exhausted oil reservoirs into a long-term storage sites for planet-warming gases, including California Resources Corp., the largest nongovernmental owner of mineral rights in California.“CRC has been developing and operating subsurface reservoirs for decades in the state,” said Chris Gould, the company’s chief sustainability officer. “We have a deep and intimate knowledge of the subsurface characteristics.”“It’s kind of reversing the role, if you will,” Gould added. “Instead of taking oil and gas out, we’re putting carbon in.” In California, there are about a dozen applications — all sited in the Central Valley — that seek to collectively squirrel away millions of tons of carbon emissions in old oil and gas fields in exchange for government tax credits. But Greater Los Angeles is also “being evaluated” as a potential storage site, according to California Resources Corp. spokesperson Richard Venn.The new carbon sequestration sector could mark a drastic transformation for fossil fuel companies and the communities that have built their economies around them.Carbon sequestration projects capture CO2 from industrial sources and store them deep underground. In California, depleted oil reservoirs are expected to be used to store the planet-warming gas.The transition has been met with a mix of cautious optimism and extreme skepticism. But public leaders are scrambling to consider what this will mean for the future of their communities, including Kern County, where planning officials have published renderings and economic prospects for a hypothetical carbon management business park. “I know that there are people who are concerned that this is just a way for the oil companies to stay alive. And my answer is, yes, that’s actually true,” said Lorelei Oviatt, Kern County director of planning and natural resources. “At the end of the day, you want them to reinvent themselves, and no one seems to have any other good ideas on how we are supposed to keep our libraries open.”Others are more reluctant to welcome such a new industry.“I worry about the Central Valley becoming the repository of everything bad,” said Dean Florez, a member of the California Air Resources Board and native of Kern County. “Where did every prison go in the ‘80s? The valley. Where does all of L.A.’s [sewer] sludge go? The valley.”

Biden urged to use obscure law to thwart Pacific Northwest pipeline expansion - -- Environmentalists are urging the White House to use an obscure legal tool to thwart TC Energy Corp.’s planned expansion of a natural gas pipeline in the Pacific Northwest that they say would stoke climate change. The GTN XPress Project — which would boost capacity on TC Energy’s existing Gas Transmission Northwest pipeline by roughly 6% — won approval from the Federal Energy Regulatory Commission in October. But now scores of green and grassroots groups are lobbying the Biden administration to intervene, exploiting a little-known provision in the Clean Air Act that empowers a White House council to do a fresh review of the project. Nearly 150 organizations outlined their strategy in a letter Tuesday to the head of the Environmental Protection Agency and other top administration officials. The gambit presents a fresh test of President Joe Biden’s climate commitments — and another chance for him to bolster his green bonafides with voters before November’s election. Biden is under pressure to quash fossil-fuel ventures, including new liquefied natural gas exports, after alienating some supporters by authorizing a mammoth ConocoPhillips oil development in Alaska last year. FERC’s approval came after it concluded the proposed expansion would have a “minimal impact” on the environment. But the agency has drawn special scrutiny from activists who fault it for approving nearly all gas pipeline proposals before the commission in the past two decades. “There needs to be a change of course if the administration is actually going to make progress toward reducing our greenhouse gas emissions,” said Audrey Leonard, a staff attorney with Columbia Riverkeeper, which is part of the push. “This is a fantastic opportunity for the EPA to show its commitment to addressing the climate crisis and environmental justice issues.” If pipeline opponents prevail, the White House Council on Environmental Quality could broker a compromise over claims FERC ignored how much the project would boost natural gas production and resulting greenhouse gas emissions. That could prompt fresh scrutiny and even a potential project rejection. Though federal agencies have referred 28 disputes to the council since 1974, most were in the 1970s and 80s. Only two happened this century. Obscure laws can be powerful options: Environmentalists persuaded former President Barack Obama to block new oil development in US Arctic waters by invoking a once little-known 1953 statute weeks before leaving the White House.

Biden walks political tightrope on US oil boom - As U.S. oil production booms, President Biden finds himself on a tightrope between courting moderate voters and maintaining enthusiasm among progressives. Domestic oil production is projected to hit record highs this year. That fact could be used to parry Republican attacks on the administration’s energy agenda as Biden seeks reelection, but putting too much emphasis on it could also alienate the climate-minded voters who make up the Democratic base — and who already have mixed feelings about Biden’s energy record.Simon Rosenberg, a Democratic strategist, said the Biden campaign should not tout the fossil fuel production per se, but rather push back on Republican messaging about the president’s policies causing higher energy prices.“I think it’s critical for the campaign to aggressively rebut all of these zombie attacks that exist on Biden, including that he’s waged war on American energy,” Rosenberg said. “Everything the Republicans have been arguing about Biden in terms of energy policy is completely false and wrong, and we should rebut it.”Throughout Biden’s presidency, Republicans have accused his administration of “waging war” on U.S. energy production and raising gas prices.The Biden administration has placed some restrictions on drilling. These have included an initial pause on new auctions for the rights to drill on publicly owned lands, a rule requiring oil and gas producers on public or private land to cut their methane emissions, and a plan that offers companies fewer chances than before to acquire the rights to drill offshore.It has approved some drilling projects, however, notably including the massive — and controversial — Willow Project in Alaska.And despite the restrictions it has put in place, the administration has also overseen an increase in domestic oil production. This week, oil production for 2024 was forecast to hit a record 13.2 million barrels per day, compared to roughly 12.3 million barrels per day in 2019.Tom Kloza, global head of energy analysis at the Oil Price Information Service, said that the U.S. is seeing higher production levels even in nontraditional oil production states like New Mexico than in Angola, which just left the Organization of the Petroleum Exporting Countries (OPEC). “That means the U.S. is leading the charge of additional non-OPEC oil that’s diminishing the market share for Saudi Arabia and most of the traditional OPEC members,” Kloza said. “In the U.S. it’s gangbusters, and in Canada it’s gangbusters as well.”

State and federal agencies respond to spill of light oil on North Slope - State and federal regulators are investigating the cause of a leak of light oil at the Point Thomson field on Alaska’s North Slope that was discovered Saturday.The leak, about 35 miles east of Prudhoe Bay, is estimated to be up to 275 barrels of liquid natural gas condensate, known as light oil.The product spilled from the 22-mile export pipeline that helps carry the light oil to market, the Alaska Department of Environmental Conservation said in an initial report Monday. The spill stretched about 225 feet long and 20 feet wide.Harvest Alaska, an affiliate of Hilcorp Energy that operates the pipeline, is the “potential responsible party,” the state report says.“We had fortunate weather circumstances,” said Kimberly Maher, the state’s on-scene coordinator for the response. “At this time, there’s no known impact to any wildlife in the area.”Preparations for the cleanup are being mobilized, she said.Hilcorp took over operation of the Point Thomson field in 2022 from ExxonMobil.Hilcorp also operates the giant Prudhoe Bay field on the North Slope after expanding quickly in Alaska in little more than a decade. Hilcorp has incurred a number of fines from state oil field regulators, who have multiple times called out the company for a track record of regulatory noncompliance.The leak was discovered Saturday evening by a leak detection system, said Andrew Limmer, vice president of Harvest Alaska, in a prepared statement.“We took immediate action by shutting down the pipeline and promptly notified the relevant federal and state agencies,” the statement said. “Currently, we are conducting a thorough assessment of the incident ... and response personnel have begun cleanup operations.”Harvest reported the suspected leak to state regulators early Sunday morning, about four hours after receiving the leak alarm, according to details from the state.Aircraft were used to confirm the leak on Sunday shortly before noon, the state report said. A ground survey crew provided more visual confirmation after that.Harvest Alaska reported that the maximum amount released from the spill is 275 barrels of condensate, the statement said.The maximum estimate is based on the full quantity of oil that the relevant segment of the pipeline can support, Maher said.The exact size of the spill is impossible to know right now, she said early Tuesday.The spill happened about a mile southeast of the Badami field, an area where the Point Thomson pipeline connects to the Badami pipeline.The Point Thomson pipeline was built about a decade ago.It’s a key part of the challenging Point Thomson field, which began production in 2016 after decades of regulatory and legal battles between the state and ExxonMobil over the lack of production. The $4 billion development of the field, located near the Arctic National Wildlife Refuge, was heavily subsidized with state tax subsidies. The reservoir is highly pressurized, complicating the production of the condensate that is made from natural gas.In recent months, the field has produced less than 3,500 barrels of light oil daily, state records show. That’s a tiny fraction of overall North Slope daily production of roughly 470,000 barrels of oil.Harvest has “stood up” an incident management with a unified command that includes the Alaska conservation department and the U.S. Coast Guard.

U.S. Natural Gas Exports to Mexico Seen Breaking Records in 2024 - Mexico’s natural gas market will continue its modernization and expansion in 2024, regardless of who wins the presidential election on June 2. Natural gas demand in Mexico, driven by the power sector, continues to rise. Power demand was up by around 440 MMcf/d in 2023 to 4.603 Bcf/d, according to Wood Mackenzie data. Natural gas projects, including 12 combined cycle plants in construction, along with new pipelines, compressor stations and LNG export facilities, should give impetus to growth. Mexico’s healthy economy will add to this momentum.

ExxonMobil Agrees to Purchase More LNG From Saguaro Energia Export Project in Mexico - Mexico Pacific Ltd. LLC (MPL) has signed another long-term agreement to sell an ExxonMobil affiliate more LNG from MPL’s Saguaro Energia export project under development on the country’s west coast. MPL said Tuesday it would sell 1.2 million metric tons/year (mmty) of the super-chilled fuel from Saguaro’s third liquefaction train to ExxonMobil LNG Asia Pacific for 20 years. The liquefied natural gas would be purchased on a free-on-board basis, allowing ExxonMobil to send cargoes anywhere in the world. ExxonMobil agreed early last year to buy 2 mmty from the project’s first two trains under an agreement that gave it the option to purchase additional volumes from Train 3. MPL said the latest agreement gives the company another option to purchase 1 mmty from Train 4.

Mexico Natural Gas System Operating Without Complications Amid Texas Freeze - Mexico’s natural gas system is standing firm amid bitingly cold weather in Texas that brought back memories of the 2021 winter storm that deeply impacted cross-border flows. On Friday night, Mexico power system operator Cenace declared a state of operational emergency on the national grid “due to the possibility of rationing of natural gas imported from the United States.” Mexico’s operator of the Sistrangas pipeline system, Cenagas, also issued a notice on its electronic bulletin board, advising clients to stick to their nominations. Mexico imports of natural gas were slightly lower over the last three days, but still above 5 Bcf/d and not too far off par for this time of year. On Tuesday, Mexico imported 5.546 Bcf from the United States, with South Texas accounting...

Design Change for Trans Mountain Pipeline Gets Canada Approval Trans Mountain Corp.’s application to use smaller pipes in a section of its pipeline expansion project was approved by Canada’s energy regulator, averting potentially “years” of delays in finishing a project that was scheduled to start this quarter. The application to alter the pipeline design in a section in British Columbia where the company faced challenges drilling through a mountain is subject to conditions, according to a filing on the Canada Energy Regulator website. The government-owned company must file a letter confirming mechanical completion of all permanent pipeline trap facilities at the north and south ends of the section seven days before the line is filled with oil, while the regulator also imposed conditions pertaining to inspections along the line. “Having thoroughly and carefully considered all written and oral submissions received, the Commission has decided to approve the Variance, subject to the conditions imposed relating to materials and in-line inspections,” a commission of the Canada Energy Regulator said in a filing. Trans Mountain warned in a hearing today that the project could face years of delay and billions of dollars of cost overruns if its variance application was denied. It was the second application filed for the changes, with the first being denied last month on environmental grounds. The expansion, which will almost triple the capacity of an existing oil pipeline running from Alberta to a shipping terminal near Vancouver, is already years behind schedule with costs that have quadrupled to almost C$31 billion ($23 billion). The line has been scheduled to start operation by the end of March. Prime Minister Justin Trudeau’s government bought the pipeline in 2018 to save the expansion project from cancellation amid fierce opposition in the western Canadian province of British Columbia.

Alberta oil production rises to record that tops China's production - Alberta’s oil production rose above four million barrels a day for the first time in November as oil-sands companies ramped up output to prepare to fill the largest new export pipeline in more than a decade. Total production jumped by 336,822 barrels a day to 4.16 million barrels a day, the highest in data stretching back to 2010, according to the Alberta Energy Regulator’s website. Output over the first 11 months of the year averaged 3.79 million barrels a day, versus 3.73 million for all of 2022, the data show. Production is surging as oil-sands companies prepare for an expansion of the Trans Mountain pipeline — which runs from the province to Canada’s Pacific Coast — to start up this year, giving them 590,000 barrels of new export capacity. Alberta’s oil-sands deposits represent the world’s third-largest crude reserve, and November’s production is more than all but four countries, edging out China’s average output in 2022 while trailing Iraq’s, according to data from BP Plc. Including output from Canada’s other provinces makes the country the world’s fourth-largest producer. Embedded Image The added Canadian production may weigh on global oil markets, which already are languishing under the weight of swelling inventories. US crude production is expected to rise 2.2 per cent to 13.2 million barrels a day this year, according to the Energy Information Administration.

Eric Nuttall: Oil sentiment is 'deplorable' - Oil prices continued their losing streak Tuesday, as West Texas Intermediate (WTI) reached US$68.9 per barrel late afternoon Tuesday.Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners, told BNN Bloomberg on Tuesday that oil investor sentiment is “deplorable” and “back to historic lows,” noting that oil prices have sold off for about seven consecutive weeks.Nuttall said there are “massive diversions” in the market as fundamentals have weakened, while supply has grown more than anticipated amid strong demand and global inventories remain at their lowest levels since 2017.In light of these headwinds, Nuttall advised that oil investors look to specific companies in the year ahead.This spring, Nuttall predicted oil would hit US$100 per barrel by the end of 2023, but he has since revised that estimate as he looks to the year ahead.“We think oil should be looking at a fundamental floor of about $80 (per barrel), (with a) ceiling no higher than $90,” he told BNN Bloomberg on Tuesday. “We're using $80, it's our base case.” Nuttall also highlighted that LNG Canada should be operational at some point in 2024 – which he sees as a reason to be “bullish” on natural gas.LNG Canada is a joint liquefied natural gas venture made up of five energy companies. Bloomberg News reported in October that the construction of the Coastal GasLink pipeline was completed, indicating LNG’s project in Kitimat, B.C., capable of liquefying 14 million metric tons a year, is on track. Nuttall said he is bullish on the outlook for Canadian energy stocks in 2024, pointing to their strong balance sheets with regards to free cash flow.

Oil spill on Supr Tree Hill main road creates chaos | News | Jamaica Star -- A section of the Spur Tree Hill main road that links Manchester and St Elizabeth was sent into chaos earlier today after an oil spill lead to a five-vehicle collision. It is unclear what caused the spill, however, members of the Jamaica Fire Brigade were called in to wash off the street. Traffic has since been reduced to single lane - motorists and pedestrians are urged to use alternative routes and to observe and follow all road signs where possible.

Incomplete file stalls case against Trade Winds Citrus for Rio Cobre oil spill --The case involving the National Environment and Planning Agency and Trade Winds Citrus Limited relating to last month's oil spill in the Rio Cobre in St Catherine has been put off until March 23.When the matter came up for mention in the St Catherine Parish Court on Tuesday it was revealed that the case file was incomplete as several statements are outstanding.Trade Winds was charged for breaches of the Wild Life Protection Act following the oil spill on December 11, 2023.The company owns the Jamaica Beverage Plant from which the oil was emitted.

Argentina: New oil spill recorded off Bahía Blanca — Argentine authorities in the city port of Bahía Blanca in the province of Buenos Aires said a new oil spill had been reported after the one late last month. However, this time around the damage would have been controlled in less time, it was explained. The new spill Wednesday at 5.30 am was due to a malfunction in an unloading maneuver in the monobuoy operated by the company Oiltanking, which said in a statement that this time it acted more quickly to contain the leak. The incident also involved the tanker San Matías. ”The contingency plan for spills of hydrocarbons in water (PLANACON) was activated by notifying the Argentine Coast Guard (PNA), Bahía Blanca District,“ the document read. The accident occurred when a tanker was unloading crude oil through the monobuoy, which connects to a pipeline at the terminal. The crude is stored or sent by pipeline to different refineries, explained the company. It also mentioned that a pressure measurement element failed, causing a leak that was observed by company personnel on board, forcing an ”immediate interruption of operations“ and ”remedial work“ to be set in motion for the containment, control, and total removal of the spill. The company added that ”containment and control works were carried out on the slick by means of barriers and absorbent booms, in charge of the contractor company CINTRA, which contained the entire spill.“ Environmentalists and representatives of the fishing sector condemned the incident: ”Once again it happened at the Punta Cigüeña monobuoy in front of Punta Alta. As far as I know, this time the containment system worked, but, of course, it is never 100% what can be recovered, damage is always generated in the water,” said Lucas Beier, a legal representative of the artisanal fishermen, in a radio interview. The Environment Ministry of the province of Buenos Aires halted all operations by Oiltanking and requested an immediate review by the federal Energy Secretariat to determine if the company may continue operating. Sloppy maneuvering mooring the vessel Cabo Sounión to another Oiltanking monobuoy on Dec. 26 in the afternoon produced a spill but no action was taken until 3 pm the following day. As a result of that incident, the communities of Bahía Blanca and Coronel Rosales filed a criminal complaint against Oiltanking Ebytem S.A. Puerto Rosales Maritime Terminal. They claim that the company did not communicate the problem in time or properly activate the contingency plan. After the first episode, the company (which has been operating an oil pipeline in the region since 2008) began a remediation plan that is being reviewed by the Ministry of the Environment of the Province of Buenos Aires.

Argentina’s Vaca Muerta: 10 Years of Fracking and Local Resistance -- In 2013, President Cristina Fernández kicked off unconventional oil and gas fracking in Argentina’s Vaca Muerta geological formation. The year before, her government had renationalized the country’s largest energy company, buying back the state’s majority stake in Yacimientos Petroliferos Fiscales (YFP). Now, she hailed the opening of Vaca Muerta to foreign and domestic corporations as “the rational thing to do.”Ten years later, there is much fanfare around another expected hydrocarbon boom that may expand Argentina’s fossil fuel production to offshore drilling and the export of liquified natural gas (LNG) from Bahía Blanca and other ports. And the new far-right libertarian president, Javier Milei, who entered office on December 10, has proposed privatizing YPF as part of plans to “dynamize” the sector. The oil giant Tecpetrol is poised as the potential biggest winner in a potential selloff. In the face of these developments, the full story of Vaca Muerta offers an important warning about just how damaging another massive rush to extract fossil fuels in Argentina might be.Spanning roughly 30,000 square kilometers (11,500 square miles) across the Neuquén basin in northern Patagonia, Vaca Muerta holds the second largest shale gas reserves and the fourth largest shale oil reserves in the world, making it geologically comparable to the Eagle Ford Shale basin of Texas. Unconventional fracking of shale rock involves creating fractures by injecting chemicals, proppants, sand, and water at high pressure in vertical and horizontal directions, often thousands of feet from the wellhead. The impacts of this are tremendous. Since 2015, there have been 442 earthquakes in Vaca Muerta, and massive black plumes are ever-present across the horizon in the region. If the potential threefold increase in Vaca Muerta oil and gas production turns into reality in coming years, there would be a gigantic additional release of greenhouse gasses into the atmosphere.In Argentina and elsewhere, economic reliance on the hydrocarbon industry has been somewhat of a path-dependent curse. During an economic crisis in 2018, Argentina struggled to keep investment coming in. To keep foreign companies in the region, the government offered incentives to Big Oil in the form of generous subsidies and lowered labor costs. The companies stayed, and for the past two years, Vaca Muerta oil and gas production has climbedsomewhat steadily. Today, despite the growing global consensus on the urgent need to curb emissions and keep oil in the ground, fossil fuel boosters in Argentina and beyond have continued to push for speeding up extraction. In June 2023, Chevron pledged a $500 million investment toward exploration of the Trapial block in western Neuquén province, months after Pampa Energia had announced a $550 million investment in Vaca Muerta. Meanwhile, a YPF project seems to be getting fast-track approval by Rio Negro provincial authorities to transport oil—despite local opposition—from Vaca Muerta to a new port in Golfo San Matias along the Rio Negro coast, a pristine area where whales and penguins swim. In July 2023, the government inaugurated a segment of a gas pipeline, named in honor of former president Néstor Kirchner, that will eventually transport fracked gas from the Neuquén shale fields to southern Brazil. The same month, Argentina signed a memorandum of understanding with the European Union to set up massive exports of LNG via an alliance between YPF and Malaysian state LNG giant Petronas.

First Northern Lights LCO2 carrier gets tanks - Northern Lights JV’s first LNG-powered liquefied CO2 carrier has received two LCO2 tanks as construction on the vessel continues to progress in China.According to a statement by China’s Dalian Shipbuilding Industry (DSIC), these two type C LCO2 tanks are the first such tanks in the world.Each of the installed tanks has a capacity of 3,750 cbm for a total of 7,500 cbm.China’s Jiangsu Watts Energy & Engineering built these two tanks and will also provide sets of tanks for the three other Northern Lights JV’s LCO2 carriers, Watts Energy said in a separate statement.

The Netherlands Triples U.S. LNG Imports as Plans to Add Regas Capacity Continue - The Netherlands became the third-largest European LNG importer last year, after France and Spain, as U.S. liquefied natural gas imports flooded Dutch LNG facilities. With a planned expansion for the Gate LNG import terminal to 20 billion cubic meters (Bcm) annually, the EemsEnergy Terminal in Eemshaven’s current 8 Bcm/year capacity, and the proposed 7.2 Bcm Zeeland import project, the Netherlands could eventually hold 35.1 Bcm/year of LNG regasification capacity. The planned 20 Bcm/year Gate LNG capacity expansion is already rented out under long term commercial agreements and is expected to be ready for operation by the second half of 2026, said Marie-Lou Gregoire, spokesperson for Dutch network operator Gasunie Transport Services BV. The additional capacity will...

German Enviros Seeking to Prevent Venture Global’s CP2 LNG Approval - German environmental groups are urging FERC to deny authorization for Venture Global LNG Inc.’s CP2 LNG project, calling a further buildout of U.S. export capacity a threat to each country’s climate goals. In letters addressed to Federal Energy Regulatory Commission Chair Willie Phillips, 17 groups requested commissioners consider the Louisiana project’s impact on Calcasieu Parish communities. They also pushed back against the idea that projects like CP2 would be required to meet Germany’s energy needs following Russia’s 2022 invasion of Ukraine. “Several studies and analyses clearly show that the German plans for LNG import terminals – which are also pushing U.S. LNG export terminals’ plans such as CP2 – are massively oversized and threaten to torpedo our...

TotalEnergies issues force majeure over Novatek's Arctic LNG 2 project - French energy giant TotalEnergies has initiated a force majeure process on the Novatek-operated Arctic LNG 2 project in Russia due to sanctions.In November 2023, the US government issued new Russia-related sanctions due to the war in Ukraine, including for the Arctic 2 LNG project.“We have initiated the force majeure process in accordance with existing contracts, and we will comply with applicable sanctions regimes in accordance with our principles of conduct,” a spokesman for TotalEnergies told LNG Prime on Wednesday via email.“Consequently, no offtake of LNG from Arctic LNG 2 by TotalEnergies is planned in 2024,” he said.In March 2022, TotalEnergies said it would no longer provide capital and book proven reserves for the Arctic LNG 2 project due to the uncertainty created by the technological and financial sanctions on the ability to carry out the development.After that, TotalEnergies wrote down its 19.4 percent stake in Novatek and withdrew the representatives of the company from the board of NovatekTotalEnergies holds a 10 percent stake in the 19.8 mtpa Arctic LNG 2 development, and a 20 percent in Novatek’s Yamal LNG project.LNG freight rates, European prices drop this week - Spot charter rates for the global liquefied natural gas (LNG) carrier fleet continued to decline this week, while European and Asian prices also dropped compared to the week before.Last week, Spark30S Atlantic decreased to $108,500 per day, and the Spark25S Pacific decreased to $80,250 per day.“LNG freight rates have fallen for the sixth consecutive week, with the Spark30S Atlantic, now assessed for 174,000-cbm 2-stroke vessels, falling below $100,000 per day this week for the first time in 5 months,” Qasim Afghan, Spark’s commercial analyst told LNG Prime on Friday. Afghan said that the Atlantic rate decreased by $25,000 to $83,500 per day, whilst the Pacific rate decreased by $14,250 to $66,000 per day. European prices drop In Europe, the SparkNWE DES LNG front month also continued to drop this week. The NWE DES LNG for February delivery was assessed last week at $9.872/MMBtu and at a $0.855/MMBtu discount to the TTF. “The SparkNWE DES LNG price for February delivery is assessed at $9.081/MMBtu and at a $0.805/MMBtu discount to the TTF,” Afghan said. He said this is a $0.791/MMBtu decrease since last week and a $6.93 (43 percent) decline since the front month winter peak on October 13, 2023. Levels of gas in storages in Europe remain high for this time of the year. Data by Gas Infrastructure Europe (GIE) shows that gas storages in the EU were 81.77 percent full on January 10. In Asia, Chinese LNG buyers were on a spree late January 9 with some 6-8 cargoes changing hands following the sharp decline in Asia-Pacific spot prices, according to Platts, part of S&P Global Commodity Insights. Platts said in a report, citing sources, these 6-8 cargoes that traded in China were scheduled for delivery from end-January to early March at $9.60-$10.60/MMBtu. Platts assessed on January 9 February JKM at $9.809/MMBtu, H1 February at $9.698/MMBtu, and H2 February at $9.920/MMBtu. This week, JKM dropped when compared to the last week. JKM for February settled at $11.245/MMBtu on Thursday.

Vopak, Transnet to develop LNG import terminal in South Africa - South Africa’s Transnet National Ports Authority has appointed Dutch terminal operator Vopak and its consortium partner Transnet Pipelines to build and operate a liquefied natural gas (LNG) import facility at the Port of Richards Bay. Both TNPA and Transnet Pipeline are part of South African rail, port, and pipeline company, Transnet, owned by the government of South Africa. Following a procurement process through a request for proposals, TNPA has appointed the Vopak & TPL consortium to design, develop, construct, finance, operate, and maintain the LNG terminal in the South Dunes Precinct at the Port of Richards Bay for a period of 25 years, it said in a statement. TNPA said the terminal is a partnership between the private sector and the public sector, with the private sector as the lead investor. Also, TNPA will invest in the common user port infrastructure, while the terminal operator will provide the terminal infrastructure. 2027 TNPA said this terminal is set to change the “economic dynamics of the port city, the KwaZulu Natal Province and introduce an alternative source of energy as South Africa battles an energy crisis and transitions towards decarbonization.” The firm said this project is the first of its kind in South Africa and brings TNPA closer to its strategic goal of assisting the country through this LNG import terminal and as a midstream LNG importation infrastructure for markets in the KwaZulu Natal hinterland. According to TNPA, project timelines will see the commercial operation during 2027, with the next step being the signing of the terminal operator agreement which is currently under negotiation. TNPA did not reveal any information regarding the LNG import terminal in the statement. According to TNPA’s tender documents issued in 2022, the LNG-to-power project must be designed to enable the realization of a minimum annual throughput of 1 million tons per annum scaling up to achieve a throughput of 5 million tons per annum by 2036. TNPA’s document show that the project includes an FSRU which would be located at Berth 207 in the port.

Falling LNG Prices Again Bring Asia’s Cost Sensitive Buyers Back to Spot Market - Asian spot LNG prices reached a seven month low in January, dropping below $10/MMBtu, bringing cost-sensitive buyers like Bangladesh, India, Pakistan and Thailand back to the spot market. High gas storage levels in Europe have pushed prices there lower and prompted liquefied natural gas sellers to turn their attention to Asia. Asia-Pacific “demand will continue to rise in 2024, supported by LNG spot price moderation and economic growth in the region,” according to a recent forecast by Fitch Ratings.

Himalaya’s LNG bulkers earned about $34,900 per day in December - LNG-powered bulker owner Himalaya Shipping achieved average time charter equivalent earnings of about $34,900 per day in December 2023.Following the conversion of the index-linked time charters to fixed time charters, all the company’s six vessels were trading on fixed time charters last month, Tor Olav Trøim’s Himalaya said in a commercial update.The vessels earned about $34,900 per day, gross, including average daily scrubber and LNG benefits of some $2,300 per day.According to Himalaya, the company’s cash break-even TCE is estimated to be about $24,500 per day.The Baltic 5TC Capesize Index averaged $37,333 during December 2023. In November, Himalaya achieved average time charter equivalent earnings of about $33,200 per day.Himalaya also confirmed that it had taken delivery of three 210,000-dwt Newcastlemax LNG dual fuel newbuildings from China’s New Times Shipyard.The company now took delivery of 9 of twelve vessels from New Times.The vessels, Mount Bandeira, and Mount Hua, will start time charters, initially expiring in December 2026, with an evergreen structure thereafter, while Mount Elbrus will start a 22 to 26 month time charter plus an option exercisable by the counterparty for a further 11 to 13 months.All vessels will earn an index-linked rate, reflecting a significant premium to a standard Capesize vessel, Himalaya said.Also, the time charters also include a profit sharing of any economic benefit derived from operating the vessel´s scrubber or running on LNG, as well as certain rights to convert the time charter to a fixed rate based on the prevailing forward freight agreement (FFA) curve from time to time, it said.

China's gas imports rose 9.9 percent in 2023 - China’s natural gas imports, including pipeline gas and LNG, increased 9.9 percent in 2023, according to customs data.Natural gas imports during the January-December period reached about 119.97 million tonnes, the data from the General Administration of Customs shows.China paid about $64.3 billion for gas imports in this period, a drop of 8.1 percent compared to the year before.Moreover, the country’s gas imports reached 12.64 million tonnes in December last year, a rise from about 10.95 million tonnes in November as demand in China increased due to winter heating season.There is currently no official data for LNG imports in December.China has overtaken Japan as the world’s largest LNG importer last year.China imported 62.99 million tonnes of LNG during January-November, up by 10.9 percent compared to the same period in the previous year, and up by about 3.14 million tonnes compared to Japan’s volumes.However, Chinese LNG imports fell in 2022 to due to very high spot LNG prices and Covid lockdowns, which affected economic activity.China’s LNG imports dropped compared to the January-November period in 2021 when China imported 71.36 million tonnes of LNG.

"They Are Snapping Oil From All Over The World": China Taking Advantage Of Recent Slide In Oil Prices - Incentivized by below $80 a barrel Brent oil prices, Chinese refiners are looking to import more crude to build up stocks at relatively low prices early this year, expecting strong demand for fuels in the latter part of 2024, analysts and trading sources told Reuters.International oil prices and China’s crude import quota policies early this year have made refiners more certain of planning their purchases.Brent Crude has traded below $80 a barrel since early December, having dropped from a 2023 high of $95 at the end of September.In addition, China also issued early this month a massive batch of crude oil import quotas to refiners for 2024, raising the allowances from early last year by around 60% and allocating full-year quotas to some. The high volumes of import allowances are expected to give independent Chinese refiners better visibility on their plans to purchase crude oil throughout 2024. So now refiners are looking to stock up on below-$80 crude early in the year in anticipation of a surge in fuel demand in the second half.“Chinese refiners, led by Unipec, are moving quickly this month,” an oil trader at a Chinese refiner told Reuters.“They snap oil from all over the world, except for the U.S. due to high freight rates.”Higher rates have made U.S. crude more expensive for Asian refiners compared to the crude grades from the Middle Eastern producers.So Asian buyers are turning to more Middle Eastern crude, especially after Saudi Arabia—the world’s top crude oil exporter—slashed the price of its crude for Asia for February loading by $2 per barrel to a premium of $1.50 per barrel over the Oman/Dubai prices, off which Middle Eastern producers price their crude loading for Asia. That’s the lowest premium for Saudi crude over Oman/Dubai for 27 months—since November 2021. It’s too early to assess China’s oil demand this year, after a mixed bag of economic data throughout last year. But higher Chinese crude oil imports in early 2024, when demand is typically weaker, could support international oil prices.

QatarEnergy halts Red Sea LNG shipments - QatarEnergy, the second-largest LNG exporter globally, has halted the shipment of tankers through the Red Sea due to security concerns. Yemen's Iran-backed Houthi group has been attacking ships since November in the Red Sea, a shipping route that accounts for about 12% of global shipping traffic, in what they say is an effort to support the Palestinians' war with Israel. QatarEnergy has chosen to retain at least four LNG tankers from shipping in the Red Sea. A senior source confirmed this decision while emphasizing that production activities persist. Specifically, the vessels Al Ghariya, Al Huwaila, and Al Nuaman from Qatar were heading to the Suez Canal but stopped off the coast of Oman on Jan. 14. Another vessel returning to Qatar, the Al Rekayyat, also stopped in the Red Sea on Jan. 13. Qatar transported more than 75 million tons of LNG in 2023, of which 14 million tons were sold to European buyers and 56.4 million tons were sold to Asia.

Maritime Intelligence Co Advises Clients to Suspend Red Sea Operations -- Maritime intelligence company Dryad Global advised all clients to suspend their operations in the Red Sea region for 72 hours on Friday, “in response to the recent NATO military operations in Yemen”. “The situation escalated with NATO forces launching airstrikes against Houthi targets, following a series of aggressive actions by the Houthi rebels,” Dryad said in a statement posted on its website. “These hostilities date back to 19 November 2023, starting with the hijacking of the commercial vessel, Galaxy Leader. Since then, there have been over 27 verified attacks by Houthi forces on commercial maritime operations,” it added. In the statement, Dryad noted that the military engagement, which it pointed out is distinct from Operation Prosperity Guardian, warrants caution. “The full impact and effectiveness of these airstrikes are still being assessed,” the company said in the statement. “In the interim, there is a heightened risk of Houthi forces seeking immediate retribution by targeting accessible vessels within their vicinity,” it added. “Given these developments, Dryad Global strongly recommends that clients refrain from entering or operating in the Red Sea near Yemen and the Gulf of Aden for a minimum of 72 hours,” Dryad continued. “This precautionary measure is crucial for ensuring the safety of personnel and assets until the situation stabilizes and a clearer assessment is available,” Dryad went on to state.

Chevron CEO says Red Sea risk to oil ‘very real’ -The CEO of oil giant Chevron on Tuesday warned the ongoing tensions in the Red Sea pose “very real” risks to oil flows and prices as Yemen’s Houthi rebels increase attacks against Israel and commercial shipping in the region.Asked by CNBC about what the Houthi attacks could be for the global oil supply, Chevron CEO Michael Wirth said, “Well, we watch it very closely. I mean, the safety of our people is the most important thing that we work on every single day. We have ships that go through the Arabian Gulf and the Red Sea regularly.”“We coordinate every vessel movement with U.S. and other military authorities that are in the region, but it’s a very serious situation. It seems to be getting worse,” he continued.CNBC’s “Squawk Box” anchor Rebecca Quick pointed out U.S. crude oil was trading below $73 a barrel as of Tuesday morning and asked Wirth if he was surprised to see this.“It does [surprise me] because the risks are very real,” Wirth said. “And so much of the world’s oil flows through that region that were it to be cut off, you could see, I think, things change very rapidly.”The Houthis, an Iran-backed rebel group, have waged a series of attacks on commercial and merchant vessels in the Red Sea, a major trade route for oil companies. The rebel group claims the attacks are part of a maritime campaign to protest Israel’s bombardment of Gaza in its war with Hamas, though attacks have been launched against multiple vessels with no ties to the Jewish State.The uptick in attacks in the region prompted the U.S. to launch counterstrikes on military targets in Yemen and the Biden administration is now weighing reimposing a terrorist designation for the Houthis. President Biden removed the foreign terrorist organization (FTO) label on the Houthis in February 2021 in the wake of concerns the label would prevent aid organizations and businesses from providing humanitarian assistance.“Nothing to update yet on the FTO designation,” White House National Security Council spokesperson John Kirby told reporters Tuesday. “We’re still in the process of reviewing it.”The attacks have forced several oil companies, including BP, A.P. Moller-Maersk, MSC, Hapag-Llyod and CMA CGM, to reroute their movement in recent weeks, risking shipping delays and increased oil prices.British oil major Shell suspended all shipments through the Red Sea on Tuesday, people familiar with the matter told The Wall Street Journal (WSJ).Wirth said Chevron has been “able to maintain” movements throughout the region while noting it is an “evolving situation” “We really have to watch very carefully,” he said.

Repsol faces second lawsuit in Peru over oil spill - (Reuters) - Spanish energy giant Repsol faces a class action lawsuit with 30,000 alleged victims in Peru stemming from a major oil spill in 2022, the law firm representing the class said on Monday, as a small protest marked two years since the incident.The class action lawsuit is asking for a $1 billion judgment, local media reported.The oil spill is deemed one of Peru's worst-ever ecological disasters, after over 10,000 barrels of oil were dumped into the Pacific Ocean and on beaches by the Repsol-owned La Pampilla refinery.The spill sullied some 66 miles (106 km) of Peru's central Pacific coastline, according to Repsol's own tally, while causing significant damage to local fishing and tourist businesses as well as killing off scores of birds and marine life.The company is also facing an existing $4.5 billion civil lawsuit filed in Peru.The new class action suit is managed by London-based law firm Pogust Goodhead, which said in a statement that the lawsuit was filed in The Hague last week.The statement did not give the sum being demanded and the lawsuit is not public.Repsol's Peruvian subsidiary has previously said that it completed all cleaning and remediation tasks and allocated around $270 million in compensation to victims identified by the Peruvian government."We consider that this lawsuit has no basis," Repsol said in a statement late on Friday, referring to the new class action.Several dozen protesters visited the areas affected by the disaster, including Ancon beach north of the capital Lima, according to images from local television station Canal N, where people were seen waving large Peruvian flags and banners criticizing Repsol."This is one of Peru's worst environmental disasters and we will fight for justice for the victims," ​​said Tom Goodhead, CEO and global managing partner of Pogust Goodhead, in a statement.

Shell to exit Nigeria's troubled onshore oil after nearly a century (Reuters) - Shell is set to conclude nearly a century of operations in Nigerian onshore oil and gas after agreeing to sell its subsidiary there to a consortium of five mostly local companies for up to $2.4 billion. The British energy giant pioneered Nigeria's oil and gas business beginning in the 1930s. It has struggled for years with hundreds of onshore oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits. Since 2021, Shell has sought to sell its Nigerian oil and gas business, but will remain active in Nigeria's more lucrative and less problematic offshore sector. Shell's exit is part of a broader retreat by western energy companies from Nigeria as they focus on newer, more profitable operations. Exxon Mobil, Italy's Eni and Norway's Equinor have struck deals to sell assets in the country in recent years. The British major will sell The Shell Petroleum Development Company of Nigeria Limited (SPDC) for a consideration of $1.3 billion, it said in a statement, while the buyers will make an additional payment of up to $1.1 billion relating to prior receivables at completion. "This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas positions," Shell head of upstream Zoë Yujnovich said. The buyer, the Renaissance consortium comprises ND Western, Aradel Energy, First E&P, Waltersmith, all local oil exploration and production companies, and Petrolin, a Swiss-based trading and investment company. The sale, which Renaissance confirmed, requires the approval of the Nigerian government.

Oil dips as rate outlook mutes Middle East risks, U.S. cold snap - Oil edged lower as fresh instability in the Red Sea and a U.S. cold snap that’s disrupting output was countered by a softer tone in wider markets. West Texas Intermediate fell as much as two per cent before paring much of the loss. European equities dipped as markets watch for clues on interest rates ahead of a raft of speeches by policymakers at the World Economic Forum in Davos this week. In North America, extreme cold weather reduced oil production in some areas. U.S. equity markets were closed for a holiday. On Monday, a key trade group said it had been informed by the U.S. Navy that shipping in the Red Sea remains too risky, and it advised merchant vessels to avoid the route. Underscoring the warnings, Houthi militants hit a U.S.-owned commercial vessel with an anti-ship ballistic missile on Monday. Temperatures of -8C in North Dakota, home of the Bakken shale formation, reduced oil output by as much as 425,000 barrels a day. Extreme cold also descended on Alberta’s oil sands, where past cold snaps have resulted in production shut-ins. Global oil markets have been transfixed by the situation in the Middle East since the Hamas attack on Israel on Oct. 7. The strikes on the Houthis were in retaliation for the group’s harrying of ships in the Red Sea over the last couple of months. The Iran-backed militants have vowed not to let up until Israel ends its assault in the Gaza Strip. The price reaction suggests the market doesn’t, at this point, see a high chance that the evolving conflict will endanger crude production and flows from the wider Middle East, which accounts for around a third of the world’s oil. Instead, the prospect of rising supply from non-OPEC countries and slowing demand growth are helping to keep prices range-bound. “It is not our base case that U.S./U.K. strikes on Houthi targets in Yemen and issues in the Red Sea will lead to a substantive upside in oil prices over the coming weeks,” Citigroup Inc. analysts including Francesco Martoccia wrote in a note. “On the other hand, a possible escalation in tensions between Israel and Hezbollah and/or Iran, which the market believes may result in supply disruption, or actually results in supply disruption, is a larger concern in the near-term, though also not within our base case.” WTI for February delivery lost 0.4 per cent to US$72.42 a barrel at 1:44 p.m. in New York. Brent for March settlement fell 0.2 per cent to $78.12 a barrel.

Oil Slips as USD Climbs to 1-month High on Hawkish Fed Remarks -- Reversing an earlier advance, oil futures nearest delivery on the New York Mercantile Exchange and Brent crude traded on the Intercontinental Exchange followed equity markets lower in Tuesday's afternoon session, pressured by a surging U.S. dollar as investors pared back bets for near-term rate cuts from the Federal Reserve. At a Brookings Institute event in Washington, D.C., Federal Reserve Governor Christopher Waller cautioned that the central bank is "not rushed" to lower policy rates as has been the case in the prior rate cutting cycles. "A strong economy gives us the flexibility to move methodically and carefully," said Waller. U.S. economy dodged a recession in 2023 despite a slowing growth trajectory in the final months of the year. Meanwhile, the consumer price index eased from its peak of 9.1% seen in June 2022 to 3.5% at the end of 2023. Although still below the Fed's 2% target, the precipitous fall in inflationary pressures defied many forecasters over the course of 2023. The main concern for central bankers and market participants alike is not to ease monetary conditions too early and possibly reignite inflationary pressures. Following Waller's remarks, investors trimmed bets for a 25-basis point March cut in the federal funds rate to 65% compared to 76% seen in the previous session. U.S. interest rates futures still price in a total of six 25-basis point rate cuts in 2024. U.S. equities slumped at the start of the four-day trading week, with Dow Jones Industrial Average retreating 298 points and S&P 500 Index dropped back 0.5%. Meanwhile, the safe-heaven U.S. dollar surged 0.94% against a basket of foreign currencies to settle at a one-month high 103.112. West Texas Intermediate for February delivery, the U.S. crude benchmark, slipped $0.28 bbl to settle at $72.40 bbl, and ICE March Brent nudged up $0.14 to settle the session at $78.29 bbl. NYMEX February RBOB futures firmed $0.0016 to $2.1219 gallon, and February ULSD futures slipped $0.0087 for a $2.6606 gallon settlement. Earlier in the session, the crude complex found tepid support from flaring geopolitical tensions in the Middle East after Iran launched a series of ballistic missile attacks at a military base in northern Iraq. The attack took place near the U.S. consulate in the Iraqi city of Erbil, the capital of the semiautonomous region of Kurdistan. The latest attack highlights the ongoing risk of a broader conflict in the Middle East. Iraq produced more than 4 million bpd or 4% of global oil at the end of 2023, according to estimates from the Organization of the Petroleum Exporting Countries, the second largest producer in the Middle East, behind Saudi Arabia with output at 9 million bpd. While further escalation could inflame the region into a broader war in the oil-rich Middle East, to date, oil supply continues to flow through the Suez Canal-Red Sea corridor, the shortest transit route between Europe and Asia.

The oil market continued to trend lower on Wednesday on concerns over demand following weak economic data from China - The oil market continued to trend lower on Wednesday on concerns over demand following weak economic data from China. China’s economy in the fourth quarter expanded by 5.2% on the year, missing analysts expectations and calling into question forecasts that see Chinese demand fueling 2024 global oil demand growth. Also, the strength in the dollar continues to pressure the oil market. The market traded mostly sideways in overnight trading before it sold off more than 2.6% as it posted a low of $70.50 in morning trading. However, the market bounced off its low and retraced all of its earlier losses as OPEC kept its forecast for relatively strong growth in global oil demand in 2024. It also said that 2025 will bring “robust” increase in oil use, led by China and the Middle East, suggesting the market may be undersupplied. The oil market rallied to a high of $72.77 ahead of the close. The February WTI contract settled up 16 cents at $72.56 and later posted a new high of $72.82 in the post-settlement period. The March Brent contract settled down 41 cents at $77.88. Meanwhile, the product markets ended mixed once again, with the heating oil market settling down 70 points at $2.6536 and the RB market settling up 1.35 cents at $2.1354. The EIA said retail gasoline prices in the U.S. could fall this year due to an increase in inventories and refining capacity, while reduced consumption could lower them further in 2025. The EIA sees diesel consumption likely increasing from last year in both 2024 to 2025, expecting it to grow by 1.3% or 50,000 bpd this year due to continued economic growth. In its monthly report, OPEC kept its forecast for relatively strong growth in global oil demand in 2024 and said 2025 will see a "robust" increase in oil use, led by China and the Middle East. OPEC said world oil demand will increase by 1.85 million bpd in 2025. For 2024, OPEC sees demand growth of 2.25 million bpd, which was unchanged from last month. The OPEC report also noted that OPEC oil production increased slightly in December led by Nigeria, despite ongoing output cuts by the wider OPEC+ alliance to support the market. OPEC’s crude oil output increased by 73,000 bpd to 26.7 million bpd in December. OPEC adjusted its production figures lower to reflect the exit from the group of Angola. It said OPEC’s crude share of the world oil market was 26.5% in December. OPEC said the price decline in December was primarily driven by selling pressure from speculators. OPEC’s Secretary General, Haitham Al Ghais, said forecasts that oil demand is peaking will prove just as misguided as previous predictions that suply was reaching its end. The IEA’s Executive Director, Fatih Birol, said the IEA expects oil markets to be in a "comfortable and balanced position" this year, despite Middle East tensions amid an increasing supply and slowing demand growth outlook. He noted that so far production has not been impacted by the attacks on tankers. He said that he did not expect a major impact on oil prices, unless one or more major oil producing countries were to get directly embroiled in the conflict. Saudi Aramco’s CEO, Amin Nasser, said global oil markets will cope with Red Sea disruptions in the short run, although prolonged attacks by the Houthis on ships would lead to a shortage of tankers due to longer voyages and a supply delay.

Oil near flat as extreme cold's hit to U.S. output offsets China data - Oil prices were near flat on Wednesday as severe cold that disrupted some U.S. oil production offset disappointing economic growth in China that stoked worries about energy demand. Brent crude futures settled down 41 cents to $77.88 a barrel. U.S. West Texas Intermediate crude futures (WTI) gained 16 cents at $72.56. In North Dakota, a top oil-producing U.S. state, below-zero degrees Fahrenheit temperatures caused oil output there to fall by 650,000 to 700,000 barrels per day (bpd), more than half its typical output, the state said. Those supply concerns caused U.S. crude futures to pare losses late in the session, after earlier falling by over $1 a barrel, said Andrew Lipow, president of Lipow Oil Associates. U.S. domestic crude stockpiles were expected to have fallen last week - before most of the extreme cold set in - by about 300,000 million barrels, a Reuters poll showed ahead of weekly inventory data from the American Petroleum Institute and the government, due on Wednesday and Thursday, respectively. Weakening prices on Wednesday, China's economy in the fourth quarter expanded by 5.2% year on year, missing analysts expectations and calling into question forecasts that Chinese demand will fuel 2024 global oil growth. The economic data "doesn't end the headwinds over crude oil demand, the Chinese outlook for 2024 and 2025 is still bleak," said Priyanka Sachdeva, senior market analyst at Phillip Nova. "(The) oil industry was backing the notion that, despite a bumpy recovery, oil demand from China has been resilient and will likely reach record levels in 2024." Still, China's oil refinery throughput in 2023 rose 9.3% to a record high, indicating elevated demand even if it lagged some analysts' expectations. Other signs of steady Chinese demand have also appeared. Investors kept an eye on naval and air conflicts in the Red Sea, which so far has not supported oil prices despite mounting concern about tankers having to pause or reroute, raising shipping costs and slowing deliveries. Tensions remained high after the U.S. mounted fresh strikes against Iran-aligned Houthi militants in Yemen on Tuesday after a Houthi missile hit a Greek vessel. The International Energy Agency (IEA) expects oil markets to be in a "comfortable and balanced position" this year, despite Middle East tensions amid a rising supply and slowing demand growth outlook, its executive director Fatih Birol told the Reuters Global Markets Forum. An optimistic OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024. OPEC said that 2025 will bring a "robust" increase in oil use, led by China and the Middle East. The U.S. dollar hovered near a one-month high after comments from Federal Reserve officials lowered expectations for aggressive interest rate cuts. A stronger greenback reduces demand for dollar-denominated oil from buyers using other currencies.

International Energy Agency revises forecast for oil demand upward - The International Energy Agency (IEA) forecast larger oil demand in 2024 than previously projected in its monthly market report Thursday. This year, the agency projected, global oil demand is set to grow by about 1.24 million barrels per day, up from the 1.1 million it projected in December. Meanwhile, the IEA also predicted overall global supply will increase at a clip of 1.5 million barrels per day in 2024 to a record high of 103.5 million barrels. An all-time high of supply driven by the U.S., Guyana and Brazil is projected to drive that growth, even as President Biden and Brazil’s President Luiz Inácio Lula da Silva have pledged to reverse their predecessors’ fossil fuel-friendly energy policies. Demand growth for oil slackened year over year to 1.7 million barrels per day in the final quarter last year, down by nearly half from the previous two quarters, according to the IEA report. Overall, the agency projected growth this year will mark a decrease from 2.3 million barrels per day last year to 1.2 million, due to a combination of factors like electric vehicle proliferation and few if any remaining pandemic restrictions. OPEC+ issued far more optimistic projections Wednesday, projecting demand growth for the year at 2.2 million barrels per day and 1.8 million barrels per day in 2025. The IEA notes that rising tensions in the Middle East could disrupt markets this year, particularly attacks by Yemeni Houthi militias in the Red Sea that have sought to disrupt seaborne commerce with Israel. The Middle East comprises about a third of the oil trade by sea and while the Houthi attacks have yet to affect oil and liquefied natural gas production, they have increasingly led ship owners to redirect cargo away from the Red Sea, with the most common alternate trade route around the Cape of Good Hope adding as many as two weeks to the shipping process.

The market was well supported by the IEA forecasting strong growth in global oil demand -- The oil market on Thursday continued to retrace its recent losses and ended the session over 2% higher. The market was well supported by the IEA forecasting strong growth in global oil demand and the EIA reporting a larger than expected draw in crude stocks. The IEA said it expects oil demand to grow by 1.24 million bpd in 2024, up 180,000 bpd from its previous forecast. The crude market traded higher in overnight trading in follow through strength seen on Wednesday after OPEC forecast demand growth of 2.25 million bpd for this year. The market erased some of its overnight gains and posted a low of $72.18 ahead of the release of the EIA weekly petroleum stocks report. However, the market bounced off that level and continued on its upward trend following the release of the inventory report, which showed a larger than expected draw in crude stocks of over 2.4 million barrels on the week. The market extended its gains to over $1.80 as it posted a high of $74.38 ahead of the close. The February WTI contract settled up $1.52 at $74.08 and the March Brent contract settled up $1.22 at $79.10. The product markets ended the session, sharply higher, with the heating oil market settling up 4 cents at $2.6936 and the RB market settling up 4.81 cents at $2.1835. The U.S. EIA reported U.S. weekly distillate stockpiles increased last week by 2.4 million barrels to 134.8 million barrels in the week ended January 12th, the most since August 2021. U.S. Midwest distillates stocks increased to the higher level since June 2020. Meanwhile, U.S. gasoline stocks increased by 3.083 million barrels to the highest level since February 2022. U.S. Midwest gasoline stocks increased to the highest level since March 2022. In its latest monthly report, the IEA made a further upward revision to its 2024 oil demand growth forecast on Thursday, citing improved economic growth and lower crude prices in the fourth quarter. It said global oil consumption is set to rise by 1.24 million bpd in 2024, up 180,000 bpd from its previous projection. The increase is largely driven by China's expanding petrochemicals sector. The revised forecast is its third consecutive upward revision in as many months for 2024 oil demand growth. However, it remains lower than that of oil producer group OPEC, which sees demand growth of 2.25 million bpd this year. The IEA said world oil supply in 2024 is forecast to increase by 1.5 million bpd to a new high of 103.5 million bpd due to record-setting output from the U.S., Brazil, Guyana and Canada. It said strong growth from non-OPEC+ producers could lead to a substantial surplus if OPEC+’s extra voluntary cuts are unwound in the second quarter of this year. It stated that barring any significant disruptions to oil flows, the market looks reasonably well supplied in 2024. The IEA said it stands ready to respond decisively if there is a supply disruption and the market needs extra oil. S&P Global Commodities at Sea is estimating total oil products into Europe over the first half of January fell by 20% due to lower seasonal demand and Red Sea tensions. Ship-tracking data shows that two oil tankers that had diverted away from the Red Sea have turned back and passed through the Bab al-Mandab Strait, though tensions in the region continued to disrupt global shipping and trade.

Oil edges up as twin Mideast strikes raise risk of escalation - Oil nudged higher as twin incidents in the Middle East underlined the region’s rapidly escalating tensions, which have already snarled global shipping and carry the potential for interruptions to crude production. Brent crude rose above US$78 a barrel. In Yemen, the U.S. struck more than a dozen Houthi missile launchers in its latest response to the Tehran-backed group’s repeated attacks on shipping. Elsewhere, Pakistan carried out retaliatory strikes in Iran. Still, crude has seen a relatively muted reaction to growing tensions in the Middle East. The International Energy Agency said global oil markets are likely to remain reasonably well supplied this year. Despite the lack of activity in headline prices over recent days — Brent futures have traded in a six dollar band so far this year — there have been some bigger moves elsewhere. Key timespreads in the U.S. surged on Wednesday as a chunk of domestic production was curtailed by cold weather. Crude oil has spent the opening weeks of the year looking for direction, as the escalating crisis in the Middle East and bets the U.S. Federal Reserve will start cutting interest rates later than had been expected have collectively pushed and pulled prices. Traders are also gauging the impact of supply cuts from the Organization of Petroleum Exporting Countries and its allies. “The oil market does seem to have a general air of acceptance as to its current predicament of being boxed in,” said Tamas Varga, an analyst at brokerage PVM. “Until our current influences become more acute in nature, oil will continue its left-to-right chart movement and remain rangebound.” The industry-backed American Petroleum Institute, meanwhile, reported a small increase in nationwide U.S. crude inventories but a decline at the key Cushing, Oklahoma, hub. At the same time, it flagged increases in gasoline and distillate stockpiles. Official figures will be issued later on Thursday. Prices: Brent for March settlement traded 0.5 per cent higher at $78.24 a barrel at 10:19 a.m. in London. WTI for February delivery added 0.7 per cent to $73.07 a barrel

WTI, Brent Gain 1% WoW as Cold Snap Disrupts US Oil Output -- Oil futures nearest delivery slipped in market-on-close trade Friday, although both crude benchmarks registered weekly gains as investors responded to disrupted oil production in the United States following subfreezing weather this week, which also knocked refinery capacity offline in Texas. In North Dakota, about 650,000 bpd of oil production was shut in by frigid weather and heavy snowfall that caused wellhead freeze-offs, disrupting operations in Bakken basin oil fields. Some 280,000 bpd of oil production remained shut in Friday afternoon, according to the North Dakota Oil and Gas Division, and it might take a month for the lost output to be brought back online. Before the disruption, North Dakota oil production averaged about 1.25 million bpd, with output reaching an all-time high of 1.52 million bpd before the pandemic in November 2019. The U.S. oil rig count fell to a 497 10-week low Friday, according to Baker Hughes. In financial markets, investors continue to reprice the path of the federal funds rate this year, reducing odds for a March rate cut to less than 50% after the latest reading of consumer sentiment. The University of Michigan on Friday reported their U.S. consumer sentiment index surged this month to the highest reading since mid-2022 at 78.8, gaining a staggering 30% over the most recent two-month period -- the largest gain since 1991. "Consumer views were supported by confidence that inflation has turned a corner and strengthening income expectations," said Surveys of Consumers Director Joanne Hsu, adding that "there was a broad consensus of improved sentiment across age, income, education, and geography." The headline inflation rate is currently running at around 3.4% -- a marked improvement from its peak of 9.1% seen in June 2022. In comparison, average hourly earnings have caught up with the inflation rate, surpassing inflation in the final months of 2023, averaging 4.1% in December. In plain terms, the American consumer's purchasing power improved as paychecks grew and inflation receded. December's retail sales data released Wednesday by the U.S. Census Bureau offers further evidence of the strength of the U.S. consumer, with nominal sales increasing by the most in three months, up 0.6%, while unemployment claims have tracked near post-pandemic lows. While the data is good news for the economy, it dashed expectations for aggressive rate cuts by the Federal Reserve, which had priced a 25-basis point cut in the federal funds rate in March on expectations for softer economic growth and falling inflation. At a Brookings Institute event this week in Washington, D.C., Federal Reserve Governor Christopher Waller cautioned that the central bank is "not rushed" to lower policy rates as has been the case in the prior rate-cutting cycles. At settlement, West Texas Intermediate for February delivery on NYMEX eased $0.67 bbl to $73.41 bbl, with the March contract ending at a $0.16 discount to the spot-month contract. February WTI futures expire at the closing bell on Monday (1/21). ICE March Brent futures declined $0.54 to settle at $78.56 bbl. NYMEX February RBOB futures slipped $0.0207 to $2.1628 gallon, and February ULSD futures fell back $0.0315 to $2.6621 gallon.

Houthi Missile Hits US-Owned Cargo Ship in Gulf of Aden - US Central Command said Monday that a Houthi anti-ship ballistic missile hit a US-owned cargo ship, an escalation that came a few days after the US and Britain bombed dozens of Houthi targets in Yemen. The missile struck the Gibraltar Eagle, a Marshall Islands-flagged shipthat’s owned by the US-based Eagle Bulk Shipping, while it was transiting the Gulf of Aden. CENTCOM said there were no casualties or damage reported. Eagle Bulk said there was “limited damage” but that the ship was able to leave the area. “As a result of the impact, the vessel suffered limited damage to a cargo hold but is stable and is heading out of the area,” the company said.The Houthis later took responsibility for the attack. “The naval forces of the Yemeni Armed Forces carried out a military operation targeting an American ship in the Gulf of Aden, with several appropriate naval missiles, resulting in precise and direct hits,” said Houthi military spokesman Yahya Sarea. Before Monday, the Houthis had not targeted US commercial shipping and said their attacks were limited to Israel-linked vessels. But that changed after the US and UK escalated the situation by bombing Yemen on Friday. After the strikes, a Houthi spokesman said that “all American-British interests have become legitimate targets.”The Houthis, officially known as Ansar Allah, have made clear their attacks on Israel-linked shipping wouldn’t stop until the Israeli onslaught in Gaza ends. Instead of pressuring Israel to end the slaughter, President Biden opted for regional escalation. US officials acknowledged that the bombing did not harm the Houthis’ ability to launch offensive attacks.The US and British airstrikes risk shattering the fragile truce between the US-backed Saudi-led coalition in Yemen and the Houthis, although Saudi Arabia has distanced itself from the anti-Houthi operations and is urging the US to show restraint. The US-backed war on the Houthis killed 377,000 people between 2015 and 2022, according to the UN. More than half died of starvation and disease caused by the brutal siege, which involved a major bombing campaign and a blockade on Houthi-controlled Yemen, where about 70%-80% of Yemenis live.

Tanker Companies Halt Red Sea Shipping After the US Bombs Yemen - President Biden’s decision to bomb Yemen has disrupted shipping in the region as several major tanker companies halted transits through the Red Sea after the US and British airstrikes against the Houthis.While container shipping had been disrupted by Houthi attacks on Israel-linked shipping, Red Sea oil and fuel tanker traffic had remained steady in December. But the tanker companies Hafnia, Torm, and Stena Bulk all halted Red Sea transits on Friday, and shipping data showed many tankers in the area turning around.The Combined Maritime Forces, a US-led coalition in the region, had issued a warning that advised ships to avoid transiting the Bab el-Mandeb Strait for “several days.” Oil prices also spiked by about 4% on Friday following the US and British strikes.President Biden said he ordered the strikes in Yemen to preserve “freedom of navigation” in the region. But the bombing significantly escalated tensions and made the situation much more volatile as the Houthis, officially known as Ansar Allah, are warning of a major response.The Houthis have repeatedly stated they would halt attacks on shipping once Israel ended its slaughter in Gaza. Instead of pressuring Israel to lift the siege, President Biden chose regional escalation, a decision that has come under significant criticism from members of Congress who say the bombing was unconstitutional.US concerns about freedom of navigation ring hollow to the people of Yemen, as since 2015, the US has helped a Saudi-led coalition enforce an air, land, and sea blockade on Houthi-controlled areas, which is where most Yemenis live. The blockade has been eased since the Houthis and Saudis reached a ceasefire in April 2022 but hasn’t been fully lifted.The US-backed war against the Houthis killed 377,000 people between 2015 and 2022. More than half were killed due to starvation and disease caused by the bombing campaign and blockade.

U.S. Navy carries out new round of strikes in Yemen against Houthis - The U.S. Navy launched a new round of missile strikes against Houthi militants in Yemen, targeting about a dozen sites in a growing campaign meant to stifle repeated attacks on commercial shipping in the Red Sea, U.S. officials said late Wednesday. Sign up for Fact Checker, our weekly review of what's true, false or in-between in politics. U.S. forces carried out the strikes on 14 missiles that the Houthis had “loaded to be fired,” military officials said in a statement released by U.S. Central Command. The missiles were on launch rails and “presented an imminent threat to merchant vessels and U.S. Navy ships and could have been fired at any time,” prompting U.S. forces to strike in self-defense, according to the statement. Gen. Michael “Erik” Kurilla, the head of Central Command, said in the statement that the Houthis “continue to endanger international mariners and disrupt the commercial shipping lanes in the Southern Red and adjacent waterways.” “We will continue to take actions to protect the lives of innocent mariners and we will always protect our people,” Kurilla said. He called the militants “Houthi terrorists” in language that appeared to reflect the Biden administration’s decision, announced Wednesday, to put the militants on its list of specially designated terrorists. The strikes were carried out with Tomahawk missiles, two defense officials said, speaking on condition of anonymity because of the sensitivity of the issue. At least one warship and one submarine were involved, the officials said. The new barrage, first reported by the Associated Press, marks the largest by the U.S. military since President Biden last week approved dozens of strikes in a single night after weeks of the militants carrying out attacks with ballistic missiles and one-way attack drones. U.S. forces also carried out smaller strikes on Saturday and Monday.

Houthis target tanker as Red Sea attacks continue - Houthi militants attempted to strike a tanker ship in the third such attack on commercial shipping in three days, U.S. Central Command said. The attempt late Thursday local time followed another round of U.S. strikes targeting Houthi anti-ship missiles that the United States determined “were an imminent threat” to commercial vessels and U.S. Navy ships. For months, the Houthis have been attacking ships in the Red Sea in what they say is a protest of Israel’s military campaign in Gaza, upending shipping routes and drawing international condemnation. President Biden said Thursday that the U.S. strikes on Houthi targets in Yemen are not working. “Are they stopping the Houthis? No,” he said in response to questions at the White House. “Are they going to continue? Yes.” Shortly after, National Security Council spokesman John Kirby said the strikes will continue for as long as they need to, “to disrupt and degrade the Houthis’ ability to continue to conduct these attacks.”Mexico and Chile referred the situation in Gaza to the International Criminal Court for investigation over “the latest escalation of violence, particularly against civilian targets, and the alleged continued commission of crimes.” Last week, Israel defended itself at the International Court of Justice against South Africa’s allegations it is committing genocide in Gaza.Israeli Prime Minister Benjamin Netanyahu on Thursday reiterated his rejection of Palestinian statehood in a postwar scenario, in comments that were rebuked by the White House. “We obviously see it differently,” Kirby said, noting that “we’re not going to stop working” toward a two-state solution.At least 24,620 people have been killed in Gaza and 61,830 wounded since the war began, according to the Gaza Health Ministry. Israel estimates that about 1,200 people were killed in Hamas’s Oct. 7 attack.

Houthis Attack US-Owned Tankers, 3rd Time This Week, As Biden Admits Failure To Stop -- The Pentagon has revealed than an American-owned commercial vessel has come under attack in the Red Sea. It happened Thursday, the same day that President Biden admitted the US-led Prosperity Guardian has not halted the attacks out of Yemen. "Are they stopping the Houthis? No. Are they going to continue? Yes," Biden conceded in surprisingly blunt Thursday comments.The US-owned, Greek-operated Chem Ranger was targeted by a pair of anti-ship ballistic missiles, in what was the third such attack on international shipping in three days. "The crew observed the missiles impact the water near the ship. There were no reported injuries or damage to the ship," Central Command said. This follows closely on the heels of attacks on the US-owned Gibraltar Eagle and the Genco Picardy in the days prior, both which sail under Marshall Islands flags. The Houthis have declared that "we are now in direct confrontation with the US and UK" in the Red Sea, according to the Thursday words of Houthi chief Abdul-Malik al-Houthi.Not only has the Western coalition patrolling waters off Yemen attacked Houthi positions in four waves of strikes at this point, but the Biden administration put the Houthis back on the global terrorism list. None of this has deterred the Iran-backed rebel group, which has already been battling Saudi and US airpower in the Yemeni civil war that goes back to 2015.The resultant raised freight costs for the majority of big carriers choosing the more costly journey around Africa has continued the spur in Middle Eastern crude demand. For example, Bloomberg notes "The price of one of the Middle East’s most popular oil grades has jumped in Asia as buyers favor Persian Gulf producers that don’t have to send their crude via the Red Sea or on longer alternative routes"— in reference to Murban oil's premium surging...

Houthis' Offensive Capabilities Not Significantly Damaged by US Airstrikes - US and British airstrikes launched across Houthi-controlled areas of Yemen did not significantly impact the Houthis’ ability to launch attacks in the Red Sea, US officials have acknowledged to The New York Times.The Pentagon said the first wave of strikes launched early Friday morning targeted around 30 locations and destroyed 60 missile and drone sites. Early Saturday morning, the US launched another strike on a radar facility US officials said was missed in the initial attack. Lt. Gen. Douglas Sims, the director of the US military’s joint staff, claimed on Friday that the US and British airstrikes were enough to stop the Houthis from launching a large drone and missile attack, but the US officials speaking to the Times said that wasn’t the case.The officials said the strikes only degraded about 20-30% of the Houthis offensive capability. They said much of the Houthis’ weapons are mounted on mobile platforms that can be easily moved and hidden and that finding targets was more difficult than anticipated since the US hasn’t been collecting much intelligence on the Houthis in recent years.The Houthis have downplayed the impact of the US and British airstrikes, saying five fighters were killed but only minimal damage was caused. Yemen’s SABA news agency reported another US and British bombing on Sunday, but US officials later denied that the US or its allies launched more strikes.The Houthis, officially known as Ansar Allah, endured a brutal bombing campaign launched by a US-backed Saudi-led coalition from 2015-2022, and they only became a more formidable fighting force during that time. The Houthis missile and drone capability significantly increased despite the air campaign and blockade, giving them the ability to hit oil fields deep inside Saudi Arabia.

US launches 4th strike on Houthis in Yemen -- The U.S. military launched more missile strikes against Houthi militants Wednesday, hours after the U.S. government designated the Yemeni rebel group a terrorist organization and the group continued its own missile attacks on shipping vessels in the Red Sea.Wednesday’s strikes are the fourth against the group in recent days, again targeting Houthi military installations and command centers in Yemen, The Associated Press reported.Houthis have attacked multiple civilian cargo ships with missiles in recent weeks, including multiple U.S.-owned ships and U.S. Navy vessels. The most recent incident was against the U.S.-owned M/V Genco Picardy in the Gulf of Aden on Wednesday.The Biden administration named the Houthis a Specially Designated Terrorist Group on Wednesday, implementing a sanction intended to hamper funding and support for the group.Former President Trump named the group a Foreign Terrorist Organization, a separate label, in 2021. That was later revoked by President Biden, citing the need for humanitarian aid amid Yemen’s decade-long civil war.

US Launches Fourth Round of Strikes Against Houthis in Yemen - The US launched another round of missile strikes against the Houthis in Yemen, marking the fourth time the US has bombed the country since last Friday.US officials told AP that the strikes were launched from US Navy warships and submarines. The attack came after the Houthis, officially known as Ansar Allah, struck a US-owned cargo ship with a drone in the Gulf of Aden.Reports on social media said there were strikes in towns and cities across Houthi-controlled Yemen, including Hodeidah, Saada, Dhamar, and Al-Bayda. The Houthis control the Yemeni capital, Sanaa, and govern territory where 70-80% of Yemen’s population lives.US Central Command later confirmed the strikes and claimed it targeted 14 “Houthi missiles that were loaded to be fired in Houthi-controlled areas in Yemen.”The US strikes in Yemen have significantly escalated the situation in the region as the Houthis have expanded the scope of their targets to American commercial shipping. The Houthis have shown no sign of backing down in the face of the US military and have repeatedly stated they won’t stop attacking Israeli-linked shipping until the Israeli onslaught in Gaza ends.President Biden has come under significant criticism from some members of Congress for not getting authorization for the strikes on Yemen, but that hasn’t stopped him from continuing to bomb the country.

Houthis Attack Another US-Owned Commercial Vessel in Gulf of Aden - The Houthis have attacked another US-owned ship in the Gulf of Aden as the group is now targeting American commercial shipping following US and British airstrikes on Yemen.Houthi military spokesman Yahya Sarea said Houthi forces targeted the Genco Picardy, a bulk carrier owned by the New York City-based Genco Ship Management, according to ship ownership data.Sarea said the attack resulted in “direct hits” on the ship. Officials told The Associated Press that the vessel was struck about 70 miles southeast of Aden and was hit with a bomb-carrying drone.Sarea said the attack was launched in “support of the plight of the Palestinian people and in solidarity with our brethren in the Gaza Strip, and within the framework of responding to the American-British aggression on our country.”Since the US and Britain bombed Houthi targets in Yemen last Friday, the US has launched two more rounds of strikes. But the Houthis are not deterred and are vowing they won’t back down. The strikes against them are only escalating the situation, as the Houthis were not previously targeting American or British shipping.The attack on the Genco Picardy marked the second time this week that the Houthis, officially known as Ansar Allah, hit a US-owned vessel. Before the US and British airstrikes in Yemen, the Houthis made clear the only thing that would stop their attacks on Israel-linked shipping would be an end to the Israeli slaughter in Gaza. But President Biden chose escalation instead of pressuring Israel to end the siege.

Biden Says Strikes Against Houthis Aren't Working as US Bombs Yemen for 5th Time - President Biden acknowledged on Thursday that his strikes against the Houthis were not working to stop the Yemeni group but vowed they would continue anyway as the US military bombed Yemen for the fifth time within a week.The president made the comments when asked by a reporter if his strikes against the Houthis were working. “Well, when you say ‘working’ — are they stopping the Houthis? No. Are they going to continue? Yes,” he said.US Central Command (CENTCOM) reported that it launched more strikes in Yemen, claiming to target Houthi anti-ship missiles. “As part of ongoing multi-national efforts to protect freedom of navigation and prevent attacks on maritime vessels in the Red Sea, on Jan. 18 US Central Command forces conducted strikes on two Houthi anti-ship missiles that were aimed into the Southern Red Sea and were prepared to launch,” CENTCOM said.Later on Thursday, the Houthis said they targeted another US-owned ship, the Chem Ranger, a Marshall Island-flagged chemical tanker. The Houthis said the attack resulted in “direct hits,” but CENTCOM said in its press release on the attack that the crew “observed the missiles impact the water near the ship.”The Houthis, officially known as Ansar Allah, have vowed they won’t back down in the face of the US military. Ansar Allah’s leader, Abdul-Malik al-Houthi, said Thursday that it was a “blessing” for the Houthis to be in a direct fight with the US. “We praise god for this great blessing and great honor — for us to be in a direct confrontation with Israel and America,” he said. Since Biden ordered the first strikes against them last week, the situation in the region escalated dramatically. The Houthis are now targeting American commercial shipping, hitting two US-owned cargo ships with missiles earlier this week, and more shipping companies have suspended transits through the Red Sea. Before the US escalation, the Houthis made clear they would stop attacks on Israel-linked commercial shipping only if Israel’s onslaught in Gaza ended, but President Biden is determined to continue supporting the slaughter of Palestinians.

US battle with Houthi rebels shows no signs of stopping --The Houthi rebels, unbowed by U.S. strikes, are continuing to attack ships in the Red Sea, putting the Biden administration in a bind as it works to stomp out the Yemeni militant group’s aggression and resume global trade operations. An initial series of strikes last week on Houthi assets in Yemen was meant to degrade the Iranian-backed group’s capabilities to keep up the Red Sea attacks, but the Houthis emerged intact and with a resolve to continue their aggression. The U.S. continued to strike the Houthis this week and the rebel group has responded with more attacks. All signs are pointing toward a prolonged conflict. But a drawn-out battle between the Houthis and the U.S. will only deepen global shipping disruptions, worsen a humanitarian crisis in Yemen and inflame the Middle East as Washington seeks to contain a wider regional war, analysts say. Like other Iranian-backed groups, the Houthis have tied their operations to Israel’s war in Gaza and pledged to keep fighting as long as Israeli soldiers continue their fight in the Palestinian enclave. “Americans want the seas to be safe for the support and resources provided to the Israeli enemy while starving the Palestinian people,” Houthi leader Abdul-Malik al-Houthi said in a speech Thursday shared on pro-Iranian Telegram channels. “We warn against weariness towards the oppression of the Palestinian people. The longer the siege and starvation continue, the greater the responsibility on our nation.” The top concern for the Pentagon is how to resume global trade through the Red Sea. Shipping prices are surging as companies are forced to avoid the Red Sea shortcut and go around Africa. But tit-for-tat attacks may disrupt transit through the corridor even more, scaring off ships seeking to avoid conflict, said Caroline Rose with the New Lines Institute for Strategy and Policy. “Their long-term plan is, of course, to try and secure this waterway,“ said Rose, director of the think tank’s Blind Spots program. “In the short term, it actually encourages ships not to use that waterway because of the increase in instability and insecurity.”

French Navy Plows Through Million Dollar Missiles To Defeat Cheap Houthi Drones -- A key reason that Yemen's Houthis are unlikely to halt their attacks on Red Sea shipping as well as Western warships parked there is because immense pressure on the global transit waterway can be kept up, while it costs little to persist with such launches.Many of the Houthis drones which are capable of reaching vessels far off the Yemeni coast have been estimated at not more than $20,000. Some of them are as low as a few thousand dollars to build. They can easily be intercepted by US and UK coalition warships, but at an immense cost for these Western militaries. Anti-air missiles fired from coalition ships are commonly estimated at over $1 million each. This means the Houthis can keep the attacks coming, and on the cheap while watching Western warships blow through expensive arsenals.This trend has been highlighted in a recent DefenseNews report which explored the high cost to the French navy of defeating the low-tech Houthi drones: France’s maritime commander for the Indian Ocean defended the use of million-euro missiles to down drones used by Yemen’s Houthi rebels to attack shipping in the Red Sea, citing the value of the lives and assets protected, and the sophistication of the threat.The Languedoc frigate patrolling in the southern Red Sea in December shot down multiple drones using Aster 15 missiles, at a cost that defense analysts estimate at around €1 million (U.S. $1.1 million) per missile. The British Royal Navy’s HMS Diamond has also used the missiles to fend of drone attacks in the area.The report further underscored that "The economic calculus of ultra-capable interceptors, designed to counter expensive expensive anti-ship missiles or manned aircraft, quickly loses its appeal against drones costing thousands of dollars, analysts have warned."Still, commanders in the coalition are defending using these ultra-expensive missiles, saying all of this should be weighed in light of the necessary act of protecting valuable shipping lanes for Western economies.Likely, the more sophisticated drones within the Houthi arsenal come directly from Iran. Tehran also has an interest in seeing Western navies bogged down in the Red Sea, and all the while they can use proxies to do it.

When Yemen Does It It's Terrorism, When The US Does It It's "The Rules-Based Order" by Caitlin Johnstone - The Biden administration has officially re-designated Ansarallah — the dominant force in Yemen also known as the Houthis — as a Specially Designated Global Terrorist entity. The White House claims the designation is an appropriate response to the group’s attacks on US military vessels and commercial ships in the Red Sea and the Gulf of Aden, saying those attacks “fit the textbook definition of terrorism.” Ansarallah claims its actions “adhere to the provisions of Article 1 of the Convention on the Prevention and Punishment of the Crime of Genocide,” since it is only enforcing a blockade geared toward ceasing the ongoing Israeli destruction of Gaza.One of the most heinous acts committed by the Trump administration was its designation of Ansarallah as a Foreign Terrorist Organization (FTO) and as Specially Designated Global Terrorists (SDGT), both of which imposed sanctions that critics warned would plunge Yemen’s aid-dependent population into even greater levels of starvation than they were already experiencing by restricting the aid that would be allowed in. One of the Biden administration’s only decent foreign policy decisions has been the reversal of that sadistic move, and now that reversal is being partially rolled back, though thankfully only with the SDGT listing and not the more deadly and consequential FTO designation.In a new article for Antiwar about this latest development, Dave Decamp explains that as much as the Biden White House goes to great lengths insisting that it’s going to issue exemptions to ensure that its sanctions don’t harm the already struggling Yemeni people, “history has shown that sanctions scare away international companies and banks from doing business with the targeted nations or entities and cause shortages of medicine, food, and other basic goods.” DeCamp also notes that US and British airstrikes on Yemen have already forced some aid groups to suspend services to the country.So the US empire is going to be imposing sanctions on a nation that’s still trying to recover from the devastation caused by the US-backed Saudi blockade that contributed to hundreds of thousands of deaths between 2015 and 2022. All in response to the de facto government of that very same country imposing its own blockade with the goal of preventing a genocide.That’s right kids: when Yemen sets up a blockade to try and stop an active genocide, that’s terrorism, but when the US empire imposes a blockade to secure its geostrategic interests in the middle east, why that’s just the rules-based international order in action.

Iraqi leader dismisses US efforts in Middle East – — Iraq’s prime minister scoffed Thursday at U.S. efforts to rein in Israel’s military campaign against Hamas and lay out long-term plans for a more peaceful Middle East, noting that Israeli leaders aren’t onboard. In comments at the World Economic Forum, Mohammed Shia’ Al Sudani dismissed in particular Secretary of State Antony Blinken’s more hopeful earlier remarks about how the crisis playing out in the Gaza Strip could be a chance to get back on track for a two-state solution to the Israeli-Palestinian conflict. Blinken, who was in Davos on Tuesday and Wednesday, also stressed that doing so should involve broader efforts at improving Israel’s ties with Arab countries that have long shunned it. “That is nothing new, what Mr. Blinken has said. Everybody has said the same thing, basically,” Al Sudani said during a session moderated by POLITICO Global Editor-in-Chief John Harris. “What is being said by Blinken is refused by the Israeli government. Even the post-war scenario is refused from the Israelis.” “The international community has failed,” the Iraqi leader added. “The International organizations have failed. The international institutions have failed in this unjustifiable, unacceptable death that is unraveling before us in Gaza.” The remarks underscored the obstacles and skepticism the United States faces in the Middle East as it tries to rally countries to help it find a way out of the Israel-Hamas fight and broader regional tensions. Washington is trying to keep the battle from expanding into a full-blown regional war, but it’s also urging Israelis and Palestinians to start planning for post-war scenarios. That includes the critical question of who will govern Gaza, the scene of much of the fighting and which was long controlled by the militants of Hamas. Israeli Prime Minister Benjamin Netanyahu has resisted U.S. plans that call for a reformed Palestinian Authority to eventually take over Gaza. The Palestinian Authority governs in parts of the West Bank, but Netanyahu has long viewed it as an unacceptable partner. Since Hamas militants attacked Israel on October 7, killing 1,200 people, the Israeli military response has killed more than 22,000 in Gaza, while displacing hundreds of thousands. Iraq is among the countries affected by the fallout from the crisis. That’s largely because of its ties to Iran, a major backer of Hamas and other militant groups in the region.

Iran Launches Ballistic Missile Strikes in Iraq and Syria - Iran said on Monday that its forces launched ballistic missile strikes in Iraq and Syria that targeted “spy headquarters and the gathering of anti-Iranian terrorist groups” as regional tensions continue to soar. Iran’s Islamic Revolutionary Guards Corps (IRGC) said the strikes in Syria targeted ISIS members who were involved in the recent bombing in Kerman, Iran, which killed 94 people. ISIS had taken responsibility for the January 3rd attack, which targeted a commemoration ceremony for Iranian Gen. Qasem Soleimani, who was killed by the US in 2020.The IRGC said the strikes in Iraq targeted “the espionage headquarters of Israel’s Mossad” in Iraqi Kurdistan’s capital of Erbil. Multiple missile strikes were reported in Erbil near the US consulate, but there’s no indication the facility was hit. “No US facilities were impacted. We’re not tracking damage to infrastructure or injuries at this time,” a US official told ABC News. Iran did not specify why it targeted the alleged Mossad headquarters, but the strikes come about a month and a half after Israel killed a senior IRGC official in Syria. Iran has previously targeted the area in response to an Israeli attack, and Israeli assets are known to operate in Iraqi Kurdistan.In March 2022, Iran launched strikes in Erbil after an Israeli attack on a drone facility in Kermanshah, Iran. At the time, a senior US official told The New York Times that the building Iran targeted did serve as an Israeli intelligence outpost and training facility. The official and another US official said Israel is known to have conducted intelligence operations against Iran from Kurdistan. After Monday’s strikes, the Kurdish Regional Government denied the idea that there are Israeli bases in the region. According to Rudaw, which is based in Iraqi Kurdistan, Iran’s attack on Erbil killed at least four civilians and wounded 17.

Iran strikes targets in northern Iraq and Syria as regional tensions escalate (AP) — Iran fired missiles late Monday at what it claimed were Israeli “spy headquarters” near the U.S. Consulate in the northern Iraqi city of Irbil, and at targets linked to the extremist group Islamic State in northern Syria. Four civilians were killed and six injured after missiles hit an upscale area near the consulate in Irbil, the seat of Iraq’s semi-autonomous Kurdish region, according to the security council of the Kurdish regional government. Iran’s Revolutionary Guards said in a statement that it had hit a headquarters of Mossad, the Israeli intelligence agency, in the Kurdish region of Iraq. Another statement said it had fired a number of ballistic missiles at “terrorist operations,” including Islamic State targets, in Syria and destroyed them. Israel did not immediately acknowledge the attack in Irbil and its embassy in Washington did not return a request for comment on the Iranian allegation regarding the Mossad. The strikes come at a time of heightened tensions in the region and fears of a wider spillover of the ongoing war in Gaza. As Israel-Hamas war reaches 100-day mark, here’s the conflict by numbers Since the outbreak of the Israel-Hamas war on Oct. 7, Iranian-backed militias in Iraq have launched near-daily drone attacks on bases housing U.S. forces in Iraq and Syria, which the groups have said was in retaliation for Washington’s support of Israel, and in an attempt to force U.S. troops to leave the region. The United States strongly condemns “Iran’s reckless missile strikes” in Irbil, said State Department spokesman Matthew Miller. He said the attacks “undermine Iraq’s stability.”

Turkish air strikes target northern Iraq and Syria - Turkey’s military has carried out air raids against Kurdish fighters in northern Iraq and Syria. The overnight strikes destroyed 23 targets, the Turkish Ministry of National Defence said on Tuesday. The operation extends a recent escalation in violence across Turkey’s southern border, as regional tension continues to rise amid Israel’s bombardment of Gaza. The upswing in conflict began on Friday when nine Turkish soldiers were killed in clashes with Kurdistan Workers Party (PKK) fighters in northern Iraq. Ankara responded with air attacks and military operations in the area, as well as in northern Syria. The latest air strikes were carried out on Monday at 10pm (19:00 GMT) in the Metina, Gara, Hakurk and Qandil regions of northern Iraq, close to the city of Erbil, as well as in northern Syria. The action will ensure border security and prevent attacks, the ministry said. “Twenty-three targets were destroyed, including caves, shelters, tunnels, ammunition warehouses, supply materials and facilities used by the terrorist organisation,” the ministry said in a statement on social media platform X. Many fighters were “neutralised”, the post claimed – a term commonly used to mean killed or captured. The ministry also shared a video that it said showed footage from the operation. The PKK, designated a terrorist group by Turkey, the United States and the European Union, took up arms against the Turkish state in 1984. More than 40,000 people have been killed in the violence. Turkish forces regularly strike PKK fighters based in the mountains of northern Iraq. Syrian state media and other sources said on Monday that Turkey had carried out a wave of air attacks on electricity and oil infrastructure in Syria’s Kurdish-held northeast, putting several power stations out of service. Turkey has carried out a series of military incursions and bombing campaigns in Syria against the Kurdish People’s Defence Units (YPG), which it regards as a wing of the PKK. The tension spilling over from the war in Gaza is provoking increasing levels of violence across the region, and northern Iraq and Syria is one hotspot.

Israel-Gaza war live updates: Pakistan says it struck targets in Iran amid growing Mideast violence - Pakistan launched retaliatory strikes inside Iran early Thursday local time, its Foreign Ministry said, in the latest escalation of tensions in the Middle East. The attack in Iran’s Baluchistan region came two days after Iran struck targets inside Pakistan. The U.S. Navy launched a new wave of strikes against Houthi militants in Yemen, targeting about a dozen sites, U.S. officials said late Wednesday. Qatar said a shipment of medicine and aid entered Gaza as part of a deal, brokered by Qatar and France, under which Hamas would allow medicine to be transferred to Israeli hostages in exchange for aid to civilians in Gaza. Gaza remained under a telecommunications blackout on Wednesday night after a fifth day with almost no internet or phone access, according to the watchdog NetBlocks. The blackout “prevents people in Gaza from accessing lifesaving information or calling for first responders, and impedes other forms of humanitarian response,” the U.N. humanitarian affairs office said. Only one of three water pipelines from Israel into Gaza is working since the Deir al-Balah pipeline stopped functioning, the U.N. humanitarian affairs office said. Repairs could take up to four weeks “even if sustained access and the necessary supplies are allowed,” it said. At least 24,448 people have been killed in Gaza and 61,504 wounded since the war began, according to the Gaza Health Ministry. Israel estimates that about 1,200 people were killed in Hamas’s Oct. 7 attack.

Explaining the long-standing tensions between Iran and Pakistan - The Iranian drone and missile strike into Pakistani Baluchistan that took place earlier this week has resurfaced tensions that have complicated relations between the two states since the ayatollahs came to power in 1979. In particular, the Iranians have mistrusted Sunni-dominated Pakistan’s close ties with Saudi Arabia, Iran’s rival for leadership of the Muslim world. Iran has also resented Islamabad’s support of the Taliban, which persecuted Afghanistan’s Shiite minority when it took power. Indeed, when Iran almost went to war with Afghanistan in 1998 after the Taliban killed a number of Iranian diplomats in Mazar-i-Sharif, Pakistan mobilized its own forces to support the Taliban. For its part, Pakistan has harbored suspicions about Iran’s cordial ties with its archenemy India. Islamabad has also resented Tehran’s efforts to politicize the country’s Shiite minority. Shiites constitute somewhere between 10 and 20 percent of Pakistan’s population. With the country often racked by instability, Islamabad cannot tolerate external meddling in its highly fractious politics. Crossborder terrorism emanating from both Iran and Pakistan has further complicated relations. Operating from their bases in Pakistan’s Baluchistan province, the Jaish-al Adl and Jundullah militant groups have conducted numerous strikes against Iranian police and soldiers in Iran’s southeastern province of Sistan-Baluchestan. Iran executed the Jaish al-Adl’s leader in 2010, which further energized the group’s terrorist activities. Iran has been home to the Baluch Liberation Army, which has fought the Pakistan Army for decades. Tehran has done very little to restrain the group. This week’s Iranian drone and missile strike, which resulted in the death of two Pakistani children and the wounding of three others, infuriated the Pakistani public as much as it angered the government. But the attack, which took place in the town of Panjgur in Baluchistan on the Pakistani-Iranian border, reflected Tehran’s growing frustration with Pakistani-based terrorist attacks on its police and soldiers. Five Iranian border guards were killed in a terrorist attack last May in Zahedan, Sistan-Baluchestan’s provincial capital. Two months later, four policemen were killed while on patrol. Iran’s semi-official Tasnim News Agency claimed that its strike targeted and demolished “two key strongholds of the Jaysh al-Dhulm (Jaish al-Adl) terrorist group in Pakistan.” But in addition to the children killed, according to Pakistani reports, one of the Iranian missiles hit and partially damaged a mosque, injuring an further unspecified number of people. The Pakistanis were also furious that the Iranian attack took place shortly after Pakistan’s caretaker Prime Minister Anwaarul Haq Kakar had met Iranian Foreign Minister Hossein Amir-Abdollahian on the sidelines of the Davos World Economic Forum. The timing seemed to underscore Iranian duplicity. Islamabad characterized the attack as a violation of its sovereignty and ominously warned that “the responsibility for the consequences will lie squarely with Iran.” Pakistan did not specify what those “consequences” might be. They soon became clear, however. Two days after the Iranian attack, the Pakistani Air Force employed what the military described as “killer drones, rockets, loitering munitions and standoff weapons” to attack militant facilities in Iran in what it termed Operation Marg Bar Sarmachar (“Death to Insurgents”). Nine people are reported to have been killed in the Pakistani strike.

Iraq, Pakistan Protest Iranian Missile Strikes on Their Territories --Iraq and Pakistan are both protesting Iranian missile strikes that targeted their territories in recent days as Tehran is defending its attacks. Iran said the strikes it launched in Pakistan targeted Jaish al-Adl, a Sunni Muslim militant group that operates across the Iran-Pakistan border and has a history of conducting terrorist attacks in Iran. Most recently, the group took responsibility for a December 15 attack on a police station in Iran’s southeastern city of Rask that killed 11.Islamabad strongly condemned the Iranian strikes in Pakistan and said two children were killed. “Pakistan strongly condemns the unprovoked violation of its airspace by Iran which resulted in death of two innocent children while injuring three girls,” Pakistan’s Foreign Ministry said.“This violation of Pakistan’s sovereignty is completely unacceptable and can have serious consequences,” the ministry added. Pakistan, a nuclear-armed state, has also recalled its ambassador to Iran over the strikes. Iranian Foreign Minister Hossein Amir-Abdollahian defended the strikeson Wednesday while speaking at the World Economic Forum in Davos, Switzerland. “None of the nationals of the friendly and brotherly country of Pakistan were targeted by Iranian missiles and drones,” he said. “The so-called Jaish al-Adl group, which is an Iranian terrorist group, was targeted.”Iran has said that its strikes in Iraq that were launched on Monday targetedalleged Mossad bases in Erbil, part of the northern Kurdistan region, likely in retaliation for Israel killing a senior Iranian military officer in Syria. Israel is known to have intelligence operatives and assets in the area, and US officials have acknowledged Iran struck a Mossad facility in 2022 strikes, but both the Baghdad-based government and the local Kurdish government said the Monday attack killed civilians.

Israeli Defense Minster: 'Intensive Phase' of Ground Offensive in North Gaza Is Over - Israeli Defense Minister Yoav Gallant said Monday that the “intensive phase” of the Israeli ground offensive in north Gaza has ended and that it would soon end in the south as well.“In the northern part of the Strip, this phase has ended. In southern Gaza, we will reach this achievement and [the intensive phase] will end soon,” Gallant said at a press conference.He gave no indication of a timeline for when Israel would reduce its operations in southern Gaza, where most of the enclave’s Palestinians are located after many were pushed out of the north. When Secretary of State Antony Blinken recently visited Israel, Gallant told him that Israel would “intensify” operations in the southern city of Khan Younis.The US has been asking Israel to reduce the intensity of its onslaught in Gaza, which has killed over 24,000 Palestinians. But the US has not put any pressure on Israel as it has continued to provide unconditional military aid for the slaughter.One US official told The Washington Post that there was no point in the US asking Israel to change its tactics before February. The report reads: “One senior US official said it is pointless to urge them to change, and that Washington’s priority has now shifted to tolerating Israel’s high-intensity operation throughout January, while insisting instead that it downgrade the tempo in February.”Gallant said on Monday that Israel would “adapt our operations on the ground in accordance with the reality on the ground, as it becomes clearer to us, in accordance with military achievements, with the destruction of the enemy [Hamas], and in accordance with our intelligence.”He claimed that in north Gaza, Israel had dismantled Hamas “battalion frameworks” and that Israeli forces were now focusing on “working to eliminate pockets of resistance. We will achieve this via raids, airstrikes, special operations, and additional activities.” Israeli ground troops have faced stiff resistance from Hamas and other militant groups in Gaza. The Israeli military has so far confirmed 188 of its troops killed fighting on the ground in Gaza, but Israeli media reports sayat least 4,000 troops have been disabled.

In Gaza, the West Is Enabling the Most Transparent Genocide in Human History --“The West against the rest.” Although the article seemed far-fetched 30 years ago, it now seems prophetic in its discernment of a post-Cold War pattern of inter-civilizational rivalry. It is rather pronounced in relation to the heightened Israel/Palestine conflict initiated by the October 7 Hamas attack on Israeli territory with the killing and abusing of Israeli civilians and IDF soldiers, as well as the seizure of some 200 hostages.Clearly this attack has been accompanied by some suspicious circumstances such as Israel’s foreknowledge, slow reaction time to the penetration of its borders, and, perhaps most problematic, the quickness with which Israeli adopted a genocidal approach with a clear ethnic cleansing message. At the very least the Hamas attack, itself including serious war crimes, served almost too conveniently as the needed pretext for the 100 days of disproportionate and indiscriminate violence, sadistic atrocities, and the enactment of a scenario that looked toward making Gaza unlivable and its Palestinian residents dispossessed and unwanted.Despite the transparency of the Israeli tactics, partly attributable to ongoing TV coverage of the devastating and heartbreaking Palestinian ordeal, what was notable was the way external state actors aligned with the antagonists. The Global West (white settler colonial states and former European colonial powers) lined up with Israel, while the most active pro-Palestinian governments and movements were initially exclusively Muslim, with support coming more broadly from the Global South. This racialization of alignments seems to take precedence over efforts to regulate violence of this intensity by the norms and procedures of international law, often mediated through the United Nations.Liberal democracies failed not only by their refusal to make active efforts to prevent genocide, which is a central obligation of the Genocide Convention, but more brazenly by openly facilitating continuation of the genocidal onslaught.This pattern is quite extraordinary because the states supporting Israel, above all the United States, have claimed the high moral and legal ground for themselves and have long lectured the states of the Global South about the importance of the rule of law, human rights, and respect for international law. This is instead of urging compliance with international law and morality by both sides in the face of the most transparent genocide in all of human history. In the numerous pre-Gaza genocides, the existential horrors that occurred were largely known after the fact and through statistics and abstractions, occasionally vivified by the tales told by survivors. The events, although historically reconstructed, were not as immediately real as these events in Gaza with the daily reports from journalists on the scene for more than three months.Liberal democracies failed not only by their refusal to make active efforts to prevent genocide, which is a central obligation of the Genocide Convention, but more brazenly by openly facilitating continuation of the genocidal onslaught. Israel’s frontline supporters have contributed weapons and munitions, as well as providing intelligence and assurance of active engagement by ground forces if requested, as well as providing diplomatic support at the U.N. and elsewhere throughout this crisis.These performative elements that describe Israel’s recourse to genocide are undeniable, while the complicity crimes enabling Israel to continue with genocide remain indistinct, being situated in the shadowland of genocide. For instance, the complicity crimes are noted but remain on the periphery of South Africa’s laudable application to the International Court of Justice (ICJ) that includes a request for Provisional Measures crafted to stop the genocide pending a decision on the substance of the charges of genocide. The evidence of genocide is overwhelmingly documented in the 84-page South African submission, but the failure to address the organic link to the crimes of complicity is a weakness that could be reflected in what the court decides.Even if the ICJ does impose these Provisional Measures, including ordering Israel to desist from further violence in Gaza, it may not achieve the desired result, at least not before the substantive decision is reached some three to five years from now. It seems unlikely that Israel will obey Provisional Measures. It has a record of consistently defying international law. It is likely that a favorable decision on these preliminary matters will give rise to a crisis of implementation.The law is persuasively present, but the political will to enforce is lacking or even resistant, as here in certain parts of the Global West.

Turns Out "Israel Has A Right To Defend Itself" Meant "Israel Has A Right To Commit Genocide" - Notes From The Edge Of The Narrative Matrix by Caitlin Johnstone --Axios has a ridiculous new article out citing multiple anonymous US officials titled “Biden ‘running out’ of patience with Bibi as Gaza war hits 100 days”. The Biden administration keeps leaking to the press trying to put separation between their guy and the genocide in Gaza, and they are so fulla shit. Biden has had the ability to end this mass atrocity since day one. The slaughter continues because Biden wants it to. He owns this.Netanyahu delivered a speech commemorating 100 days of Israel’s war on babies and journalists and hospitals and residential buildings saying “We will restore security to both the south and the north. Nobody will stop us — not The Hague, not the axis of evil and not anybody else.” If I was standing on the right side of history, I don’t think the side I was standing with would be saying that not even The Hague can stop them from killing everyone they want to kill.Turns out “Israel has a right to defend itself” actually meant “Israel has a right to commit genocide, and no other countries have a right to stop it.” We’ve been seeing reports of Israeli sniper drones shooting and killing peoplein Gaza, which is probably a good time to note that Gaza has long been a live laboratory for the military industrial complex. Data is with absolute certainty being collected on all the newer weapons being field-tested on human bodies there — just like has been happening in Ukraine and in Africa — and that data will be used for the benefit of the war machine and the arms industry.

Israel Pounds Southern Lebanon With Airstrikes, Artillery - Continuing the escalation of Israel’s war against the surrounding area, Israeli warplanes attacked the southern Lebanese village of Wadi Saluki, an attack which “blanketed the area” with strikes and involved the use of artillery fire as well, including white phosphorous. As usual, Israel attempted the justify the attack by claiming Hezbollah military infrastructure was “concealed” in the area and that weapons were probably stored there.Wadi Saluki is further north than places Israel normally attacks. Located just south of the town of Hazerta, it has been the target of Israeli ground invasions as recently as the 2006 Lebanon War.Regarding a potential ground invasion, Maj. Gen. Ori Gordin, the head of Israel’s Northern Command, reported ground troops were alreadyoperating inside Lebanon, and that tens of thousands of troops were actively training to participate in a Lebanon offensive. US officials warned that Israel would find this problematic during the open-ended Gaza offensive. Opening a second front in the war risks spreading forces too thin, and while US politicians back the Gaza War, it’s likely Israel will request more aid and weapons to support a second, concurrent war.

Israeli Military Chief Says Lebanon War Likely in Coming Months - Visiting troops near the northern border, head of Israel’s military, Lt. Gen. Herzi Halevi, discussed the potential of war in Lebanon, saying the likelihood of a conflict in the coming months is “much higher” than it has been.Lt. Gen Halevi said he believes Israel will be starting the war with more advantages than in the past, and that lessons learned in Gaza will be applied to the situation in Lebanon. Tens of thousands of troops are reportedly being readied for the new offensive.The comments echo those of Maj. Gen. Ori Gordin, the head of northern forces, who said earlier this week that he believes the troops are “ready” for the war in Lebanon, and could start “tonight, if necessary.”Maj. Gen. Gordin’s comments came after an artillery and air strike attack on Wadi Saluki, a small village in southern Lebanon. He too was predicting tens of thousands of troops would be involved in this war.Lt. Gen. Halevi was explicit about the goal, saying it is “very clear” that the military needs to allow Israeli citizens to return to their homes in the north, and this would be accomplished through a new conflict with Hezbollah.Hezbollah has been attacking northern Israeli villages in tit-for-tat strikes for months now, and badly damaged an Israeli airbase in the process. They fired rockets into Israel after the Wadi Saluki strike, though reports denied there were any casualties, and most of the Israeli villages in the area were evacuated long ago.Israel has estimated some 80,000 citizens have been displaced by the fighting in the north. They may hope to resolve this with a war, but if anything, the near-term points to Hezbollah retaliation likely widening the zone of displacement and forcing even more to flee deeper into central Israel.

The "Rules-Based International Order" by Caitlin Johnstone -- The “rules-based international order” has allowed the incineration of Gaza, and the bombing of Yemeni forces who are trying to stop it.The “rules-based international order” allowed hundreds of thousands of people to be killed by western-backed Saudi atrocities in Yemen.The “rules-based international order” allowed NATO powers to knowingly provoke a world-threatening proxy war in Ukraine.The “rules-based international order” allowed western powers and their regional partners to plunge Syria into a horrific civil war by flooding the nationwith heavily armed fascistic extremist factions.The “rules-based international order” has allowed the US to invade and occupy a vast stretch of Syrian territory in order to control the nation’s natural resources and prevent reconstruction.The “rules-based international order” allowed Libya to be turned into a chaotic hellscape after western-backed forces killed Gaddafi following a long-desiredwestern regime change operation disguised as “humanitarian intervention”.The “rules-based international order” allowed the invasion of Iraq todestabilize an entire region resulting in millions of deaths following a campaign of deliberate lies and propaganda.The “rules-based international order” allowed the invasion of Afghanistan and a decades-long occupation sustained by lies and corruption. The “rules-based international order” allowed the imprisonment of Julian Assange for journalistic activities exposing US war crimes.The “rules-based international order” has allowed the planet to be circled byhundreds of US military bases, including in places where the people who live there vehemently oppose their presence like Okinawa, Iraq and Syria.The “rules-based international order” has allowed the US and its allies to kill huge numbers of civilians with siege warfare tactics in nations like Yemen, Iraqand Venezuela.The “rules-based international order” has allowed the US to interfere in scores of elections around the world at will and forcibly topple inconvenient governments whenever it wants to.The “rules-based international order” has allowed China to be surrounded by a rapidly increasing amount of US military bases and war machinery in preparation for a future conflict of unimaginable horrorThe “rules-based international order” has allowed the US to plunge the world into a new cold war with rapidly-escalating brinkmanship against nuclear-armed Russia and China.The “rules-based international order” has allowed our civilization to be controlled by the most powerful propaganda system ever devised, creating amind-controlled dystopia of brainwashed gear-turners who are deceived into believing they are free.The “rules-based international order” has allowed unfathomable amounts of government malfeasance to be hidden behind an increasingly opaque wall of government secrecy.The “rules-based international order” has allowed the interests of ordinary human beings to be subordinated and subjected to the interests of billionaire corporations and sociopathic government agencies.The “rules-based international order” has allowed the destruction of our ecosystem for the enrichment of powerful plutocrats.The “rules-based international order” has allowed our planet to be dominated by an empire of extreme murderousness and depravity at the cost of nonstop bloodshed and ever-increasing tyranny.If the “rules-based international order” has allowed all these things to happen, what kind of “rules” are we talking about exactly? And what kind of “order” do they sustain? If this is what the “rules-based international order” looks like, would we not, perhaps, be better off without it?

Israeli President Says 'No Israelis in Their Right Mind' Are Thinking About Peace - Israeli President Isaac Herzog said Thursday that no Israelis “in their right mind” are thinking about peace as Israeli officials continue to make clear the onslaught in Gaza will not end anytime soon.“If you ask an average Israeli now about his or her mental state, nobody in his right mind is willing now to think about what will be the solution of the peace agreements,” he said at the World Economic Forum in Davos, Switzerland.“Because everybody wants to know: Can we be promised real safety in the future?” Herzog added.His comments came after Israeli TV reported that Prime Minister Benjamin Netanyahu said Israel’s current assessment is that the operations in Gaza will continue into 2025. Israeli military officials have said publicly that they expect the fighting to continue through the entire year of 2024.Netanyahu has repeatedly vowed the slaughter will continue despite the growing international pressure, which includes South Africa accusing Israel of genocide at the International Court of Justice.South Africa’s case cites genocidal rhetoric from Israeli officials, including Herzog, who said there are no innocent civilians in Gaza. “It’s an entire nation out there that is responsible. It’s not true this rhetoric about civilians not aware not involved. It’s absolutely not true. … and we will fight until we break their backbone,” the Israeli president said on October 12.

NATO to Hold Its Largest Military Exercises Since the Cold War - NATO will launch major war games next week with about 90,000 troops to prepare for a potential conflict with Russia that will mark the alliance’s largest military exercises since the end of the Cold War.“Exercise Steadfast Defender 2024 will be the largest NATO exercise in decades, with participation from approximately 90,000 forces from all 31 Allies and our good partner Sweden,” Gen. Christopher Cavoli, NATO’s supreme allied commander in Europe, told reporters.The drills will take place across Europe and will involve reinforcements coming from North America. “This reinforcement will occur during a simulated emerging conflict scenario against a near-peer adversary,” Cavoli said.Adm. Rob Bauer, the Dutch chairman of the NATO military committee, made clear the drills were about preparing for war with Russia. “I’m not saying it is going wrong tomorrow, but we have to realize it’s not a given that we are in peace,” Bauer said, according to Stars & Stripes.Bauer suggested last year that NATO countries should discuss shifting their economies to a “war economy,” where civilian factories would start producing military goods, similar to what the United States did during World War II, and said on Thursday that European societies need to be ready for a conflict. “It is the whole of society that will get involved (in a war) whether we like it or not,” he said.

Zelensky Pushes Unrealistic 'Peace Formula' in Davos - In a speech at the World Economic Forum in Davos, Switzerland, Ukrainian President Volodymyr Zelensky reiterated his opposition to a ceasefire with Russia and pushed his “Peace Formula,” which involves several unrealistic demands to end the war.Zelensky’s plan requires a full Russian withdrawal from the territory it has captured since February 2022, Russia giving up Crimea, war crimes tribunals, and Russia paying reparations to Ukraine. Kyiv has no shot at implementing any aspect of the Peace Formula since its counteroffensive failed, and Ukrainian forces are now focused on defense and facing manpower shortages.Despite the reality on the ground, Zelensky’s “Peace Formula” has received backing from the US and other Western nations. “There was the most representative meeting of national security advisors regarding the implementation of the Peace Formula. More than 80 countries and international institutions were represented,” Zelensky said in Davos.Swiss President Viola Amherd said she offered Zelensky for Switzerland to hold a “peace summit” to bring an end to the war in Ukraine. But Russia will not be invited, and the summit is expected to focus on getting more countries to back Zelensky’s unrealistic goals.“I had very productive negotiations with the President of Switzerland, discussing the possibility of holding a summit at the leaders’ level in Switzerland – the first summit, the Global Peace Summit. Today, our teams have already begun work on organizing such a summit,” Zelensky said.Discussing the idea of a pause in fighting, Zelensky said he was against a freeze because “Putin is a predator who is not satisfied with frozen products.”

Turkey Boycotts World Economic Forum Over Klaus Schwab's Stance On Gaza - Turkish President Recep Tayyip Erdogan has told his country’s officials to not attend the World Economic Forum in Davos this week due to the organizers’ position on Israel's war on Palestinians in Gaza, Bloomberg reported this week, citing sources close to the matter. "Treasury and Finance Minister Mehmet Simsek was planning to attend the annual gathering of political and business leaders until Erdogan, who has criticized Israel’s conduct of its war in Gaza, stopped him from going," the Bloomberg report says, citing unnamed sources. A World Economic Forum spokesman said that the "serious security and humanitarian situation in the Middle East will be a key focus" of the summit. "We will be providing a platform for key stakeholders from the region and beyond to share views on how to de-escalate and find ways back to diplomacy. In this respect, we will also have over 50 leaders from the Arab world, including a high-level Palestinian representative," they said. Founder and chair of the World Economic Forum, Klaus Schwab, has called Hamas a "terrorist organization," while Erdogan has, on multiple occasions, described it as "a political party that won past elections" and "a liberation organization." Bloomberg reports that the decision made by Erdogan to withdraw Turkey's top officials from the summit complicates Turkey's efforts to reconnect with global investors after years of unconventional policies drove them away. Erdogan has been very vocal about his support for the Palestinian resistance since the early days of the war. Referring to Israel’s actions as "inhumane," the Turkish head of state previously said that "[Israel] can view Hamas as a terrorist organization along with the west. The west owes you a lot. But Turkiye does not owe you anything."Erdogan then said that Hamas was not a terrorist organization, but a group of freedom fighters defending their land."Israel is implementing a strategy of total destruction of a city along with its people … I say openly that Israel is a terrorist state… If Israel continues its massacres, it will register everywhere that it is a terrorist state cursed all over the world," Erdogan also said in November 2023.

China Population Plunges With Lowest Birth Rate In 74 Years As GDP Miraculously Tops Target Amid Strong Data Dump - Confirming Premier Li's earlier leak, China's economy grew at 5.2% YoY - comfortably and miraculously beating the all-knowing official target of 'around 5%' (which is the lowest target in decades), as industrial production and investment climbed in the final stretch of the year. However, the GDP print at +5.2% was weaker than the +5.3% consensus estimate. While GDP accelerated, other indicators were mixed in the final month of 2023:

• Industrial output rose 6.8% in December from a year ago, better than a 6.6% increase projected by economists
• Retail sales grew 7.4%, weaker/worse than the forecast for an 8% gain
• Fixed-asset investment climbed 3% in the year, slightly better than a predicted 2.9% rise
• The urban jobless rate was 5.1% last month, up/worse from 5% in November

“China’s economy withstood external pressures and overcame domestic challenges to rebound and improve in 2023,” the NBS said in a statement accompanying the data.The agency warned, though, that economic development “still faces some difficulties and challenges.”China released its jobless rate among young people (which it decided to stop issuing once it hit a record high above 20%) - but in the wonderfully Chinese way, the new series (at 14.9%) is entirely incomparable as it 'excludes students'.A bigger problem for liquidity-hypers was that Li explicitly pointed out that China’s growth rate last year - a rise from the figure of 3% in 2022 when the country was hit by its arcane Zero-COVID policies - was achieved without resorting to “massive stimulus” and the economy was making “steady progress”.“We did not seek short-term growth while accumulating long-term risks, rather we focused on strengthening the internal drivers,” he said.“Just as a healthy person often has a strong immune system, the Chinese economy can handle ups and downs in its performance. The overall trend of long-term growth will not change.”The biggest threat to the economy remains the housing sector and China's property crisis is not getting any better at all as the number of cities seeing home price increases continues to collapse...

Oxfam report: A devastating indictment of monopoly power and inequality -- As the gathering of the global elites at the annual World Economic Forum meeting in Davos, Switzerland gets underway, the international aid agency Oxfam has published a devastating report on the escalation of inequality. It shows how the enormous growth of corporate power and wealth is reshaping the world, producing social devastation for billions and the accumulation of fabulous wealth for a handful of oligarchs. A woman holds up the Spanish sign "Our soup kitchens need food" outside the Social Development Ministry during a protest demanding more government food aid for soup kitchens in Buenos Aires, Argentina, Friday, Dec. 22, 2023. [AP Photo/Rodrigo Abd] The report begins by noting that since 2020 the world’s five richest men have more than doubled their fortunes, at the rate of $14 million per hour, from $405 billion to $869 billion, while almost 5 billion people, over half the world’s population, have been made poorer. Speaking on the report, Oxfam interim Executive Director Amitabh Behar said: “We are witnessing the beginnings of a decade of division, with billions of people shouldering the economic shockwaves of pandemic, inflation and war, while billionaires’ fortunes boom.” “This inequality,” he continued, “is no accident; the billionaire class is ensuring corporations deliver more wealth to them at the expense of everyone else.” Importantly, he also pointed to a trend which was emphasised in the New Year perspective statement of the World Socialist Web Site—the role of corporate power and concentration, not just the growth of individual wealth, in undermining all democratic structures and paving the way for extreme right-wing and fascist regimes. “Runaway corporate and monopoly power,” he said, “is an inequality-generating machine: through squeezing workers, dodging tax, privatizing the state, and spurring climate breakdown, corporations are funneling endless wealth to their ultra-rich owners. “But they’re also funneling power, undermining democracies and our rights.” The opening chapter of the report, headlined “A new gilded age of division” highlighted the enormous growth of corporate concentration and profit in contrast to the “brutal world” for billions of people confronted with the “grinding reality” of the rising cost of food and other essentials. It noted that 4.8 billion people are today worse off than they were in 2019, prices outpacing pay the world over, “with hundreds of millions of people seeing their wages buy less each month and their prospects for a better future disappear.” This has meant that in the past two years some 800 million workers have lost $1.5 trillion because their wages have fallen behind inflation, equivalent to near a month (25 days) for each worker. Of the 1,600 largest corporations worldwide, only 0.4 percent of them have committed to paying workers a living wage and supporting a living wage in their value chains.

Princess Eugenie speaks out against human trafficking at Davos event days after father Prince Andrew was axed as working royal over claims he slept with Epstein trafficking victim Virginia Giuffre -- Princess Eugenie has appeared at a panel to discuss modern slavery, after her father Prince Andrew was axed from the royal fold over claims he slept with Jeffrey Epsteintrafficking victim Virginia Giuffre. The princess, who co-founded The Anti-Slavery Collective in 2017, spoke at the event in Davos, Switzerland, alongside former British Prime Minister Theresa May. Their discussion had to been to highlight the importance of elevating modern slavery to the highest levels of corporate board. According to The Guardian, Eugenie said: 'Guns and drugs can be only trafficked once but human beings are trafficked again and again and again. For them it happens every day and minute.' Princess Beatrice had also been in an attendance at the event to support her sister on Tuesday. According to Hello Magazine, Eugenie will be a discussion leader at a World Economic Forum event on Wednesday, also on trafficking and modern slavery. It comes after her father's relationship with pedophile financier Jeffrey Epstein was back in the spotlight over claims he committed 'acts of sexual abuse' and took part in an 'underage orgy.' The newly unsealed documents relate to a Manhattan defamation case brought in 2015 by the duke's accuser Virginia Giuffre, nee Roberts, against Ghislaine Maxwell, who acted as Epstein's 'madame.' Andrew, who has spent years trying to rebuild his shattered public image, is mentioned in the files, along with dozens of high-profile associates of Epstein. They include a deposition from Jane Doe 3 – who was later identified as Giuffre – who claims she was forced to have sex with the duke on three occasions, including when she was 17. She claims Epstein ordered she 'give the prince whatever he demanded', including 'an orgy with numerous other underaged girls' on the financier's Caribbean island Little Saint James.The unsealed documents include the transcript of Virginia Giuffre being questioned over the whereabouts of the photograph showing her with the Duke of York. Asked during her deposition in 2016 where the picture was, she said: 'I probably still have it. It's not in my possession right now.'

Royal Family Will Have ‘No Choice’ to Cut Prince Andrew ‘Loose’ If Jeffrey Epstein Scandal Gets ‘Messier’ -- He was finally starting to be welcomed back into the fold. Four years after stepping back from his role as a working royal because of his scandalous connection to late pedophile and alleged sex trafficker Jeffrey Epstein, Prince Andrew strolled to church with his family on Christmas in Sandringham, England — and promptly scolded a group of well-wishers. “You ought to come and stand on this side and see what it’s like … a lot of cameras facing you,” Andrew griped in a video that went viral in January. “It’s a really bizarre sensation.” Now, the spotlight has gotten even more uncomfortable for him. The prince — who in 2022 settled a sexual assault lawsuit with alleged sex trafficking victim Virginia Giuffre for an estimated $16 million while denying any wrongdoing — is named in a trove of legal documents unsealed in early January. The emails, deposition transcripts and photos contain shocking allegations of sex, lies and secret videotapes. “These documents have only made things worse,” says a source exclusively to In Touch. “Once again, Andrew is public enemy No. 1.” Virginia has long accused Andrew of having sex with her when she was underage. He’s denied ever meeting her, despite being shown a photo of them together. But in her 2016 deposition, given as part of a civil suit against Andrew and Epstein’s mutual pal Ghislaine Maxwell, Virginia discussed their three alleged encounters in 2001. Asked if she was paid “by or on behalf of Jeffrey Epstein for having sex with Prince Andrew,” Virginia, now 40, responded, “Yes, I did receive $15,000.” There’s no doubt Andrew was friendly with Epstein. They were even photographed together in 2010, after the financier had served time in prison for procuring a girl under 18 for prostitution. And in the documents, Epstein’s Palm Beach, Florida, housekeeper, Jean Alessi, testified that Andrew, 63, “spent weeks” at the house and got “daily massages.” Andrew also stayed at his pal’s NYC mansion, which Virginia claimed contained a room she called “the dungeon,” featuring an explicit photo of her. Epstein masseuse Johanna Sjoberg accused Andrew of groping her breast in that same home. Andrew has denied all wrongdoing. But another alleged Epstein victim, Sarah Ransome, claims there’s proof. Epstein, who died of an apparent suicide while in a NYC jail awaiting trial for sex trafficking in 2019, secretly recorded “sex tapes…which clearly identify the faces of Prince Andrew” and other famous men, she testified. “It’s no secret that everything was recorded.”