week ending Mar 30

Fed Chair Jerome Powell signals rate cuts aren’t imminent — The Federal Reserve has been keen on paying attention to investors’ expectations on interest rates. But the Fed is prepared to ignore Wall Street’s hope for a rate cut in June if it feels the economy isn’t ready yet. That’s the message Fed Chair Jerome Powell delivered on Friday. “We don’t need to be in a hurry to cut,” he said, adding that strong employment data is buying the central bank more time to wait until inflation gets closer to 2%. Hours before Powell spoke at an event hosted by the San Francisco Fed, the central bank’s preferred inflation gauge — the Personal Consumption Expenditures price index — was released. The index ticked up last month to 2.5% on an annual basis, moving further from the Fed’s 2% target. Powell wasn’t fretting about it though, saying that it was “pretty much in line with our expectations.” The increase in inflation last month is a marked improvement from a year ago, when prices were rising twice as fast as they are now. Still, Powell raised concerns about cutting rates too early. “If we reduce rates too soon, there’s a chance that inflation would pop back and we’d have to come back in and that would be very disruptive (to the economy),” he said. He also acknowledged the risks of leaving rates where they are now. If the Fed waits too long to cut, high interest rates could further punish Americans and the economy by potentially triggering a recession. That’s not materializing at the moment. “This is an economy that doesn’t feel like it’s suffering from the current level of rates,” Powell said. Like Powell, several Fed officials have conveyed they’re more concerned about cutting too soon than prolonging the status quo. Atlanta Fed President Raphael Bostic, currently a voting member on the Fed’s rate-setting committee, recently went as far as to suggest the central bank should only cut rates once this year because of the inflationary risks. Ultimately, Powell said he doesn’t see rates falling to their pre-pandemic levels of around 2% in the foreseeable future. By comparison, the Fed is currently targeting a range of 5.25% to 5.5%, a 23-year high. Powell’s term at the Fed expires in two years. At that point, it remains to be seen who will be in the Oval Office. If former President Donald Trump, the presumptive Republican nominee, wins the election, he’s signaled he would replace Powell. If President Joe Biden — who nominated Powell — is reelected, there’s no guarantee that the Fed chair would want to extend his tenure with a third four-year term. Ultimately, Powell hopes the Fed will continue to maintain its independence and be a place “that transcends politics” especially “divisive politics.” Powell said that if the Fed’s independence from elected lawmakers is blurred, it will be hard — if not impossible — for it to achieve its mandated mission of price stability and maximum employment. “I feel accountable and responsible for the institution and delivering it to the next generation of leaders,” Powell said.

Fed’s Wait-and-See about Rate Cuts Supported by Highest-since-July Six-Month Core PCE & Core Services PCE Inflation by Wolf Richter -The core PCE price index, the inflation index that the Fed is focused on and refers to all the time, was revised up today for January to an annualized month-to-month growth rate of 5.6% (up from the original 5.1%) on a big up-revision of the index for core services to an annualized rate of 7.9% (up from the original 7.1%). In core services is where inflation is now solidly entrenched. So in February, on top of those upwardly revised figures for January, the core PCE price index rose by 3.2% annualized from January (+0.28% not annualized), according to the Bureau of Economic Analysis today. This pushed the six-month annualized core PCE price index to 2.9%, the highest since July. Powell cites this 6-month measure (red in the chart below) all the time because it shows the recent trend better than the month-to-month readings (blue), which are super volatile, and the year-over-year readings, which are too slow in reacting to changing trends. The Fed’s target is 2%. Core Services PCE price index is where the action is. Energy prices plunged since mid-2022, though they’ve come up again recently, and durable goods prices dropped, and those have produced the cooling inflation rates we saw last year. But core services inflation – services without energy services – has remained at high levels and has started to re-accelerate. Core services is where the majority of consumers spending goes. And Fed speakers have discussed this issue endlessly. The horror show came with the January reading of “core services.” In the reading released a month ago, the PCE price index for core services spiked to 7.1% annualized in January from December, the worst month-to-month jump in 22 years. Today this was upwardly revised to 7.9%. In February, the reading of core services rose by 2.9% annualized (blue line in the chart below). And the 6-month reading rose by 4.25% annualized, the highest since June 2023. For five months in the second half last year, the core services index had gotten stuck around 3.5%, which had triggered the discussion about sticky services inflation. But core services inflation then got unstuck and has ratcheted higher. In the month-to-month readings (blue) since August 2023, we see higher highs and the higher lows. This is when the trend changed, but it was hard to see initially due to the huge volatility. Now it becomes clearer: Durable goods PCE price index rose in February by 2.8% annualized from January, the second month in a row of positive readings, after a big dive into the negative (blue in the chart below). This raised the 6-month index to -1.7% (red). What we’re starting to see is that the big deflation in durable goods has likely ended, and durable goods price developments are now normalizing, which removes some of the counterbalance to hot inflation in services. Durable goods pricing is what we’re going to watch very carefully. It’s durable goods and energy that caused the big and very welcome cooling of inflation last year. But energy costs have been rising for months, and now durable goods are starting to become a concern again. Core services are grouped into seven PCE price indices. The month-to-month data in these categories of core services can be super-volatile (blue in the charts below), so we’ll focus on the six-month annualized readings, which iron out this volatility and show the recent trends (red in the charts below).

Q4 GDP Growth Revised Up to 3.4% Annual Rate -From the BEA: Gross Domestic Product, Fourth Quarter and Year 2023 (Third Estimate), GDP by Industry, and Corporate Profits Real gross domestic product (GDP) increased at an annual rate of 3.4 percent in the fourth quarter of 2023, according to the "third" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 4.9 percent. The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 3.2 percent. The update primarily reflected upward revisions to consumer spending and nonresidential fixed investment that were partly offset by a downward revision to private inventory investment.

Biden’s budget for world war - The United States will spend more on the military than the next 11 countries combined. - The budget legislation signed into law by President Joe Biden on Saturday provides the largest amount in history for US military spending. Of the $1.2 trillion appropriated to six federal departments, the Pentagon claimed more than two thirds, about $825 billion. The separate budget bill signed by Biden on March 8 for the other six federal departments includes $23.8 billion for the US nuclear weapons programs run by the Department of Energy. All told, when all other monies appropriated for military-intelligence operations through other departments and agencies are tallied, the cumulative total is likely to surpass $1 trillion, although the actual figure remains secret, since much of the military-related spending on surveillance, military satellite launches, and other operations is classified. Total US military spending, even based on the publicly available figures, dwarfs that of any possible combination of countries. The US alone accounts for 39 percent of total world military spending, equivalent to that of the next 11 countries combined. Compared to the US total of $877 billion for 2022, the last year for which comprehensive global figures are available, the Stockholm International Peace Research Institute estimated that China spent $292 billion and Russia $86.4 billion. Russian military spending is a fraction of the combined spending by US NATO allies, more than $300 billion, by the US Asian allies in the so-called Quad (India, Japan and Australia, $160 billion combined), and by US client states in the Middle East (Saudi Arabia, Israel, Qatar and the UAE, $130 billion combined). The combined military spending of the US and its major allies comes to well over $1.5 trillion, two-thirds of the world total, and four times that of Russia and China. Given these figures, there is no way to assess the American military posture as anything short of a program for world war. American imperialism has suffered a protracted historical decline in its economic position. From nearly 50 percent of world GDP at the end of the Second World War, the US fell to 40 percent by 1960 and 27 percent by 1971, when President Richard Nixon ended dollar convertibility into gold because of the rising balance of payments deficit. The US share fell to barely 15 percent of world GDP last year, with the expectation of a further decline in coming years. But in the production of war materiel, of the weapons that can destroy human life both with pinpoint accuracy and by the millions, the United States has no peer. This contradiction, between declining economic base and massive military buildup, explains the ferocity of American foreign policy. It is expressed in the unanimity of the two main capitalist parties, the Democrats and the Republicans, on the need to smash the growing threat of China—whose economy is on course to outstrip that of the United States—and subjugate China’s potential allies in Russia, Iran and North Korea. As far as Wall Street and Washington are concerned, they must provoke confrontation with China as soon as possible, because the fundamental trends are against them. They have no time to lose. The incessant claims by the Biden administration and its apologists in the corporate media that the US government is averse to the use of military force, or seeks to prevent the expansion of the conflict in Ukraine or restrain Israeli genocide in Gaza, do not bear up to the slightest scrutiny. The true savagery of US imperialism is demonstrated in one key provision of the just-passed Pentagon budget. Democrats and Republicans in Congress agreed to bar a single penny of US aid for the United Nations Relief and Works Agency (UNRWA), which feeds millions of Palestinian refugees daily, including the bulk of the 2.3 million people in Gaza. Whatever the election-year mudslinging between Biden and Donald Trump, both the Democrats and Republicans are united in supporting mass starvation as a weapon of war.

Is America a Rogue Superpower? - “Unipolar” used to mean that the United States was, at least in theory, alone in leading the world. Now “unipolar” means that the United States is alone and isolated in opposition to the world. As a hegemon, the U.S. wields the power to veto in the Security Council. But in the exercise of primacy, it has recently used that veto to supress the clearly expressed voice of the international community. After repeated American vetoes of measures calling for an immediate humanitarian ceasefire in Gaza, in a desperate and seldom used move, on December 12, the General Assembly invoked Resolution 377A in an attempt to circumvent U.S. leadership. It was the response to what was perceived as America’s irresponsible use of its veto power as a permanent member of the Security Council. Article 377A first reminds the permanent members of the Security Council that they are obliged to “to seek unanimity and exercise restraint in the use of the veto” in pursuit of the maintenance of international peace and security. It then gives the General Assembly the right to make “appropriate recommendations to Members for collective measures…to maintain or restore international peace and security” when the Security Council “because of a lack of unanimity…fails to exercise its primary responsibility.” The world saw the United States, not as a hegemon leading the world in the pursuit of unanimity, but as failing “to exercise its primary responsibility” as a leader on the Security Council. On March 25, the U.S. went one step further and took a step toward becoming a rogue state who has supplanted international law with its rules-based order. International law is grounded in the charter system and the United Nations and is universally applicable. The rules-based order is composed of unwritten laws whose source, consent, and legitimacy are unknown. To the global majority, those unwritten laws have the appearance of being invoked when they benefit the U.S. and its partners and not being invoked when they don’t. On March 25, the Security Council passed a resolution demanding “an immediate ceasefire for the month of Ramadan respected by all parties leading to a lasting sustainable ceasefire.” The resolution was able to pass because the U.S. stood aside and let the other fourteen Security Council members pass it by abstaining instead of vetoing. But in her explanation of the American abstention after the resolution passed, U.S. Ambassador to the UN Linda Thomas-Greenfield “surprisingly” said that “we fully support some of the critical objectives in this nonbinding resolution.” Her claim that the Security Council resolution was nonbinding was not an off script, impromptu comment. It is the strategy of a country that enforces, not international law, but the U.S. led rules-based order.In a March 25 press briefing following the vote and Thomas-Greenfield’s claim, White House National Security Communications Advisor John Kirby called the resolution “nonbinding” no less than four times. “Number one,” he said, “it’s a nonbinding resolution. So, there’s no impact at all on Israel and Israel’s ability to continue to go after Hamas.”When asked by a reporter, “on the binding thing, is it binding, nonbinding?” Kirby answered, “It’s a nonbinding resolution.” When asked “a technical question” a second time to clarify if the resolution was nonbinding, Kirby again said, “My understanding is it’s a nonbinding resolation—resolution.”At a State Department press briefing the same day, department spokesperson Matt Miller also called the resolution “nonbinding” three times. All UN Security Council resolutions are legally binding and have the status of international law. That is why UN Secretary General António Guterres said, “This resolution must be implemented. Failure would be unforgivable.” UN deputy spokesperson Farhan Haq explained that, “All the resolutions of the Security Council are international law. They are as binding as international laws.” Others responded the same way to the U.S. claim. On behalf of the ten elected members of the Security Council who drafted the resolution, Pedro Comissario, Mozambique’s envoy to the United Nations, said, “All United Nations Security Council resolutions are binding and mandatory.” He then added, “It is the hope of the 10 that the resolution adopted today will be implemented in good faith by all parties.”The United Kingdom also did “not share” the U.S. claim, prompting their envoy to the UN to say, “we expect all Council resolutions to be implemented. This one is not any different. The demands in the resolution are absolutely clear.” China, too, did not share the U.S. evaluation. “China’s U.N. Ambassador Zhang Jun said Security Council resolutions are binding.” By judging Security Council resolutions to be nonbinding and denying their status as being as binding as international law, the United States has taken the next step from hegemony to primacy to a rogue state that has undermined the foundational role of the Security Council in the international order.

UN Security Council Passes Gaza Ceasefire Resolution, US Abstains - The UN Security Council on Monday adopted a resolution calling for an immediate ceasefire in Gaza for Ramadan and the release of all hostages. The US abstained from the vote, and the other 14 members of the Security Council voted in favor of the resolution. The US had previously vetoed three resolutions calling for a ceasefire in Gaza. The resolution demands an “immediate ceasefire for the month of Ramadan respected by all parties leading to a lasting sustainable ceasefire” and the “immediate and unconditional release of all hostages.” On Friday, China and Russia vetoed a US-authored resolution that said it was “imperative” for a ceasefire in Gaza but only “in connection” with the release of hostages. US Ambassador to the UN Linda Thomas-Greenfield said the US didn’t vote in favor of the resolution passed on Monday because it didn’t agree with the language. “We did not agree with everything with the resolution,” Thomas-Greenfield said. “Certain key edits were ignored, including our request to add a condemnation of Hamas.”She also hinted that the US opposition was due to the fact that the ceasefire was not explicitly tied to a hostage release. “Any ceasefire must come with the release of all hostages,” she said.White House National Security Council spokesman John Kirby insisted the US decision not to veto the resolution did not amount to a change in policy and noted that the resolution is non-binding, so it won’t impact Israel’s military operations. But Israeli officials are fuming at the US for allowing it to pass. In response, Israeli Prime Minister Benjamin Netanyahu canceled an Israeli delegation to Washington that was meant to discuss Israel’s plans to attack the southern Gaza city of Rafah, which is packed with 1.5 million Palestinians.“On the one hand, the resolution says that taking civilians hostage is in violation of international law, yet on the other hand — despite the fact that you know Hamas won’t listen to your calls and release the hostages — you demand a ceasefire,” Israeli Ambassador to the UN Gilad Erdan told the Security Council.

UN Security Council approves Gaza cease-fire resolution as US abstains - The United Nations Security Council on Monday passed its first resolution calling for a cease-fire in Gaza after the U.S. abstained from the vote on Israel’s war against Hamas. The final vote was 14 in favor, no votes against and one abstention. After the vote, the council broke into applause. The resolution calls for an immediate cease-fire during the Muslim holy month of Ramadan and for the immediate release of all hostages. The vote comes just two days after Russia and China vetoed a resolution from the U.S. that tied a cease-fire to the release of hostages. The latest resolution has the backing of officials from the United Nations, who have expressed growing concern about the plight of Palestinians in Gaza. U.N. Secretary-General António Guterres said after the vote that “this resolution must be implemented.” “Failure would be unforgivable,” he wrote on X, the platform formerly known as Twitter. U.N. Security Council resolutions are legally binding, unlike those from the General Assembly. Still, they can technically be ignored. The U.N.’s high court, which is hearing a genocide case related to the war, has ordered Israel to take measures to protect civilians in Gaza, but it’s not clear how much those calls are being addressed. The decision for the U.S. to abstain may anger Israel, which has relied on its partner at the council to protect it during the war. Washington has vetoed three other resolutions calling for a cease-fire. Israel has threatened to move into the southern Gaza city of Rafah, where more than a million Palestinians are sheltering. Israel has previously threatened to fight against Hamas in Rafah by Ramadan, but has yet to do so. Still, Israel Prime Minister Benjamin Netanyahu has said he approved plans from his military for a Rafah operation, even as the U.S. has begun urging him to consider alternatives.

Gaza cease-fire vote roils US-Israel talks on Rafah -- The already tense relationship between the U.S. and Israel further deteriorated Monday with the passage of the United Nations Security Council cease-fire resolution, prompting Prime Minister Benjamin Netanyahu to cancel a high-level delegation meant to travel to Washington this week. Netanyahu and his radical right-wing coalition were roiled after the U.S. abstained from a vote of the U.N. Security Council proposal calling for a cease-fire in Gaza during the Muslim holy month of Ramadan, allowing the measure to pass. The Israeli prime minister in recent weeks has also publicly seethed over what he says is a bid by the White House and congressional Democrats to kneecap his political standing inside his own country. White House spokesperson John Kirby said the White House was “disappointed” and “perplexed” by Netanyahu’s response but tried to play down the rift, insisting that the countries’ relationship has not hit a new low and that U.S. policy had not changed. “These are two leaders who have known each other for going on now four decades, and they haven’t in the past agreed on everything and they don’t agree on everything right now,” Kirby said. But Israel’s reaction reflects an ever-growing divide between the two steadfast allies, a relationship that already soured ahead of a planned Israeli offensive into Gaza’s southernmost city Rafah, a military move American officials have warned against. The canceled delegation was intended to discuss Israel’s plans for Rafah, where more than 1 million Palestinians are sheltering after a brutal Israeli air and ground campaign forced tens of thousands of people to flee northern parts of the enclave. White House officials have said that a ground invasion of the city without an accepted plan would create a humanitarian disaster. “We think that a ground invasion, especially without any type of credible plan, is a mistake, given the large number of people, displaced people that are there at the moment,” Pentagon press secretary Maj. Gen. Pat Ryder told reporters Monday. “There are ways to go about addressing the threat of Hamas while also taking into account civilian safety.” But after the U.S. declined to veto the U.N. Security Council resolution — which also called for the immediate release of all of the more than 130 hostages Hamas had taken — Netanyahu’s office released a statement calling Washington’s abstention “a clear retreat” from its previous position and one that would hurt efforts to fight Hamas in Gaza and free hostages. As a consequence, the Israeli delegation meant to discuss Rafah would not go to Washington, he added. Far-right elements of Israel’s government also released testy responses, with Israeli National Security Minister Itamar Ben-Gvir calling the U.N. vote “proof that President Biden is not prioritizing Israel and the free world’s victory over terrorism, but rather his own political considerations,” as reported by The New York Times.

Israel Pulls Negotiators From Qatar, Blames UN Resolution for Lack of Deal With Hamas - Israel is withdrawing its negotiators from Qatar and is blaming the lack of a hostage deal with Hamas on a UN Security Council resolution that called for a Ramadan ceasefire in Gaza.Hamas officials said on Monday that the Palestinian group was still seeking a hostage deal that included a permanent ceasefire and an Israeli withdrawal from Gaza, a position Israel has repeatedly rejected.“Hamas’s stance clearly demonstrates its utter disinterest in a negotiated deal and attests to the damage done by the UN Security Council’s resolution,” Israeli Prime Minister Benjamin Netanyahu’s office said in a statement.“Hamas has once again rejected an American compromise proposal and has repeated its extreme demands: An immediate halt to the war, the complete withdrawal of the IDF from the Gaza Strip and leaving in place its administration so that it can repeat, time and again, the massacre of October 7, as it has promised to do,” the statement added. The US rejected the claim that the Security Council resolution was to blame. State Department spokesman Matt Miller said Netanyahu’s position was “inaccurate in almost every respect, and it is unfair to the hostages and their families.” He said Hamas prepared the statement before the Security Council resolution was passed.Netanyahu and other Israeli officials are fuming at the US for not preventing the Security Council resolution from passing. The US abstained from voting but had previously vetoed three resolutions calling for a ceasefire in Gaza. The US has downplayed the resolution, saying it’s “non-binding” and won’t impact Israeli military operations. The UN and other member states have disputed the US claim, saying the resolution is binding and must be followed.

US Claims Israel Is Following International Law, Not Blocking Aid - The State Department claimed on Monday that Israel is using US weapons without violating international or US law despite the massive civilian casualties in Gaza and the starvation blockade imposed on the Strip.Under a new national security memorandum, the US requires countries armed with US weapons to provide assurances that they won’t violate international law or block humanitarian assistance. Israeli Defense Minister Yoav Gallant gave the assurances in a letter he issued earlier this month.The State Department is also claiming Israel is not violating international law by imposing restrictions on aid entering Gaza, which has caused severe levels of acute food insecurity for 100% of the Strip’s population.“We’ve had ongoing assessments of Israel’s compliance with international humanitarian law. We have not found them to be in violation, either when it comes to the conduct of the war or the provision of humanitarian assistance. We view those assurances through that ongoing work we have done,” said State Department spokesman Matt Miller. The State Department has until May 8 to submit a report to Congress on Israel’s compliance with international law.By backing the Israeli assurances, the Biden administration can continue to arm Israel to support the slaughter in Gaza, which has killed over 32,000 Palestinians, including over 13,000 children. The certification from the US came after a video was released of an Israeli drone killing four unarmed Palestinian men in a series of strikes. The last man was killed while trying to crawl away from the scene of the initial drone strike.Dozens of congressional Democrats have urged President Biden to suspend military assistance to Israel by invoking foreign assistance laws that prohibit aid to countries that block humanitarian assistance. But so far, the pressure hasn’t worked, as the $1.2 trillion funding bill President Biden signed over the weekend included $3.8 billion in annual military aid for Israel.

Defense secretary meets with Israeli counterpart as tensions grow - Defense Secretary Lloyd Austin met with Israeli Defense Minister Yoav Gallant at the Pentagon on Tuesday as tensions soared this week between the U.S. and Israel over the war in Gaza, where more than 32,000 Palestinians have been killed. During the meeting, Austin discussed efforts to minimize casualties in Gaza and get more humanitarian aid into the coastal enclave, according to a senior U.S. defense official, who described it as “very productive.” The two also discussed the looming Israeli military operation in Rafah, a southern Gaza city on the border with Egypt that is acting as a refugee camp for more than a million Palestinians sheltering from the war. In remarks welcoming Gallant to the Pentagon, Austin reiterated that the United States’s “goal is to make Israel and the region safer and more security” but also to protect “Palestinian civilians from harm.” “In Gaza today, the number of civilian casualties is far too high, and the amount of humanitarian aid is far too low,” Austin said. “Gaza is suffering a humanitarian catastrophe, and the situation is getting even worse.” Gallant said in opening remarks that he remained committed to “the destruction of Hamas organization and bringing back the Israeli hostages back home.” In the discussion, Austin proposed Israel find an alternative to a major military operation in Rafah, according to a senior U.S. defense official, which is in line with a new push from the Biden administration in recent weeks to avoid widespread destruction in the southern city. The official said those alternatives could be “precision targeting” of senior Hamas officials. “That, in fact, has even been effective in targeting some Hamas leaders elsewhere in Gaza,” the official said. “The secretary, of course, is very experienced, and many in our department are very experienced with some of these very challenging operations working in urban environments to uproot terrorist organizations that are deeply embedded in civilian populations. “So, we do have experience to draw on, and that doesn’t mean there’s an exact parallel between the situation and any previous situation. But it does mean that when we develop ideas, it has some basis in experience,” the official continued. The official said those ideas “have the potential to achieve the dual objectives of protecting the civilians who are currently in Rafah and defeating the Hamas battalions that are in Rafah.” “We do believe that is possible, and we believe we have ideas that can be relevant to achieving those dual objectives,” the official added. On humanitarian aid, Austin also pushed Gallant “to diversify and scale up aid entry points into Gaza and to work with all the necessary international partners to address the problem of international aid distribution inside Gaza.” The U.S. is airdropping humanitarian aid into Gaza, and it is planning to construct a port, but the Biden administration says those are not substitutes for aid trucks coming in through land crossings, which Israel controls but has been criticized for limiting the amount of aid coming in. “These are efforts that the secretary, the minister, have been speaking about and working together on really for many weeks,” the official said. “So, this was a continuation of that dialogue.” The meeting comes after Israeli Prime Minister Benjamin Netanyahu canceled an upcoming delegation he had planned to send to Washington this week to discuss Rafah and other concerns.Netanyahu expressed concern that the U.S. on Monday abstained from a vote at the United Nations Security Council on a resolution that calls for a ceasefire in Gaza for the rest of Ramadan, the Muslim holy month that ends in about two weeks. The resolution also calls for the release of hostages, but Netanyahu slammed the U.S. for abstaining and therefore allowing the measure to pass, which he said gives Hamas free rein to continue holding hostages while getting a ceasefire.

Austin Tells Gallant US-Israel 'Security Bond' Is 'Unshakable' - Secretary of Defense Lloyd Austin hosted Israeli Defense Minister Yoav Gallant in Washington on Tuesday and declared the US-Israel military relationship is “unshakable” as the Israeli slaughter of Palestinians in Gaza continues.“Yoav, your security bond is — our security bond is unshakable. The United States is Israel’s closest friend, and that won’t change,” Austin said in remarks welcoming Gallant.Austin also detailed his close coordination with Gallant since October. “You know, I’ve been to Israel twice since that awful day of October 7th, including just six days after Hamas assaulted your country. And we’ve spoken by phone nearly 40 times,” he said.The purpose of Gallant’s trip was to ensure continued US support for Israel’s military and to ask for more weapons. Officials told CNN that he was expected to ask for more precision-guided munitions and F-35 and F-15 fighter jets. “Today, we will discuss developments in Gaza and the means to achieve our goals: the destruction of Hamas organization and bringing back the Israeli hostages back home,” Gallant said.Austin claimed the US was concerned about the massive civilian death toll in Gaza and the Israeli restrictions on aid. But unconditional US military support has continued despite the atrocities being committed.The meeting came after Israeli Prime Minister Benjamin Netanyahu canceled another planned delegation to Washington meant to discuss Israel’s plans to attack Rafah because the US didn’t veto a UN Security Council resolution calling for a Ramadan ceasefire in Gaza. According to the Pentagon, Austin warned Gallant about an assault on Rafah, which is packed with 1.5 million Palestinians, during their private meeting. “The Secretary stressed that the United States and Israel have a moral imperative and a shared strategic interest in safeguarding civilians, noting that operations in Rafah should not proceed without a credible and implementable plan that ensures the safety of and humanitarian support for civilians sheltering there,” the Pentagon said.

Data Shows Israel Gets 99% of Its Weapons From the US and Germany - Amid growing calls for the US to stop arming Israel, data from the Stockholm International Peace Research Institute (SIPRI) has shown that Israel gets 99% of its arms from the US and Germany, The Times of Israelreported on Monday. The SIPRI report said that from 2019-2023, the “USA accounted for 69% and Germany for 30% of Israeli arms imports.” The report said that imported weapons, particularly combat aircraft received from the US, have “played a major role in Israel’s military actions against Hamas and Hezbollah.” The US provides Israel with $3.8 billion in annual military aid and ramped up weapons deliveries in the wake of October 7 to support the brutal campaign in Gaza, which has killed over 32,000 Palestinians. The Biden administration approved over 100 arms deals for Israel since October and kept the shipments out of the public eye by keeping them under the threshold needed to notify Congress. “At the end of 2023, the USA rapidly delivered thousands of guided bombs and missiles to Israel, but the total volume of Israeli arms imports from the USA in 2023 was almost the same as in 2022. By the end of 2023, pending deliveries of major arms to Israel included 61 combat aircraft from the USA and 4 submarines from Germany,” the SIPRI report reads. Some Democrats in Congress have been urging the Biden administration to halt military assistance to Israel, citing foreign assistance laws that prohibit military aid to countries that block US humanitarian aid deliveries. But there’s no sign yet that President Biden is considering ending support for the slaughter in Gaza.

House Democrats Tell Biden To Enforce US Law and Suspend Military Aid to Israel - Six senior House Democrats sent a letter to President Biden on Saturday urging him to invoke US foreign assistance laws to suspend military aid to Israel due to the country’s starvation blockade on Gaza “Given the catastrophic and devolving humanitarian situation in Gaza, we urge you to enforce the Humanitarian Aid Corridor Act (Section 620I of the Foreign Assistance Act) and, as required by that law, make clear to the Israeli government that so long as Israel continues to restrict the entry of humanitarian aid into Gaza, the continued provision of US security assistance to Israel would constitute a violation of existing US law and must be restricted,” the letter reads. Section 620I of the Foreign Assistance Act says that no assistance shall be given “to any country when it is made known to the President that the government of such country prohibits or otherwise restricts, directly or indirectly, the transport or delivery of United States humanitarian assistance.” Israel’s blockade and restrictions on aid have put Gaza’s population on the brink of famine. Secretary of State Antony Blinken recently acknowledged that 100% of Gaza’s population is “experiencing severe levels of acute food insecurity,” but the Biden administration continues to provide unconditional military support for the Israeli campaign. The letter to Biden comes as Blinken is supposed to certify whether Israel has made credible and reliable written commitments to use US weapons according to US and international law. Israel submitted a letter this month claiming it will comply with the law, and the deadline for the US certification is Monday. Subsection (b) of Section 620I says that the president can waive the restriction if he believes providing military aid is in the US’s “national security interest.” US support for the Israeli slaughter of Palestinians in Gaza provoked an uptick in attacks on US forces in the region and Houthi attacks on Israel-linked commercial shipping, which the US has responded to by launching a new bombing campaign in Yemen. The risk of a major regional war continues to rise, but American politicians still claim that supporting Israel’s genocidal campaign is in the US national interest. The letter sent to Biden was signed by Reps. Joaquin Castro (D-TX), James P. McGovern (D-MA), Sara Jacobs (D-CA), Jan Schakowsky (D-IL), Barbara Lee (D-CA), and Chellie Pingree (D-ME). Sen. Bernie Sanders (I-VT) and seven Democratic senators sent a similar letter to Biden earlier this month. Israel’s undeclared nuclear weapons stockpile also violates US foreign assistance laws that prohibit US aid to nuclear-armed states that don’t sign the Non-Proliferation Treaty. The US gets around this law by not officially acknowledging that Israel has nukes.

In Reversal, Israel Sending Delegation To White House After "Bibi Made A Mistake" -- Israel's military has stepped up its airstrikes on the southern Gaza city Rafah in the last two days, on Wednesday bombing at least four homes, raising fears that the planned ground assault is imminent, despite the UN Security Council having just issued an official call for immediate ceasefire.Gaza health officials said that one of these airstrikes killed eleven people from a single family, as cited in Reuters. One local eyewitness, Jamil Abu Houri, described that "The bombing has increased, and they have threatened us with an incursion, and they say that have been given the green light for the Rafah incursion. Where is the Security Council?"While UNSC resolutions calling for ceasefire tend to be more symbolic than having real immediate impact, the formal resolution definitely ratcheted the pressure on Israel, and created tension with the White House given that it was the US abstention which allowed it to pass in the first place.As for the timing of a ground invasion of Rafah, regional media has cited Israeli military sources who say it will begin soon after the Muslim fasting season Ramadan is finished:The pro-Hezbollah Al-Akhbar daily, citing Egyptian sources who were said to have been in contact with Israel Defense Forces officials, reported that the expected offensive would come after Eid al-Fitr — the three-day holiday that follows Ramadan and ends around April 12 — or in early May at the latest.The ground incursion inside the last bastion of Hamas in the Gaza Strip would last from four to eight weeks, the sources said, and would be accompanied by an evacuation of the civilian population sheltering in Rafah, which amounts to about 1.5 million people, toward the center of the Strip along specific routes and at specific times, announced to civilians in each area of the city in advance.The Monday UNSC ceasefire resolution had resulted in PM Netanyahu canceling a top Israeli delegation's expected visit to the White House this week. The Biden administration slammed the move as an "overreaction".On Thursday Netanyahu has reversed course, apparently. "Israeli Prime Minister Benjamin Netanyahu is planning to send two top Israeli officials to Washington as early as next week for talks about a possible military operation in Rafah," officials toldAxios."The Prime Minister's office has agreed to reschedule the meeting dedicated to Rafah," White House press secretary Karine Jean-Pierre announced, citing the need for "urgent" discussion on Rafah. According to more from Axios:A U.S. official told Axios cancelling the trip and the rhetoric around it was "an unnecessary drama on Netanyahu's part."

Trump says Israel made ‘very big mistake’ with Gaza destruction - Former President Trump says Israel made a “very big mistake” with the invasion of Gaza, noting that broadcast images of the widespread destruction have turned many against the country in his strongest criticism of Israel since the beginning of its war against Hamas last year. In an interview with Israel Hayom on Sunday, Trump criticized the Israeli government for its publicizing its mass-bombing campaign against Gaza and the rampant destruction caused by its ongoing ground invasion, which came after more than 1,100 Israelis were killed in a Hamas attack on Oct. 7. Trump said a rise in antisemitism in the U.S. and abroad is because Israel “fought back.” “I think Israel made a very big mistake,” he said. “I wanted to call [Israel] and say don’t do it. These photos and shots. I mean, moving shots of bombs being dropped into buildings in Gaza. And I said, ‘Oh, that’s a terrible portrait.’” “It’s a very bad picture for the world,” he continued. “The world is seeing this … every night, I would watch buildings pour down on people. It would say it was given by the Defense Ministry, and said whoever’s providing that, that’s a bad image.” Trump reiterated his support for Israel, but he said images of the heavy-handed military response have sparked anti-Israeli and antisemitic sentiment. “Go and do what you have to do. But you don’t do that,” he said, referring to mass bombings. “And I think that’s one of the reasons that there has been a lot of kickback. If people didn’t see that, every single night I’ve watched every single one of those. And I think Israel wanted to show that it’s tough, but sometimes you shouldn’t be doing that.” He later urged the country’s leadership to change its public image in the conflict. “Israel has to get better with the promotional and with the public relations, because right now they’re in ruin,” Trump said. “They’re being hurt very badly, I think in a public relations sense.”

Pentagon in Early Talks on Funding Gaza 'Peacekeeping' Force - US officials are in preliminary talks about ways to stabilize a post-war Gaza, including a proposal for the Pentagon to fund a “peacekeeping” force, POLITICO reported on Thursday.US officials told the outlet that the proposal doesn’t involve US boots on the ground but could be a multinational force or Palestinian-led. Officials said it could be weeks or months before any plan is approved, but it might be even longer since there’s no end to the Israeli siege in sight.The report said any regional countries that might be involved in the multinational force want Israel to commit to a two-state solution before seriously discussing plans for a post-war Gaza. But Israeli Prime Minister Benjamin Netanyahu, his government, and the Israeli Knesset have also expressed strong opposition to a Palestinian state.Netanyahu has also unveiled a plan for a post-war Gaza that includes Israel maintaining the freedom to operate in the Strip without a time limit, which requires a long-term military occupation. The US claims it opposes an Israeli occupation but continues to back the Israeli military as it is carrying out a plan to create a “buffer zone” along the border that will take 16% of Gaza’s land. The POLITICO report said that Israel is “reluctant” to have conversations about the future situation in Gaza as it continues its military operations, which have killed over 32,000 Palestinians, including over 13,000 children. Both numbers are considered low estimates as thousands more are buried under the rubble.

Poll: Majority of Americans Disapprove of Israel's Military Actions in Gaza - A new poll from Gallup has found that the majority of Americans disapprove of Israel’s military actions in Gaza, which have killed over 32,000 Palestinians, including over 13,000 children, and has put the entire population of the Strip on the brink of famine.Asked if they approve or disapprove of Israel’s military actions, 55% of respondents said they disapproved, while only 36% said they approved of the onslaught.Disapproval of Israel has risen as Gallup asked the same question in a poll that was released in November 2023, which found 50% of respondents approved of Israel’s military campaign while 45% disapproved. Favorability for Israel is strongest among Republicans, with 64% approving Israel’s assault on Gaza in the latest poll. Only 29% of Independents and 18% of Democrats said they approved Israel’s campaign.Since October 7, polling has consistently shown the majority of American voters favor a ceasefire in Gaza. A poll released by Data for Progress in February found 67% of Americans favored the US pushing for a permanent ceasefire in Gaza, including 77% of Democrats, 69% of Independents, and 56% of Republicans.

Opinion: Why I’m resigning from the State Department | CNN -- Dr. Annelle Sheline — Since Hamas’ attack on October 7, Israel has used American bombs in its war in Gaza, which has killed more than 32,000 people — 13,000 of them children — with countless others buried under the rubble, according to the Gaza Ministry of Health. Israel is credibly accused of starving the 2 million people who remain, according to the UN special rapporteur on the right to food; a group of charity leaders warns that without adequate aid, hundreds of thousands more will soon likely join the dead. Yet Israel is still planning to invade Rafah, where the majority of people in Gaza have fled; UN officials have described the carnage that is expected to ensue as “beyond imagination.” In the West Bank, armed settlers and Israeli soldiers have killed Palestinians, including US citizens. These actions, which experts on genocide have testified meet the crime of genocide, are conducted with the diplomatic and military support of the US government. For the past year, I worked for the office devoted to promoting human rights in the Middle East. I believe strongly in the mission and in the important work of that office. However, as a representative of a government that is directly enabling what the International Court of Justice has said could plausibly be a genocide in Gaza, such work has become almost impossible. Unable to serve an administration that enables such atrocities, I have decided to resign from my position at the Department of State. Whatever credibility the United States had as an advocate for human rights has almost entirely vanished since the war began. Members of civil society have refused to respond to my efforts to contact them. Our office seeks to support journalists in the Middle East; yet when asked by NGOs if the US can help when Palestinian journalists are detained or killed in Gaza, I was disappointed that my government didn’t do more to protect them. Ninety Palestinian journalists in Gaza have been killed in the last five months, according to the Committee to Protect Journalists. That is the most recorded in any single conflict since the CPJ started collecting data in 1992. By resigning publicly, I am saddened by the knowledge that I likely foreclose a future at the State Department. I had not initially planned a public resignation. Because my time at State had been so short — I was hired on a two-year contract — I did not think I mattered enough to announce my resignation publicly. However, when I started to tell colleagues of my decision to resign, the response I heard repeatedly was, “Please speak for us.” Across the federal government, employees like me have tried for months to influence policy, both internally and, when that failed, publicly. My colleagues and I watched in horror as this administration delivered thousands of precision-guided munitions, bombs, small arms and other lethal aid to Israel and authorized thousands more, even bypassing Congress to do so. We are appalled by the administration’s flagrant disregard for American laws that prohibit the US from providing assistance to foreign militaries that engage in gross human rights violations or that restrict the delivery of humanitarian aid. So many of my colleagues feel betrayed. I write for myself but speak for many others, including Feds United for Peace, a group mobilizing for a permanent ceasefire in Gaza that represents federal workers in their personal capacities across the country, and across 30 federal agencies and departments. After four years of then-President Donald Trump’s efforts to cripple the department, State employees embraced Biden’s pledge to rebuild American diplomacy. For some, US support for Ukraine against Russia’s illegal occupation and bombardment seemed to reestablish America’s moral leadership. Yet the administration continues to enable Israel’s illegal occupation and destruction of Gaza. I am haunted by the final social media post of Aaron Bushnell, the 25-year-old US Air Force serviceman who self-immolated in front of the Israeli Embassy in Washington on February 25: “Many of us like to ask ourselves, ‘What would I do if I was alive during slavery? Or the Jim Crow South? Or apartheid? What would I do if my country was committing genocide?’ The answer is, you’re doing it. Right now.” I can no longer continue what I was doing. I hope that my resignation can contribute to the many efforts to push the administration to withdraw support for Israel’s war, for the sake of the 2 million Palestinians whose lives are at risk and for the sake of America’s moral standing in the world.

State Department Official Resigns Over Biden's Support for Gaza Slaughter - Annelle Sheline, who served as a foreign affairs officer in the State Department’s Bureau of Democracy, Human Rights and Labor, has resigned from her post after a year due to President Biden’s unconditional support for the Israeli slaughter of Palestinians in Gaza. “For the past year, I worked for the office devoted to promoting human rights in the Middle East. I believe strongly in the mission and in the important work of that office,” Sheline wrote in an op-ed for CNNannouncing her resignation.“However, as a representative of a government that is directly enabling what the International Court of Justice has said could plausibly be a genocide in Gaza, such work has become almost impossible. Unable to serve an administration that enables such atrocities, I have decided to resign from my position at the Department of State,” she wrote.Sheline said she did not initially intend to make her resignation public but did so after being encouraged by colleagues in the State Department. “When I started to tell colleagues of my decision to resign, the response I heard repeatedly was, ‘Please speak for us,'” she wrote.In the op-ed, Sheline cited Aaron Bushnell, the 25-year-old US airman who died after lighting himself on fire outside the Israeli embassy in Washington DC in protest of US support for the Israeli massacre of Palestinians. “I am haunted by the final social media post of Aaron Bushnell,” Sheline wrote.Bushnell’s final social media post said: “Many of us like to ask ourselves, ‘What would I do if I was alive during slavery? Or the Jim Crow South? Or apartheid? What would I do if my country was committing genocide?’ The answer is, you’re doing it. Right now.” Sheline is the third US official to publicly resign over Israel’s onslaught in Gaza, which has killed over 32,000 Palestinians, including over 13,000 children. Josh Paul, who worked in the State Department’s Bureau of Political-Military Affairs, quit in October and criticized the US’s “blind support” for Israel.Tariq Habash, a Palestinian-American who worked in the Education Department, resigned in January. In response to Sheline’s resignation, Habash told Al Jazeera that it wasn’t “surprising that [Sheline] felt like the only way that she can make an impact is by leaving, because in almost six months we’ve seen no substantive change in policy, and our influence at the international stage seems to be disintegrating by the day.”

State Department Smears Author of UN Rights Report Accusing Israel of Genocide as Anti-Semitic - The State Department on Wednesday suggested the author of a UN human rights report that says there are “reasonable grounds” to believe Israel is committing genocide is anti-Semitic as a way to dismiss the allegations. The author of the report, Francesca Albanese, UN special rapporteur to the occupied Palestinian territories,presented it to the UN Human Rights Council on Tuesday. “Israel has committed three acts of genocide with the requisite intent, causing seriously serious bodily or mental harm to members of the group, deliberately inflicting on the group conditions of life calculated to bring about its physical destruction in whole or in part, and imposing measures intended to prevent birth within the group,” Albanese said.State Department spokesman Matt Miller was asked about the report and said the US has for a “longstanding period of time opposed the mandate of this special rapporteur” and accused Albanese of having a “history of anti-Semitic comments.”Miller said Albanese had made comments “that appeared to justify the attacks of October 7.” Albaneseenraged Israeli officials earlier this year for writing on X that the victims of the October 7 Hamas attack “were not killed because of their Judaism, but in response to Israel’s oppression. France & the international community did nothing to prevent it. My respects to the victims.”Miller did not address the substance of Albanese’s detailed report and repeated the US position that it denies Israel is committing genocide. “With respect to the report itself, we have made clear that we believe that allegations of genocide are unfounded,” he said. Albanese’s report came months after the International Court of Justice ruled that it’s “plausible” Israel is committing genocide. The court’s final ruling on the case won’t happen for a few years, but if Israel is found guilty of genocide, the US would be implicated due to its strong military support for Israeli operations in Gaza.

Russian FSB Chief Says US, UK, and Ukraine Could Have Been Involved in Moscow Terror Attack - The head of Russia’s Federal Security Service (FSB) said Tuesday that the US, the UK, and Ukraine could have been involved in the terrorist attack on a concert hall outside of Moscow that killed 139 people.FSB chief Aleksandr Bortnikov told reporters that Russia was trying to identify everyone who was involved in the massacre and was asked if the US, Britain, and Ukraine were involved.“We think that this is so. In any case, we are now talking about the information that we have. This is general information, but they [investigators] also have concrete results,” Bortnikov replied, according to RT. The ISIS affiliate based in Afghanistan, known as Islamic State – Khorasan Province, or ISIS-K, has taken credit for the attack, a claim backed by the US. Russian President Vladimir Putin said on Monday that “radical Islamists” carried out the attack but suggested Ukraine could have been involved.Putin also questioned the US assertion that ISIS-K was responsible. “We are seeing that the US, through various channels, is trying to convince its satellites and other countries of the world that, according to their intelligence, there is allegedly no Kyiv trace in the Moscow terror attack — that the bloody terrorist act was committed by followers of Islam, members of the Islamic State group,” he said. “Those who support the Kyiv regime don’t want to be accomplices in terror and sponsors of terrorism, but many questions remain.”If Russia believes that Ukraine or any NATO country was in some way responsible for the Moscow terrorist attack, it could lead to a major escalation of the war in Ukraine. The Russian military has already escalated its missile strikes across Ukraine in response to the Ukrainian attacks inside Russia.According to TASS, Bortnikov noted that Ukraine had been increasing its attacks on Russian territory and said US and British intelligence were involved in the operations. “There have been drone strikes, strikes by uncrewed boats at sea, and incursions by groups of saboteurs and terrorist organizations into our territory,” he said.In recent weeks, Ukraine has launched heavy drone and artillery attacks on Russian territory. The Russian Volunteer Corps, a neo-Nazi militia made up of Russian volunteers that have US armored vehicles, launchedground incursions into Russian border regions from Ukraine.

NYT: US Didn't Give Russia All the Information It Had About Moscow Terrorist Plot - The US did not share all the information it had about a terrorist plot in Russia ahead of the shooting at a concert hall outside of Moscow that killed over 140 people, The New York Times reported on Thursday.The paper said that the “adversarial relationship between Washington and Moscow prevented US officials from sharing any information about the plot beyond what was necessary, out of fear Russian authorities might learn their intelligence sources or methods.”In response to the report, Kremlin spokesman Dmitry Peskov said he was unaware of information about the US withholding intelligence and cast doubt on the report. “The information of The New York Times, citing sources, is information that should be treated with great caution,” he said.The US Embassy in Moscow issued a public warning on March 7 that specifically warned Americans in Russia that “extremists have imminent plans to target large gatherings in Moscow, to include concerts” and to avoid large gatherings for 48 hours. The US also passed along the warning to Russia privately, which Russian FSB chief Aleksandr Bortnikov said was “of a general nature.”Sources told the Times that Russia tightened security after the warning but may have relaxed it after an attack didn’t happen in the 48-hour window. The report said it was unclear if US intelligence was wrong about the timing of the attack or if the perpetrators noticed the heightened security and decided to wait.

Dominoes Falling As Biden Admin Deals With Twin Energy Crisis In Russia, Middle East -- A twin crisis is unfolding for the Biden administration as the US tax-payer-funded Ukrainian military bombs key crude refineries deep within Russian territory with suicide drones. The administration has pleaded with the Ukranians to halt strikes on Russian energy infrastructure as this will only contribute to tightening global supplies and push energy prices higher, as well as inflation in the US, hurting Biden's re-election odds. Now for the other crisis that's unfolding in the Middle East: US Vice President Kamala Harris told ABC's "This Week" that amajor attack on the Gazan city of Rafah, where more than a million Palestinians have sought refuge, "would be a huge mistake." "We have been clear in multiple conversations and in every way that any major military operation in Rafah would be a huge mistake," Harris said.She added: "I have studied the maps - there's nowhere for those folks to go. And we're looking at about a million and a half people in Rafah who are there because they were told to go there."Harris was asked whether there would be "consequences" from the US on an Israeli counteroffensive in Rafah. She responded, "I am ruling out nothing."This comes as The Jerusalem Post said Israeli Prime Minister Benjamin Netanyahu and other senior officials say an operation into the southern Gazan city is "imminent." Bloomberg quoted Israeli intelligence that estimate about 5,000 to 8,000 Hamas fighters are in Rafah. As we've explained before, in the note titled "Terrified" Joe Biden Demands Ukraine Halt Strikes On Russian Refiners As It Is Sending Oil Prices Surging," Biden's foreign policy has been and always been about crude markets. So, of course, the administration would march the clueless VP onto ABC yesterday to give Irasel a public warning about the consequences of launching a counteroffensive against Hamas in Rafah, because it's not entirely about the poor Palestinians, but the prospect of a much wider conflict that could send crude prices into parabolic trajectories, thus reigniting US inflation and continuing to weigh on re-election odds. Rapidan Energy Group wrote in a recent note that the "Axis of Resistance" (Iranian proxies in Lebanon, Syria, Iraq, and Yemen) is "likely to intensify its attacks as Israel moves forward with the ground offensive in Rafah."

Beijing Slams US for Getting Involved in China-India Territorial Dispute - China has hit back at the US for siding with India in a territorial dispute over Arunachal Pradesh, a state in northeast India that’s claimed by Beijing. Last week, the State Department released a statement saying the US “recognizes Arunachal Pradesh as Indian territory and strongly oppose any unilateral attempts to advance territorial claims by incursion or encroachments, military or civilian, across” the Line of Actual Control (LAC), the demarcation line separating Chinese-controlled and Indian-controlled territory.In response, Chinese Foreign Ministry spokesman Lin Jian said, “China strongly deplores and firmly opposes this. The China-India boundary question is a matter between the two countries and has nothing to do with the US side.”India bases its claims to Arunachal Pradesh on the McMahon Line, a boundary agreed upon by the British and Tibet in 1914 without China’s input. China briefly controlled most of Arunachal Pradesh after the 1962 Sino-Indian War but ceded the territory and withdrew back to the McMahon Line.India formally declared Arunachal Pradesh a state in 1987, but Beijing has not dropped its claim to the territory, known as Zangnan in China. Beijing says the territory is southern Tibet and should be part of China’s Tibet Autonomous Region.Lin said, “Zangnan has always been China’s territory, a basic fact that is undeniable.” He added that “it is known to all that the US has consistently spared no efforts to provoke and take advantage of other countries’ conflicts to serve its selfish geopolitical interests.”Tensions have been high between China and India since 2020 when a clash broke out between Indian and Chinese troops in the Galwan Valley, an area along the western portion of the LAC. Chinese and Indian troops deployed to the border are not armed with guns, but the skirmish with clubs and bats still left 20 Indian and four Chinese troops dead.After the clash between the two nuclear-armed countries, the US began to increase its military relationship with India. In October 2020, the US and India signed an intelligence-sharing deal known as the Basic Exchange and Cooperation Agreement (BECA). The deal allowed the US to share satellite data with India to help keep an eye on Chinese troops on the disputed border.According to a report from US News, the BECA allowed the US to provide unprecedented intelligence-sharing during a clash between Indian and Chinese troops in December 2022. BECA would also allow the US to share intelligence with India for missile strikes if the border dispute ever escalates into a full-blown conflict.

Pakistan to seek US waiver over Iran gas pipeline - Pakistan Observer - Minister for Petroleum Musadik Malik has said that Pakistan would approach the United States to waive the sanctions over the Iran-Pakistan Gas Pipeline project. Speaking to media representatives, the petroleum minister said that Pakistan cannot afford the project to be halted, adding that the United States government would be asked to waive off the sanctions from the project. “We have prepared an exemption petition draft against the US sanctions,” Musadik Malik added. He said that Pakistan will fully present its case on the matter. The petroleum minister said that Pakistan would use every available political and technological means to avert the sanctions. Musadik Malik said that Pakistan will start construction on its part of Iran gas pipeline project soon. The caretaker government had approved the 80-kilometre Iran-Pakistan gas pipeline project within the country’s territory. Earlier on March 21, Pakistan reaffirmed its commitment to Iran Pakistan gas pipeline project as Foreign Office Spokesperson Mumtaz Zahra Baloch said that it is the sovereign decision of the Pakistani government to move forward on the project. During her weekly news briefing, Mumtaz Zahra Baloch responded to the queries of the media persons regarding US congressional hearing. She made it clear that at this point there is no room for any discussion or waiver from any third party for the construction of the pipeline inside Pakistan’s territory. She said Pakistan has also conveyed to the US authorities the importance of this project for its energy security.

Niger Says US Will Submit Plan to 'Disengage' Troops -Niger’s Interior Ministry has said that the US will submit a plan to “disengage” its troops from the West African nation, AFP reported.Earlier this month, Niger’s military-led government, which took power after a July 2023 coup, said that it was ending its military agreement with the US and that the US military presence in the country was no longer legally justified. Despite the order, the US is looking to stay in the country and has said it’s seeking clarification from the Nigerien government, known as the National Council for the Safeguard of the Homeland (CNSP). US Ambassador Kathleen FitzGibbon met with Nigerien Interior Minister General Mohamed Toumba on Wednesday to discuss the issue. Niger’s Interior Ministry said FitzGibbon said the US had “taken note of the decision” by Niger to withdraw from the military agreement and would be “coming back with a plan” on the “methods for disengaging” its troops in the country. But when asked about Niger’s statement, the US State Department refused to comment. “I don’t want to get into what – from our perspective, at least – are private diplomatic conversations,” said State Department spokesman Matt Miller.The US has about 1,000 military personnel in Niger, including 650 troops and a few hundred civilian contractors, and a major drone base that cost over $100 million to build, known as Air Base 201.The US is also preparing for the possibility of getting kicked out, as The Wall Street Journal reported earlier this year that the US was in talks with other West African states to base drones on their territory, including Benin, the Ivory Coast, and Ghana.

Assange Wins Temporary Reprieve As Court Seeks US 'Assurances' Over Extradition -Tuesday's much anticipated London High Court ruling has gone mostly in Julian Assange's favor, as he has been granted permission to continue to appeal his extradition to the United States, where he would face espionage and related charges for publishing state secrets. However, this is not yet a 'win' for Assange and his team, but more of another delay.The court ruled that the WikiLeaks founder will be not be extradited immediately and said the US still has opportunity to provide "satisfactory assurances" related to his grounds of appeal. What has happened Tuesday is tantamount to Assange's ability to challenge the extradition request being slightly extended, and is a temporary reprieve, extending the whole process yet further.But this is the part that is not looking good for Assange, as explained by WikiLeaks: "The court has given US Gov 3 weeks to give satisfactory assurances: That Mr. Assange is permitted to rely on the First Amendment to the US constitution; not prejudiced at trial by reason of his nationality; and that the death penalty is not imposed."A May 20 hearing which has been scheduled is expected to take up whether the US 'assurances' are satisfactory. An Al Jazeera correspondent has explained the decision as follows:It was a highly nuanced decision in the end. The judges haven’t thrown out the grounds for an appeal hearing, they have essentially upheld them.They basically said, “Yes, we understand that there is a basis here for an appeal – however, we are going to defer a decision on that until May 20”, when they called for a second hearing.According to the judge's statement, "We had an explicit statutory obligation not to order the applicant’s extradition if he could be sentenced to death for the offense concerned or if he could be charged with an extradition offense disclosed by the same facts in respect of which a sentence of death could be imposed."The statement reads further, "If assurances are given, then we will give the parties an opportunity to make further submissions before we make a final decision on the application for leave to appeal."Stella Assange, his wife, has warned that if the court rules against Assange, he could be on a plane to US soil days following. He would be removed from the high security Belmarsh prison for a trial in the US on espionage-related charges and publishing state secrets, where a 175 year jail sentence would await him, likely at a federal 'supermax' prison.WikiLeaks has been urging all Americans to put pressure on the Biden administration to drop its case against Assange by calling House representatives and telling them to support H.Res.934. The bill, introduced by Rep. Paul Gosar (R-AZ) requests that the Biden White House halt the proceedings against Assange.

Democratic senators urge Biden to protect migrant children, spouses who might be deported under Trump - Senate Judiciary Committee Chair Dick Durbin (D-Ill.), Sen. Bernie Sanders (I-Vt.) and 17 Senate Democrats sent a letter to President Biden on Tuesday asking his administration to “take all available action” to speed up the process for granting lawful status to migrants who have come to the country illegally. The senators urged Biden to swiftly provide administrative “relief” to hundreds of thousands of immigrants to protect them from the threat of deportation if President Trump returns to office. “Over 1.1 million U.S. citizens are married to an undocumented immigrant, and roughly 4.9 million U.S. citizen children have at least one undocumented parent. Deporting all such individuals — as former President Donald Trump has threatened to do if reelected — would devastate the American economy and destroy American families,” the senators wrote in the letter. The senators pointed out that “undocumented immigrants” contributed an estimated $9.7 billion federal and state taxes and more than $11 billion in Social Security contributions in 2019 alone. “These families live in fear that they may be separated from their loved one due to deportation, and often forgo much needed health care and decline to report crimes due to their immigration status,” they wrote. The signatories included Sens. Alex Padilla (D-Calif.), Catherine Cortez Masto (D-Nev.), Bob Menendez (D-N.J.), Ben Ray Luján (D-N.M.), Cory Booker (D-N.J.), Ben Cardin (D-Md.), Mazie Hirono (D-Hawaii) and Sanders, among others. The senators specifically asked Biden to take administrative action to speed the processing of green card applications of undocumented immigrants who are married to U.S. citizens, noting that they face “significant processing delays.” They argued such applications now take a median of 42 months to complete. The senators are also asking the administration to speed up the process for immigrants who applied for legal status under the Deferred Action for Childhood Arrivals (DACA) program to later have the opportunity to be sponsored by a prospective employer for a green card.

Court strikes down Biden rule requiring states and cities to set climate targets for transportation -A federal court struck down a Biden administration rule Wednesday night requiring states and cities to set climate targets for transportation. Judge James Hendrix, a former President Trump appointee, agreed with the Republican-led states that sued over the rule that the Biden administration did not have the authority to require them to set the targets. Hendrix argued that the administration was not authorized under law to include environmental benchmarks in states’ assessment of highway “performance.” He wrote that the law referring to the “performance of the Interstate/National Highway Systems” refers to “the infrastructure’s effectiveness in facilitating travel, commerce, and national defense—not environmental outputs of vehicles using the systems.” The rule, from the Federal Highway Administration, required state and local transit authorities to set targets for decreasing planet-warming emissions and report on its progress. It also set up a national framework for measuring and reporting transportation-related emissions. A spokesperson for the highway administration, which is part of the Transportation Department, said the agency was reviewing the decision and figuring out next steps. The spokesperson stressed the administration’s commitment to combatting climate change. Meanwhile, congressional Republicans cheered the court’s action. “This was a clear case of blatant overreach by the Biden Administration from the beginning, and we commend the Court for its ruling,” Reps. Sam Graves (R-Mo.) and Rick Crawford (R-Ark.) said a joint statement. They described the rule as an “unlawful attempt to circumvent Congress and force this one-size-fits-all burden upon every state and community across the country.”

Energy agency announces $6 billion to slash emissions in industrial facilities - The Biden administration announced $6 billion in funding Monday for projects that will slash emissions from the industrial sector — the largest-ever U.S. investment to decarbonize domestic industry to fight climate change.The industrial sector is responsible for roughly 25% of all the nation’s emissions, and has proven difficult to decarbonize due to its energy-intense, large-scale operations.Iron, steel, aluminum, food and beverage, concrete and cement facilities are some of those involved in this initiative. Recipients of the funding, which is coming from the Inflation Reduction Act and the Bipartisan Infrastructure Law, include 33 demonstration projects in more than 20 states.Energy Secretary Jennifer Granholm said during a call with news media that the technologies being funded are “replicable,” “scalable,” and will “set a new gold standard for clean manufacturing in the United States and around the world.” White House climate adviser Ali Zaidi said this funding aims to eliminate 14 million metric tons of pollution each year, equivalent to taking about 3 million cars off the road.

• —Century Aluminum Company plans to build the first new U.S. primary aluminum smelter in 45 years. The plant would double the size of the current U.S. primary aluminum industry while avoiding an estimated 75% of emissions from a traditional facility, with its energy-efficient design and use of clean energy, according to DOE.
• —Constellium in Ravenswood, West Virginia, is going to operate a first-of-its-kind zero-carbon aluminum casting plant and install low-emission furnaces that can use clean fuels such as hydrogen. The company produces aluminum for a range of products including cars and planes.
• —Kraft Heinz will install heat pumps, electric heaters and electric boilers to decarbonize food production at 10 facilities, including in Holland, Michigan.
• —Cleveland-Cliffs Steel Corporation in Middletown, Ohio, will retire one blast furnace, install two electric furnaces, and use hydrogen-based ironmaking technology. The project aims to eliminate 1 million tons of greenhouse gas emissions each year from the largest supplier of steel to the U.S. automotive industry.
• —Heidelberg Materials US, Inc. will build a system that captures and stores carbon underground at its plant in Mitchell, Indiana. The project aims to capture at least 95% of the carbon dioxide released by the cement plant, which will prevent 2 million tons of carbon dioxide from entering the atmosphere each year.

A "Black Swan Event" - General Flynn Raises Questions About Baltimore Bridge Collapse - Here's a live broadcast of the disaster area in Baltimore, Maryland. "Can we take the idea that this [Baltimore bridge collapse] was a terrorist attack off the table ... and absolutely we cannot do that," President Trump's former national security adviser (and retired lieutenant general) Michael Flynn told Alex Jones in an online interview. REPORT: There were no vehicles traveling on the Francis Scott Key Bridge when it fell into the ocean thanks to heroic police officers who jumped into action. It has now been confirmed that the only people on the bridge when it collapsed was a pothole repair crew. Flynn called the container ship ramming the 1.6-mile-long bridge mile bridge at the Port of Baltimore a "black swan" event. pic.twitter.com/NfDS5LUMBA Meanwhile, the White House and federal government agencies have been quick to declare this was not a terror attack. Maritime job placement company BalticShipping shows the captain of the container ship is a Ukranian. Bloomberg Intelligence reports: Reinsurers Could Bear Brunt of Baltimore Bridge Collapse Claims The bulk of claims from the March 26 Baltimore bridge collapse will likely fall on reinsurers. The ship has about $3 billion of reinsurance coverage over a $100 million retention. Chubb is reported to be the lead insurer on the bridge's property cover but might recover losses paid. We note it's still early, and this will be a complex loss.

Battle heats up over proposed federal funding for Baltimore bridge -The battle over Congress’s role in repairing a landmark bridge in Baltimore is already heating up on Capitol Hill, just days after it collapsed. President Biden vowed Tuesday that the federal government would cover the massive cost of rebuilding the Francis Scott Key Bridge, a major artery feeding the Port of Baltimore, one of the busiest shipping lanes in the country. The bridge was struck by a cargo ship, almost 1,000 feet long, that lost power as it was leaving Baltimore Harbor and drifted into a support pile in the early hours of Tuesday morning. Biden’s proposal is already winning praise from a number of Democrats, especially those in Maryland, who say the port’s value transcends the state, making the repairs an issue of national importance. Only the federal government, they argue, has the resources to accomplish the task. Yet the idea has sparked an immediate backlash from conservative spending hawks, who are already up in arms over Congress’s recent approval of a massive 2024 spending package and maintain that Washington simply can’t afford to pile more money onto the national debt. Key Bridge, they argue, is a regional matter to be tackled by regional governments. “The very thought of having the Federal Government pay for the Baltimore bridge is TOTALLY ABSURD!!” Rep. Ralph Norman (R-S.C.) told The Hill by text message. “This exemplifies the old slogan ‘ROBBING PETER TO PAY PAUL!!’” Republicans are not the only critics. Some liberals are also questioning Biden’s proposal, arguing that the blame for the tragedy lies, at least in part, with the owner of the cargo vessel, which should bear some portion of the repair costs. “Let’s be clear about the tragedy in Baltimore. That bridge didn’t just collapse. There was no earthquake. The bridge was knocked down (apparently) by a private ship that lost control. Shouldn’t they be at least partly responsible for fixing it?” said Jamal Simmons, a Democratic strategist and Vice President Harris’s former communications director. Treasury Secretary Janet Yellen said Wednesday on MSNBC that she expected insurance payments to cover part of the cost to rebuild the bridge. The debate is sure to get only more spirited after Congress returns to Washington in mid-April following the long holiday break; party leaders will already be grappling with a number of radioactive issues, including an extension of the government’s domestic spying authority and military aid for Ukraine and Israel. It remains unclear how much it will cost to repair the bridge — some estimates put the figure at a whopping $2 billion. But Biden on Tuesday, just hours after the incident, expressed confidence that he can win Congress’s backing. .

Greene says she won’t take blame if Jeffries becomes Speaker -Rep. Marjorie Taylor Greene (R-Ga.) said Tuesday that it is not her fault if House Minority LeaderHakeem Jeffries (D-N.Y.) is promoted to the House’s top role after she filed a motion to vacate Speaker Mike Johnson (R-La.) from the position last week.Greene pushed back on criticism that her motion against Johnson could result in Jeffries being elected Speaker due to the dwindling GOP majority in the lower chamber. She argued that Republican lawmakers who have cut their terms short and left office are the true ones to blame, not her.“It’s just a simple math. The more Republicans, like Mike Gallagher, that resign and leave early — guess what, that means we have less Republicans in the House,” Greene said Tuesday onReal America’s Voice, a conservative cable channel. “So, every time a Mike Gallagher or a Ken Buck leaves early, that brings our numbers down and brings us dangerously closer to being in the minority.”“It’s not Marjorie Taylor Greene that is saying the inconvenient truth and forcing everyone to wake up and realize Republican voters are done with us doing this kind of crap that we did last week,” she added.Former Rep. Ken Buck (R-Colo.) served his final day in Congress last week, and Rep. Mike Gallagher (R-Wis.) announced he would be leaving the lower chamber next month. Earlier this week, Greene also called on Johnson to push for Gallagher’s expulsion from the House to give his district time to elect a new representative.After Gallagher leaves, House Republicans will have 217 members, while House Democrats will have 213, meaning the GOP can only afford to lose one vote on any bill that doesn’t have Democratic support.“I am not going to be responsible for Hakeem Jeffries being Speaker of the House,” Greene said.“I am not going to be responsible for a Democratic majority taking over our Republican majority that lies squarely rarely on the shoulders of these Republicans that are leaving early because they don’t have the intestinal fortitude to handle the real fight and the responsibility that comes with leadership and the end of our republic when our country is nearly destroyed,” she added.

Social Security Administration issues new rule preventing food assistance from affecting payouts- The Social Security Administration (SSA) will implement a new rule aimed at removing barriers and increasing monthly payouts for those who receive certain government benefits, the government agency announced Wednesday. Beginning at the end of next September, the agency will no longer include food assistance when calculating one’s eligibility for Supplemental Security Income (SSI) monthly payments. Those who qualify for SSI benefits include adults and children with a disability or blindness and adults 65 years and older who have limited income and resources. These benefits help cover the costs of basic resources including housing, food, medicine, and clothing. About 7.4 million Americans are currently recipients of SSI or Social Security payments, according to the SSA’s February data. To receive SSI benefits, individuals must meet certain eligibility requirements, which are calculated under a rule titled “In-Kind Support and Maintenance (ISM).” Under the current rules, food, shelter or both are counted as unearned income, which can impact an individual’s eligibility or lessen their payments. Starting Sept. 30 of this year, the agency will no longer include food in its ISM calculations, meaning an applicant’s history of informal food assistance from friends, family or other support networks will no longer hinder their benefits. “A vital part of our mission is helping people access crucial benefits, including SSI,” said Martin O’Malley, Commissioner of Social Security. “Simplifying our policies is a common-sense solution that reduces the burden on the public and agency staff and helps promote equity by removing barriers to accessing payments.” The SSA said the change will ease the process for applicants as they will have less information to report about food assistance and will see more similar payments from month to month. It will also increase the efficiency of the agency, with less time spent on tracking beneficiary’s food assistance.

Supreme Court justices appear deeply skeptical of effort to cut access to abortion pill -The U.S. Supreme Court signaled Tuesday it would likely retain widespread access to one of the two common drugs used in medication abortion, in a case that could have nationwide implications for reproductive rights and the authority of federal agencies. During oral arguments, a majority of the justices from across the ideological spectrum appeared deeply skeptical that a group of anti-abortion doctors and organizations had the right to sue the Food and Drug Administration (FDA) over changes the agency made to make it easier to access mifepristone. In particular, the conservative justices appointed by former President Trump questioned whether any of the doctors in the lawsuit could show they had personally been harmed by the government’s actions to regulate mifepristone. Justice Neil Gorsuch, one of the thee conservatives appointed by Trump, also joined with the liberal justices to question the broad relief the groups were seeking: rolling back all the changes the FDA made since 2016. “We’ve had … a rash of universal injunctions or vacaturs. And this case seems like a prime example of turning what could be a small lawsuit into a nationwide legislative assembly on an FDA rule or any other government action,” Gorsuch said. A decision isn’t expected until June or July, but a ruling in favor of the FDA would be a major boost for the agency’s authority to regulate drugs and for reproductive-rights groups that have been trying to preserve access to mifepristone. But even if the court upholds broad access to mifepristone it will still remain illegal in the more than dozen states that ban abortion. The doctors suing asserted they would be violating their morals if they had to treat a woman suffering complications from using mifepristone. But as Solicitor General Elizabeth Prelogar and some of the justices noted, the doctors have the ability to opt out if such a scenario were to occur. By suing the FDA over a potential harm, they were asking the Supreme Court to prevent all women across the country from accessing the pills, rather than seeking a remedy to their specific circumstances.

Fears grow over Comstock Act, Justices Thomas, Alito -More Abortion-rights supporters are sounding the alarm that conservative Supreme Court justices want to use a long-dormant law to enforce a nationwide abortion ban. Justices Clarence Thomas and Samuel Alito repeatedly invoked the Comstock Act during oral arguments Tuesday in a case about the constitutionality of the Biden administration’s efforts to expand access to mifepristone. Alito questioned why the Food and Drug Administration (FDA) had not contended with the law in its decisions on expanding access to mifepristone through the mail. “This is a prominent provision; it’s not some obscure subsection of a complicated, obscure law. Everybody in this field knew about it,” Alito said. The 151-year-old law banned the mailing of materials that were deemed “obscene, lewd, [or] lascivious,” which included things such as contraception, abortion drugs and pornography. The law’s interpretation has been narrowed by Congress over the years, and some experts say it’s been rendered obsolete. The law wasn’t enforceable while Roe v. Wade was on the books, and it hasn’t been applied in nearly a century. But now that Roe has been overturned, anti-abortion activists see an opening. These activists, working with former Trump administration officials, have been laying the groundwork for the next Republican administration to apply the Comstock Act to prevent the mailing of any abortion drugs and materials, effectively banning all abortions without needing Congress to act. “It was deeply disturbing to see this extreme argument being taken very seriously by two of the justices who overruled Roe v. Wade,”

White House looking for ‘opportunity to repeal’ funding bill provision preventing US embassies from flying pride flags - The White House said it is looking to work with Congress to repeal an effective ban on LGBTQ pride flags flown over U.S. embassies in legislation funding the government through September.President Biden signed the $1.2 trillion spending package Saturday, hailing the agreement as a compromise in which “neither side got everything it wanted.”LGBTQ advocates criticized a provision in the bill prohibiting State Department facilities from displaying flags other than the United States flag — a restriction they argued was drafted with the intent of removing pride flags from certain government buildings. A nearly identical amendment was dropped from the National Defense Authorization Act in December. In July, Rep. Ralph Norman (R-S.C.), who introduced the amendment, said it was needed to prevent a “rainbow flag” from flying at U.S. military bases. Restrictions included in the bill signed Saturday do not apply to the POW/MIA flag or the flag of a state, U.S. territory or the District of Columbia, among other exceptions.

Senators stand up for potatoes as a vegetable amid reports of USDA change - Fourteen senators are calling on the departments of Agriculture (USDA) and Health and Human Services (HHS) to keep the potato classified as a vegetable, amid reports that a joint advisory committee is considering “the interchangeability of starchy vegetables and grains.” In a letter to USDA Secretary Tom Vilsack and HHS Secretary Xavier Becerra, the senators on Tuesday made the case that the potato is a vegetable, not a grain, pointing to its nutritional benefits, its physical characteristics and its horticultural scientific classification. “The scientific justification behind the assertion that potatoes are not vegetables is not strong, and there are documented nutritional benefits of potatoes. Therefore, we strongly oppose any reclassification of potatoes to the grain category under the DGAs,” the senators wrote. The letter comes amid reports that the 2025 Dietary Guidelines Advisory Committee is “considering changes to food groups,” including “the interchangeability of starchy vegetables and grains,” according to testimony from the National Potato Council CEO Kam Quarles. The advisory committee is tasked with providing independent, science-based recommendations to the USDA and HHS secretaries to help inform their development of the Dietary Guidelines for Americans (DGA). The DGA is issued every five years and influences federal nutritional and food policy. A spokesperson for USDA said in a statement that the advisory committee “is not considering a change to the classification of potatoes,” noting it “is not within the Committee’s purview to make such a change.” Still, the reports have sparked concerns for many in the potato industry, which could take an economic hit if such a reclassification takes place.

"The Squad" Earmarked $224 Million Since 2023 – Led By AOC, It's Pork Barrel Spending By The Democratic Socialists -- “The Squad’ is a group of ultra-left wing Congressional socialists which has been the toast of so-called “progressives” for the last several years. Its members might promise a worker’s paradise, in which government “withers away,” in the words of Vladimir Lenin, but for now they are only too happy to direct government largesse to the folks back home. In fact, The Squad members have earmarked $224 million and many absurd pet projects since 2023. Download the full database of The Squad’s 2023 and 2024 earmarks here. Our figures include the earmarks in the most recent $1.2 trillion spending bill from last week.It’s a stunning display of logrolling – deep inside the status quo – they say they hate as a tool of capitalist oppression.The Squad maxed out their pork in 2023 and 2024. Their 215 earmarked projects cost the rest of us (overwhelmingly non-socialist) U.S. taxpayers $224.1 million. Every dime was borrowed against our national debt.

Cheney trolls Trump over Bible sale, suggests he read verse on adultery Former Rep. Liz Cheney (R-Wyo.) took aim at former President Trump for launching an initiative to sell Bibles on Tuesday and encouraged him to read what the Bible says about adultery. “Happy Holy Week, Donald. Instead of selling Bibles, you should probably buy one,” Cheney wrote in a post on X, the platform formerly known as Twitter, in response to a screenshot of Trump’s Bible pitch on Truth Social. “And read it, including Exodus 20:14,” Cheney added, referring to the verse that commands, “Thou shalt not commit adultery.” In his latest effort to raise funds, Trump pitched his “God Bless USA” Bibles, which he is selling in partnership with country musician Lee Greenwood, ahead of Good Friday and Easter Sunday. In a video posted to Truth Social on Tuesday, Trump said he thinks it’s important for every American to have a copy of the Bible in their home. “It’s my favorite book,” Trump said. “I’m proud to endorse and encourage you to get this Bible. We must make America pray again.”

Jordan, Comer threaten Garland with contempt over Hur materials House Judiciary Committee Chair Jim Jordan (R-Ohio) and House Oversight and Accountability Committee Chair James Comer (R-Ky.) are threatening to hold Attorney General Merrick Garland in contempt of Congress if he does not hand over materials pertaining to special counsel Robert Hur’s investigation into President Biden’s handling of classified documents.The threat — as written in a letter to Garland on Monday that was obtained by The Hill — comes nearly one month after Jordan and Comer, along with House Ways and Means Committee Chair Jason Smith (R-Mo.), issued the attorney general a subpoena asking for information related to Hur’s probe, including transcripts, notes, and video and audio files.Jordan and Comer on Monday said Garland handed over an “insufficient production” of materials, and warned they may move forward with contempt proceedings if he does not provide the rest of the information by April 8. “The Committees expect you to produce all responsive materials no later than 12:00 p.m. on April 8, 2024. If you fail to do so, the Committees will consider taking further action, such as the invocation of contempt of Congress proceedings,” the pair wrote.The GOP chairs said they are still waiting for audio recordings of Hur’s interviews with Biden, and the transcript and audio recordings of the special counsel’s interviews with Mark Zwonitzer, the ghostwriter for Biden’s memoir. The Justice Department provided a transcript of Hur’s interview with Biden earlier this month.“The February 27 subpoenas create a legal obligation on you to produce this material,” they wrote.The letter notes that the Justice Department informed the committees earlier this month that it was conducting an “interagency review” for classified and confidential information.In response to the letter, a Justice Department spokesperson said they hope Jordan and Comer “reconsider this unnecessary escalation,” citing the cooperation between Hur and the committees.“The Department has been extraordinarily transparent with Congress. The Attorney General released Mr. Hur’s report to Congress and made no redactions or changes, the Department provided documents to Congress including a copy of the President’s interview transcript, and Mr. Hur testified before Congress for more than five hours about his investigation. Given the Department’s ongoing and extensive cooperation, we hope they will reconsider this unnecessary escalation,” the spokesperson said. Hur earlier this month appeared before the House Judiciary Committee, where he defended his report on Biden’s handling of classified documents and explained how he landed on his conclusions. He appeared as a private citizen, having left the Justice Department before his hearing.Hur found that Biden “willfully” retained classified documents but stopped short of filing charges against the president, sparking opposition from Republicans. He also prompted backlash from Democrats by describing Biden as “a sympathetic, well-meaning, elderly man with a poor memory.”A redacted transcript of Hur’s two-day interview with Biden leaked the morning of the special counsel’s testimony, hours ahead of his appearance before the Judiciary Committee. The pages of conversation showed that the president fumbled over some details — including when he had to be reminded of the year his son died — but was engaged throughout and joked with the special counsel and his staff at some points. Jordan and Comer accused the Justice Department and White House of releasing the transcript “for political purposes” and “before the Department completed its ‘interagency review’ process.”Last week, Jordan issued Zwonitzer a subpoena. Hur’s report includes three examples of when Biden read parts of his notebook to Zwonitzer that referenced classified information.

RFK Jr Picks Nicole Shanahan As VP, May Seek Libertarian Nomination -- The Wall Street Journal reports that Robert F. Kennedy Jr. has picked Nicole Shanahan, a California-based attorney who was previously married to Google co-founder Sergey Brin, as his running mate for his long-shot presidential bid, according to people familiar with the decision. Shanahan, 38, also runs a foundation focused on reproductive rights, criminal justice and the environment.Before backing Kennedy’s independent bid, Shanahan had previously been a donor to Democratic campaigns, including supporting Joe Biden’s election in 2020.Kennedy was slated to announce his choice Tuesday in Oakland, Calif., where Shanahan grew up.Shanahan, a political novice, was thrust into the spotlight over her public split with Brin amid a brief alleged affair she had with Elon Musk in 2021 that ruptured the billionaires’ long friendship, The Wall Street Journal reported.After the article published, Musk denied the allegations and Shanahan later followed suit.It isn’t clear yet whether Shanahan plans to assist by tapping into her own wealth.

Democrats ramp up attacks on RFK Jr.: ‘He should be ashamed of himself’ - Democrats are stepping up their criticism of Robert F. Kennedy Jr. after he announced his pick of Nicole Shanahan for vice president Tuesday, arguing the duo will benefit former President Trump. Kennedy’s allies say the selection of Shanahan, a philanthropist and patent attorney, will generate buzz for the campaign heading into the general election, while also allowing him to check a necessary box in several states that require an Independent to have a running mate to qualify for their ballots. But many pro-President Biden figures in the party are criticizing Kennedy as a “spoiler” propelled by GOP funds and conspiracy theories, slamming his presidential campaign shortly after he unveiled his running mate in Oakland, Calif. “I am personally offended and just disgusted by his campaign,” Rep. Robert Garcia (D-Calif.) said during a call hosted by the Democratic National Committee (DNC). “He should be ashamed of himself. He should stop running for president.” Democrats have disregarded Kennedy during most of the 2024 presidential cycle, speculating that he had no shot of winning the battle for the White House. While Biden’s polling is perilous for an incumbent, many in his orbit have avoided going after Kennedy in order to focus fully on Trump. That apathy toward Kennedy, however, has morphed in recent weeks into anguish and anger. As both parties’ primaries pointed to a Biden-Trump rematch, Democrats started examining more closely the third-party candidate who could create an unpredictable and possibly unfavorable outcome for their side in November. Tasked with enabling a second Biden victory, the DNC has become preoccupied with Kennedy in recent weeks, allotting resources to weaken his campaign and paint him as a helpful reelection tool for Trump. Just after Kennedy made his pick of Shanahan public, the DNC convened a call with elected Democrats from swing states to warn about what Kennedy’s bid could mean for Biden’s chances to beat Trump twice. “He’s a spoiler,” Pennsylvania Lt. Gov. Austin Davis said on the call. “He was drafted into this race by Donald Trump’s top supporters.” “He has no realistic path to victory in Pennsylvania,” he added. Democrats have often sought to tie Kennedy’s campaign to the Trump-aligned GOP. Kennedy himself shares some ideological turf with the MAGA movement, especially on vaccines and his critique of conventional medical and the scientific community. Just before he announced Shanahan, a super PAC aimed at propping up Biden launched a website called rfkjrfacts. The site features composite images of Kennedy and Trump merged together along with figures in the former president’s circle, such as right-wing ally Steve Bannon. “RFK Jr. is a MAGA-backed candidate who is bankrolled by billionaires to help reelect Donald Trump,” text on the landing page reads. “RFK Jr.’s platform is extremely dangerous: he pushes conspiracy theories that divide our country, has made millions of dollars opposing vaccines, and has a history of anti-Black, anti-LGBTQ, and anti-Semitic remarks.”

Saving Democracy From Itself: The Democratic National Committee Moves To Block Third Party Candidates The last time that the Chicago Democratic Convention was held in Chicago in 1968, the resulting riots led to one of the greatest Freudian slips in American politics. Mayor Richard Daley declared “the policeman isn’t there to create disorder; the policeman is there to preserve disorder.”The Democratic National Committee has now added its own gem: the Democratic Party is not here to preserve democracy, it is here to prevent democracy. That’s because the DNC is seeking to block third party candidates from ballots — Robert Kennedy Jr., Cornell West, and Jill Stein. All three are liberal and are considered a threat to Joe Biden.This effort will likely include any ticket put forward by the No Labels group, seeking a moderate alternative to the two parties.Mary Beth Cahill, the former interim DNC CEO, and long-time DNC staffer Ramsey Reid will lead this effort.According to media reports, former Buttigieg campaign aide to Lis Smith will lead the effort with another Buttigieg alumni, Matt Corridoni. This effort includes not just a public campaign against Kennedy and Stein as spoilers, but “legal action” to solve the problem by denying voters a choice.The media does not appear at all alarmed or critical of the effort to limit democratic choice. The Washington Post stated clinically “Democrats are taking third-party threats seriously this time.” Taking it seriously appears to mean using legal means to keep them from the ballots.It is true that the main political parties have challenged qualification signatures and paperwork in the past. However, the reports indicate a systemic effort geared toward reducing the choices for voters. What is striking is that this is coming from democratic groups and the DNC, which are raising money on the “save democracy” narrative.The contradiction is spellbinding. On the same sites promising to oppose the third party candidates, the DNC and other groups push the narrative that only the Democrats are working to protect the right to vote.The Post reports that Democrats have studied the Hillary Clinton campaign and vowed not to allow third party candidates to drain away millions of voters as they did in 2016. Of course, the comparison is particularly telling because in both 2016 and 2024, the DNC had the least popular Democratic candidates. Polls showed that Clinton was the worst possible candidate for the party, but the Clintons had control over the DNC and state party organizations.Of particular concern is the fact that Trump beat Hillary Clinton in Pennsylvania, Wisconsin and Michigan by only 67,000 votes. In just those states, Libertarian Gary Johnson and the Green Party’s Stein received more than half a million votes.Rather than actually pick a candidate that most citizens want, the DNC wants to replay the 2016 strategy of forcing the choice between two evils in a Biden-Trump choice. That can only work reliably if there is no other choice for citizens tired of the duopoly and the political (and media) establishment. So Kennedy, Cornell, and Stein just have to go.I am one of those misguided voters. Years ago, I wrote a column saying that I was tired of voting for the lesser of two evils — leaving every election as a moral hazard. I am prepared to vote for candidates from the two main parties in any given election, but I will only vote for the candidate who I believe is the best of candidates to be president. We are played as chumps by a political and media establishment in every election system. Over two decades ago, I pledged to vote for the best candidate, even if they are with a third party.The DNC is reportedly to be joined in this effort by a well-financed array of groups including the liberal think tank Third Way (which has filed complaints with secretaries of states); American Bridge (a Democratic opposition operation), and Clear Choice (a super PAC composed of “allies of President Biden”).

Growing opposition to Democrats’ “all-out war” to block third parties from ballot -Over the past week, the World Socialist Web Site has published a series of articles exposing the moves by the Democratic Party to set up a unit to wage “all-out war” against third parties in the 2024 US elections. In response to the hemorrhaging of support for Joe Biden due to his blatant role in facilitating Israel’s genocide of the Palestinians, the Democrats are seeking to suppress all political parties outside the framework of the corporate-controlled two-party system.The WSWS’ coverage of the Democrats’ attacks on democratic rights has received a powerful response from workers and young people internationally. Multiple posts of a Perspective and news article on this topic by WSWS writer Jacob Crosse have been widely shared on social media, in particular on Twitter/X.The most circulated post, from an author in Arizona, has been viewed nearly 30,000 times as of this writing, with dozens of supportive comments.Another post by “Berniegirl No More,” viewed nearly 10,000 times, commented, “These psychos think if we don’t have 3rd party or indy’s on the ballot that we’d vote for them.”A post of the WSWS perspective by Compton Jay, a co-founder of Revolutionary Blackout Network, has been viewed over 5,000 times as of this writing.Justin Paglino, a field director for the Jill Stein presidential campaign in Connecticut, also shared the WSWS article, noting, “The ‘Democratic’ Party putting their donors’ money to work.”In a written comment to the WSWS last week, Stein’s campaign manager Jason Call stated: Rather than try to take away ballot options that would better represent the interests of the American public, perhaps the Democratic Party should focus on passing legislation that would actually help struggling people such as a universal single payer healthcare program or guaranteed housing. Sadly, both major political parties in America are fully beholden to the corporate interests which fund the political system. The WSWS also reached out to the campaign of Cornel West. Edwin DeJesus, co-manager and director of ballot access for the West campaign, responded with a statement that read in part: The irony of a party, self-proclaimed guardians of democracy, working to eliminate third-party participation in the electoral process cannot be overstated. This pattern of behavior is not new but a continuation of a disconcerting trend aimed at consolidating power by any means necessary, reminiscent of past actions to manipulate the electoral process against candidates like Bernie Sanders. Such actions are not only anti-democratic but also indicative of a deeper systemic issue within the current political system, where the interests of the few are prioritized over the fundamental rights of the many. Our campaign believes in the sanctity of the electoral process and the right of every citizen to have their voice heard through a fair election. The effort to limit ballot access, under whatever pretext, is a direct assault on these principles, more damaging to the fabric of our democracy than any alleged external threats. The suppression of voter choice, especially under the guise of legal challenges, reveals a troubling inclination towards authoritarianism that we vehemently oppose. Socialist Equality Party candidate Joseph Kishore published a video on Sunday, followed by a text statement denouncing the Democrats’ campaign against the right to vote. Referring to the previous statements from the Green Party candidate, Kishore wrote, “Despite our political differences, the Socialist Equality Party welcomes the statements of the Jill Stein campaign and others. We support the right of all independent and third party candidates to get on the ballot.”

Oil and gas execs are unhappy with Biden — but not eager for Trump’s return - — Oil and gas executives are chafing under President Joe Biden’s attempts to rein in their industry — but sweating at the thought that Donald Trump might replace him. Industry executives assembled here for CERAWeek, one of the world’s premier annual energy conferences, disparaged Biden administration regulations on their greenhouse gas emissions and its pause on new gas export permits. But though they’re confident Trump would reverse those policies, many fear a return to the volatile international relations and idiosyncratic management style he brought to his previous four years in office.“Trump is going to be Trump,” . “I expect he’ll pick up where he left off if he’s reelected.”“The flip side of that is that he tends to favor a protectionist trade policy and is likely to impose tariffs if he thinks the U.S. is getting a raw deal,” he added. “That’s going to be a positive selling point for some, but there is always the risk that tariffs could turn into a trade war.”The oil and gas industry still skews heavily toward the GOP, and Trump has drawn far more money from the industry during the primaries than his GOP competitors. But the sense of ambivalence among the executives this year mirrors the sentiment in the broader electorate, where polls show voters are generally dissatisfied with their choices for the presidency.Trump has been a staunch backer of the oil and gas industry on the campaign trail, pledging in his stump speeches to “drill, baby, drill, right away.” But several of his other proposals could pose problems for the companies’ bottom lines.The Trump campaign didn’t address specific questions about some industry executives’ concerns about his trade record. Instead, it credited the former president with the boom in U.S. energy production — one that actually started under President George W. Bush, continued under President Barack Obama, and under Biden has helped make the United States the world’s energy powerhouse. “On day one, President Trump will unleash American Energy to lower inflation for all Americans, pay down debt, strengthen national security, and establish the United States as the manufacturing superpower of the world,” campaign spokesperson Karoline Leavitt said via email. Trump has taken aim at Biden’s Inflation Reduction Act — a sweeping climate law that aims to move the nation away from fossil fuels but also contains incentives for green technologies that the oil and gas industry sees as potential moneymakers. And he has floated establishing a tariff on all imports to the U.S., which would raise the price on the raw materials the industry needs and could cause a trade-war crossfire for energy companies whose commerce spans the globe. The heads of the oil giants Exxon Mobil, Chevron, ConocoPhillips and other companies who took the stage at the Houston conference, which ends Friday, did not mention Trump by name or broach the idea of a potentially major change in government policy come next year. But behind the scenes, interviews with more than a dozen industry executives showed many viewed a possible major realignment of federal energy policy to be part of the new normal — “like a change in the weather,” said one natural gas executive who was granted anonymity to discuss relationships in D.C. Mike Sommers, chief executive of the American Petroleum Institute, predicted that Biden’s landmark climate law would remain largely intact even if Trump wins in November — though the industry would work with a GOP administration and congressional Republicans to try to remove provisions crimping the oil industry’s bottom line. “I’m pretty confident that the tax credits that we care about in the IRA are going to continue” even if Trump regains the White House and Republicans control Congress, Sommers said in an interview. “I would expect permitting to speed up significantly for onshore and offshore” oil leasing.

Appeals court hands Trump victory, allows smaller bond in NY fraud case - A New York appeals court on Monday temporarily stopped the clock on the looming enforcement of a multimillion-dollar judgment against former President Trump and his company over deceitful business practices. In a terse order, a five-judge state appeals court panel said it would pause the enforcement of the $464 million judgment against Trump, the Trump Organization and top executives, with interest, if they post a $175 million bond within 10 days. The pause comes after Trump’s lawyers admitted last week that, despite “diligent efforts,” it would be “impossible” for the former president to secure a full appeals bond due to lack of cash on hand. Trump wrote Friday on Truth Social that he has nearly $500 million in cash, and he told state lawyers last year in depositions he had “substantially in excess of $400 million in cash.” But on top of a $91 million appeal bond Trump was recently forced to pay in writer E. Jean Carroll’s defamation case, those figures fall short of what he now owes in the fraud case. Trump’s lawyers asked the court to accept a $100 million bond — less than a quarter of the $454 million Trump owes. New York Attorney General Letitia James’s (D) office had urged the state appeals court to make Trump put up a full bond before pausing the eye-popping judgment. The office argued there is no rule limiting Trump to a single bond from a single surety for the full judgment amount. Instead, he could seek several bonds to limit “any individual surety’s risk” and still post the full amount, they said.

Trump seethes after New York trial set for April 15 --Former President Trump fumed Monday over his legal troubles after a New York judge scheduled an April 15 start date for his hush money trial despite Trump’s efforts to postpone the case.Trump, speaking down the street from the Manhattan courthouse after the judge’s ruling, railed against the 2016 hush money case and his legal problems more broadly as a matter of “election interference” that should not be allowed during a campaign season.“I don’t know how you can have a trial that’s going on right in the middle of an election. Not fair. Not fair. It’s not fair at all,” he said, calling the cases against him “ridiculous” and “a shame.”Trump spoke to reporters on a significant day in his legal proceedings. In addition to a trial date being set in the hush money case, a five-judge state appeals court panel in a Monday ruling said it would pause the enforcement of the $464 million judgment against Trump, the Trump Organization and top executives, with interest, if within 10 days they post a $175 million bond.The former president said he would abide by the decision and post the bond, while ripping Judge Arthur Engoron, who oversaw the civil fraud trial.Trump broadly decried the cases against him as “election interference” and connected them all to President Biden, though there is no evidence Biden has played any role in the numerous legal proceedings.In addition to the New York cases, Trump is facing felony charges in Washington, D.C., and Georgia over his efforts to overturn the 2020 election results, and he is facing felony charges in Florida over his handling and retention of classified materials.The legal cases have consumed Trump’s campaign for the White House. Millions of dollars in campaign cash has been spent on lawyers and legal fees, leaving Trump at a significant cash disadvantage.And Trump has repeatedly suggested court dates have kept him from the campaign trail, though he has held only one rally since becoming the presumptive GOP nominee earlier this month.

Win some, lose some: Major updates on Trump’s legal cases Trump says he’ll pay lower bond in fraud case but seethes over update in separate hush money fight Former President Trump won’t have to come up with half a billion dollars as he appeals a civil decision over his business dealings, but his separate criminal case over an alleged hush money payment to a porn star is on track to start next month. Trump told reporters Monday that he will pay a $175 million bond set by a New York appeals court in his civil fraud case after getting a delayed deadline and greatly reduced amount. “It will be my honor to post whatever’s necessary,” he said after the ruling. But separately, he was less satisfied with a decision in a criminal charge tied to the 2016 campaign and a payment made to adult film actress Stormy Daniels to prevent her from disclosing an alleged extramarital affair, which Trump denies. That case is set to move forward April 15. “I don’t know how you can have a trial that’s going on right in the middle of an election. Not fair. Not fair. It’s not fair at all,” said Trump, who is seeking a second presidential term, calling the case a “witch hunt.” He suggested that a conviction could make him “more popular” and help his campaign. “The people know it’s a scam,” he said.

Alina Habba mocks New York AG after appeals court reduces Trump bond - Alina Habba, attorney to former President Trump, mocked New York Attorney General Letitia James (D) after an appeals court significantly reduced the cost of a bond he must pay while he appeals his multimillion-dollar civil fraud penalty.Habba appeared on Fox News’s “Jesse Watters Primetime” Monday evening, when the host asked her about the court’s decision to lower Trump’s $464 million bond to $175 million.“We won,” she said. “You know, no — we didn’t win. You know when we’ll win? When we get this all reversed, which is what’s gonna happen.”Habba criticized James and Judge Arthur Engoron, who originally ordered Trump to pay $355 million before interest, ruling the former president conspired to lie about his net worth to receive favorable treatment from banks and insurers. The judge also ordered Trump to pay prejudgment interest, with the figure accruing based on the date of each transaction in the case. The amount owed rose by $112,000 each day in additional interest, bringing it up to $464 million by the time the appeals court ruled to lower his bond.“So, what happened today, was that Letitia had to eat every single tweet she has posted since the day the twisted order from Judge Engoron came out with the ridiculous number with the disgusting injustice on the American people, not just Donald Trump,” Habba said. Habba said she “would love to see” what James posted online after the court’s decision because she was “having fun” posting about the daily interest added to Trump’s penalty. James, who brought forth the original civil fraud case against Trump, said in the past that if he were unable to meet the Monday deadline for the penalty, she may begin seizing his assets.

Judge overseeing NY hush money trial imposes gag order on Trump - The New York judge overseeing former President Trump’s hush money trial imposed a gag order on Trump on Tuesday, preventing him from publicly attacking witnesses, jurors and others during what is slated to be the first-ever criminal trial of a former U.S. president. Judge Juan Merchan’s order still enables Trump to publicly attack the judge and Manhattan District Attorney Alvin Bragg (D). But it prevents the former president from making public statements about witnesses, other prosecutors, court staff and their family members “if those statements are made with the intent to materially interfere with” the case. “The uncontested record reflecting the Defendant’s prior extrajudicial statements establishes a sufficient risk to the administration of justice,” Merchan wrote in his four-page ruling. Tuesday’s gag order was issued weeks before Trump’s trial is scheduled to begin on April 15. When Trump was originally charged last spring, the judge said he was not ready to gag Trump’s speech. But Merchan agreed to do so after receiving a request last month from Bragg’s office that cited Trump’s public comments attacking those involved in his legal woes. Trump’s history of attacks against those involved in his legal matters is well documented. The former president has derided Merchan as a “Trump-hating judge” with a family full of “Trump haters” — an insult he also hurled at Judge Arthur Engoron, who is overseeing his fraud case, and at the New York attorney general who brought it. He’s called the judge overseeing his federal election interference case “highly partisan” and the special counsel prosecuting it “deranged.” He has deemed the Fulton County district attorney prosecuting his case there “corrupt.” Trump has also aimed his ire at the judges’ family members, including Engoron’s wife and son, and Merchan’s daughter. When Engoron issued a gag order in the fraud trial, he did not preclude attacks on his family, and it appears Tuesday’s gag order does not block insults to Merchan’s family. Trump’s lawyers, meanwhile, have argued the gag order would be a violation of the former president’s First Amendment rights, saying he has a right to defend himself as the presumptive Republican presidential nominee.

Trump's social media company gets the greenlight to go public (AP) — Donald Trump is returning to the stock market, and the former president stands to reap a sizeable payout in the process.Shareholders of Digital World Acquisition Corp., a publicly traded shell company, approved a deal to merge with the Trump’s media business in a Friday vote. That means Trump Media & Technology Group, whose flagship product is social networking site Truth Social, will soon begin trading on the Nasdaq stock market.Trump is set to own most of the combined company — or nearly 79 million shares. Multiply that by Digital World’s closing stock price Friday of $36.94, and the total value of his stake could be nearly $3 billion. The greenlight arrives at a time the presumptive Republican presidential nominee is facing his most costly legal battle to date: a $454 million judgment in a fraud lawsuit.But Trump won’t be able to cash out the deal’s windfall immediately, unless the company’s board makes changes to a “lock-up” provision that prevents company insiders from selling newly issued shares for six months. If recent activity in Digital World’s stock is any indication, shareholders of Trump Media could be in for a bumpy ride.Many of Digital World’s investors are small-time investors who are either fans of Trump or trying to cash in on the mania, instead of big institutional and professional investors. Those shareholders helped the stock more than double this year in anticipation of the merger going through. But on Friday, the shares lost almost 14%.Trump’s earlier foray into the stock market didn’t end well. Trump Hotels and Casino Resorts went public in 1995 under the symbol DJT — the same symbol Trump Media will trade under. By 2004, Trump’s casino company had filed for bankruptcy protection and was delisted from the New York Stock Exchange.Ahead of Friday’s approval, Digital World’s regulatory filings listed many of the risks its investors face, as well as those of the Truth Social owner once Trump Media also goes public.One risk, the company said, is that Trump would be entitled to vote in his own interest as a controlling stockholder — which may not always be in the interests of all shareholders. Digital World also cited the high rate of failure for new social media platforms, as well as Trump Media’s expectation that it would lose money on its operations “for the foreseeable future.”

Truth Social parent company shares soar in stock market debut Shares of former President Trump’s social media startup rose nearly 50 percent after debuting on the stock market Tuesday, triggering a pause on trading. Trump Media & Technology Group, the parent company of Trump’s Truth Social platform, went public Tuesday morning after a years-long effort to merge with a special purpose acquisition company (SPAC). Shares of the company were up 46 percent shortly before 10:30 a.m. EDT Tuedsday, rising to roughly $72 from an opening price of $49.95 after trading was briefly halted. Shareholders in the SPAC, Digital World Acquisition Corp., approved the merger Friday, teeing up the Truth Social parent’s debut on the stock market and potentially securing Trump a multibillion-dollar windfall. Trump, who owns roughly 58 percent of Trump Media, joined Bloomberg’s list of the world’s 500 richest people Monday following the merger. The former president’s wealth has faced increased scrutiny in recent days, as he struggled to secure a nearly half-billion bond in his New York civil fraud case and faced the potential seizure of his assets. However, a New York appeals court lowered the bond Trump must pay while appealing the case by more than half, to $175 million.

Trump Selling $60 Bibles To 'Make America Pray Again' - Former President Donald Trump announced on March 26 his collaboration with country singer Lee Greenwood to promote the “God Bless The USA Bible,” encouraging people to buy it and “make America pray again.” “All Americans need a Bible in their home, and I have many. It’s my favorite book,” the Republican presidential candidate said in a video posted to his Truth Social account on March 26.“I think you all should get a copy of God Bless the U.S.A. Bible now and help spread our Christian values with others. There you have it. Let’s make America pray again,” he added.“God Bless The USA Bible” features the King James Version translation, costing $59.99. It includes the handwritten chorus of Mr. Greenwood’s famous “God Bless The USA” song, the U.S. Constitution, the Declaration of Independence, the Bill of Rights, and the Pledge of Allegiance.

NBC News ousts Ronna McDaniel after network’s anchors launch unprecedented on-air rebellion | CNN — NBC News on Tuesday ousted former Republican National Committee chair Ronna McDaniel, just days after her hiring as a paid political analyst sparked intense backlash from the network’s top television anchors over McDaniel’s role in subverting the 2020 election and attacks on the press. “There is no doubt that the last several days have been difficult for the News Group,” NBCUniversal News Group President Cesar Conde said in a memo to staff. “After listening to the legitimate concerns of many of you, I have decided that Ronna McDaniel will not be an NBC News contributor.” “I want to personally apologize to our team members who felt we let them down,” Conde continued. “While this was a collective recommendation by some members of our leadership team, I approved it and take full responsibility for it.” Ahead of the network’s decision, McDaniel spent the day Tuesday interviewing attorneys in preparation for a potential legal battle with NBC, a person familiar with the matter told CNN. Creative Artists Agency, the talent agency that brokered McDaniel’s deal with NBC, also parted ways with her, the person said. The reversal comes after journalists and anchors at both NBC and its cable news sibling MSNBC publicly denounced the decision to hire McDaniel as a paid analyst in a stunning and unprecedented on-air rebuke of network brass that has embarrassed the Peacock Network. McDaniel, who recently stepped down from the RNC under pressure from former President Donald Trump, was involved in attempts to overturn the results of the 2020 election. As head of the RNC, she was involved in a phone call in 2020 to pressure Michigan county officials not to certify the vote from the Detroit area, where Joe Biden had a commanding lead. McDaniel told the officials, regarding the certification: “Do not sign it. … We will get you attorneys.” In the years since, McDaniel continued to claim that the election had “problems” and that Biden did not legitimately win the election, fanning the flames of election denialism.

Kari Lake seeks to forfeit her defense in defamation case - Attorneys for Arizona Senate candidate Kari Lake moved to forfeit a defamation case against her on Tuesday, choosing not to contest the allegations that she defamed a state election worker after the 2022 election. Maricopa County Recorder Stephen Richer (R) sued Lake last year in his personal capacity, claiming Lake defamed him after she refused to concede her 2022 Arizona gubernatorial defeat and alleged election fraud. The lawsuit claims that Lake consistently and systemically lied about Richer’s actions as recorder, causing him to receive harassment and numerous threats to his life. Richer added that Lake claimed without evidence that he stuffed ballot boxes with 300,000 invalid votes and used his role as recorder to make the ballot unclear for voters. “For the last seven months, I have been subjected to constant harassment, intimidation, and threats to my and my family’s lives because the defendants in this case were spreading falsehoods about me, my work, and our elections,” Richer said in a statement when the lawsuit was filed last year. The court filing Tuesday does not contest Richer’s claims, and requests an accelerated hearing to determine damages. Richer held up the filing as an admission of guilt. “Won’t defend / can’t defend,” he wrote in a post on X, formerly Twitter. “I’ll get my due. But not the millions of people she lied to.” “Not the thousands of people who donated ‘to continue the fight.’ Not the people who have gone to jail because they so strongly believed Kari’s lies,” he continued. “Those people won’t get their due.” However, Lake brushed off the filing as a rejection to participate in what she described as a “political witch hunt” and a “frivolous” lawsuit, refusing to admit culpability.

Activist California Judge Tosses Musk's X Censorship Lawsuit Against Dark Money 'Anti-Hate' Group A California judge has tossed out a lawsuit from social media platform X against the Center or Countering Digital Hate, contending that X is not entitled to seek restitution against the organization because third-party advertisers left the platform following CCDH's campaign against it. The lawsuit alleged that CCDH had unlawfully accessed and scraped data from X in order to conduct misleading studies that found a rise in hate speech following Elon Musk's acquisition of the social media platform in late 2022. The company says CCDH has "cherry-picked" posts ot drive advertisers away, resulting in tens of millions of dollars in losses. "This case is about punishing the defendants for their speech," said judge Charles Breyer in California, citing a Nov. 2023 Reuters survey that found "social media researchers have canceled, suspended or changed more than 100 studies about X" as a result of Musk's policies as CEO. Breyer also insinuated that X filed the suit "perhaps in order to dissuade others who might wish to engage in such criticism." CCDH CEO Imran Ahmed celebrated his win, saying in a post-decision statement that "The courts today have affirmed our fundamental right to research, to speak, to advocate, and to hold accountable social media companies for decisions they make behind closed doors that affect our kids, our democracy, and our fundamental human rights and civil liberties." CCDH is a dark money nonprofit with an outsized influence over the digital advertising space and political sphere, which popped up seemingly out of nowhere. X responded to the ruling, posting: "Today a federal court in San Francisco issued a decision in the case X brought against the Center for Countering Digital Hate for illegally obtaining platform data to create misleading research. X disagrees with the court's decision and plans to appeal." Today a federal court in San Francisco issued a decision in the case X brought against the Center for Countering Digital Hate for illegally obtaining platform data to create misleading research. X disagrees with the court's decision and plans to appeal. Meanwhile, Musk - who has called CCDH a "truly evil organization that just wants to destroy the first amendment under the guise of doing good!" did not immediately respond.

Corporate profits hit record high as economy boomed in fourth quarter of 2023 Gross domestic product (GDP) and corporate profits both smashed expectations in the fourth quarter of 2023 as the knock-on effects of pandemic stimulus juiced the U.S. economy. GDP came in at a 3.4 percent increase, below the massive bump of 4.9 percent in the third quarter but still above recent forecasts of 3.2 percent, according to Commerce Department data. Adjusted profits after taxes hit a record high of $2.8 trillion, beating the record of $2.7 trillion in the third quarter of 2022. Profits increased 3.9 percent on the quarter, above expectations of around 3.3 percent. “Today’s report … revealed that corporate profits rose substantially in the fourth quarter to a new record high,” EY economist Lydia Boussour wrote in an analysis. “Before-tax corporate profits rose by the most since the second quarter of 2022, up $133 billion following a $109 billion advance [estimate].” “Profit margins expanded for a second consecutive quarter, up 0.3 percentage points to 12.2 percent of GDP as faster productivity kept a tight lid on unit labor costs,” she wrote. Inflation during the fourth quarter as measured by the “core” personal consumption expenditures (PCE) price index, which excludes food and energy categories and is an important metric for the Federal Reserve, fell to 2 percent in the third estimate, compared to 2.1 percent in the second. Updated monthly core PCE data, which stood at a 2.8 percent annual increase in January, comes out Friday. Expectations for a slowdown in the U.S. economy toward the end of 2023 were ubiquitous, with some predicting large spikes in unemployment, making the final estimates for fourth quarter performance all the more surprising. Market commentators welcomed the news of Thursday’s numbers. “This reflects the continued resilience of the U.S. economy,” Michelle Cluver, head of ETF portfolios at Global X, wrote in an analysis. “It is encouraging that this upward revision primarily came from consumer spending and nonresidential fixed investment,” she said. The numbers from the Commerce Department also showed a surge in gross domestic income (GDI) of 4.8 percent, which is another way of measuring production that looks at sales instead of receipts. GDP and GDI should in theory be equal, but a mismatch between the two metrics has led some market commentators to see indications of a coming downturn. The 4.8 percent rise in GDI in the fourth quarter marks the first time since 2022 that GDI has overtaken GDP growth. The average of the two measurements, which is another leading indicator for the economy, was 4.1 percent, which analysts described as “robust.”

Top Boeing executives announce early retirements as questions over whistleblower "suicide" remain unanswered -On Monday, the Boeing corporation announced that several top executives in the company, including the current CEO and the head of the commercial planes division, would be retiring early as a major crisis at the airline manufacturer and military contractor continues to mount. Among those retiring will be Boeing CEO Dave Calhoun, who will remain in the position until the end of the year. It appears Calhoun’s departure was not planned. The New York Times reported that in 2021 the Boeing board raised the retirement age for its CEO to 70 from 65, which would have allowed Calhoun, 66, to remain in the position until April 2028. Stan Deal, the president of the commercial planes division, also announced his early retirement. Finally, Larry Kellner, the chair of the Board of Directors, announced he would not stand for reelection at the annual shareholder meeting set for this May. The forced retirement of top Boeing executives comes after the deadly Boeing Max 737 crashes in 2018 and 2019, which killed 346 people, and several major incidents this year that have left millions of people, including the heads of airlines, wary of ever riding a Boeing aircraft again. Boeing stock is down 26 percent, increasing Wall Street pressure on the commercial and military aircraft producer. Recent incidents include the Alaska Airlines panel blowout in January, the Chile-based LATAM Airlines nosedive earlier this month, and the suspicious death of whistleblower John Barnett on March 9. The death of Barnett, an over 30-year employee of the company, in a purported suicide has particularly sinister implications. Barnett was in the middle of giving damning testimony in a civil lawsuit alleging that Boeing forced him to retire early for refusing to compromise on safety and quality when he was found dead in hotel parking lot in South Carolina. In his lawsuit and testimony, Barnett alleged that “upper management” at Boeing “harassed, denigrated, humiliated, and treated” him “with scorn and contempt” for refusing to compromise his integrity. Barnett asserted that upper management not only wanted him to operate in a “gray area” and not follow Boeing procedures, but also to ignore federal criminal statutes. The Boeing executives who announced their retirement on Monday, and their replacements, all held “upper management” positions within the company during the years that, according to Barnett, saw reckless disregard for safety procedures and standards on the part of Boeing.In a letter to employees Monday, outgoing CEO Calhoun admitted that the “Alaska Airlines Flight 1282 accident was a watershed moment for Boeing.” A preliminary investigation by the US National Transportation Safety Board (NTSB) found that the four bolts that were supposed to keep the panel locked in mid-flight had not been installed, leading to the blowout and emergency landing on January 5. Just three days before Calhoun announced his abrupt retirement, the New York Times reported that the FBI had sent letters to passengers on Flight 1282 making them aware that they may have been “a possible victim of a crime.” The Times said the letters were sent from the Seattle FBI office. The letters indicated that while the incident remains under investigation, “for several reasons, we cannot tell you about its progress at this time.” Boeing has confirmed to the NTSB that the bolts on the Alaska Airline flight were removed at its facility in Renton, Washington after being transported there for final assembly last August. However, the airline has not been able to provide any documentation to the NTSB as to who removed the bolts, or why they were not reinstalled. On Monday, Fortune reported that outgoing CEO Calhoun will retire with a “$24 million payday,” but could collect “about $45.5 million” if Stephanie Pope, Stan Deal’s replacement, “can boost the stock price nearly 37 percent.”Ben Silverman of Verity, a firm that researches and analyzes insider stock sales, told Fortune that Calhoun could collect $4.8 million as early as February 2027, followed by $14.4 million spread out over the next 10 years. Fortune estimated that Calhoun collected $22.4 million in 2023, “including $8.5 million in options, $9.5 million in stock and $3.4 million in an annual cash bonus.”When Calhoun was elected president and CEO of Boeing in December 2019, the board included language that would boost Calhoun’s salary by millions of dollars if he could get the 737 MAX plane in the air and production lines churning again.While Calhoun is leaving with a golden parachute, Fortune noted his millions were a “far cry” from that showered on previous CEO Dennis Muilenburg who, despite being fired, still collected $80 million. Calhoun replaced Muilenburg following the 2018 and 2019 crashes.No Boeing executives were ever charged in the deaths of the nearly 350 people killed in those disasters. Instead, the US Department of Justice levied a $2.5 billion fine against the company, which is $500 million less than the company spent buying back its own stock in March 2018.

Boeing CEO's Voluntary Departure Is Not Accountability for Corporate Crime: Watchdog -- Embroiled once again in an alarming quality control and safety scandal, the aircraft manufacturing giant Boeing on Monday announced a management shake-up that will see CEO Dave Calhoun step down at the end of the year, the head of the company's commercial airplanes division resign immediately, and the chairman of the board depart after Boeing's annual meeting in May.Calhoun, who said he decided on his own to resign, took charge at Boeing in the midst of the company's previous high-profile crisis—the grounding of the 737 MAX jet following a pair of crashes in 2018 and 2019 that killed more than 340 people.Robert Weissman, president of the consumer advocacy group Public Citizen, said in response to the news of Calhoun's coming departure that "if Boeing had been held criminally accountable after the... 737 MAX disasters, the more recent quality debacles quite likely could have been averted."Earlier this year, a door plug of a Boeing 737 MAX 9 flew off the aircraft as it ascended, causing minor injuries and forcing the pilots to conduct an emergency landing. More than 170 MAX 9s were subsequently grounded to undergo inspections.The incident prompted federal regulators, airlines, and journalists to—once again—closely scrutinize Boeing's manufacturing process, cost-cutting efforts, lobbying against safety regulations, and executive and shareholder payouts.The Leverreported days after the January 5 incident that "less than a month before a catastrophic aircraft failure prompted the grounding of more than 150 of Boeing's commercial aircraft, documents were filed in federal court alleging that former employees at the company's subcontractor repeatedly warned corporate officials about safety problems and were told to falsify records." The outlet also found that "operators of Boeing's troubled 737 MAX planes have filed more than 1,800 service difficulty reports—more than one per day—warning government regulators about safety problems with the aircraft since the fleet was allowed to resume flying after two fatal crashes."Alaska Airlines, the operator of the January 5 flight, said in late January that it found loose bolts on "many" of Boeing's 737 MAX 9s."The FAA identified noncompliance issues in Boeing's manufacturing process control, parts handling and storage, and product control."In an update published on March 4, the Federal Aviation Administration (FAA) said its six-week audit of Boeing and Spirit AeroSystems—a major Boeing contractor—uncovered "multiple instances where the companies allegedly failed to comply with manufacturing quality control requirements.""The FAA identified noncompliance issues in Boeing's manufacturing process control, parts handling and storage, and product control," the agency said. "To hold Boeing accountable for its production quality issues, the FAA has halted production expansion of the Boeing 737 MAX, is exploring the use of a third party to conduct independent reviews of quality systems, and will continue its increased onsite presence at Boeing's facility in Renton, Washington, and Spirit AeroSystems' facility in Wichita, Kansas."

Bankman-Fried sentenced to 25 years for multi-billion dollar FTX fraud (Reuters) - Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded, the last step in the former billionaire wunderkind's dramatic downfall. U.S. District Judge Lewis Kaplan handed down the sentence at a Manhattan court hearing after rejecting Bankman-Fried's claim that FTX customers did not actually lose money and finding that he lied during his trial testimony. A jury found Bankman-Fried, 32, guilty on Nov. 2 on seven fraud and conspiracy counts stemming from FTX's 2022 collapse in what prosecutors have called one of the biggest financial frauds in U.S. history. Kaplan said Bankman-Fried has shown no remorse. "He knew it was wrong," Kaplan said. "He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught. But he is not going to admit a thing, as is his right." Bankman-Fried, wearing a beige short-sleeve jail T-shirt, acknowledged during 20 minutes of remarks to the judge that FTX customers had suffered and he offered an apology to his former FTX colleagues - but did not admit criminal wrongdoing. He has vowed to appeal his conviction and sentence. Bankman-Fried stood with his hands clasped before him as Kaplan read the sentence. He then spoke with his defense lawyer Marc Mukasey briefly before being led out of the courtroom by members of the U.S. Marshals Service. The sentence marked the culmination of Bankman-Fried's plunge from an ultra-wealthy entrepreneur and major political donor to the biggest trophy to date in a crackdown by U.S. authorities on malfeasance in cryptocurrency markets. "There are serious consequences for defrauding customers and investors," U.S. Attorney General Merrick Garland said in a statement. "Anyone who believes they can hide their financial crimes behind wealth and power, or behind a shiny new thing they claim no one else is smart enough to understand, should think twice." Kaplan found that FTX customers lost $8 billion, FTX's equity investors lost $1.7 billion, and that lenders to the Alameda Research hedge fund Bankman-Fried founded lost $1.3 billion. He imposed an $11 billion forfeiture order and authorized the government to repay victims with seized assets. Federal prosecutors had sought a sentence of 40 to 50 years. Mukasey had argued for a sentence of less than 5-1/4 years.

Sam Bankman-Fried sentenced to 25 years in prison — as judge rips him as power-obsessed scammer - A Manhattan judge ripped Sam Bankman-Fried as a remorseless scammer obsessed with political power as he sentenced the dethroned crypto king to 25 years in prison Thursday — five months after he was found guilty of stealing more than $8 billion from customers of his now-bankrupt cryptocurrency exchange FTX. Judge Lewis Kaplan said the 32-year-old former billionaire owner of the popular FTX trading platform “presented himself as the good guy” in favor of “appropriate regulation of the crypto industry” — but that his friendly persona was just an “act.” “He did it because he wanted to be a hugely, hugely politically influential person in this country,” Kaplan said inside a packed federal courtroom in Manhattan. The judge then blasted the fallen mogul as having an “apparent lack of any real remorse.” Bankman-Fried was also ordered to pay back more than $11 billion to FTX’s users, investors and lenders — but it was unclear Thursday how much of that sum he’d be able to pay. The judge delivered the sentence — which was less than one-fourth of the 110-year max that Bankman-Fried faced and well under the 40-to-50 years prosecutors suggested — after the disgraced tech whiz delivered a 20-minute, meandering mea culpa to the court. Wearing light tan jail garb and with his trademark messy black hair — which had been tightly cropped during the trial — grown back out, Bankman-Fried said he was “sorry about what happened at every stage.” He admitted that he had let down “everyone that I care about, and everything that I care about.” But he continued to chalk up FTX’s November 2022 implosion to a series of “bad decisions,” rather than what the feds called a brazen crime: looting the accounts of tens of thousands of users to pay off debts, buy a luxury penthouse and donate tens of millions of dollars to politicians. Before ordering Bankman-Fried to stand to hear his fate, Judge Kaplan said he was unconvinced by the former magnate’s attempt at an apology. “He knew it was wrong. He knew it was criminal,” the judge said, as Bankman-Fried sat at the defense table with his hands clasped tightly together in front of him.

How Sam Bankman-Fried's ex-girlfriend and early recruit helped put the FTX founder behind bars for 25 years --In sentencing FTX founder Sam Bankman-Fried to a 25-year prison sentence on Thursday, Judge Lewis Kaplan cited testimony from Caroline Ellison, an ex-girlfriend of the defendant and early recruit into his crypto enterprise."I keep coming back to Ms. Ellison's testimony that he knew it was wrong," Kaplan said at the sentencing hearing in downtown Manhattan. "He knew it was criminal." Ellison was the star witness for the Department of Justice in its prosecution of Bankman-Fried. She agreed to a plea deal in December 2022, a month after FTX spiraled into bankruptcy. As part of her testimony at the criminal trial late last year, Ellison supplied the government and the jury with text messages, documents and secret recordings that ultimately helped lead to Bankman-Fried's conviction on all seven charges against him. Sam Bankman-Fried's family on sentencing: We are heartbroken and will continue to fight for our son Manhattan U.S. Attorney Damian Williams said in a statement after the sentencing on Thursday that Bankman-Fried's "deliberate and ongoing lies demonstrated a brazen disregard for his customers' expectations and disrespect for the rule of law, all so that he could secretly use his customers' money to expand his own power and influence." Ellison, who ran FTX's sister hedge fund Alameda Research, pleaded guilty to two counts of wire fraud, two counts of conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering. Though Ellison faces similar sentencing guidelines to Bankman-Fried, she's expected to receive a far more lenient sentence due to her role as a cooperating witness. Ellison spent years as Bankman-Fried's on-again, off-again girlfriend and, at times, his roommate. She followed Bankman-Fried from California to Hong Kong and ultimately to the Bahamas, as Bankman-Fried repeatedly shifted headquarters for his crypto companies. Michael Lewis wrote about Ellison in his book, "Going Infinite," which covered Bankman-Fried's rise and fall. In 2021, Ellison was promoted to CEO of Alameda, a job for which, according to Lewis's reporting, neither Ellison nor Bankman-Fried found her particularly well suited. "Caroline sensed that, even as Sam promoted her to CEO of Alameda Research, he disapproved of her job performance — and she shared his opinion," Lewis wrote. Lewis shared an excerpt from one of the memos that Ellison had sent Bankman-Fried. "It feels like I'm doing a much worse job managing Alameda than you would if you were working on it full-time," she wrote. In April 2021, Ellison tweeted about "regular amphetamine use" in a thread that also talked about the "herculean" effort it took for her to get off of her couch and go for a hike. Court filings show that Ellison's compensation paled in comparison to other top executives. Of the $3.2 billion in payouts to the exchange's founders and other senior employees, FTX's head of engineering, Nishad Singh, received $587 million, co-founder Gary Wang got $246 million and $2.2 billion went to Bankman-Fried. Ellison received $6 million.

Grinning failed crypto hedge fund owner Kyle Davies shows no remorse after losing $3.5B in investor cash: ‘Every company goes bankrupt’ -- A co-founder of a failed cryptocurrency hedge fund who lost $3.5 billion in investor cash grinned as he showed no remorse for losing the funds — as he remains on the run in an unknown location. Kyle Davies, the co-founder of the bankrupted crypto hedge fund Three Arrows Capital (3AC), appeared on the Unchained podcast Tuesday, claiming he’s not sorry for losing his investor’s money since “every company goes bankrupt.”“Am I sorry for a company going bankrupt? No. Like companies go bankrupt, almost every company goes bankrupt, right?” Davies brazenly told host Laura Shin.“It’s how you build or what you do about it. We’re definitely trying our best. We can add value in various ways. At a minimum, we can even tell the next Three Arrows how to do things better when they go bankrupt.”Davies and his partner Su Zhu founded 3AC in 2012 and, over time, secured billions from investors as cryptocurrencies began to capture the interests of millions around the globe.The Singapore-based hedge fund managed around $18 billion in crypto assets at its peak. However, 3AC saw heavy losses after the crypto market downturn in mid-2022 and for making large trades in coins like LUNA and Terra that failed to pan out, according to Capital.com.The company then went bankrupt, and it was revealed that the hedge fund had borrowed money from over 20 institutions and that the firm owed billions to its investors. 3AC was first ordered to liquidate by a court in the British Virgin Islands, followed by courts in Singapore and the US, to repay its investors.However, both Davies and Zhu fled and went on the run.Zhu was arrested at Changi Airport in Singapore in September and sentenced to four months in prison for failing to coordinate with liquidators, but Davies has managed to avoid capture.Davies said their sentencing was a “surprise” to both him and Zhu. Following his partner’s arrest, it was revealed they had missed a court date.

Retired N.J. corrections officer admits $600K crypto scam - A former corrections officer admitted Monday that he orchestrated two different scams, including a cryptocurrency scam, that targeted first responders and cost his victims more than $600,000, federal prosecutors announced Tuesday. John DeSalvo, 47, of Linwood, pleaded guilty in Newark federal court to two counts of securities fraud, according to a statement from the U.S. Attorney’s Office District of New Jersey. DeSalvo created a a digital token he called Blazar Token in 2021 and marketed it on social media to police, fire personnel, EMTs, and other first responders with the promise that it would supplement their pension plans, the office said. He promised investors that Blazar would offer “more stability than any other token” and that the value of Blazar would “continue to rise over time similar to any investment fund, only at a much higher rate of success,” authorities said. He told potential investors they were guaranteed rates of return of more than 20% with zero risk and tricked them with a series of misrepresentations, including that the coin was approved by the Securities and Exchange Commission and would be available for purchase on major exchanges, investigators said. DeSalvo received about $620,000 from investors and frequently transferred the funds into his personal accounts, officials said. In May 2022, he sold off more than 41 billion tokens, which caused the price of the currency to plummet, leaving someone who made an initial investment worth $1,000 left with a dwindling value of about $1.15, according to a previously-released criminal complaint. The value of Blazar never recovered, causing most investors to lose their entire investments. In the second scheme, which happened around the same time as the crypto scheme, DeSalvo created an online investment group that he touted on social media, the office said. He falsely bragged about his investment skills to potential investors, claiming that he had an average return of about 1,200% over a two-year period, investigators said. He received about $100,000 from members of the group before he transferred the funds to his personal accounts and notified investors that their losses were due to poor market conditions, according to the release. The funds that DeSalvo withdrew in the two scams were used for personal expenses, high-risk cryptocurrency day trading, credit card bills, payments to a contractor who performed work on his home and making payments to previous investors in a Ponzi-like scheme, the criminal complaint stated. DeSalvo is scheduled to be sentenced on Aug. 6. He faces a maximum potential penalty of 20 years in prison and a fine of $5 million, the office said. DeSalvo worked for the New Jersey Department of Corrections for 13 years before retiring in 2010, according to Amy Z. Quinn, a spokeswoman for the agency.

What is the new ChatGPT crypto scam and how you can protect yourself - Times of India --Gizmodo warns of the rising ChatGPT crypto scam using AI deception and fake promises to exploit viewers. Caution is advised against easy money offers, emphasizing due diligence and reliance on reputable crypto sources. A recent online report indicates a notable increase in YouTube videos tied to the ChatGPT crypto scam. According to Gizmodo, numerous videos on the platform purport to offer easy money-making opportunities without requiring genuine coding skills using ChatGPT. These videos also caution the crypto community about prevalent online scams. However, they ultimately deceive viewers into making investments that result in financial losses.The ChatGPT crypto scam leverages the popularity of both ChatGPT, a large language model, and the excitement surrounding cryptocurrency to trick people into sending their crypto funds to scammers. Here's how it works:
* Misusing AI Credibility: Scammers use the reputation of ChatGPT, known for its ability to generate realistic and coherent text, to create a facade of legitimacy.
* Phishing Through YouTube Ads: Deceptive YouTube ads might promote "ChatGPT bots" or "crypto slippages" that promise easy profits. These ads often feature actors reading scripts generated by AI, making them seem more convincing.
* Fake Free Money Offers: The scripts in these ads might warn viewers about crypto scams but then lure them in with the promise of "risk-free" ways to earn money using code or bots supposedly powered by ChatGPT.
* Hidden Malicious Code: The provided code, while appearing harmless at first glance, might contain hidden instructions that redirect your crypto wallet address to a scammer-controlled wallet when you connect it.
How to Avoid the Scam:
* Be Wary of "Free Money" Promises: If something sounds too good to be true, it probably is. Legitimate investment opportunities require research and carry some level of inherent risk.
* Double-check Code and Links: Never enter your crypto wallet address or connect your wallet to unknown platforms or code snippets.
* Trust Official Sources: If you're interested in learning more about cryptocurrency, rely on information from reputable financial institutions or established crypto exchanges.

Unexplained wealth order filed against crypto scam co-founder | CBC News - B.C.'s director of civil forfeiture has filed an unexplained wealth order in an attempt to seize a quarter-million dollars in cash, 45 gold bars, luxury watches and jewelry that were contained in a safety deposit box belonging to the co-founder of a notorious B.C.-based cryptocurrency exchange scam. Documents filed in B.C. Supreme Court say the items are the proceeds of crimes committed by Michael Patryn, who along with Gerald Cotten founded Quadriga Coin Exchange. Cotten's mysterious death in India in 2018 hastened the discovery of an estimated $215 million in missing investor funds from Quadriga. In 2019, the company was put into court-ordered bankruptcy. An investigation by the Ontario Securities Commission later determined Quadriga was a fraud and Ponzi scheme. Patryn, who also goes by Michael Dhanani, Omar Dhanani and Omar Patryn, was last known to be in Thailand, according to the claim. B.C. Solicitor General Mike Farnworth said this is the third unexplained wealth order filed in B.C. since changes were made to the Civil Forfeiture Act last year to allow their use. Unexplained wealth orders require people to explain how they acquired their wealth and property if there is suspicion of criminal activity. "Through this action, we are demonstrating again that criminals will have to prove that their assets are the proceeds of lawful activity and not financial crime," Farnworth said in a statement. According to the claim,the RCMP executed a search warrant on Patryn's safety deposit box at a downtown Vancouver bank in June 2021, seizing:

• $250,200 in Canadian currency "separated into five bundles which were bound with elastic bands, each containing approximately $50,000."
• Three one-kilogram gold bars, 12 one-ounce gold bars, 10 small gold bars from Australia and 20 gold bars of unlisted size from the Canadian Mint.
• Two Rolex DateJusts, one with diamonds; a Chanel J12 Black Diamond and a Baume & Mercier Men's Clasima Executive.
• Three rings, two cufflinks, one pendant, one necklace.

According to the claim, birth certificates, name change certificates, credit cards and cheques in Patryn's various names were also in the safety deposit box, along with a Ruger 1911 .45 calibre pistol and ammunition.

'Haven For Illicit Money-Laundering' - DoJ Charges Crypto Exchange KuCoin Over Billions In Criminal Funds -- United States Justice Department (DoJ) officials unsealed an indictment against cryptocurrency exchange KuCoin and two of its founders for "conspiring to operate an unlicensed money transmitting business" and violations of the Bank Secrecy Act.As CoinDesk reports, the DoJ said in an indictment that KuCoin and founders Chun Gan and Ke Tang operated KuCoin as a money-transmitting business with over 30 million customers but did not implement a know-your-customer (KYC) or AML program until 2023 – and even then, its KYC program did not apply to existing customers.Neither Gan nor Tang were arrested, the DOJ said in a press release.U.S. Attorney Damian Williams said:“As today’s Indictment alleges, KuCoin and its founders deliberately sought to conceal the fact that substantial numbers of U.S. users were trading on KuCoin’s platform. Indeed, KuCoin allegedly took advantage of its sizeable U.S. customer base to become one of the world’s largest cryptocurrency derivatives and spot exchanges, with billions of dollars of daily trades and trillions of dollars of annual trade volume. But financial institutions like KuCoin that take advantage of the unique opportunities available in the United States must also comply with U.S. law to help identify and drive out crime and corrupt financing schemes. KuCoin allegedly deliberately chose not to do so. As alleged, in failing to implement even basic anti-money laundering policies, the defendants allowed KuCoin to operate in the shadows of the financial markets and be used as a haven for illicit money laundering, with KuCoin receiving over $5 billion and sending over $4 billion of suspicious and criminal funds. Crypto exchanges like KuCoin cannot have it both ways. Today’s Indictment should send a clear message to other crypto exchanges: if you plan to serve U.S. customers, you must follow U.S. law, plain and simple.”The Commodity Futures Trading Commission also filed a suit against KuCoin Tuesday, alleging the company, which offers both spot and futures trading services, did not register as a futures commission merchant, swap execution facility or designated contract market. Its suit also charged that KuCoin didn't implement the CFTC's equivalent of a KYC program.With bitcoin having reached up to new record highs, it is worth noting today's action marks the first time that the DOJ has targeted a crypto exchange since it announced a multi-billion dollar settlement with Binance late last year, perhaps in a refreshed playbook to spread FUD back into the crypto ecosystem.

SEC suit against Coinbase can go forward, judge rules The U.S. Securities and Exchange Commission can proceed with its lawsuit against Coinbase, the biggest U.S. cryptocurrency-trading platform, claiming the company failed to register as a securities business, a federal judge in New York ruled. The SEC adequately alleged that Coinbase engages in the "unregistered sale and offer of securities" and illegally operates as an exchange, a broker and a clearing agency under federal securities laws, U.S. District Judge Katherine Polk Failla said in her opinion Wednesday. The decision is a blow to Coinbase and other cryptocurrency players who have argued the SEC has no power to regulate them because they don't traffic in "securities" that have to be registered. The judge, however, dismissed claims that Coinbase's Wallet application acts as a broker under the U.S. law. Shares of Coinbase were down 3.7% after falling as much as 4.8%. "The 'crypto' nomenclature may be of recent vintage, but the challenged transactions fall comfortably within the framework that courts have used to identify securities for nearly eighty years," the judge wrote. The ruling is a win for the SEC, which has asserted jurisdiction over crypto and has won rulings from several judges in New York in cases claiming authority over crypto firms. The ruling comes at an early stage of the case in which the judge was asked to decide whether the SEC's claims, if true, are sufficient for the case to go forward. Coinbase still has opportunity to defeat the case after evidence-gathering or on appeal. The case "likely enters a prolonged discovery phase of months if not years," plus appeals, said Elliott Stein, senior litigation analyst for Bloomberg Intelligence. Final resolution may require a decision by the U.S. Supreme Court, Stein said. "We were prepared for this, and we look forward to uncovering more about the SEC's internal views and discussions on crypto regulation," said Paul Grewal, chief legal officer for Coinbase, in a post on X, formerly known as Twitter. Grewal said the company remains confident in its legal arguments against the SEC's suit. The SEC sued Coinbase in June, claiming that, beginning in 2019, Coinbase made billions of dollars illegally promoting the sale of securities. The SEC claims Coinbase has failed to register, as required, as an exchange, a broker and a clearing agency. "It's the economic realities of a transaction, not the labels, that determine whether a particular offering constitutes a security," an SEC spokesperson said in a statement. Failure to register and follow the securities laws deprives investors of "critical protections," the spokesperson said. The case is Securities and Exchange Commission v. Coinbase Inc., 23-cv-04738, U.S. District Court, Southern District of New York (Manhattan).

Coinbase must face US securities regulator's lawsuit, judge says (Reuters) - A federal judge in Manhattan on Wednesday said the U.S. Securities and Exchange Commission's lawsuit against Coinbase can move forward, but dismissed one claim the regulator made against the largest U.S.cryptocurrency exchange.U.S. District Judge Katherine Polk Failla partly granted Coinbase's motion to dismiss the SEC's lawsuit which alleges the company is flouting its rules.While the decision is a partial win for Coinbase in what could be a lengthy and expensive court battle, it largely blesses theSEC's approach to cryptocurrency and agrees with other judges who have sided with the regulator.Coinbase Chief Legal Officer Paul Grewal said in a social media post on X that the exchange was prepared for the ruling and would continue to fight the SEC's claims."We remain confident in our legal arguments, we look forward to proving we’re right," he said.A spokesperson for the SEC said the agency was "pleased that yet another court has confirmed that, while the term 'crypto' may be relatively new, the framework that courts have used to identify securities for nearly 80 years still applies.""We will continue to protect investors against risks in the crypto markets when, as here, the securities laws are implicated," the spokesperson said.The SEC sued Coinbase in June, saying the firm facilitated trading of at least 13 crypto tokens that should have been registered as securities and was operating illegally as a national securities exchange, broker and clearing agency without registering with the regulator.Failla allowed most of the lawsuit to proceed, but dismissed the SEC's claim that Coinbase acted as an unregistered broker via its wallet application.The case against the world's largest publicly-traded cryptocurrency exchange is a high-water mark in the regulator's campaign to apply U.S. securities law to the digital asset companies.To do so, the SEC has largely relied on a U.S. Supreme Court ruling that set out a test for when an investment constitutes a security. A key piece is whether returns "come solely from the efforts of others."Coinbase has argued that crypto assets, unlike stocks and bonds, do not meet that definition, a position held by the vast majority of the crypto industry.Failla rejected that argument, saying the SEC has a plausible claim that at least some of the digital assets listed on the exchange are securities.The SEC has pointed to statements by developers, including Solana Labs, about efforts to build and improve their technology."An objective investor in both the primary and secondary markets would perceive these statements as promising the possibility of profits solely derived from the efforts of others," Failla wrote.In the few cases that have gone to court, judges have mostly agreed with the SEC that the crypto assets at issue were securities.Unlike assets such as commodities that are strictly regulated, securities must be registered with the SEC by their issuer. They also require detailed disclosures to inform investors of potential risks.

Judge rejects Coinbase’s ‘major questions doctrine’ argument in landmark SEC case -- The Securities and Exchange Commission notched a victory on Wednesday in its ongoing campaign to rein in the crypto industry, as Judge Katherine Failla ruled largely against a motion by Coinbase to dismiss a lawsuit brought by the agency. In her 84-page decision, Failla argued that the SEC had adequately alleged that Coinbase, the leading crypto exchange in the U.S., had operated outside of securities laws by offering products involving cryptocurrencies to users without first registering with the agency.The SEC brought the lawsuit against Coinbase in June, with enforcement director Gurbir Grewal arguing that the crypto firm couldn't simply "ignore the rules because you don't like them." After filing a motion to dismiss the lawsuit, both sides pleaded their cases in front of Failla at a Southern District of New York courthouse in January.Central to Coinbase's argument is its longstanding claim that the SEC is engaged in a campaign of "regulation by enforcement" against the crypto industry, meaning it's creating new guardrails to supervise the sector through lawsuits rather than establishing set rules. Key among those concerns is the question of which cryptocurrencies constitute securities, and therefore fall under the remit of the SEC. While Chair Gary Gensler has said that the vast majority of cryptocurrencies are securities, the agency—and Congress—have yet to create formal rules.Coinbase tried to make that case before Failla and she largely rejected it, finding that the SEC's allegations were strong enough to warrant a full trial. Although her ruling isn't the final decision, Failla did seem to side with the SEC's definitions of crypto asset securities, applying past case law, including a consequential Supreme Court precedent called the Howey Test. Coinbase tried to argue that securities should include a formal investment contract, a view Failla rejected.Outside of the nitty-gritty of securities law, Coinbase tried to make two larger arguments in its motion to dismiss. Failla disagreed with one—that the SEC violated Coinbase's right to due process by not providing the industry with fair notice that crypto assets traded on digital platforms could be considered securities. She argued that the SEC had provided proper notice through written guidance, litigation, and other actions.But Coinbase also attempted a more consequential plea by invoking the major questions doctrine, a guiding principle established by the Supreme Court that says Congress should not delegate to agencies like the SEC on matters of major political or economic significance. As the U.S. judicial system shifts to the right, with justices more amenable to restricting the administrative powers of governmental agencies, Coinbase sought to argue that the SEC was overstepping its authority by hampering the growth of a new industry.

With the Sam Bankman-Fried trial over, can banks get back into crypto? Before the cryptocurrency exchange FTX collapsed last November, there were four U.S. banks serving cryptocurrency businesses to any significant extent: Silvergate Capital, Signature Bank, Farmington State Bank and Metropolitan Bank. Now there are none. In January, New York City-based Metropolitan Bank announced it would "fully exit the crypto-asset related vertical," six days after the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. put out a joint statement on crypto-asset risks to banking organizations. In March, Silvergate Capital and Signature Bank were shut down by regulators. Farmington State Bank shut down in April after receiving a cease-and-desist order from federal regulators. With the FTX trial over and its founder, Sam Bankman-Fried, convicted of seven counts of fraud, will banks be able to take on crypto-related businesses and offer crypto services with the blessing of their regulators? The FTX case has been a setback for the entire crypto industry, noted Sam Taylor, head of corporate intelligence, Americas at consulting firm S-RM. A couple of years ago, cryptocurrency was becoming more generally accepted. "With all the Super Bowl commercials, there was in many ways a legitimization of the product to retail investors through spokespeople like Tom Brady and Larry David," Taylor said. "And it appeared to be becoming mainstream to retail investors. This does set that back quite a bit. I think the broader public is going to be increasingly skeptical now for several years about decentralized finance and cryptocurrency." But the FTX fiasco doesn't necessarily give the crypto industry a permanent black eye, he said. "The cryptocurrency industry has always struggled to gain legitimacy and was gaining a lot of momentum going into this," Taylor said. "So I would say [the FTX collapse] does slow it down. I wouldn't say forever." Some say bank regulators have taken too harsh a stance toward cryptocurrency businesses. "It's clear federal officials overreacted to the FTX fraud in their coordinated effort to paint all digital asset startups with the same broad brush, which wasn't true," said Caitlin Long, CEO of Custodia Bank in Wyoming. "It's also clear some federal officials thought their crackdown would drive digital assets to zero, which didn't happen. In the year since, federal courts and the General Accounting Office have been striking down or casting doubt on the legality of their regulatory overreach." The FTX case was a matter of fraud, not a cryptocurrency issue, and the cryptocurrency industry isn't the only place fraud exists, noted Renato Mariotti, former federal prosecutor and partner at Bryan Cave Leighton. "Banks get defrauded all the time, but that doesn't mean that they stop lending money," he said. "Crypto is not inherently evil or illegal or problematic," Mariotti said. "It's an asset. You could view it as a development in technology." The lack of an established regulatory framework for cryptocurrency is an issue and brings regulatory uncertainty for financial institutions. "Obviously the industry's asking Congress to adopt such a framework, but Congress has not done so at this time," Mariotti said. "As a result, there's a lot of civil litigation between the SEC, CFTC and various market participants."

FDIC rebukes Sutton Bank, Piermont Bank over fintech partners -Banks that offer banking-as-a-service to fintechs be warned: Regulators continue to critique these programs. In the most recent example, the FDIC announced consent orders Friday against Sutton Bank in Attica, Ohio and Piermont Bank in New York City. Other banks that have been slapped with similar consent orders in recent months include Blue Ridge Bank, Cross River Bank, Lineage Bank and Choice Bank. In these orders, regulators tell the banks they need to step up their oversight and monitoring of their fintech partners, and insist their boards must be involved. When the fintechs take on new customers, it's the bank's responsibility to make sure they aren't criminals, terrorists or money launderers. As the fintechs process transactions, the banks have to monitor them to make sure they meet all Bank Secrecy Act, anti-money-laundering and countering financial terrorism rules. All this fintech babysitting is a tall order, especially for a small bank. Sutton Bank has $2.2 billion of assets. It works with large fintechs like Square, Robinhood and Upgrade and is the bank behind many prepaid card programs. The bank did not respond to a request for comment. Piermont Bank has $578 million of assets. Its fintech partners include Wagestream, Tuvoli and Buildertrend. "Every bank that touches BaaS is getting an enforcement action," said Wendy Cai-Lee, founder and CEO of Piermont Bank, in an interview. "I don't think anyone is not getting one at this point." Some in the industry see this as an example of regulatory overreach. "It absolutely looks and feels like innovation within the banking system is being disproportionately targeted by regulators who at times seem like they are trying to make a point rather than helping to build the future of financial services," said Phil Goldfeder, CEO of the American Fintech Council. "To ensure that a competitive financial services market exists, regulators need to find ways to encourage responsible innovation instead of stymieing it through disparate regulatory treatment." Others believe the stepped-up scrutiny of bank-fintech partnerships stems from some banks' practice of outsourcing compliance with these rules to BaaS vendors like Synapse, Synctera and Unit. Piermont announced a partnership with Unit in 2022, but recently broke off that relationship.

Banks need to leverage big data to combat a surge in AI-enabled fraud The financial services sector stands at a critical juncture, grappling with an intensifying wave of sophisticated fraudulent transactions that resulted in $2 billion in losses in 2022 alone. The Treasury Department's Financial Crimes Enforcement Network issued a warning last month, noting check fraud incidents have doubled in the past two years from 350,000 to 680,000. The impact goes well beyond credit cards and checks, with popular fintech platforms such as Zelle — a service widely used by consumers today to conduct online financial transactions, also bearing the brunt. Given the metastasis of this issue across different levels of the finance sector, no single organization can single-handedly address this problem effectively. It is imperative now more than ever for banks, regulatory agencies and technology partners to join forces to combat financial fraud.The United States is not the only country witnessing a surge in fraudulent transactions. India's finance sector reported over 14,000 major fraudulent transactions in 2023, with the Reserve Bank of India documenting frauds totaling approximately $3.62 billion. In the U.K., there is growing concern over "deep-fake" frauds, where scammers, using cutting-edge software, can impersonate potential romantic partners or family members in crisis by mimicking their voice and appearance with near perfect accuracy. These sophisticated scams resulted in Britain's financial sector losing $754 million in just the first half of 2023 alone.Last month, Equifax Canada also raised the alarm on a notable increase in identity fraud, underscoring a global trend toward more sophisticated forms of fraudulent financial transactions. These incidents signal a clear need for a more robust defense mechanism in the finance sector. This is where technologies like Artificial Intelligence and large language models can help us transform our approach to fraud detection.At their core, the traditional AI models commonly referred to as AI systems trained on historical transaction data such as wire transfer logs, credit card transaction volumes and debit card transactions, can spot fraudulent activities with remarkable accuracy. But they cannot comprehend the insights that might be available in the customer communication channels — emails, phone calls and text messages. Financial institutions can now overcome this limitation by combining these traditional AI models with specialized LLMs. LLMs are advanced AI systems designed to understand natural language, a crucial element in most bank-customer interactions. These models significantly enhance the bank's ability to sift through data across various customer communication mediums, including audio and video calls, text messages, emails and social media, looking for signs of fraudulent activity. By integrating LLMs with traditional AI models — which track financial transactions — banks can create a hybrid solution to detect fraudulent transactions with heightened precision and accuracy. This hybrid approach represents a paradigm shift in fraud detection, offering banks the ability to process and analyze data at a scale and speed unattainable by human analysts.

PNC faces setbacks in fraud lawsuit - This month, a judge in Pennsylvania allowed a lawsuit to move forward against PNC Bank and some of its employees individually over $1.1 million in fraud losses suffered by a local jeweler in 2022. While the lawsuit concerns a small amount of money relative to the size of PNC's annual revenue last year of $32 billion, the case could set a costly precedent for it and other banks should the Pennsylvania state court rule in favor of the plaintiff, Joyce's Jewelry. On preliminary requests by PNC to dismiss the charges and end attempts at recovering attorneys fees, the judge has ruled for Joyce's. The preliminary ruling is a "wake-up call to bankers," according to Howard Kaplan, an attorney representing Joyce's in the matter. "The ruling is significant, showing that individual bank employees may have liability for their failure to train customers on security procedures or their failure to react properly after a fraud occurs," Kaplan said. "Further, the court said that PNC and PNC employees individually may be liable for punitive damages and attorney's fees for their conduct." PNC did not immediately respond to a request for comment. A spokeswoman for the bank previously said the bank maintains a "comprehensive set of security controls to protect customers from increasingly sophisticated online banking schemes. "While PNC regrets any losses incurred by any customer, it disagrees with the allegations in this case and believes it acted appropriately with respect to these transactions," the spokeswoman said.

Why the money laundering fight is going to the next level -- The new year began with a flurry of news that's just a sample of the crimes that financial institutions must help battle. Nasdaq reported in early January that there were $3.1 trillion in illegal transactions made in 2023. More than $800 billion was connected to drug trafficking, $350 billion was tied to human trafficking and $11 billion from terrorism. Another $500 billion was lost to fraud. Less than two weeks later, at the beginning of February, the Financial Crimes Enforcement Network issued an advisory against illegal financing being used to fund Israeli extremists that the U.S. had sanctioned for targeting Palestinians. That came at nearly the same time as the Anti-Defamation League warned of anti-Israeli extremists using cryptocurrency to fund terrorist operations. And in late January, new U.S. sanctions were issued against Russian interests connected to the country's two-year-old war against Ukraine. In short, financial institutions' job of preventing money laundering and other illicit money movement is getting harder as they work to comply with U.S. sanctions against countries and parties the government has connected to such activities. That challenge includes a fast-changing regulatory environment, underserved risk management staffs and evolving technology that can benefit and hurt both sides in the fight. Sixty-nine percent of executives say financial crime risk will increase over the next year, according to research from Kroll, which also reported that 66% of firms plan to boost security spending to combat the threat. The increased investments will go toward mitigating illegal payments, complying with U.S. sanctions and rules fighting money laundering or halting the use of otherwise legitimate financial infrastructure to fund illegal activity. Money laundering regularly reaches 5% of global GDP, according to research from technology firm Persona. Financial institutions of all sizes have recently been hit with fines tied to AML lapses. Wells Fargo, for example, was fined a total of about $98 million in 2023 after U.S. regulators said the bank had insufficient AML compliance due to trade finance software that dated to a system at Wachovia. Wells Fargo acquired Wachovia more than a decade ago. In another instance, later in 2023, Oscar Marcel Nunez-Flores, a staffer at an unnamed bank, was arrested by New Jersey authorities for accepting bribes to enable millions of dollars in laundering. In December, Fincen issued a consent order against Gyanendra Kumar Asre, a former employee at the now defunct New York State Employees' Federal Credit Union. Regulators said Asre was connected to an operation that transferred $1 billion in Mexican funds to electronic deposits using the credit union's master account with the Federal Reserve. In late January, the Federal Reserve and New York State Department of Financial Services issued an enforcement action and levied $32 million in fines against the Industrial and Commercial Bank of China. That was in connection with allegations that the institution had inadequate anti-money-laundering controls. While the case did not involve a bank, the Department of Justice in November fined crypto firm Binance Holdings $4 billion after the firm and its CEO, Changpeng Zhao, admitted to not maintaining an effective AML program.

Former Fed officials: Liquidity tweaks needed to prevent next SVB - Revised liquidity standards are the key to preventing future bank runs like the one that toppled Silicon Valley Bank last year, according to a paper by former Federal Reserve officials. Former Fed Govs. Dan Tarullo and Jeremy Stein are among the co-authors of a paper released late Wednesday that explores last year's bank failures and the evolution of the banking sector in recent decades. In it, they call for lowering the asset threshold at which banks are subject to the full liquidity coverage ratio — which requires banks to maintain enough high-quality liquid assets to withstand 30 days of significant deposit outflows — from $250 billion to $100 billion. They also say banks should be required to have enough assets pledged as collateral to the Fed's last-resort lending facility to offset uninsured deposits. "The concept is that the liquidity situation of the bank would be substantially enhanced, precisely because it had ready access to the discount window, collateral that was pre-positioned, and thus the Fed was in a position to provide the liquidity immediately to a bank, should it suffer a run on its deposits," said Tarullo, who served as the Fed's top regulatory official after the subprime lending crisis and through the implementation of the Dodd-Frank Act. The suggestion comes as regulators in Washington prepare to put forth their own liquidity reforms at some point this year. Fed Chair Jerome Powell and Vice Chair for Supervision Michael Barr have stated that liquidity reforms are in the works, while acting Comptroller of the Currency Michael Hsu has already floated a set of potential changes: mandatory asset pre-positioning at the Fed's discount window and a five-delay liquidity requirement for certain banks. The new paper, titled "The Evolution of Banking in the 21st Century: Evidence and Regulatory Implications," explores the implications of two potential sets of reforms: expanding insurance coverage to all deposits in the banking system and requiring banks to have full liquidity coverage capabilities. The paper was compiled for the Brookings Papers on Economic Activity, a semiannual conference hosted by the Brookings Institution, a Washington-based think tank. In the paper, the Harvard-based research team — which also includes Samuel G. Hanson, Victoria Ivashina, Laura Nicolae and Adi Sunderam — noted that broad expansion of deposit insurance, aside from being politically nonviable, would also present "moral hazard" by incentivizing distressed banks to take on greater risks.

What bankers need to know about the government funding compromise — Over the weekend, President Joe Biden signed a $1.2 trillion funding package that averts a government shutdown and pushes the next spending fight to September. As has become typical in Washington, the path to getting the compromise to Biden's desk was fraught with leadership intrigue and a late-night vote to avoid a shutdown. The final package includes defense, homeland security, financial services and general government and labor. Lawmakers cut financial services and general government funding — by $1 billion, or 4%, from the prior fiscal year, although that doesn't include the prudential banking regulators, which are largely self-funded . While the funding package includes vital funding details for the government's oversight of financial services, it's in some ways more interesting for the things it doesn't include. Some big ticket items for bankers didn't make it into the final version, and remain live items for future debates. Despite a last ditch attempt from Sens. Dick Durbin, D-Ill., and Roger Marshall, R-Kansas, the swipe fee bill falls short of getting a vote in another must-pass piece of legislation. The bill's sponsors have tried to get the bill, which would require cards from banks with $100 billion or more of assets to offer merchants the choice of two unaffiliated card networks that aren't both Visa and Mastercard, included on a number of packages. The bill has been fiercely opposed by the banking industry. "Given the fractured condition of Congress, adding non-germane legislation that's controversial upsets the balance that the overall bill strikes and threatens to kill it," said Brian Gardner, chief Washington policy strategist for Stifel. "I don't think congressional leaders are wanting to waste political capital on what they see are second and third tier issues." Its absence on yet another package doesn't bode well for the future of the legislation, but there's a number of options coming up for the lawmakers, including the next spending fight in September and defense spending legislation that will also need to pass this year. Durbin and Marshall have been successful in generating some level of momentum for the credit card fee bill, adding bipartisan cosponsors to it and trying to wrangle executives for a hearing to convince their fellow lawmakers. The Securities and Exchange Commission has increasingly become a political football, with Republicans criticizing what they see as Chairman Gary Gensler's overreach into environmental policy and crypto enforcement. The final spending tally for the SEC ended up being something of a compromise. The deal gives the SEC $2.189 billion, lower than the $2.594 billion it asked for to fund another 23 people in its examinations division. Part of the reason the SEC asked for that additional personnel was to address "evolving risks" in crypto activity. "New products and services, such as decentralized finance in the blockchain space and computer-assisted financial activities in the AI space, are being introduced on a compressed time frame and have an immediate impact on the financial industry," the agency said in its budget request. Still, the agency's funding grew slightly from the $2.15 billion it received in the prior fiscal year, despite House Republicans wanting to cut it to about $2 billion.

Basel endgame will greatly disadvantage international banks in the U.S. - The Basel III endgame proposal threatens to create an uneven playing field for the U.S. operations of international banks which, left unchanged, could result in less investment, less liquid markets and less competition in the U.S. financial system. In the United States, internationally headquartered financial institutions hold more than $4 trillion in assets, directly employ approximately 200,000 people and represent a majority of the primary dealers in the U.S. Treasury market. According to the most recent data available from the Federal Reserve Board, they also made $661 billion in commercial and industrial loans in the United States in the first nine months of 2023 alone. Further, these institutions are often the primary facilitator of investment in the United States by international companies, which has helped transform many states in the U.S., particularly in the Southeast. The contributions of international banks to the U.S. economy, however, could be significantly impacted if changes are not made to the proposed U.S. Basel III endgame rule. It's important to acknowledge that international banks are already subject to rules set by their home country regulators. Several decades ago, Congress recognized this reality and enshrined the doctrine of "national treatment," which requires federal banking agencies to treat the U.S. operations of international banks no less favorably than domestic banks of similar size and business profiles. This helps ensure America's financial markets are competitive. But under the Basel III endgame proposal, the U.S. operations of international banks will see a capital increase on their U.S. activities that is more than double that of domestic banks of similar size. The disparate treatment for international banks stems in part from the fact that the Basel standards were designed to be applied to the global consolidated level of a bank. The way in which the U.S. banking agencies propose to apply the Basel standards at the subsidiary level in the United States, however, will result in capital requirements that do not match the risk presented by these entities and their activities. The most significant area for improvement is the proposal's standardized "operational risk" component. The operational risk component was designed to apply only at the parent consolidated level. Unfortunately, the U.S. banking regulators have decided to diverge from this approach in the proposed rule. Further, certain aspects of the current Basel III endgame proposal would penalize international banks for providing nonfinancial services to their parent and other non-U.S. affiliates, resulting in disproportionately unfavorable treatment for those institutions vis-a-vis their domestic counterparts. In addition, the Basel III endgame proposal also includes other U.S. "gold-plating" and adjustments in the U.S. market risk and credit risk framework that could further harm international banks along with their U.S. counterparts. U.S. financial markets are stronger and more resilient because of the contributions of international banks. But many aspects of the Basel III endgame proposal threaten to tilt the playing field against them. Gold-plating of internationally agreed to standards harms all financial institutions — both U.S. and non-U.S. banks — and is contrary to the goal of these standards, which seek to minimize differences in international capital frameworks. U.S. regulators should work to mitigate the uneven impacts to best promote a strong financial system and robust U.S. economic growth.

Industry groups sue over Colorado's crackdown on high-cost lending Three industry groups are suing to block a Colorado law — set to take effect this summer — that will serve as a test case in the nationwide legal fight over state interest rate caps on consumer loans. The lawsuit was filed Monday by the American Fintech Council, the American Financial Services Association and the National Association of Industrial Bankers. It challenges a Colorado statute that imposes rate caps on state-chartered banks that are based in the other 49 states. The law is the latest effort by Colorado officials to crack down on high-cost consumer lenders without running afoul of the barriers that prevent states from regulating national banks. The plaintiffs argue that while federal law allows Colorado to impose rate caps on state banks that are chartered inside its own borders, they cannot do so on those that are chartered elsewhere. "It boils down to: Colorado can control its own banks," said David Gossett, a partner at Davis Wright Tremaine who represents the plaintiffs. A spokesperson for the Colorado attorney general's office, which is named as a defendant in the suit, declined to comment on what it described as active litigation. The suit has implications beyond Colorado because other states that also want to crack down on high-cost lending are eyeing the Centennial State's 2023 law as a model. Similar legislation has been introduced in Minnesota, Rhode Island and the District of Columbia, according to advocates on both sides of the debate. "If this was just a one-off by Colorado, I don't know if people would have rallied around bringing a lawsuit. But when it's the tip of the iceberg, it does matter," Gossett said. The Colorado law is scheduled to take effect on July 1. Within the next week or so, the plaintiffs plan to seek a preliminary injunction that would halt its implementation, Gossett said Tuesday. He argued that imposing a rate cap on state-chartered banks that are based outside of Colorado will lead those banks to curtail offers of credit to higher-risk Colorado consumers. The result will be less credit availability and probably higher interest rates, Gossett said, since national banks will not be subject to the rate cap. Under Colorado law, interest rate restrictions range from 8% to 45%, according to the lawsuit, depending on factors such as the type and size of the loan. Consumer advocates have long been calling for crackdowns on partnerships between high-cost nonbank lenders and out-of-state banks that seek to evade state interest rate caps. In Colorado, state officials have been going after high-cost lenders on a case-by-case basis. Last April, Colorado Attorney General Phil Weiser announced a $275,000 settlement with EasyPay, which allegedly partnered with an out-of-state bank to make predatory loans in circumvention of the state's interest rate limits. The new Colorado law would make it easier for officials in the state to keep out high-cost consumer lenders, rather than taking separate legal actions against various companies. But the lawsuit filed Monday argues that Colorado's statute exceeds the authority the state has under a 1980 federal statute. That federal law, the Depository Institutions Deregulation and Monetary Control Act, gave states the right to opt out of provisions that gave state-chartered banks the same authority with respect to interest rates that national banks already had.

The Many Lawsuits Challenging Woke SEC’s Climate Disclosure Reg - Marcellus Drilling News - Earlier this month, the U.S. Securities and Exchange Commission (SEC), corrupted by the Bidenistas, voted 3-2 (three Democrats vs. two Republicans) to issue a final regulation that will force all publicly traded companies to disclose their so-called greenhouse gas (GHG) emissions and the imaginary climate risks their businesses face (see Woke SEC Adopts Modified Version of Climate Disclosure Reg). The end result of the Biden SEC’s new regulations will be to “kneecap” oil and gas companies (see SEC Reg Requiring Disclosure of Climate Change Risk “Kneecaps” O&G). And that’s the purpose. The Bidenistas and the left are looking to close down fossil fuel companies by using regulatory agencies like the SEC. Not so fast. A plethora (too many to count) of companies, organizations, and states are suing the SEC in an attempt to overturn the new reg.

CFPB's 1033 regulation could be a boon for small banks - This fall, the Consumer Financial Protection Bureau will finalize its 1033 rule to accelerate open banking and give consumers more control over their financial data. With these new requirements around the corner, financial institutions and fintechs may disagree on the fine print, but there is strong support for the significant consumer benefits and protections the rule will create. For forward-thinking institutions, the 1033 rule can also drive opportunities to better serve their customers and meet ever-growing expectations for digital finance. The 1033 rule would ensure consumers are guaranteed the right to access and share their financial data. Financial services companies would be required to allow consumers — and third parties they authorize — to access account information such as transactions and account balances. These changes make sense. Consumers' preference for, and adoption of, digital services has revolutionized most of the economy. People communicate via Slack, order their groceries on Instacart and access health care via Zoom. Consumers expect financial services to work the same way. For many, visits to local bank branches have been replaced by digital banking and mobile apps. Services like Venmo, Zelle and CashApp are substituting for cash and checks. Digital tools have made it easier for consumers to access financial advisory services that used to be exclusive to wealthier clients. In order for any of this to be possible, people must be able to easily and securely share their financial information with apps or services they choose. Some banks are already embracing this and have begun to meet these consumer expectations; those banks that don't adapt quickly risk losing customers to those who do. The rule could also be a much needed boon for small banks and credit unions lacking billion-dollar tech budgets and struggling to meet the demand for digital finance. If a customer can link all of their favorite apps to one bank account, the customer doesn't need to switch to a different institution in order to access the digital financial services they want to use — from investing apps to digital payments to budgeting tools to buy now/pay later services and more. In fact, Rohit Chopra, the director of the CFPB, has referred to open banking as a business opportunity for community banks to "steal the lunch" of bigger competitors. Once the CFPB's rule is finalized, customers at community banks and credit unions would have a right to share their data to access a range of digital financial services. Likewise, smaller institutions can also leverage data to offer their own personalized products and services as well as gain new insights through partnerships with fintechs. For many institutions, the CFPB's rule can spur banks to become the digital "branch" their customers want. Banks and credit unions of all sizes — including many of the nation's largest banks — are already leveraging open banking solutions as part of their own product strategies. Despite these obvious benefits, some banks are looking at the rule as a compliance burden that they should now oppose. Ironically, requiring the use of APIs is a tool that the financial industry has been calling for for many years in order to eliminate screen scraping and ensure open banking functionality. Treating API development as an unwelcome compliance obligation, however, is to the detriment of banks and consumers alike. Today, nearly all of the largest banks, like JPMorgan, Bank of America and Wells Fargo, as well as many popular fintechs, currently have APIs in place. Others are in the process of migrating traffic fully to APIs. Likewise, thousands of community banks and credit unions today already have access to APIs via core service providers or other platforms. At Plaid, over 75% of our traffic is on or committed to APIs — and with the finalization of Dodd-Frank 1033, we can get to 100%. Driving API adoption in the market is essential for safe open banking practices and by embracing APIs, the CFPB is reaffirming where the industry is already heading.

Banks could also be benefactors of CFPB's data sharing plan Whether you know it as open banking, Section 1033 or personal financial data rights (if you're not into the whole brevity thing), the Consumer Financial Protection Bureau is about to shake up the way consumers access their financial information. Stakeholders scrambled the jets to provide their feedback on the bureau's 299-page behemoth of a proposed rule before the Scrooge-esque deadline of Dec. 29. Even the CFPB's sister agency, the Small Business Administration, asked more than once for additional time for small-business owners to comment. The rush job was unfortunate; not only because the 12 days of Christmas turned into the 12 days of writing comment letters, but also because it detracted from a foundational exercise in creating a new regulatory regime. The proposal was far from perfect and the CFPB still has a lot to do to make sure consumers are protected and market participants aren't set up to fail. There's the lingering question of what API specs to build around, how to balance access to information with fighting fraud and even something as basic as which account types are in scope, for instance. While a handful of nonbanks might be subject to some form of scrutiny by the bureau, the vast majority are fintechs that fly under the radar. The Federal Trade Commission has retrospective enforcement powers, but this is unable to catch and prevent ongoing consumer harm. All the lofty principles in the bureau's rule count for little if they are only enforced selectively. Consumers deserve to be protected consistently, regardless of whether the entity is a bank or a nonbank. While we wait for the CFPB's next moves, we can start to think ahead about what the regulation might mean for banks. One of the most interesting concepts of the data sharing ecosystem is that entities can play different roles depending on the situation. In other words, they can wear many hats. It's very easy to fall into the trap of thinking that a bank is always going to be a data provider, and they do generate nonpublic personal financial information in the course of their business operations. Therefore, it is true that they will have to send out financial data to third parties based on their customers' consent. However, banks can just as easily obtain the consumer consent necessary to bring in data. There is a steep learning curve for 1033 — developer interfaces, qualified industry standards, authorization/authentication/revocation — it's a lot to take in. But it's important to remember that as significant as the compliance costs will be for the personal financial data rights rule, it also presents potential opportunities. In short, banks can use consumer-permissioned data to develop the kinds of innovative products and services their customers (existing and prospective) want. Common use cases include novel types of lending products to reach new markets, personal financial management to find ways to improve financial awareness and health, market-tailored platforms (such as restaurants) to reflect preferences and many more.

Resistance to the CFPB's late fee rule exposes banks' bigger problems - Earlier this month, the Consumer Finance Protection Bureau announced the decision to limit credit card fees. Within hours, the American Bankers' Association blasted the CFPB's decision, saying that "today's flawed final rule will not only reduce competition and increase the cost of credit but will also result in more late payments, higher debt, lower credit scores and reduced credit access for those who need it most." Predictably, the American Bankers Association, the U.S. Chamber of Commerce, Fort Worth Chamber of Commerce, Longview Chamber of Commerce, Consumer Bankers Association and Texas Association of Business then filed a lawsuit. Hidden fees have become so standard that the industry has lost perspective on what a consumer-centric model looks like. The focus on protecting easy revenue that threatens some Americans' financial opportunities has the industry leading with the wrong questions. Instead of asking whether we are doing the best we can for the American consumer — and looking at ways to be more efficient, consumer-centric and transparent — the largest banks in the country are consumed with how they can continue to conduct business as usual. And that's just plain wrong. Consumer credit plays an important role in our society and we're lucky to have a well-developed banking and financing system that offers these financial products, but I'd like to present a challenge to the industry at large: Can't we all do better for consumers? There is no question that credit card issuers need to — and should — make a profit. According to data from industry research firm R.K. Hammer, credit card companies realized $176 billion in income in 2020. Interest income made up 43% of industry income in 2020. Interest is typically fully divulged upfront, so while 43% is staggeringly high, it is spelled out every month. As we can see, Americans already pay dearly for access to credit. But layering escalating fees on top of interest rates is disingenuous. Why are the proposed limits so concerning? Is it because the big institutions don't want to show their hands to the American public, because it would mean they would need to actually compete fairly to serve those customers? What is the issue with being transparent, exactly? Let's be direct about it. Fees most impact those who can least afford them. So, banks talk a big game about being inclusive and offering everyone access to credit, but in actuality, they're hitting the American consumer when they're down.

Texas judge moves CFPB's $8 credit card late fee case to DC -In a blow to banks and credit card issuers, a Texas judge has agreed to move a lawsuit challenging the Consumer Financial Protection Bureau's $8 credit card late fee rule to the District of Columbia. The ruling on Thursday by Judge Mark T. Pittman is a blow to the U.S. Chamber of Commerce and five other trade groups that sued the CFPB in early March to stop the late fee rule from going into effect on May 14. Pittman sided with the CFPB, which claimed the trade groups had engaged in "forum shopping" by filing the case in Texas in order to get a judge sympathetic to the industry. "Venue is not a continental breakfast; you cannot pick and choose on a Plaintiffs' whim where and how a lawsuit is filed," Pittman wrote. "Federal courts have consistently cautioned against such behavior." The rule could potentially wipe out $10 billion a year in late fee revenue, a massive hit to the industry which currently collects $14 billion a year in late fees. The rule would cut credit card late fees to $8 from $32. Pittman said there was "a strong interest" in having the dispute resolved in the District of Columbia and not Texas. "A review of the record shows there are ten attorneys spanning five different firms or organizations representing the various Parties in this case. Of the ten, eight list their offices in the District of Columbia," he wrote. "This means that any proceeding this Court conducts ... will require all of Defendants' counsel and two-thirds of Plaintiffs' counsel to travel to Fort Worth—a task that will be charged to their clients or to the government. This would mean that taxpayers, including residents of Fort Worth, would foot an expensive bill for this litigation." Earlier this week, Pittman wrote a blistering critique denying the trade groups' emergency request to stop the CFPB's rule from going into effect on May 14. The CFPB had asked the court for a change of venue by claiming that the Fort Worth Chamber of Commerce lacked standing to file in Texas. The bureau alleged that Synchrony Bank — a $106 billion-asset bank based in Stamford, Connecticut, and chartered in Utah — had only recently become a member of the Fort Worth chamber in order to file the lawsuit in the Northern District of Texas.

CFPB will offer unbiased data for comparing credit cards, Chopra says — Consumer Financial Protection Bureau Director Rohit Chopra says his agency will soon provide neutral data on credit card pricing that third-party websites can use to help consumers get the best deals on their cards. "This will be free, and you will not have to give a kickback to be included in this dataset," he said. "We expect to have more to share on that in the coming months." Speaking on Tuesday at the Consumer Bankers Association's annual conference, Chopra covered a number of the CFPB's existing and planned initiatives to promote fairness and competition in the credit card industry. The data announcement comes roughly a month after the CFPB issued guidance to law enforcement and regulators about credit-comparison websites. It said many of these sites may be breaking the law when they portray themselves as neutral information providers yet take kickbacks in exchange for steering consumers toward certain lenders. Another priority for Chopra, he said, is ensuring credit issuers actually deliver the rewards and benefits they advertise to entice new borrowers. "We want to make sure that providers and their partners are not using bait and switch tactics when it comes to the reward programs," he said. "Major providers who must offset the upfront costs of offering these rewards often vary in their terms and conditions … and can revoke reward offerings or make redemption of rewards more difficult."

State Farm Insurance Drops 72,000 California Properties | State Farm will not renew approximately 72,000 property and commercial apartment policies, of which approximately 30,000 will be for 'homeowner, rental, rental, residential community and business owner insurance,' and the remainder of which are for commercial apartment policies, the Sacramento Bee reports. Last May the company announced that it would stop accepting applications for property and business properties due to higher construction costs, growing risks from wildfires and other catastrophic events, and challenges related to how it insures its own business.Last week, the company cited those challenges in an announcement, along with "the limitations of working within decades-old insurance regulations."California says it's fixing the issues, with Insurance Commissioner Ricardo Lara announcing upcoming regulatory changes that his office says "will improve conditions for the overall market."According to spokesman Michael Stoller, State Farm's decision "raises serious questions about its financial situation — questions the company must answer to regulators."The action was taken by State Farm General Insurance Company, which sells homeowners insurance in California. The company acknowledged the department’s proposed changes and vowed to continue to work with the agency to “establish an environment in which insurance rates are better aligned with risk.”In December, the department approved a 20% average rate hike for the company’s homeowner insurance policies. -Sacramento BeeThe insurer says it will begin canceling policies in July for homeowners, and August for commercial properties, which will occur on a rolling basis over the next year. The move comes two years after AIG pulled out of the Golden State over wildfire risk.

Appraisal group bucks regulators, hires new leader from within -Changes are coming to the appraisal profession's top rulemaking body – just not the kind regulators or critics had in mind. The Appraisal Foundation, which has been the subject of growing scrutiny in Washington for its handling of bias-related issues in the home valuation space, named a new president this week. Current Senior Vice President Kelly Davids will be elevated to the organization's top post. Kelly Davids standing with her arms crossed, smiling, wearing a button-down shirt and a blue blazer. Kelly Davids, the deputy to the Appraisal Foundation's president, has been named to take over as head of the group. Davids, who has held the number-two position at the foundation since 2013, will replace current President Dave Bunton, who has led the non-profit for more than 30 years. Davids officially takes the helm on March 31, while Bunton will move into a senior advisor role, according to the organization. The Appraisal Foundation is a private organization tasked with writing the standards used by appraisers throughout the country thanks. A 1980s regulatory reform package granted it authority over professional qualifications and appraisal best practices. These valuations assess the collateral value of homes, a key factor banks and other mortgage originators must consider when making loans. During a Monday meeting of the foundation's board of trustees, Dayton Nordin, who chaired the group's presidential search committee, said Davids was uniquely qualified to lead the foundation. "There was a level of knowledge that we knew external candidates would struggle to bring, that Kelly was able to bring to the table, and we think that's very important, especially in this time of great change in the profession, a great deal of scrutiny in the profession," Nordin said during the meeting. Davids's appointment came one week after Consumer Financial Protection Bureau Director Rohit Chopra criticized the Appraisal Foundation in a written report for being "an insular body controlled by a small circle, operating behind closed doors." The regulator also questioned the foundation's presidential search process, which began in earnest last year. Nordin, in an interview with American Banker, said the committee was well aware that the decision to hire from within would draw criticism, but ultimately opted to disregard those voices in pursuit of what it felt was best for the organization. "We decided [the optics] couldn't be the only criteria in the only decision. It had a lot of weight, but it was one of many factors we had to think about," Nordin said. "We realized that the people that were going to be detractors, that were going to be negative about the process, were going to be negative about it no matter what."

Racist emails becoming focal point in redlining settlements - When the Justice Department alleged last year that American Bank of Oklahoma had engaged in redlining, emails containing racial slurs became a focal point of the allegations. One bank executive forwarded an email that proclaimed "Proud to be White!" and used the "N word" in its entirety and other racial slurs. In another separate redlining case against Trident Mortgage, the Justice Department described how loan officers, assistants and other employees received and distributed emails containing racial slurs and content that used racial tropes and terms. The communications sent on work emails included a photo showing a senior loan officer posing with colleagues in front of a Confederate flag, and pejorative content related to real estate and appraisals and content targeting people living in majority-minority neighborhoods. Trident, which is owned by Warren Buffet's Berkshire Hathaway, settled the DOJ's complaint in 2022 for $24 million. Since the Justice Department launched its Combatting Redlining Initiative in late 2021, racist emails have received more attention from both the DOJ and the Consumer Financial Protection Bureau in an effort to show racial bias has permeated a company's culture. Discriminatory emails on their own have not been used to allege redlining. Rather they are combined with key lending statistics that show how lenders compare with their peers in making loans in minority communities and whether a lender has avoided locating branches or hiring loan officers in minority communities. All of that, taken together, is then used to show intentional discrimination. In some cases the emails help regulators differentiate among lenders that are not providing equal access to credit. Banks rarely push back against redlining claims and typically choose to settle such cases, often citing the cost and distraction of protracted litigation as the reasons for reaching an agreement with authorities. But some legal experts say that financial institutions have little control if a racist email is sent to an employee from outside a company. A distinction is being made when discriminatory emails are sent by a company's employees, or are forwarded to others even without comment. "Holding a company accountable for an employee's views or statements, even when those statements are inconsistent with the company's values and culture, places a burden on that company to censor its employees to avoid the risk of being branded as a discriminatory lender," said Andrea Mitchell, managing partner at Mitchell Sandler, who represented American Bank of Oklahoma. "There are limits on an employer's ability to prevent staff from receiving racially insensitive emails or sharing personal views to exercise their right to freedom of expression," she added. Still, legal experts are quick to point out that discrimination is against the law. Employees have no First Amendment rights to assert when using a company's communication system.

Fannie and Freddie: Single Family Serious Delinquency Rate Decreased, Multi-family Decreased in February --Today, in the Calculated Risk Real Estate Newsletter: Fannie and Freddie: Single Family Serious Delinquency Rate Decreased, Multi-family Decreased in February -- Single-family serious delinquencies decreased in February, and multi-family serious delinquencies decreased after the huge surge in January. Freddie Mac reported that the Single-Family serious delinquency rate in February was 0.54%, down from 0.55% January. Freddie's rate is down year-over-year from 0.65% in February 2023. This is below the pre-pandemic lows. Freddie's serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic. Fannie Mae reported that the Single-Family Serious Delinquency decreased to 0.53% in February from 0.54% in January. The serious delinquency rate is down from 0.62% in February 2023. This is below the pre-pandemic lows. The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59% following the housing bubble and peaked at 3.32% in August 2020 during the pandemic. These are mortgage loans that are "three monthly payments or more past due or in foreclosure". Mortgages in forbearance are being counted as delinquent in this monthly report but are not reported to the credit bureaus. For Fannie, by vintage, for loans made in 2004 or earlier (1% of portfolio), 1.60% are seriously delinquent (down from 1.62% the previous month). For loans made in 2005 through 2008 (1% of portfolio), 2.36% are seriously delinquent (down from 2.44%). For recent loans, originated in 2009 through 2023 (98% of portfolio), 0.46% are seriously delinquent (down from 0.47%). So, Fannie is still working through a handful of poor performing loans from the bubble years. Freddie Mac reports that the multi-family delinquencies rate declined to 0.35% in February, and down from 0.44% in January. This graph shows the Freddie multi-family serious delinquency rate since 2012. Rates were still high in 2012 following the housing bust and financial crisis. The multi-family rate increased following the pandemic and has increased recently as rent growth has slowed, vacancy rates have increased, and borrowing rates have increased sharply. The rate surged higher in January but declined in February but is still at a high level. This will be something to watch as more apartments come on the market.

FHFA’s National Mortgage Database: Outstanding Mortgage Rates, LTV and Credit Scores -- Today, in the Calculated Risk Real Estate Newsletter: FHFA’s National Mortgage Database: Outstanding Mortgage Rates, LTV and Credit Scores A brief excerpt: Here are some graphs on outstanding mortgages by interest rate, the average mortgage interest rate, borrowers’ credit scores and current loan-to-value (LTV) from the FHFA’s National Mortgage Database through Q4 2023 (released this morning). ... Here is some data showing the distribution of interest rates on closed-end, fixed-rate 1-4 family mortgages outstanding at the end of each quarter since Q1 2013 through Q4 2023. This shows the surge in the percent of loans under 3%, and also under 4%, starting in early 2020 as mortgage rates declined sharply during the pandemic. The percent of outstanding loans under 4% peaked in Q1 2022 at 65.3% (now at 58.1%), and the percent under 5% peaked at 85.6% (now at 77.0%). These low existing mortgage rates makes it difficult for homeowners to sell their homes and buy a new home since their monthly payments would increase sharply. This is a key reason existing home inventory levels are so low. See: "The Lock-In Effect of Rising Mortgage Rates" The percent of loans over 6% bottomed in Q2 2022 at 7.2% and has increased to 13.4% in Q4 2023.

NAR settlement might lead to more dual agents, but LOs are skeptical -During the Mortgage Bankers Association's advocacy conference last week, Bob Broeksmit, the trade group's president, floated the idea that the recent National Association of Realtors settlement, which will change the commission structure for real estate agents, may result in more dual licensed agents. What came after was a loud groan from the crowd. "There will be market reactions to the settlement and it will create openings for other business models where we want the buyer represented, but the seller may not want to pay 3% for a buyer's agent," he said. "One of those models could be that you, as lenders, license your loan officers as real estate agents and offer the buying agent service for less than 3% fixed fee."He admitted it would not appeal to all. "Some of you will say 'I want nothing to do with that.' Others of you will say that is a great retention opportunity for my loan officers and the market will figure all this out."During the panel, the room was filled with loan officers and production employees whose audible groans seemed to indicate that they did not like the idea of wearing two hats in a transaction.But Broeksmit's words have been echoed by mortgage executives and advisors who have pointed out that dual employment will create more opportunities for loan officers and real estate agents going forward.Paul Hindman, industry consultant, said he often suggests loan officers pursue a dual certification. "You don't want to use [the dual certification] against the relationships that you already have, but for the intellectual property that comes with being an advisor," Hindman said. "I think that it's only an enhancement to both your intellectual property and your transactional ability to get things done."Some loan officers themselves, however, are not as enthusiastic about dipping their toes into the real estate industry. One of the main concerns, of course, is burning bridges with their real estate referral partners."Even if I wanted to get my real estate license, which I don't think I do, ruining relationships with my partners would be a concern of mine," said Sean Eagan, sales manager at Loandepot."A lot of originators get leads from real estate agents, and if a Realtor trusts you, they'll likely keep giving you deals," said Sergey Pokolodin, owner of brokerage Viva Mortgage. "A lot of loan officers who have been in the business for a while have a network of like 100 real estate agents that they communicate with and get business and it works out."Another reason for LO cynicism is they have enough work on their plate as is and don't have time to add another role to their resume, some have said."I might consider [getting a real estate license] to make an extra $2,000 just to write the contract," said Alex Naumovych, loan officer at Capital Bank Home Loans. "But not too much because you can't do two jobs perfectly. You can be a professional only in one thing."

Homebuyers expecting $10,000 savings face tough reality - Consumers expecting big savings from a National Association of Realtors' class-action settlement over agent commissions may instead be in for a letdown.The agreement drew cheers from President Joe Biden, who said it "could save homebuyers and home sellers as much as $10,000" in one example, and former Treasury Secretary Larry Summers, who said that breaking the "Realtor cartel" could save U.S. households $100 billion over time. But the true benefits remain unclear, especially for first-time buyers who need help the most.It comes at a precarious time for the housing market, with higher mortgage rates pushing sales last year to the lowest level in nearly three decades. It's especially tough for first-time buyers looking to jump into one of the most unaffordable markets in history. In theory, the settlement could translate into lower home prices by pushing commissions down. But experts say that's not a given, especially in the short run. "No seller I've encountered will lower the price just because their transaction cost went down," said Steve Murray, senior adviser to data provider and consultant Real Trends. "That will not happen."The NAR said in a statement responding to Biden's remarks that commissions were already negotiable before the settlement agreement and will continue to be. "Real estate agent commissions are driven by the market and are not the cause of the affordability crisis," the NAR said.How the changes ripple out and impact the market is a subject of heated debate, in part because nobody really knows.The decades-old system for how U.S. agents are compensated has long been controversial. Sellers typically pay a commission to their agent of 5% or 6%. The listing agent then splits the money with the buyer's representative. Critics argue that the structure inflates costs and creates bad incentives.In October, a Missouri jury handed down a $1.8 billion verdict that found the NAR and others liable of colluding to keep prices high. To settle that case and others, the NAR agreed earlier this month to pay sellers roughly $418 million and said it would change some of its rules. In the most important shift, the trade group would bar sellers from including compensation details on the multiple-listing service, which has long been the most important tool for marketing homes.That change, to take effect this summer subject to a court's approval, could encourage sellers to negotiate lower commissions. But the industry is rife with speculation that agents will find ways to discuss commission splits through other methods, for example, on brokerage websites.

MBA: Mortgage Applications Decreased in Weekly Survey -- From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey Mortgage applications decreased 0.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 22, 2024. The Market Composite Index, a measure of mortgage loan application volume, decreased 0.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 0.4 percent compared with the previous week. The Refinance Index decreased 2 percent from the previous week and was 9 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 0.2 percent from one week earlier. The unadjusted Purchase Index increased 0.2 percent compared with the previous week and was 16 percent lower than the same week one year ago.“Mortgage application activity was muted last week despite slightly lower mortgage rates. The 30-year fixed rate edged lower to 6.93 percent, but that was not enough to stimulate borrower demand,” “Purchase applications were essentially unchanged, as homebuyers continue to hold out for lower mortgage rates and for more listings to hit the market. Lower rates should help to free up additional inventory as the lock-in effect is reduced, but we expect that will only take place gradually, as we forecast that rates will move toward 6-percent by the end of the year. Similarly, with rates remaining elevated, there is very little incentive right now for rate/term refinances.” The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.93 percent from 6.97 percent, with points decreasing to 0.60 from 0.64 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The first graph shows the MBA mortgage purchase index. According to the MBA, purchase activity is down 16% year-over-year unadjusted. Purchase application activity is up slightly from the lows in late October 2023, and below the lowest levels during the housing bust. The second graph shows the refinance index since 1990.With higher mortgage rates, the refinance index declined sharply in 2022, and has mostly flatlined since then.

Case-Shiller: National House Price Index Up 6.0% year-over-year in January -S&P/Case-Shiller released the monthly Home Price Indices for January ("January" is a 3-month average of November, December and January closing prices). This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index. From S&P S&P CoreLogic Case-Shiller Index Continues to Trend Upward in January 20240 The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 6.0% annual gain in January, up from a 5.6% rise in the previous month. The 10- City Composite showed an increase of 7.4%, up from a 7.0% increase in the previous month. The 20- City Composite posted a year-over-year increase of 6.6%, up from a 6.2% increase in the previous month. San Diego again reported the highest year-over-year gain among the 20 cities with an 11.2% increase in January, followed by Los Angeles, with an increase of 8.6%. Portland, though holding the lowest rank after reporting the smallest year-over-year growth, retained an upward trend with a 0.9% increase this month. ... The U.S. National Index and the 20-City Composite showed a continued decrease of 0.1%, and 10-City Composite remained unchanged in January. After seasonal adjustment, the U.S. National Index, the 20-City Composite, and the 10-City Composite all posted month-over-month increases of 0.4%, 0.1%, and 0.2% respectively. On a seasonal adjusted basis, home prices have continued to break through previous all-time highs set last year” The first graph shows the nominal seasonally adjusted Composite 10, Composite 20 and National indices (the Composite 20 was started in January 2000). The second graph shows the year-over-year change in all three indices.

US Home Prices Rose For 12th Straight Month In January, Despite Soaring Rates -Home prices in America's 20 largest cities rose for the 12th straight month in January (the latest data released by S&P Global Case-Shiller today), up 0.14% MoM (less than the 0.2% exp)That pushed the YoY price up to +6.59% (in line with the +6.60% exp)."Our National Composite rose by 6% in January, the fastest annual rate since 2022." According to Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices."For the second consecutive month, all cities reported increases in annual prices, with San Diego surging 11.2%"Given the smoothing and heavy lag in the Case-Shiller data, it's hard to find a causal relationship between prices and mortgage rates, but with rates remaining above 7%, it seems hard to believe prices can continue their advance...

Inflation Adjusted House Prices 2.4% Below Peak; Price-to-rent index is 7.5% below 2022 peak -Today, in the Calculated Risk Real Estate Newsletter: Inflation Adjusted House Prices 2.4% Below Peak Excerpt: It has been over 17 years since the bubble peak. In the January Case-Shiller house price index released yesterday, the seasonally adjusted National Index (SA), was reported as being 71% above the bubble peak in 2006. However, in real terms, the National index (SA) is about 10% above the bubble peak (and historically there has been an upward slope to real house prices). The composite 20, in real terms, is 1% above the bubble peak. People usually graph nominal house prices, but it is also important to look at prices in real terms. As an example, if a house price was $300,000 in January 2010, the price would be $427,000 today adjusted for inflation (42% increase). That is why the second graph below is important - this shows "real" prices.The third graph shows the price-to-rent ratio, and the fourth graph is the affordability index. The last graph shows the 5-year real return based on the Case-Shiller National Index...The second graph shows the same two indexes in real terms (adjusted for inflation using CPI).In real terms (using CPI), the National index is 2.4% below the recent peak, and the Composite 20 index is 3.3% below the recent peak in 2022. Both indexes were mostly flat in January in real terms.In real terms, national house prices are 10.2% above the bubble peak levels. There is an upward slope to real house prices, and it has been over 17 years since the previous peak, but real prices are historically high.

Comments on January House Prices, FHFA: House Prices Declined Slightly in January - Today, in the Calculated Risk Real Estate Newsletter: Case-Shiller: National House Price Index Up 6.0% year-over-year in January; FHFA: House Prices Declined Slightly in January, up 6.3% YoY Excerpt: S&P/Case-Shiller released the monthly Home Price Indices for January ("January" is a 3-month average of November, December and January closing prices). January closing prices include some contracts signed in September, so there is a significant lag to this data. Here is a graph of the month-over-month (MoM) change in the Case-Shiller National Index Seasonally Adjusted (SA). The MoM increase in the seasonally adjusted (SA) Case-Shiller National Index was at 0.36%. This was the twelfth consecutive MoM increase, and a larger MoM increase than the previous two months. On a seasonally adjusted basis, prices increased month-to-month in 13 of the 20 Case-Shiller cities. Seasonally adjusted, San Francisco has fallen 8.4% from the recent peak, Seattle is down 7.1% from the peak, Portland down 4.8%, and Phoenix is down 3.6%.

A few comments on the Seasonal Pattern for House Prices – McBride - Two key points:
1) There is a clear seasonal pattern for house prices.
2) The surge in distressed sales during the housing bust distorted the seasonal pattern. This was because distressed sales (at lower price points) happened at a steady rate all year, while regular sales followed the normal seasonal pattern. This made for larger swings in the seasonal factor during the housing bust.This graph shows the month-to-month change in the NSA Case-Shiller National index since 1987 (through January 2024). The seasonal pattern was smaller back in the '90s and early '00s and increased once the bubble burst. The seasonal swings declined following the bust, however the pandemic price surge changed the month-over-month pattern.The second graph shows the seasonal factors for the Case-Shiller National index since 1987. The factors started to change near the peak of the bubble, and really increased during the bust since normal sales followed the regular seasonal pattern - and distressed sales happened all year. The swings in the seasonal factors were decreasing following the bust but have increased again recently - this time without a surge in distressed sales.Using the 2018 and 2019 seasonal factors, the Seasonally Adjusted Case-Shiller index would have declined slightly in January instead of increasing 0.4% month-over-month.

Housing March 25th Weekly Update: Inventory Up 1.1% Week-over-week, Up 23.9% Year-over-year -- Altos reports that active single-family inventory was up 1.1% week-over-week. Inventory bottomed in mid-February, as opposed to mid-April in 2023, and inventory is now up 3.8% from the 2024 February bottom. This inventory graph is courtesy of Altos Research. As of March 22nd, inventory was at 513 thousand (7-day average), compared to 507 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 more than double from the record low for the same week in 2022, but still well below normal levels.Inventory was up 23.9% compared to the same week in 2023 (last week it was up 22.2%), and down 38.2% compared to the same week in 2019 (last week it was down 38.5%). Back in June 2023, inventory was down almost 54% compared to 2019, so the gap to more normal inventory levels has closed a little.Mike Simonsen discusses this data regularly on Youtube.

Realtor.com Reports Active Inventory UP 25.5% YoY; New Listings up 14.9% YoY -- On a weekly basis, Realtor.com reports the year-over-year change in active inventory and new listings. On a monthly basis, they report total inventory. For February, Realtor.com reported inventory was up 14.8% YoY, but still down almost 40% compared to February 2019. Now - on a weekly basis - inventory is up 25.5% 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 March 23, 2024

• Active inventory increased, with for-sale homes 25.5% above year ago levels.
For an 20th straight week, active listings registered above prior year level, which means that today’s home shoppers are able to consider more options for existing homes for sale. However, the number of homes on the market is still down nearly 40% compared to what was typical in 2017 to 2019 and the gain in inventory, particularly in the more affordable under $350,000 price category, was primarily focused in the South last month. Nonetheless, in the first few weeks of March, inventory growth has also accelerated in the Midwest and West, while inventory in the Northeast remains similar to the previous year.
• New listings–a measure of sellers putting homes up for sale–were up this week, by 14.9% from one year ago.
For the 22nd consecutive week, newly listed homes have surpassed levels from a year ago. While the annual growth rate was slower than the 17.8% recorded a week earlier, it remains among the fastest increase rates in new listings since June 2021. This indicates a surge in fresh options for buyers as we approach the spring homebuying season. However, it’s worth noting that the inventory base for this growth remains relatively small.

Here is a graph of the year-over-year change in inventory according to realtor.com.
Inventory was up year-over-year for the 20th consecutive week following 20 consecutive weeks with a YoY decrease in inventory. Inventory is still historically very low.Although new listings remain below typical pre-pandemic levels, new listings are now up YoY for the 22nd consecutive week.

NAR: Pending Home Sales Increase 1.6% in February; Down 7.0% Year-over-year -- From the NAR: Pending Home Sales Rose 1.6% in February Pending home sales in January grew 1.6%, according to the National Association of REALTORS®. The Midwest and South posted monthly gains in transactions while the Northeast and West recorded losses. All four U.S. regions registered year-over-year decreases.The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – increased to 75.6 in February. Year over year, pending transactions were down 7.0%. An index of 100 is equal to the level of contract activity in 2001.The Northeast PHSI decreased 0.3% from last month to 63.4, a decline of 9.0% from February 2023. The Midwest index soared 10.6% to 81.6 in February, down 2.5% from one year ago.The South PHSI rose 1.1% to 89.5 in February, falling 8.5% from the prior year. The West index fell 6.5% in February to 57.1, down 7.9% from February 2023. This was slightly above expectations. Note: Contract signings usually lead sales by about 45 to 60 days, so this would usually be for closed sales in March and April.

New Home Sales at 662,000 Annual Rate in February - The Census Bureau reports New Home Sales in February were at a seasonally adjusted annual rate (SAAR) of 662 thousand. The previous three months were revised up slightly. Sales of new single‐family houses in February 2024 were at a seasonally adjusted annual rate of 662,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.3 percent below the revised January rate of 664,000, but is 5.9 percent above the February 2023 estimate of 625,000. The first graph shows New Home Sales vs. recessions since 1963. The dashed line is the current sales rate. New home sales were close to pre-pandemic levels. The second graph shows New Home Months of Supply. The months of supply increased in February to 8.4 months from 8.3 months in January. The all-time record high was 12.2 months of supply in January 2009. The all-time record low was 3.3 months in August 2020. This is well above the top of the normal range (about 4 to 6 months of supply is normal). "The seasonally‐adjusted estimate of new houses for sale at the end of February was 463,000. This represents a supply of 8.4 months at the current sales rate." Sales were below expectations of 673 thousand SAAR, however, sales for the three previous months were revised up slightly. I'll have more later today.

New Home Sales at 662,000 Annual Rate in February; Median New Home Price is Down 19% from the Peak -- Today, in the Calculated Risk Real Estate Newsletter: New Home Sales at 662,000 Annual Rate in February - Brief excerpt: The Census Bureau reports New Home Sales in February were at a seasonally adjusted annual rate (SAAR) of 662 thousand. The previous three months were revised up slightly. ... The next graph shows new home sales for 2023 and 2024 by month (Seasonally Adjusted Annual Rate). Sales in February 2024 were up 5.9% from February 2023. ... Note that the median and average price are down due to the mix of homes sold, not because of large price declines. Homebuilders are building less expensive homes to keep up volumes.

Personal Income increased 0.3% in February; Spending increased 0.8% -From the BEA: Personal Income and Outlays for February: Personal income increased $66.5 billion (0.3 percent at a monthly rate) in February, according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI), personal income less personal current taxes, increased $50.3 billion (0.2 percent) and personal consumption expenditures (PCE) increased $145.5 billion (0.8 percent). The PCE price index increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.3 percent. Real DPI decreased 0.1 percent in February and real PCE increased 0.4 percent; goods increased 0.1 percent and services increased 0.6 percent . The February PCE price index increased 2.5 percent year-over-year (YoY), up from 2.4 percent YoY in January, and down from the peak of 7.1 percent in June 2022. The PCE price index, excluding food and energy, increased 2.8 percent YoY, down from 2.9 percent in January, and down from the peak of 5.6 percent in February 2022. The following graph shows real Personal Consumption Expenditures (PCE) through January 2024 (2017 dollars). Note that the y-axis doesn't start at zero to better show the change. The dashed red lines are the quarterly levels for real PCE. Personal income was above expectations and PCE was at expectations. Using the two-month method to estimate Q1 real PCE growth, real PCE was increasing at a 2.7% annual rate in Q1 2024. (Using the mid-month method, real PCE was increasing at 2.7%). This suggests solid PCE growth in Q1.

Conference Board Consumer Confidence Slides, Revised Down For 5th Straight Month After declining in February, analysts expected a small rebound in The Conference Board's consumer confidence print in March, but instead it dropped further to 104.7 (vs 107.0 exp) from 106.7 as expectations plunged but current conditions improved... Graphs Source: Bloomberg. However, for the 5th straight month, the conference board's headline confidence print was revised downward... That is 13pts of 'confidence' erased in the last five months... to which we ask again - ...how do you revise consumer confidence? The Conference Board's indicator inflation expectations rebounded modestly to +5.3% - still notably high but trend in the right direction... The Board's labor market indicator trended modestly weaker (after being revised higher).... And finally, expectations for stocks to increase from here are at their highest since Jan 2018...

PCE Measure of Shelter Slows to 5.8% YoY in February --Here is a graph of the year-over-year change in shelter from the CPI report and housing from the PCE report this morning, both through February 2024. CPI Shelter was up 5.8% year-over-year in February, down from 6.1% in January, and down from the cycle peak of 8.2% in March 2023. Housing (PCE) was up 5.8% YoY in February, down from 6.1% in January, and down from the cycle peak of 8.3% in April 2023. Since asking rents are mostly flat year-over-year, these measures will continue to slow over the next year.The second graph shows PCE prices, Core PCE prices and Core ex-housing over the last 6 months (annualized): Key measures are slightly above the Fed's target on a 6-month basis.
PCE Price Index: 2.5%
Core PCE Prices: 2.9%
Core minus Housing: 2.3%

Here’s Why You Can’t Afford an Electric Car - It seems that there has never been a better time than now to buy an electric vehicle in the United States, especially if you read news headlines and White House press releases. You might be forgiven for thinking that you can actually afford to upgrade your old gas-guzzling sedan with a sleek, new zero-emissions EV. And if you can’t afford one, the various local, state, and federal rebate programs will surely knock thousands off the price tag, right? Wrong. In order to be able to qualify for the ever-changing and complicated federal $7,500 rebate on EVs, one has to be rich enough to be able to afford to buy a new EV (some used ones qualify but good luck figuring out which one, and then even better luck finding such a car available for purchase). But, in order to qualify for the rebate, one can’t be too rich. If you’re middle-income, like me, you can lease an EV, but then you don’t qualify for the rebate—your leasing company does—and you’re left paying a hefty monthly lease.News headlines about Tesla slashing its EV prices might still convince you that a new EV is within reach—that is if you don’t mind enriching one of the worst humans on the planet. But Teslas are still among the more expensive cars on the market.Meanwhile, there are sensationalist headlines about EV sales falling over the past year, so much so that one might be forgiven for thinking that maybe most people wanting an EV already purchased one and demand is simply weakening. Dig past the headlines however, and the news reports all come to the same conclusion: EVs are still unaffordable for the majority of Americans, especially those who simply want to reduce their carbon footprint and their financial expenses at the same time. “Pricing is still very much the biggest barrier to electric vehicles,” according to one research analyst.A Los Angeles Times report agreed: “Although the cost of building EVs continues to drop, it has yet to reach price parity with conventional gasoline-powered vehicles.” But the paper then bizarrely blamed Americans for the high price tags, saying, “Americans’ preference for larger vehicles necessitates larger, heavier and costlier battery packs, contributing to the high prices.” There was no mention of auto manufacturers spending years aggressively marketing SUVs and other giant gas guzzlers to Americans. Indeed, there is a whole range of EV trucks on the market right now—still out of the grasp of ordinary middle-income Americans looking for an efficient commuter family car.Too bad these consumers don’t have access to China’s new EV, the BYD Seagull, a car that test drivers in the U.S. are gushing over, and whose price tag begins at a mere $9,698. “That undercuts the average price of an American EV by more than $50,000,” explained Bloomberg. In fact, more than 70 percent of all EVs sold globally are Chinese manufactured. You don’t have to live in China to buy a Chinese EV. You just have to live outside the U.S.What most headlines aren’t saying overtly and what the Biden administration is also keeping relatively quiet about is that the U.S. is engaging in a fiercely protectionist trade war with China in order to shield American automakers. Forget the TikTok war—it’s Chinese-made EVs that keep U.S. auto CEOs up at night. To protect them, the Biden administration is fanning the flames of anti-China sentiment and claiming it is worried about “National Security Concerns” over the computer systems of Chinese-made EVs. “China is determined to dominate the future of the auto market, including by using unfair practices,” said Biden in late February. “China’s policies could flood our market with its vehicles, posing risks to our national security.” The president has even ordered an investigation into China’s so-called smart cars, which most EVs are these days. But the Biden administration’s climate goals for auto emissions rely on a mass transition to EVs across the nation. Already, it’s behind in ramping up towards its goal of wanting half of all vehicles sold in 2030 to be EVs, likely because most Americans can’t afford them, or can’t access the far-cheaper Chinese-made cars. On top of that, the GOP has now made attacking EVs part of its new culture war. It’s no wonder EVs remain out of reach for most Americans.

Philly Fed: State Coincident Indexes Increased in 49 States in January (3-Month Basis) -- From the Philly Fed: The Federal Reserve Bank of Philadelphia has released the coincident indexes for the 50 states for January 2024. Over the past three months, the indexes increased in 49 states and decreased in one state, for a three-month diffusion index of 96. Additionally, in the past month, the indexes increased in 39 states, decreased in seven states, and remained stable in four, for a one-month diffusion index of 64. For comparison purposes, the Philadelphia Fed has also developed a similar coincident index for the entire United States. The Philadelphia Fed’s U.S. index increased 0.6 percent over the past three months and 0.2 percent in January. The coincident indexes combine four state-level indicators to summarize current economic conditions in a single statistic. The four state-level variables in each coincident index are nonfarm payroll employment, average hours worked in manufacturing by production workers, the unemployment rate, and wage and salary disbursements deflated by the consumer price index (U.S. city average). The trend for each state’s index is set to the trend of its gross domestic product (GDP), so long-term growth in the state’s index matches long-term growth in its GDP. Here is a map of the three-month change in the Philly Fed state coincident indicators. This map was all red during the worst of the Pandemic and also at the worst of the Great Recession. The map is almost all positive on a three-month basis. And here is a graph is of the number of states with one month increasing activity according to the Philly Fed. This graph includes states with minor increases (the Philly Fed lists as unchanged). In January, 41 states had increasing activity including minor increases.

Weekly Initial Unemployment Claims Decrease to 210,000 - The DOL reported: In the week ending March 23, the advance figure for seasonally adjusted initial claims was 210,000, a decrease of 2,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 210,000 to 212,000. The 4-week moving average was 211,000, a decrease of 750 from the previous week's revised average. The previous week's average was revised up by 500 from 211,250 to 211,750. 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 increased to 211,000. The previous week was revised up. Weekly claims were close to the consensus forecast.

March 26, 2024 - Baltimore Key Bridge collapses after ship collision The Francis Scott Key Bridge collapsed early Tuesday after a massive container ship lost power and crashed into the iconic Baltimore bridge, sending people and vehicles into the frigid Patapsco River.Six people, believed to be part of a road construction crew, are presumed dead and the Coast Guard has ended its active search and rescue mission. The collapse came after a 984-foot cargo ship hit the bridge's pillar.Maryland Gov. Wes Moore told reporters Tuesday evening it's a "really heartbreaking conclusion to a challenging day."Late Tuesday, it was discovered that two of the construction workers who went missing after the bridge collapsed were from Guatemala, the country's Ministry of Foreign Affairs said late Tuesday. Here's what you should know to get up to speed:

• The victims: Eight people were on the bridge when it fell, according to officials. At least two people were rescued — one was taken to the hospital and was later discharged, fire official and the medical center said.
• The incident: Video shows the moment the entire bridge structure falls into the water, as the ship hits one of the bridge's pillars. CNN analysis shows that the ships lights flickered and it veered off course before it hit the bridge. Maryland Gov. Wes Moore said the crew on the ship were able to issue a "mayday" before colliding into the bridge, which allowed the authorities to stop incoming traffic from going onto the bridge.
• Response efforts: Earlier, dive teams from various state and local agencies were brought in to assist in search-and-rescue operations, according to Maryland State Police Secretary Col. Roland L. Butler Jr.. The mission started with 50 personnel and continued to grow before the Coast Guard announcedTuesday evening that it was suspending its active search-and-rescue operation and transitioning to a "different phase."
• The investigation: Authorities are still working to establish exactly how the crash occurred. The National Transportation Safety Board will look into how the bridge was built and investigate the structure itself. It will "take time to dig through" whether the bridge had ever been flagged for any safety deficiencies, NTSB Chair Jennifer Homendy said.
• Rebuilding the bridge: US Sen. Chris Van Hollen said the path to rebuilding the bridge will be "long and expensive." Senior White House adviser Tom Perez told reporters Tuesday “it’s too early” to tell how long it will take to rebuild the bridge. President Joe Biden said Tuesday he wants the federal government to bear the full cost of rebuilding the collapsed bridge, noting that it will not wait for the company who owns the container ship DALI to shoulder the costs. Funding could come from the Federal Highway Administration as well as the Bipartisan Infrastructure Law, but it may require additional funding from Congress.

Search resuming for 6 missing after Key Bridge collapse in Baltimore - The search was to resume Wednesday morning for six people missing and presumed dead in the wake of the collapse of the Francis Scott Key Bridge in Baltimore. It crumbled early Tuesday after a support column was hit by a large container ship that had lost power, sending people and vehicles into the Patapsco River, authorities said.Two people were rescued from the water Tuesday.All eight people were part of a construction crew that was filling potholes on the bridge at the time, Rear Admiral Shannon Gilreath of the U.S. Coast Guard said at a news conference Tuesday evening. Jennifer Homendy, the chair of the National Transportation Security Board, said Tuesday afternoon that the workers were employed by a local company, Brawner Builders.One of the rescued workers was unhurt. The other was treated at the University of Maryland Medical Center and has been discharged, CBS News Baltimore reported.Search and rescue operations were suspended at 7:30 p.m. ET as officials transitioned to recovery efforts."Based on the length of time that we've gone in this search, the extensive search efforts that we've put into it, the water temperature — that at this point we do not believe that we're going to find any of these individuals still alive," Gilreath said.Col. Roland Butler Jr., with Maryland State Police, said conditions in the water, including changing currents, low visibility and sharp metal objects, made it dangerous for divers and first responders.Divers were to begin recovery operations at 6 a.m. ET Wednesday, Butler Jr. said, adding that officials didn't know where the victims are located.The nonprofit organization CASA identified one of the missing workers as Miguel Luna, from El Salvador. "He is a husband, a father of three, and has called Maryland his home for over 19 years," CASA executive director Gustavo Torres said in a statement Tuesday night. Guatemala's Ministry of Foreign Affairs said two of the missing workers were from that country. One was 26 years old and the other was 35 years old, according to the ministry. The state's consul general was on site assisting the affected families. Honduras' Deputy Foreign Affairs Minister Antonio García told The Associated Press a Honduran citizen, Maynor Yassir Suazo Sandoval, was missing. García said he'd been in contact with Suazo's family. The Mexican Embassy in Washington said there were Mexicans among the six as well. Maryland Gov. Wes Moore said at an earlier news conference Tuesday afternoon, "There is not a single resource we will hold off on deploying ... to make sure that this search and rescue operation is carried out to its fullest intent."

Six people presumed dead after Baltimore Key Bridge collapses, Coast Guard says - A major bridge in Baltimore collapsed after being hit by a freighter about 1:30 a.m. Tuesday, sending at least eight people from a construction crew into the water as a large section of the bridge crashed into the Patapsco River. Six people were presumed dead Tuesday evening, authorities announced as they shifted from a search and rescue operation to a recovery effort. The container ship lost power moments before it struck the Francis Scott Key Bridge, Maryland Gov. Wes Moore (D) said at a news conference. Key updates

• Ship’s pilot tried to slow the vessel as it veered toward bridge, trade association says
• Rescue operation ends with six presumed dead
• Baltimore community gathers for vigil honoring bridge collapse victims

The ship, called the Dali, is a 985-foot Singapore-flagged vessel, according to the National Transportation Safety Board, which is investigating the collapse. Officials have said they believe the Dali’s collision with the Francis Scott Key Bridge, which links Baltimore and Anne Arundel counties, was an accident and not linked to terrorist activity.The governor declared a state of emergency, and Baltimore Mayor Brandon Scott (D) announced that the city has deployed its emergency operations plan. Vessel traffic into and out of the Port of Baltimore was “suspended until further notice.”The ship’s crew alerted authorities about its power issues as it neared the bridge, but a construction crew was on the bridge when it collapsed. At least eight members of that crew fell into the water, officials said. Two were rescued, and about 18 hours after the collapse, authorities said they had ceased rescue efforts for the remaining six.The six victims were employees of Brawner Builders, a general contractor, officials said. Among them, according to family members, may be Miguel Luna, who has worked for the construction company for about 15 years.President Biden said the federal government will pay for the cost to rebuild the crumpled bridge, and he called on Congress to do so. Officials will work to rebuild and reopen the Baltimore port “as soon as humanly possible,” he said, adding that 15,000 jobs depend on the port. The collapse may mean trouble for the nation’s supply chain, and local officials warned that rebuilding will be a long road ahead.

East Coast ports brace for fallout from Baltimore bridge collapse --Eastern seaboard ports are preparing to accept shipments of goods being rerouted from the Port of Baltimore following the collapse of the Francis Scott Key Bridge early Tuesday morning. Port officials and private-sector distributors told The Hill that plans to divert cargo shipments are in the works due to the suspension of vessel traffic into and out of the Port of Baltimore. “We’ve been in tons of meetings all day trying to figure out what to do about this,” said MacKenzie Chalmers, an administrative coordinator at marine terminal and industrial rail operator Tradepoint Atlantic, which works with big brands like Amazon, Home Depot, McCormick, BMW and Volkswagen, among others. In a statement, the company said it has been in constant contact with city and state officials during what it calls an “extremely challenging situation.” An official with the Virginia Port Authority said his office “was sure” there would be additional cargo routed through the state’s port system, which includes a major hub in Norfolk, though he cautioned that the extent of necessary diversions wasn’t yet clear. “There’s an open line now with customers, the ocean carriers that own the cargo, which includes some of the big box carriers,” spokesman Joe Harris for the Virginia Port Authority told The Hill. “They’re going to speak and determine where is best to land the cargo.” The Port of New York and New Jersey said Tuesday it is working with shippers to make sure East Coast supply chains don’t buckle under the strain of losing access to the Baltimore port. Some Baltimore-bound cargo will likely be diverted to New York — the largest port on the East Coast and the second largest in the country after Los Angeles. New York dockworkers were handling roughly 20 percent more cargo in 2021 than they are now, according to an official estimate. Multiple East Coast ports told The Hill Tuesday that they had extra capacity to absorb additional shipments, suggesting that effects on overhead costs and consumer prices could be muted. The Port of Baltimore said Tuesday that while no ships are currently moving through its facilities, the port is still operational and that trucks are coming in and out of terminals. “I don’t think we’ll have a large impact in terms of logistics and shipping moving forward. There might be snafus over the next couple days while issues are being worked through, but I think they’ll be able to overcome that pretty quickly,” Brent Howard, president of the Baltimore County Chamber of Commerce, said during a phone interview. The Baltimore Port specializes in what is known in the shipping industry as “roll on, roll off” cargo, which is vehicles and heavy machinery as opposed to containers. Experts say the commercial effects of the bridge collapse could most directly affect shipments of automobiles. “Baltimore is very significant in terms of … consumer goods, cars and other things the US imports from abroad. This is not as significant in the commodities business. They do export coal from the Baltimore area, but probably what’s going to be affected most is deliveries of new cars, for example,” shipping analyst John Kartsonas, who manages two shipping-focused ETFs, wrote in a commentary. Kartsonas said the incident will result in some “disruptions in global trade,” some of which “will be felt in the US market,” due to the importance of Baltimore for importing cars and consumer goods. Even so, representative for the Port of Philadelphia said that any excess of automobile imports shouldn’t pose a problem. “Philadelphia has a ‘roll on, roll off’ terminal, our vehicle processing center where we take imports of Hyundai, Kia, and Genesis vehicles, so we have the skilled labor with the Teamsters and [International Longshoremen’s Association] already trained in handling those cargoes,” Ryan Mulvey, director of public affairs at the Philadelphia port, told The Hill. Mulvey added that the Philadelphia port hasn’t yet received any ships from Baltimore but that he does expect to see some diversions in the days and weeks ahead, depending on how long the Baltimore shipping terminals remain inaccessible. Whether companies choose to raise prices in response to diversion costs could be a matter of how fast they respond to the closure of Baltimore’s port access. President Biden also vowed to reopen the port and rebuild the bridge in remarks Tuesday. “It’s my intention that the federal government will pay for the entire cost of reconstructing that bridge, and I expect the Congress to support my effort,” Biden said at the White House. “This is going to take some time, but the people of Baltimore can count on us though to stick with them at every step of the way until the port is reopened and the bridge is rebuilt.”

US automakers rerouting ships from Baltimore following bridge collapse -U.S. automakers said they will reroute shipments after the Francis Scott Key Bridge in Baltimore collapsed early Tuesday morning.Cargo ship Dali, which was headed to Sri Lanka, slammed into a bridge support after losing power around 1:30 a.m., which appeared to cause the bridge to collapse. The ship was leaving the Port of Baltimore, one of the busiest ports in the U.S.Now, automakers and shipping companies say they need to reroute cargo and shipping routes as they wait for the bridge to be rebuilt and the port to reopen. The port is the top port for vehicle shipments in the U.S., according to the Maryland Port Administration. Ford told The Hill in a statement that “where workarounds are necessary in the short term, our team has already secured shipping alternatives.”General Motors also said in a statement that it will need to reroute some vehicle shipments due to the incident.“Our thoughts are with those who were affected and the Baltimore community. We expect the situation to have minimal impact to our operations. We are working to re-route any vehicle shipments to other ports.” The American Trucking Association expects there will be shipping delays, telling The Hill that nearly 4,900 trucks cross the bridge each day. Trucks that carry hazardous materials will now need to go through approximately 30 miles of detours around Baltimore because they are not allowed to use the city’s tunnels, according to spokesperson Jessica Gail. “This will add significant cost in time, fuel and delays for trucks traveling through the region, on top of the disruption that a closure of the Port of Baltimore will inflict on our economy. We urge state and federal government agencies to swiftly target appropriate resources to open the port and replace this bridge as quickly as possible,” she said.

Bridge collapse wreaks havoc on coal, car supply chains - The collapse of the Francis Scott Key Bridge in Baltimore on Tuesday disrupted the supply chain of major automakers and blocked access to the nation’s second-largest port for coal exports, sending companies scrambling to reroute shipments. The disaster occurred after a ship leaving the Port of Baltimore collided with a central support of the bridge, blocking access to the Curtis Bay Coal Piers run by CSX and the Baltimore Marine terminal operated by Consol Energy. Both export facilities, which are north of the bridge, are major suppliers of coal to India. Coal exports from Baltimore may be blocked “for the next, by my estimate, six weeks,” Ernie Thrasher, CEO of coal marketing and logistics company Xcoal Energy & Resources, said in an interview. Advertisement Exports have become increasingly important for the U.S. coal industry and global buyers as appetite for the fuel wanes domestically. But it’s unclear how quickly safe access to the shipping channel will be restored.

Virginia Governor Vetos 30 Gun Bills That Would 'Punish' Law-Abiding Citizens -- Gov. Glenn Youngkin (R-Va.) took action on 67 bills on Tuesday, including vetoing 30 that he said would “punish” law-abiding citizens and impinge on their 2nd Amendment rights.“I swore an oath to defend the Constitution of the United States of America and the Constitution of Virginia, and that absolutely includes protecting the right of law-abiding Virginians to keep and bear arms,” Mr. Youngkin said in a statement.The Republican governor announced that, in addition to vetoing 30 pieces of gun-related legislation, he had suggested amendments to six and signed 31.“I am pleased to sign four public safety bills which are commonsense reforms with significant bipartisan support from the General Assembly, and offer recommendations to several bills which, if adopted, will make it harder for criminals to use guns in the commission of a violent act,” he added.Among the vetoes the governor signed were measures that would criminalize possession of a firearm in a building owned or operated by a public institution of higher education.One particular bill appeared to target a single individual, the governor noted. House Bill 585 would criminalize home-based firearm dealers who maintain their place of business at their residence within one and a half miles of an elementary or middle school.“By all appearances, this legislation targets one individual in Prince William County, to whom the Prince William Board of County Supervisors granted a home-based firearms license,” Mr. Youngkin wrote in his veto memo.

California's Sac-Town Becomes 'Transgender Sanctuary' - The city of Sacramento, California has passed a resolution declaring itself a "sanctuary city" for transgender individuals, who apparently don't have sufficient 'sanctuary' in women's lockers, bathrooms, or sports.The resolution prohibits city employees fromm using "staff time" and "resources" to prevent individuals from getting transgender medical procedures, or cooperating "with jurisdictions seeking to enforce laws criminalizing gender-affirming care in other jurisdictions."The resolution was passed by unanimous vote after dozens of city residents voiced support for, and against, the measure,CBS News reports. According to the resolution:California has been a leader in protecting the rights of transgender individuals to access care, but many states across the nation are moving in the opposite direction.In preparation of future legislation that may criminalize those providing or seeking gender-affirming care and given the Council’s stated values of equity and inclusion, it is important for the City of Sacramento to be proactive in reiterating our commitment to transgender rights and equal protections for transgender people by declaring ourselves a sanctuary city and a place of safety for transgender people.During the debate stage of the meeting to consider the resolution, Vice Mayor Caity Maple said that she had grown up with someone who left home "at a young age" because their parents were not "affirming," and therefore the measure was "very personal," the Daily Caller reports.Councilmember Mai Vang thanked supporters for coming out, saying that transgender and nonbinary youth should be "treated with respect and dignity," and that "ensuring they are able to be their authentic self is so important."

Return Of The 'Knockout Game'? Women Punched By "Strangers" In New York City - The New York Post is speculating that the infamous ‘knockout game’ could have made a return after numerous women reported being punched in the head by “strangers” in New York City.Over the course of the last two weeks, multiple women have released viral TikTok videos explaining how they were taken by surprise and assaulted on the street.“You guys, I was literally just walking, and a man came up and punched me in the face,” Halley Kate, an influencer who has 1.1 million followers on TikTok told her fans.“Oh my God, it was so bad, I can’t even talk,” she added.Mikayla Toninato told a similar story of how she “just got punched in the face, walking home.”“I was literally like leaving class, I turned the corner and I was looking down and I was looking at my phone, and like texting, and then, out of nowhere, this man just came up and hit me in the face,” she said. Another woman named Oliva Brand said, “I literally got punched in the head on the sidewalk. He goes, ‘Sorry,’ and then punches me — in the head.”The NY Post reports that that attacks “appear similar to the “knockout game,” where young people encourage each other to randomly sucker-punch strangers.”What they didn’t report is that a large portion of ‘the knockout game’ attacks involved black people punching white people.Just like the victims in their initial TikTok videos failed to say what the culprit looked like, the New York Post article contains no description of the actual perpetrators, describing them only as “strangers”.As we document in the video above, according to at least two of the victims who later responded to innumerable comments asking for a description, the culprit was a black man.None of them pointed that out to begin with probably because they didn’t want to be seen as racist, which apparently is worse than punching random white girls in the head

Florida Bans Social Media For Minors Under 14 -- Florida has just passed a new law prohibiting children under 14-years-old from having social media accountsregardless of parental consent.Under the law which takes effect on Jan. 1, 2025, social media companies must close accounts they believe to be used by minors under 14 - and must cancel accounts at the request of parents or minors. All information from the accounts must then be deleted, the Wall Street Journal reports.Minors who are 14 or 15 will be able to obtain a social media account with parental consent. If a parent does not consent, accounts already belonging to teens within that age range must be deleted."Being buried in those devices all day is not the best way to grow up—it’s not the best way to get a good education," Governor Ron DeSantis (R) said on Monday during an event to celebrate the signing of the bill. The new law doesn't name which platforms it applies to, however social media sites which rely on features such as notification alerts and autoplay videos are subject to it. Supporters of the law have pointed to recent studies linking social-media use among young adults to a higher risk of depression and mental-health challenges. It can also make them vulnerable to online bullying and predators. –WSJ "A child, in their brain development, doesn’t have the ability to know that they’re being sucked into these addictive technologies, and to see the harm and step away from it," said Florida House Speaker Paul Renner (R) at the same event. "And because of that, we have to step in for them." In response to the law, TikTok says it has policies to protect teens, and will continue to work to keep the platform safe. Snapchat and X didn't respond to a WSJ request for comment. Other states have seen similar legislation proposed, however the bills all stop short of Florida's total ban. In Arkansas, a federal judge blocked an age verification law for social media users and parental consent for minors' accounts. In response to the Arkansas law, social media trade association NetChoice, of which Facebook parent Meta, TikTok and Snap, sued the state to halt the law. It has brought similar legal challenges in California and Ohio. According to NetChoice VP and general counsel Carl Szabo, the Florida law "forces Floridians to hand over sensitive personal information to websites or lose their access to critical information channels," adding "his infringes on Floridians’ First Amendment rights to share and access speech online." "There are better ways to keep Floridians, their families and their data safe and secure online without violating their freedoms," he added. Florida expects to be sued over the new law, however Speaker Renner says he's confident it will withstand legal scrutiny.

Watch: Jill Biden Compares Being Against Gay Porn Books In Schools To Nazism -- During a speech at the Human Rights Campaign Dinner in LA Sunday, Jill Biden suggested that not having gay porno books available in children’s libraries in schools is akin to Nazi Germany.Biden’s wife stated “Rights are being stripped away. Freedoms are eroding. More and more state laws are being passed…Just last night, we had to fend off more than 50 anti-gay amendments that Republicans tried to force into the government funding bill… they served only one purpose: to spread hate and fear.”She continued, “History teaches us that democracies don’t disappear overnight. They disappear slowly. Subtly. Silently.”“A book ban. A court decision. A ‘don’t say gay’ law,” she said as examples.Of course in reality, books are not being banned and there is no such law.Then came the kicker.“Before World War II, I’m told, Berlin was the center of LGBTQ culture in Europe,” Dr Jill said, adding “One group of people loses their rights. And then another, and another. Until one morning you wake up – and you no longer live in a democracy.”Wow.So parents not wanting schools to carry sexually explicit books like Gender Queer, that even the author admits is not suitable for children, are equal to Nazis in Germany in the 1930s.’

Massive budget cuts and layoffs announced for K-12 will devastate school districts across the US --School districts across the US face an unprecedented fiscal cliff for the approaching 2024-2025 school year. Preliminary budget proposals have been announced by districts throughout the nation this month and outline a clear jobs bloodbath and massive cuts to resources and programs in K-12 education. Various factors have been cited in the mainstream media as contributors to the ongoing financial crisis for K-12 schools, which include the ending of COVID-19 relief funding, overall decline in enrollment, declines in birth rates. Numerous other factors, including increased homelessness, the growth of enrollment in charter schools and homeschooling as the result of decades-long budget cuts to public schools largely go unreported in corporate news outlets. The final installment of Federal Elementary and Secondary School Emergency Relief (ESSER) funds, will expire in September 2024. The COVID-19 relief money, which has totaled roughly $190 billion, was meant to help schools address needs arising from the pandemic, including making up for learning loss during the pandemic, but many districts have used it for one-time staffing costs to keep districts budgets afloat. Much of state and federal funding for public education is tied to district enrollment figures. US public schools have seen a significant decline in enrollment over the past few years while the number of students in charter and private schools has increased. The National Alliance for Public Charter Schools reported a 2 percent increase in charter school enrollment for the 2022-2023 school year. Figures from the Washington Post indicate that the number of homeschooled children in America has almost doubled from 1.5 million children in 2019 to 2.7 million in 2023. It is also worth noting the 2023 study by Stanford University and the Associated Press which found over 240,000 “missing” students who were no longer attending public schools between the 2020-2021 and 2021-2022 school years but not accounted for. Numerous factors play a role, including the significant impact of Long COVID, the growth of homelessness, parents being forced to work more than one job and other forms of social and economic distress that cause students to drop out of school. In addition to the approaching end of federal COVID-19 relief funding this September, Congress approved early Saturday morning the second half of resolutions for the 2024 federal budget. According to a recent report by K-12 Dive, the federal budget includes $500 million less for the Department of Education as compared to the 2023 fiscal year and represents the first major cut to education since 2015. The federal cuts to public education come as Congress and the Biden administration have allocated vast sums for war and expansion of the military. More than half of domestic discretionary spending, $886.3 billion, will go to the Department of Defense. Biden is also calling for more military aid to Ukraine, Israel and Taiwan to ramp up America’s wars for global conquest. Less than half of the remaining discretionary funds are to be divided up among various agencies, including public education, healthcare and others. While several compounding factors have contributed to the attacks on public education, all of them emerge from the prioritization of Wall Street profit-taking and US imperialist wars over the lives of children or the jobs of school workers.

Educators block budget-cutting measure at Wayne-Westland school board meeting in Detroit area - Anger erupted at a local school board meeting in suburban Detroit last week when teachers, school bus drivers and other educational staff challenged the attempts of the Wayne-Westland Community Schools District school board to slash jobs and impose deep budget cuts. Protesting educators at the March 21 meeting forced the school board to postpone a vote to adopt its budget, which it attempted to rush through with as little public discussion as possible. In January, 39 full-time and part-time school employees were laid off in the first of as many as 100 job cuts after the district suddenly announced a $17.6 million budget deficit last December. School Superintendent John Dignan said the cuts were necessary to “right-size” the district and prevent it from being taken over by the state of Michigan. In December, district officials announced they would investigate the privatization of student transportation services. Dignan later claimed the district had walked back from those plans after Michigan Education Association (MEA) Local 4 officials “expressed a desire to collaborate with the district to identify ways to control costs and increase consistency.” For four months, the district has also postponed any talks with the MEA about a new contract for teachers to replace the one expiring in August. Teachers denounced this as a threat to blackmail them into similar wage and benefit concessions. Like districts across Michigan and the US, the 9,800-student school district, located 30 miles west of Detroit, has lost students and state and local revenue due to the expansion of for-profit charter schools and the increasing number of “missing students” due to the impact of job cuts, poverty and homelessness. As a result, Flint, Ann Arbor, Grand Rapids, Detroit and other Michigan school districts are implementing deep cuts. This is part of a national wave of austerity measures involving New York City, San Diego, Minneapolis, Seattle and many other school districts, which is provoking growing opposition by educators, parents and students. The school crisis has been worsened by the Biden administration’s decision to end the Elementary and Secondary Schools Emergency Relief (ESSER) program, which has provided nearly $190 billion to US schools to assist with pandemic-related learning loss. While ESSER funds will run out this September, Biden just signed a $1.2 trillion bipartisan government funding bill, which includes $825 billion for the US military. The White House is seeking even more money to back Israel’s genocide in Gaza and to escalate the military confrontation with Russia and China.

36 Rural Hospitals Have Closed Since 2020 - Tennessee's Jellico Regional Hospital, a 25-bed critical access facility, closed March 9, making it the 36th rural hospital to shutter or no longer provide inpatient services since 2020, according to data compiled by the University of North Carolina's Cecil G. Sheps Center for Health Services Research. The closures highlight the heightened financial challenges that rural hospitals face amid persisting workforce shortages, rising costs and leveling reimbursement. In addition, only 45% of rural hospitals now offer labor and delivery services, and in 10 states, less than 33% do, according to the Center for Healthcare Quality and Payment Reform.Below are the 36 rural hospitals that closed since 2020, beginning with the most recent.Editor's note: Facilities with an asterisk (*) signify converted closures (facilities that no longer provide inpatient services, but continue to provide some services, such as primary care, skilled nursing care or long-term care).

• Jellico (Tenn.) Regional Hospital
• St. Mark's Medical Center (La Grange, Texas)
• Herington (Kan.) Hospital
• Spectrum Health Kelsey Hospital (Lakeview, Mich.)
• Indiana University Health Blackford Hospital (Hartford City, Ind.)*
• Martin General Hospital (Williamston, N.C.)
• Patients Choice Medical Center of Smith County (Raleigh, Miss.)
• St. Margaret's Health-Spring Valley (Ill.)
• UPMC Lock Haven (Pa.)*
• St. Margaret's Health-Peru (Ill.) (OSF Healthcare expected to reopen the hospital this spring)
• Ascension St. Vincent Dunn (Bedford, Ind.)
• Blessing Health Keokuk (Iowa)
• Audrain Community Hospital (Mexico, Mo.)
• Callaway Community Hospital (Fulton, Mo.)
• Acoma-Canoncito-Laguna Service Unit (Acoma, N.M.)*
• Galesburg (Ill.) Cottage Hospital*
• MercyOne Oakland Medical Center (Oakland, Neb.)*
• Community HealthCare System-St. Marys (Kan.)*
• Perry Community Hospital (Linden, Tenn.)
• Northridge Medical Center (Commerce, Ga.)*
• Southwest Georgia Regional Medical Center (Cuthbert, Ga.)
• Shands Lake Shore Regional Medical Center (Lake City, Fla.)
• Cumberland River Hospital (Celina, Tenn.)
• Bluefield (W.Va.) Regional Medical Center*
• Saint Luke's Cushing Hospital (Leavenworth, Kan.)*
• Shands Live Oak (Fla.) Regional Medical Center*
• Shands Starke (Fla.) Regional Medical Center*
• Williamson (W.V.a) Memorial Hospital*
• Decatur County General Hospital (Parsons, Tenn.)
• Sumner Community Hospital (Wellington, Kan.)
• Edward W. McCready Memorial Hospital (Crisfield, Md.)*
• Mayo Clinic Health System-Springfield (Minn.)*
• Central Hospital of Bowie (Texas)*
• UPMC Susquehanna Sunbury (Pa.)*
• Mountain View Regional Hospital (Norton, Va.)*
• Pinnacle Regional Hospital (Boonville, Mo.)

Over 1,000 Americans have died of COVID-19 each week since August 26 - According to national wastewater data on SARS-CoV-2 levels updated Monday by Biobot Analytics, COVID levels have continued to decline across the country coming off the massive winter surge of cases.Although the 8th wave of infections—the second largest in the over four years of the ongoing pandemic—is concluding, evidence indicates that the trough of infections is settling at higher levels than in previous pandemic years. According to Dr. Michael Hoerger and colleagues from Tulane University, the spring wave may begin as soon as mid- to late-April. This is not surprising given the recent guidance set forth by the Centers for Disease Control and Prevention (CDC) that it is safe to return to work while being infected and contagious.Presently, JN.1, JN.1.13, and JN.1.18 account for 97.8 percent of all sequenced variants reported to the CDC. Approximately 10,700 people were admitted to hospitals due to COVID-19 between March 10 and March 16, 2024.The latest provisional data from the CDC indicates that at least 1,036 people died of COVID-19 during the week ending March 2, which would mean that for 28 consecutive weeks since August 26, more than 1,000 people died from a preventable infection. In total, the CDC estimates there have been roughly 1,185,000 COVID-19 deaths in the US, but reliable estimates of excess deaths attributable to the pandemic place the real figure at over 1.4 million.The complete silence on the present state of the pandemic and the ongoing dangers facing the global population is not surprising. It has been the coordinated response between governments and public health agencies from the beginning of the pandemic to, in stepwise fashion, normalize illnesses and deaths from COVID-19 and to drive out all public discussions on the catastrophic impacts that the prioritization of profits over lives has had worldwide.The last four years have seen an unprecedented transfer of wealth into the pockets of the richest, while laying waste to nearly 30 million people. Indeed, while well over 1 million Americans have died of COVID-19, the number of billionaires rose from 614 to 737 with an 87.6 percent increase in their combined wealth, reaching an unprecedented $5.529 trillion.As epidemiologist Dr. Ellie Murray of Boston University aptly stated on Twitter/X in response to the anti-public health guidance by the CDC on March 5, 2024, “With nearly as many hospitalizations in January 2024 as in January 2023, it’s clear that COVID is not growing milder and it’s not fading away. The real question, then, is not whether COVID is still a pandemic, but how much COVID illness and death are we willing to accept?”

Higher rates of hospitalization, deaths among MS patients with COVID-19 New real-world data being presented at this year's European Congress of Clinical Microbiology and Infectious Diseases (ECCMID) conference shows that people living with multiple sclerosis (MS) face a much higher risk of being hospitalized and dying from COVID-19 than the general population, in part due to B-cell depletion therapies that can cause poor responses to vaccination. The findings are based on nearly 12 million people aged 12 years and older in England analyzed as part of the INFORM study, which looked at outcomes among immunocompromised people compared with the general population during the Omicron wave. Among the 12 million were 16,350 (0.1%) people with MS, 12,905 of whom (78.9%) had been fully vaccinated with at least three doses of a COVID-19 vaccine by January 1, 2022. In the MS group there were 215 COVID-19 hospitalizations and 25 COVID-19 deaths, resulting in incidence rates of 1.28 and 0.14 per 100 person-years, respectively. In the general population, the rates of hospitalization and death was 0.24 and 0.06 per 100 person-years, respectively. "Having multiple sclerosis in itself doesn't increase the risk of getting COVID-19, rather it's the taking of immune modifying medicine such as B-cell depletion therapies that can reduce the effectiveness of vaccines by preventing the immune system from mounting a robust protective response," said lead author Jennifer Quint, PhD, from Imperial College London in an ECCMID press release..

Study: Kids with COVID but no symptoms play key role in household spread -A study today in Clinical Infectious Diseases conducted across 12 tertiary care pediatric hospitals in Canada and the United States shows that asymptomatic children with COVID-19, especially preschoolers, contribute significantly to household transmission.The researchers discovered that 10.6% of exposed household contacts developed symptomatic illness within 14 days of exposure to asymptomatic test-positive children, a rate higher than expected."We determined that the risk of developing symptomatic illness within 14 days was 5 times greater among household contacts of asymptomatic SARS-CoV-2–positive children," the authors wrote.They also found that 6 of 77 asymptomatic SARS-CoV-2–infected children during a 3-month follow-up developed long COVID, or 7.8% of them.The finding is noteworthy, as likely more than 30% of all COVID-19 infections are asymptomatic, and asymptomatic infections are presumed to be benign—especially those in children.

Survey identifies unmet child medical needs in first 2 US COVID pandemic waves In the first two waves of the COVID-19 pandemic, 16% of children aged 5 to 12 years didn't visit their healthcare provider, 11% went without a well-child visit, and 30% didn't complete a well-child visit in the past year, parent responses to a US Centers for Disease Control and Prevention (CDC) survey show. CDC researchers and other public health experts analyzed survey data from pandemic wave 1 (October and November 2020) and wave 2 (March to May 2021) from the COVID Experiences Survey, a national online or phone survey of parents of children 5 to 12 years old (1,561 in the first wave, 1,287 in the second). The respondent retention rate over time was 82%. The team assessed three areas of unmet pediatric medical needs: forgone care and well-child visits in fall 2020 to spring 2021 and no well-child visit in the previous year as of spring 2021. The study authors noted that the pandemic disrupted healthcare via temporary closures of medical offices, canceled appointments or transitions to telehealth, and changes in patients' comfort with seeking healthcare. "This disruption layered on existing barriers to health care, such as lack of insurance and prior experiences with health care discrimination, and might have exacerbated previously identified disparities in access to health care and receipt of recommended services," they wrote. In total, 16.3% of children had forgone care, 10.9% had skipped well-child visits, and 30.1% had no well-child visit in the prior year. The most reported types of missed care were well-child visits (10.4%) and vaccinations (3.2%), and the most common reasons for forgone care were fear of contracting COVID-19 (38.0%) and difficulty securing an appointment (18.6%). White children were at much lower risk of experiencing any of the three outcomes, being less than half as likely to go without a well-child or vaccination-related visit than their non-White peers. Parents who reported experiencing no racism had a model-adjusted prevalence of 11.8% of their child missing care, while children of parents who reported experiencing racism at most often across situations had a model-adjusted prevalence of 70.3% of forgone care. Children who had an emotional, mental, developmental, or behavioral condition were 2.1 times more likely to forego care but 40% less likely to have had no well-child visit than their counterparts without such conditions. Those who experienced racism were at a 2.7 and 2.1 times higher risk of skipping care and a well-child visit, respectively, than those who didn't experience racism. Children attending school through an in-person or hybrid format were 30% less likely to have forgone care than peers attending school fully remotely. "Depending on whether a school was open for in-person instruction, there may have been differences in the need for physicals for students to play on sports teams and actions that schools took to facilitate access to care (eg, providing referrals)," the authors wrote. "Additionally, children who are attending school virtually might also have resided in communities where COVID-19–related cancellations of medical appointments and concerns about attending medical facilities were more common." Rural living, low incomes as risk factors Parents who had trouble securing childcare were often or sometimes at double the risk of reporting forgone care and well-child visits but 30% less likely to report no well-child or vaccine-related visits. Households with incomes of $30,000 to $100,000 were 1.4 times more likely to report their child had no well-child visit than those earning more than $100,000.

Colorectal cancer surgeries dipped 17% early in COVID pandemic, research finds - A Mayo Clinic–led study shows that colorectal cancer surgeries dropped 17.3% in the first 9 months of the COVID-19 pandemic and that more patients were diagnosed as having later-stage disease. The study, published yesterday in the Journal of the American College of Surgeons, used the National Cancer Database to compare rates of surgeries for colorectal cancer, tumor stages, socioeconomic factors, and other variables among 105,317 patients before and during the pandemic (2019 and 2020). Colorectal cancer, the third most common cancer in the United States, is being increasingly diagnosed in younger adults, the researchers noted. Surgeries for rectal and colon cancer declined 21% and 16%, respectively, in 2020, corresponding to an overall 17.3% drop. Patients also had a significantly lower rate of early-stage cancer (35.5% vs 38.2%) and a significantly higher rate of advanced tumors (19.2% vs 15.7%), but treatment delays weren't noted after diagnosis. The advanced-cancer burden was greater in Black, uninsured or Medicaid-insured, and lower-income patients."We found that approximately 10,000 fewer patients did not have surgery for colorectal cancer in 2020 compared to 2019," senior author David Larson, MD, MBA, of Mayo Clinic, said in an American College of Surgeons news release. "That's a profound decrease."There may be multiple reasons for the decline, such as screening delays, fear of COVID-19 exposure that deterred some patients from seeking care, and disparities in cancer care that likely worsened during the pandemic, the authors said."The COVID-19 pandemic has left a significant and enduring imprint on colorectal cancer surgery, intensifying the challenges faced by patients and healthcare systems," they wrote. "Comprehensive studies are imperative to comprehend the long-term consequences of delayed screenings, diagnoses, and treatments, as healthcare planning for the future must consider the unintended repercussions of pandemic-related disruptions."

Race, geography defined telemedicine use early in pandemic, data reveal -- A new cross-sectional study of Medicare-enrollees shows that Black and Hispanic Americans, after controlling for geography and demographic factors, were less likely to receive telemedicine care than White individuals during the first full year of the pandemic.The study, published in JAMA Health Forum, showed that while racial minorities disproportionately live in geographic regions with higher telemedicine use, they used the services less than their White peers. The study was based on data from 14,305,819 people continuously enrolled in traditional Medicare from March 2020 to February 2022. Of those, 7.4% reported that they were Black, 5.6% Hispanic, and 4.2% other race. Prior to the pandemic, telemedicine was feared to be part of the "digital divide," which saw racial minorities using newer technology at lower rates than White patients. "This concern is particularly relevant to mental health treatment, given that the pandemic-associated increase in mental health symptoms and telemedicine use during the pandemic has been highest for mental health conditions," the authors wrote. Previous studies have shown disparate findings about telemedicine use in the pandemic, with some showing higher use among Blacks and Hispanics and others showing higher use among Whites. The authors hypothesized that these discrepancies are due to geography: Black and Hispanic populations may be more likely to receive telemedicine because they are more likely to live in urban communities served by large healthcare systems that use telemedicine.

FDA Settles Ivermectin Case, Agrees To Remove Controversial 'Stop It' Post -- The U.S. Food and Drug Administration (FDA) has agreed to remove social media posts and webpages that urged people to stop taking ivermectin to treat COVID-19, according to a settlement dated March 21. The FDA has already removed a page that said: “Should I take ivermectin to prevent or treat COVID-19? No.” Within 21 days, the FDA will remove another page titled, “why you should not use ivermectin to treat or prevent COVID-19,” according to the settlement announcement, which was filed with federal court in southern Texas.“The FDA has not authorized or approved ivermectin for use in preventing or treating COVID-19 in humans or animals,” the page currently states. It also says that data do not show ivermectin is effective against COVID-19, despite how some studies it cites show ivermectin is effective against the illness.The FDA in the settlement is also agreeing to delete multiple social media posts that came out strongly against ivermectin, including one that stated: “You are not a horse. You are not a cow. Seriously, y’all. Stop it.”In exchange, doctors who sued the agency are dismissing their claims, the filing states.“FDA loses its war on ivermectin and agrees to remove all social media posts and consumer directives regarding ivermectin and COVID, including its most popular tweet in FDA history,” Dr. Mary Talley Bowden, one of the doctors, said in a statement. “This landmark case sets an important precedent in limiting FDA overreach into the doctor-patient relationship.”“We are extremely pleased with the outcome of the settlement as it is a victory for every doctor and patient in the United States,” added Dr. Paul Marik, chief scientific officer of the FLCCC Alliance and another plaintiff. “The FDA interfered in the practice of medicine with their irresponsible language and posts about ivermectin. We will never know how many lives were affected because patients were denied access to a lifesaving treatment because their doctor was ‘just following the FDA.’”

Study: Long COVID affects 8% of those with COVID-19, is more common in women -New national data in France reveals that, by the World Health Organization (WHO) definition, the prevalence of long COVID is 4.0% in the French population overall and 8.0% among people who had COVID-19.Among the 8.0%, the prevalence varied from 5.3% in men who had COVID-19, to 14.9% among the unemployed, and 18.6% of those with a history of hospitalization for COVID-19. The study is published inClinical Microbiology and Infection.The study is based on a cross-sectional survey of 10,615 participants conducted in August through November 2022. The WHO defines long COVID as "continuation or development of new symptoms 3 months after the initial SARS-CoV-2 infection, with these symptoms lasting for at least 2 months with no other explanation."A total of 5,781 (54.5%) of study participants reported ever having a SARS-CoV-2 infection. Among those with lasting symptoms, fatigue was the most common, followed by sleep disorders, anxiety, and joint pain. According to the WHO definition, long COVID prevalence was 4.0% (95% confidence interval [CI], 3.6% to 4.5%) in the overall population."Prevalence was more than twice as high in women than in men and 68% higher in unemployed people; it was two to three times lower among elderly participants and lower among participants living alone," the authors wrote.Prevalence dropped to 2.4% when the WHO definition was strengthened with requiring at least moderate impact on daily activities (95% CI, 2.1% to 2.8%), and dropped further to 1.2% when the definition included only participants reporting strong or very strong impact of symptoms on daily activities.More than half of those with WHO-defined long COVID were infected during the Delta wave, but the authors said ongoing surveillance of long COVID should take place. "Long COVID and especially the forms with a strong impact on daily activities will continue to represent a significant burden for the societies and healthcare systems of most countries, thus warranting ongoing surveillance," they concluded.

Swedish study suggests link between long COVID and severity of illness A study of more than 16,000 Swedish citizens diagnosed as having long COVID after an initial infection suggests that having a severe initial illness and having high blood pressure may be risk factors for developing the chronic condition. The study is published in BMJ Public Health. Researchers looked at 1,057,174 Swedish residents who tested positive for SARS-CoV-2 from February 1, 2020, to May 25, 2021. Long COVID, or post-COVID syndrome (PCS), was defined as new or persistent symptoms at least 3 months after the initial illness was diagnosed. A total of 16,151 people (1.5%) received a PCS diagnosis. The strongest link for developing long COVID was between severity of early illness and long COVID; 61% of those with long COVID had been hospitalized or had needed intensive care or noninvasive or mechanical ventilation. Use of mechanical ventilation during initial illness correlated with PCS (odds ratio [OR], 114.7; 95% confidence interval [CI], 105.1 to 125.3) compared with requiring no medical care during initial COVID-19. When looking at healthcare use among those with PSC, the most common diagnosis was hypertension (26.6% of PCS patients vs 3.1% of COVID-negative controls). The second most common diagnosis was dyspnea, or shortness of breath (17.2% in PCS patients vs 0.4% in controls). The authors noted, however, that 76% of the PCS patients with hypertension were diagnosed prior to contracting COVID. For dyspnea, however, 75% were diagnosed after initial COVID-19 infections.

US flu, COVID-19, RSV levels all decline Flu indicators dropped last week for the second consecutive week, as markers for COVID and respiratory syncytial virus (RSV) also continued their downward trends, the US Centers for Disease Control and Prevention (CDC) said today in its latest data updates. Over the past few months, flu activity showed a post-holiday rise that mainly varied by region and was partly fueled by increased circulation of influenza B, which typically occurs later in the flu season. In its weeklyFluView update today, the CDC said test positivity for both influenza A and influenza B decreased last week compared to the previous week. Influenza A is still dominant, making up 59.3% of positive results at public health labs, with influenza B at 40.7% Other markers declined, including the percentage of outpatient visits for flulike illness, which is still above the national baseline, and hospitalizations. Deaths overall remained steady, and the CDC reported 5 more pediatric flu deaths, raising the season's total to 126, compared with 184 for the entire 2022-23 season.In COVID data updates, the CDC reported more steady declines in virus impacts, both the severity markers and the early indicators. Wastewater detections of SARS-CoV-2, considered an early indicator, remained at the low level, with declines continuing in all regions of the country.Also today, the CDC released its latest variant proportion update, which shows that JN.1 is still dominant but that levels of one of its offshoots, JN.1.13, continue to rise and are now at about 11%.

Pennsylvania reports H1N2v flu case The Pennsylvania Department of Health has reported a variant H1N2 (H1N2v) infection in a patient younger than 18 years, marking the nation's first variant influenza A case of 2024, the Centers for Disease Control and Prevention (CDC) said today in its weekly influenza update. The patient sought care in early March, was hospitalized, and has since recovered. An investigation into the source of the illness found that the patient had contact with pigs before symptoms began. Mild illness was reported in two of the patient's close contacts, who also had contact with pigs. They were sick before the patient became ill. No person-to-person spread of H1N2v has been identified. The CDC reported four variant flu infections over the 2022-2023 flu season, of which two involved H1N2v.

CDC releases ventilation guidance for curbing indoor respiratory virus spread -- As part of its updates on strategies to battle respiratory viruses, the US Centers for Disease Control and Prevention (CDC) on March 22 detailed steps that people can take to reduce the number of respiratory particles that circulate in indoor air. The ventilation guidance update comes as respiratory disease levels such as flu and COVID are declining from a late December peak. The CDC said ventilation, alongside vaccination and practicing good hand hygiene, is one of the core strategies for protecting people against respiratory illness. "People can still get sick after ventilating a space, so it is important to use ventilation as one part of a multi-layered approach to protect ourselves against getting sick from respiratory viruses," the CDC said. Steps for improving ventilation are useful year-round, but are especially helpful when virus levels are high in the community, when people are exposed, sick, or recovering, or when people have risk factors for severe illness, the agency added. The guidance emphasizes the importance of bringing in fresh outdoor air and ensuring that air conditioning and heating systems are operating properly, preferably with filters rated MERV-13 or higher. It also describes other steps that can be added, including air circulation, proper exhaust venting, air cleaners, and ultraviolet air treatment. The CDC also said portable carbon dioxide monitors can help determine the staleness or freshness of indoor air. "If possible, move activities outdoors to lower the risk of virus transmission," the CDC said.

Inappropriate diagnosis of pneumonia in adult patients common, study finds A study of hospitals in Michigan found that one in eight patients treated for pneumonia were inappropriately diagnosed, researchers reported today in JAMA Internal Medicine.The cohort study of more than 17,000 hospitalized adults treated for pneumonia at 48 Michigan hospitals found that 12% were inappropriately diagnosed. Older patients, those with dementia, and patients presenting with altered mental status were the most likely to be improperly diagnosed.In addition, nearly 88% of patients with an inappropriate pneumonia diagnosis received a full course of antibiotics, which was associated with an increased risk of antibiotic-associated adverse events and can contribute to antibiotic resistance.The authors of the study say the findings have important clinical and policy implications.Led by researchers with the Veterans Affairs (VA) Ann Arbor Healthcare System and the University of Michigan Medical School, the study analyzed data collected from July 2017 through March 2020 from the Michigan Hospital Medicine Safety Consortium (HMS), a statewide quality initiative that aims to improve care for hospitalized patients at risk of adverse events. Community-acquired pneumonia (CAP) has been a focus of HMS, because it's the most common cause of medical hospitalization in the United States and a frequent source of antibiotic overuse.The researchers wanted to explore how many pneumonia patients are wrongly diagnosed, because little is known about how frequently inappropriate diagnosis occurs and what the risk factors are. The practice may also cause harm."Inappropriate diagnosis of CAP may harm patients through delayed recognition and treatment of acute (eg, exacerbations of congestive heart failure), chronic (eg, pulmonary cancer), or novel diagnoses (eg, pulmonary cancer) and may lead to unnecessary antibiotic use, adverse effects, and antibiotic resistance," they wrote.The study authors say there are several reasons why physicians may inappropriately diagnose pneumonia. For one, they could be influenced by the fact that it's a very common condition, particularly in older adults. But it also can be difficult to diagnose, because the symptoms are non-specific and may overlap with other cardiopulmonary diseases. And because CAP is associated with poor outcomes in older patients, physicians might prefer overtreatment to missing a CAP diagnosis. In addition, CAP is one of several conditions, including urinary tract infections, that tend to get overdiagnosed in older patients, particularly those with cognitive impairments who have difficulty communicating.While brief empiric antibiotic treatment in older patients at risk of poor outcomes from CAP may be warranted, the authors note, guidelines generally recommend reconsidering, de-escalating, or stopping antibiotics within 48 to 72 hours once infection has been ruled out. Yet the study found that patients with presumed CAP received a full antibiotic course, which in turn was linked with adverse events.

More measles cases detected in Illinois, New York as US total climbs to 64 -Over the weekend, public health officials in Illinois and New York identified three more measles cases. In Illinois, Will and Lake counties documented one case each of the vaccine-preventable illness, both related to the ongoingoutbreak in Chicago. No details on the Will County case have been released, but Lake County officials warn of possible exposures to the patient at a restaurant in Lake Zurich and a medical center in Libertyville.Chicago has reported 4 new cases, pushing its total to 26, most linked to a migrant shelter, with 19 occurring in children 4 years and younger and 6 in adults aged 18 to 49.The New York case involves an unvaccinated young child living in Nassau County who has been hospitalized. The case was the third reported in the state and the first outside of New York City this year, the New York State Department of Health said in a March 23 news release.In January, the department announced an investigation into a Nassau County midwife who delivered fraudulent measles vaccines and falsified vaccination records for nearly 1,500 schoolchildren in 23 New York counties, including several hundred in Nassau County, going back at least to the 2019-20 school year.According to media reports, the pseudo vaccines consisted of homeopathic pellets. The midwife was fined $300,000 for risking the children's lives. In 2019, New York ended a religious exemption to vaccine requirements for schoolkids.In an update late on March 22, the US Centers for Disease Control and Prevention (CDC) reported 6 more measles cases, bringing the 2024 total so far to 64, compared with 58 in all of 2023. So far this year, cases have been documented in 17 states: Arizona, California, Florida, Georgia, Illinois, Indiana, Louisiana, Maryland, Michigan, Minnesota, Missouri, New Jersey, New York, Ohio, Pennsylvania, Virginia, and Washington. Most infections have occurred in children 1 year or older who hadn't received the measles, mumps, and rubella (MMR) vaccine.Two of the US cases were reported last week in Washtenaw County, Michigan, where authorities announced a second case in an adult without measles immunity exposed to the county's index case.The Centre for Health Protection in Hong Kong on March 22 reported two measles infections, one in a man who had traveled to Indonesia and one in a 2-year-old girl who had visited Saudi Arabia and the United Arab Emirates.The US CDC recently amended its measles vaccination recommendations for international travelers, urging people who are unsure of their vaccination status to consult their doctors at least 6 weeks before travel. The previous recommendation was 1 month before travel to allow vaccination, if needed. The US outbreaks are part of a global increase in cases fueled partly by MMR vaccination gaps. Two doses of MMR vaccine are about 97% effective at preventing measles, and one dose is roughly 93% effective. The CDC recommends that children receive two doses of the MMR vaccine, starting with the first dose at 12 to 15 months and a second dose at 4 to 6 years.Measles, a very contagious viral disease, typically begins with a cough, nasal congestion, red eyes, and fever, followed by the development of a red rash that starts at the head and spreads throughout the body. The infection can lead to pneumonia, swelling of the brain, and death.

Marin County whooping cough outbreak – NBC Bay Area - Marin County health officials have issued a whooping cough advisory due to an on-going outbreak that appears to be having a large impact at Tamalpais High School. Last Friday, Public Health Officer Dr. Matt Willis sent the advisory and noted that the county's Department of Health and Human Services had investigated 77 cases of whooping cough, or pertussis, since December. On Thursday, the department said 36 additional cases have come to light. "So far, Marin County has investigated 113 cases of Pertussis from mid-December to today. Most of the cases are clustered in the South Marin area, including an outbreak at Tamalpais High School with (more than) 65 cases identified," the county's Senior Public Health Nurse Lindsey Termini said in an email. "Pertussis typically surges every 3-5 years. The last surge in Marin County was in 2018, with >300 cases in the community identified." As of Thursday, there were no reported cases of hospitalizations due to whooping cough in the county and no reported infant cases. "We are working closely with Tam High to help mitigate spread by releasing exposure notifications," Termini said. She said that the infection spreads easily from person to person through droplets in the air and is usually milder in teens and adults than in babies and children, especially those vaccinated against whooping cough. Symptoms can seem like the common cold and include fatigue, runny nose, sneezing and a mild cough that can eventually progress to severe coughing fits. It's also not uncommon for high school-aged adolescents to contract the illness at higher rates since their childhood whooping cough vaccinations are becoming less effective. "In Marin County, our primary focus is protecting infants and people at high risk of getting sick," Termini said. "The best thing people can do to protect themselves is to ensure they are up to date on the pertussis vaccination, practice proper respiratory and hand hygiene, and stay home if they are sick."

National Academies report says US not ready for intentional, accidental smallpox outbreak With the bungled responses to the COVID-19 pandemic and a recent mpox outbreak still fresh in mind, a new report from the National Academies of Sciences, Engineering, and Medicine highlights the United States' need to fortify its preparedness for a smallpox outbreak.While the World Health Assembly declared the eradication of the highly contagious and deadly smallpox virus in 1980, experts remain concerned that the United States wouldn't be able to marshal enough tests, vaccines, and treatments to contain an intentional or accidental release or natural resurgence—particularly amid evolving threats and technologies. Only two countries—the United States and Russia—are known to have live samples for research purposed of the variola orthopox virus that causes smallpox, per the World Health Organization. But since an American biotech firm announced in 2017 that a Canadian scientist had synthesized an extinct horsepoxvirus (also an orthopox virus) de novo in a lab as part of an attempt to create safer smallpox vaccines,scientists suspect smallpox may not be so well contained. "The old idea that it's only in two labs doesn't hold any water anymore," said Michael Osterholm, PhD, MPH, director of the University of Minnesota's Center for Infectious Disease Research and Policy (CIDRAP), publisher of CIDRAP News. "I believe to this day that it's very possible that it could still be in other hands, particularly in North Korea."The report, done at the behest of the US Administration for Strategic Preparedness and Response, also acknowledges the threat: "Advancements in genome science and genetic engineering raise the possibility of deliberate re-creation and misuse of variola virus, considered appealing to terrorists for its potential to create a more lethal and transmissible strain."Smallpox, characterized by a fever and disfiguring rash, killed 3 of 10 of those infected before it was eradicated, and blinded or permanently scarred many others.

US reports 2023 rise in TB cases, incidence - The number of tuberculosis (TB) cases in the United States climbed in 2023, the third straight year of increases, according to new data from the Centers for Disease Control and Prevention (CDC). The data, published yesterday in Morbidity and Mortality Weekly Report, show that 9,615 TB cases were reported in the United States in 2023, a 16% increase from 2022 and the highest number reported since 2013. The TB incidence rate of 2.9 cases per 100,000 persons represented a 15% increase from 2022. TB incidence increased in every age-group, with the largest increase seen in children ages 5 to 14 years. As in previous years, most reported TB cases in 2023 (76%) occurred in non–US-born residents. But case counts rose among both US-born and non–US-born residents, who saw increases of 9% and 18%, respectively. Among US-born persons with TB, 33% were Black, 27% Hispanic, 26% White, 6% Asian, 5% American Indian or Native Alaskan, and 3% Native Hawaiian or other Pacific Islander. Despite the rise in cases and incidence, the United States still has one of the lowest TB rates in the world, and most US residents are at minimal risk of infection. CDC researchers note that roughly 85% of US TB cases are attributed to reactivation of latent TB infection—in which people are infected with Mycobacterium tuberculosis but have no symptoms—rather than recent transmission. "Therefore, sustained transmission of TB in the United States leading to outbreaks is uncommon," they wrote.

China sees dramatic rise in ceftriaxone-resistant gonorrhea - China is seeing an alarming increase in ceftriaxone-resistant gonorrhea, researchers report today in Morbidity and Mortality Weekly Reports.Analysis of 2,084 gonococcal isolates collected from 13 provinces by the China Gonococcal Resistance Surveillance Program from 2017 through 2022 revealed that the prevalence of ceftriaxone-resistant Neisseria gonorrhoeae was 8.1% in 2022, nearly three times the 2.9% prevalence reported in 2017. Five provinces reported that more than 10% of isolates were resistant to ceftriaxone.Ceftriaxone is the recommended first-line treatment option for gonorrhea in China and many other countries and is essentially the one reliable antibiotic left for treating one of the world's most common sexually transmitted infections. But a ceftriaxone-resistant N gonorrhoeae clone (FC428) that was first identified in Beijing in 2016 is now widely disseminated across China and has been identified in other countries.The researchers note that China's rate of ceftriaxone-resistant gonorrhea is relatively high compared with other countries. For comparison, the percentage of gonorrhea strains in the United Kingdom with reduced susceptibility to ceftriaxone was 0.21% in 2022. In the United States, the prevalence of isolates exhibiting elevated ceftriaxone minimum inhibitory concentrations—the amount needed to stop the growth of N gonorrhoeae bacteria—was around 0.2% from 2016 through 2020.

Puerto Rico declares dengue a public health emergency -A dengue outbreak that has sickened at least 549 Puerto Ricans so far this year—most in the capital city, San Juan—has caused public health officials in the territory to declare a public health emergency, according to media reports.The country last declared an emergency owing to dengue in 2012.So far this year more than 340 people have been hospitalized and 549 sickened with the debilitating mosquito-borne disease. In all of 2023, 1,293 cases were reported, a total likely to be surpassed in the first half of 2024.According to the Associated Press, higher rainfall and high humidity have contributed to the rise in cases and provided ample breeding grounds for the mosquitos that spread the disease.According to the World Health Organization (WHO), nearly 80% of the world's 5 million dengue cases reported annually occur in the Western Hemisphere, with South and Central America most greatly affected. Dengue can cause headaches, fever, vomiting, and rash, and in very severe cases death.Last year saw the highest recorded numbers of the viral illness in the Americas and Caribbean, with more than 4 million cases recorded and 2,000 deaths. Climate change and increasing temperatures have been linked to the ongoing outbreaks. Experts say warmer temperatures allow for broadening of mosquito habitat. "These infections are a symptom of some big underlying trends happening in the world," said Jeremy Farrar, MD, WHO chief scientist, said in an interview late last year on the 2023 dengue totals.

Quick takes: Record dengue pace in the Americas, call for Ebola treatment stockpile | CIDRAP

• At a media briefing today, top officials with the Pan American Health Organization (PAHO) warned that cases in region are running three times higher than last year at this time, putting the region on track to break last year's record of 4.5 million cases. Jarbas Barbosa, MD, PAHO's director, said countries in the Southern Cone, including Brazil, Argentina, and Brazil, are experiencing summer surges. He added, however, that countries that typically see dengue rises in the second half of the year are also seeing upticks in cases, including Barbados, Costa Rica, Guadeloupe, Guatemala, Martinique, and Mexico. So far, the region has recorded 3.5 million cases, about 1,000 of them fatal. Health officials urged countries to double down on mosquito control efforts and to support the ability of healthcare providers to recognize and treat cases early.
• Doctors Without Borders (MSF) this week called for the establishment of an international stockpile of Ebola treatments. Though it's been 10 years since West Africa's large outbreak, two treatments are not readily available in countries where Ebola is endemic. "Instead, all Ebola treatments remain under the control of just two US pharmaceutical corporations, Regeneron and Ridgeback Biotherapeutics, and are almost exclusively kept in a US stockpile for national security and biodefense purposes," MSF said in astatement. It called for an emergency stockpile to be created and run by the International Coordinating Group on Vaccine Provision, which it said would ensure that countries experiencing outbreaks can receive the treatments quickly.

Chick-Fil-A to modify its policy on antibiotic use -- Fast-food chain Chick-Fil-A says a change is coming to its policy on antibiotic use in its chicken supply. In a statement issued over the weekend, Chick-Fil-A says it will shift its policy this spring from No Antibiotics Ever to No Antibiotics Important to Human Medicine. That means the company will allow its chicken suppliers to use antibiotics intended for animals to treat sick birds and flocks but will not allow the use of antibiotics that are also used in human medicine. A Chick-Fil-A official told the Associated Press that the decision reflects concerns about the company's ability to acquire a sufficient supply of antibiotic-free chickens.

A Japanese supplement pill is recalled after two people died and more than 100 were hospitalized — Health supplement products believed to have caused two deaths and sickened more than 100 people have been ordered to be taken off store shelves in Japan. The products from Kobayashi Pharmaceutical Co., billed as helping to lower cholesterol, contained an ingredient called “benikoji,” a red species of mold. In addition to the products from Osaka-based Kobayashi, more than 40 products from other companies containing benikoji, including miso paste, crackers and a vinegar dressing, were recalled, starting last week, a government health ministry official said Wednesday. At least 106 people had been hospitalized, and many more are believed to have been sickened, although it’s unclear if all the illnesses are directly linked to benikoji (pronounced beh-nee-koh-jeeh). The ministry has put up a list on its official site of all the recalled products, including some that use benikoji for food coloring. The company is investigating the cause of the problem. The recalled products could be bought without a prescription from a doctor, and could be purchased at drug stores. Kobayashi apologized and asked in an online statement: “Please stop taking our products, and please do not use them in the future.”

Kobayashi reports 5th supplements-linked death, finds puberulic acid --Kobayashi Pharmaceutical Co. said Friday that it has confirmed a fifth death possibly linked to its red yeast rice dietary supplements, but has yet to determine the substance that may be responsible for causing health problems amid hundreds of reports of people falling ill. The drugmaker as well as Japan's health ministry said the company's examination unexpectedly found puberulic acid, a natural compound made from blue mold, in the products. The ministry said the substance is a potent antibacterial and antimalarial agent that can be toxic. An official of the Health, Labor and Welfare Ministry said there is "a certain degree of possibility" that puberulic acid may have caused the health problems, but the ministry will conduct thorough examinations. Kobayashi Pharmaceutical Co. President Akihiro Kobayashi (C) attends a press conference in the western Japan city of Osaka on March 29, 2024. (Kyodo) The five deaths include people who were in their 70s to 90s, according to the company, which has recalled the supplements that were supposed to help lower levels of LDL cholesterol, known as "bad" cholesterol. Some 680 people have received or wish to receive outpatient treatment for symptoms suspected to be linked to the "beni-koji choleste help" supplements so far, and the company will offer them compensation along with the 114 people who have been hospitalized, it said. "Determining a cause and preventing (the incident) from occurring again is our responsibility. I will make sure as the company's head to get that done," Kobayashi Pharmaceutical President Akihiro Kobayashi said in a press conference. Supplied photo shows Kobayashi Pharmaceutical Co.'s dietary supplements that contain "beni-koji," which are being recalled over health problems. (Kyodo) Kobayashi said the substance in question "could have been derived from mold, but we have yet to ascertain which (chemical) structure it has." A government research facility is set to conduct a further examination of the substance in collaboration with the company, the ministry said. At the press conference held in Osaka, there were many questions about the slow response to the health problems by management. The company said it first noticed there was a potential problem in January, but it did not go public about the matter until March 22. Kobayashi said it took the company time to speak publicly about the problems because it struggled to identify the cause of the issues. The fallout from the scandal has spread overseas. Taiwanese media reported Thursday that a woman who consumed supplements containing the company's red yeast rice was diagnosed with acute kidney failure. The drugmaker announced on March 22 that people who took the supplements were experiencing symptoms such as kidney disease. The company initially suspected the involvement of citrinin, a toxic metabolite produced by red yeast rice, but later said the substance had not been detected in its products.

Kobayashi factory searched over deaths possibly linked to supplements (Reuters) - Japanese health officials searched a Kobayashi Pharmaceutical factory on Saturday after the drugmaker reported five deaths possibly linked to dietary supplements using red yeast rice, an official said. The Ministry of Health, Labour and Welfare and the City of Osaka jointly inspected the factory in Osaka that had made the supplements containing "Beni-Koji" red yeast, suspected of having caused health damage, the ministry official said. News footage showed officials entering the factory, and the official said the ministry could search other related locations. The factory, which made the product until December, had been closed due to ageing facilities, Japanese media said. The Osaka-based company could not immediately be reached for comment. Yuko Tomiyama, head of Kobayashi's investor relations, told public broadcaster NHK the firm intends to sincerely deal with the matter and fully cooperate with the investigation. Kobayashi said on Friday it was investigating a suspected link between the products and their effects on the kidney since it received reports of kidney disease linked to the products. As of Thursday evening, 114 people had been hospitalised and five had died after taking the supplements, which were marketed as helping lower cholesterol levels, according to the company. Kobayashi said it is examining the earnings impact of the latest issues. Japanese Chief Cabinet Secretary Yoshimasa Hayashi criticised the company on Tuesday for its slow response, saying it was regrettable that Kobayashi took two months to announce the health impacts of its products. The company has been recalling products with Beni-Koji in recent days after receiving reports of kidney ailments. Its products are also consumed in places such as China, and Japanese media said a case of acute renal failure had been reported in Taiwan. A Chinese consumers association urged consumers to stop using affected products, saying it was concerned about the risk of Kobayashi products, state media reported on Friday. Beni-Koji contains Monascus purpureus, a red mould that is also used as a red colouring in some foods. Puberulic acid - a potent antibacterial and antimalarial agent that can be produced from blue mould and can be toxic - was confirmed in a batch of the products that caused health complaints, Japanese media said.

Vietnam confirms H5N1 in man's avian flu death - Vietnam's health ministry today announced that a recently reported H5 avian flu infection in Khanh Hoa province was the H5N1 subtype, according to a statement translated and posted by Avian Flu Diary, an infectious disease news blog. The infection involved a 21-year-old college student whose H5 infection was initially reported last week by the media and was confirmed by provincial health authorities. Today's health ministry statement has new details about the case, including that the patient died from his infection on March 23. Officials also said that an epidemiologic investigation found that the man had trapped wild birds near his home before and after the Lunar New Year holiday. No sick or dead poultry, however, were reported near the family's home. No other cases have been detected during monitoring of the patient's contacts. So far, it's not clear which H5N1 clade is involved in the man's infection. The older clade (2.3.2.1c)—still circulating in some parts of Asia—has recently been connected to a spate of illnesses in Cambodia, many of them fatal. The newer clade (2.3.4.4b) affecting poultry in multiple world regions has also infected people in rare instances, mainly those who had exposure to infected birds or mammals.Vietnam's last H5N1 case, reported in October 2022 from Phu Tho province, was its first since 2014. The clade involved was not reported in that case, either. The health ministry said the country continues to report sporadic H5N1 detections in poultry and that agriculture ministry data show that six avian flu outbreaks have been reported across six provinces, including Khanh Hoa, where the man lived.

Sick cows in 2 states test positive for avian flu - In an investigation into mysterious illnesses in dairy cows in Texas, Kansas, and New Mexico, tests on unpasteurized milk and nasal swabs have revealed highly pathogenic avian flu in Kansas and Texas, according to a statement today from the US Department of Agriculture (USDA) Animal and Plant Health Inspection Service (APHIS). The cow's symptoms included decreased milk production, low appetite, and other symptoms. APHIS said the infections were primarily seen in older dairy cows. The new development comes less than a week after Minnesota veterinary officials detected H5N1 avian flu in baby goats at a farm where the virus had been detected in a backyard poultry flock. The Texas Department of Agriculture said today that the disease has been working its way through the Texas panhandle, puzzling the agriculture industry. It said the cows had flulike symptoms, including fever and thick and discolored milk. Sporadic outbreaks continue to be reported in US poultry flocks, along with numerous H5N1 detections in a variety of wild birds across many states.Along with the unidentified illnesses, the farms had also reported dead wild birds on the properties. The virus was found in milk samples from sick cows at two dairy farms in Kansas and Texas and in an oropharyngeal sample from another dairy in Texas. "Based on findings from Texas, the detections appear to have been introduced by wild birds," APHIS said, adding that initial testing by the National Veterinary Services Laboratory in Ames, Iowa, have found no changes that would make the virus more transmissible in humans. Additional testing and sequencing are under way to characterize the virus and to identify what strain or strains are involved.APHIS emphasized that so far there are no concerns for the nation's milk supply or that the findings pose a threat to human health. "Dairies are required to send only milk from healthy animals into processing for human consumption; milk from impacted animals is being diverted or destroyed so that it does not enter the food supply," APHIS said."In addition, pasteurization has continually proven to inactivate bacteria and viruses, like influenza, in milk. Pasteurization is required for any milk entering interstate commerce." On affected farms, the illness has affected about 10% of animals, with little or no mortality and milk loss that is too limited to have a major impact on the nation's milk supply. APHIS said federal officials are working with state and industry officials to quickly report cattle illnesses. Sid Miller, Texas' agriculture commissioner, said that, unlike for poultry, he doesn't foresee a need to depopulate cattle herds. "Cattle are expected to fully recover," he said.

Avian flu detected in Idaho dairy cows -The Idaho State Department of Agriculture (ISDA) yesterday announced the detection of highly pathogenic avian influenza (HPAI) at a dairy cattle farm in Cassia County, bringing the number of affected states to four and adding more evidence the virus may be spreading cow-to-cow.Earlier this week, the US Department of Agriculture (USDA) Animal and Plant Health Inspection Service (APHIS)announced that an investigation into mysterious illnesses in dairy cows in three states—Kansas, New Mexico, and Texas—was due to HPAI and that wild birds are the source of the virus. Tests on samples from cows in Kansas and Texas revealed the H5N1 subtype.As epidemiologic investigations continue and scientists continue to further characterize the virus, the surprising finding has prompted a host of new questions, such as whether the virus can explain all of the symptoms, if the virus had already been infecting cows but was undetected, and what biosecurity measures can help protect dairy herds.In a statement, the ISDA said the facility had recently imported cattle from another state that had identified HPAI in cattle. "The primary concern with this diagnosis is on-farm production losses, as the disease has been associated with decreased milk production," the agency said. The ISDA urged dairy producers to closely monitor their herds and contact their local veterinarian immediately if cattle show symptoms, which include a drop in milk production, appetite loss, changes in manure consistency, thickened or colostrum-like milk, and low-grade fever.

Bird flu discovered in U.S. dairy cows is 'disturbing' - The bird flu virus that has wreaked havoc around the world appears to have surfaced in U.S. dairy cows, the first time this viral subtype has been documented in any cattle. Three U.S. states—Texas, Kansas, and New Mexico—on 25 March reported cows sickened with what scientists are presuming is the same H5N1 strain of influenza that has killed hundreds of millions of poultry and wild birds. The cattle infections are spoiling milk and causing limited disease in mostly older animals. Dead birds have also been found on some of the farms, which may explain the source of the virus. Public health officials have stressed that the risk to humans from the virus remains low. The so-called highly pathogenic avian influenza (HPAI) virus spreading in birds has already been documented to infect dozens of other mammalian species, but rarely spreads between them. Earlier this month, HPAI was found in a goat in Minnesota, the first case in U.S. livestock. Gregory Gray, an epidemiologist at the University of Texas Medical Branch, calls the new detections in cows across multiple states a “worrisome” development because it may signal this bird flu strain is spreading directly between cattle, instead of via birds, and has mutated in ways that could allow it to better infect people. But preliminary studies on the affected cows show no signs that the virus has changed, the National Veterinary Services Laboratories said in a statement yesterday. The U.S. Department of Agriculture (USDA) is not requiring farmers to cull affected herds, as it does when the virus attacks poultry farms. USDA officials stress that pasteurization kills the virus in any milk produced by an infected cow. Several other of the four influenza virus types are known to infect cattle, but this is the first HPAI to sicken them. Only Texas has officially confirmed that the bird flu found in its cows is the H5N1 subtype, and none of the three states have yet reported whether it is the clade causing widespread death in birds, 2.3.4.4b. USDA said in a statement to Science that “testing from Texas shows consistency with the strain seen in wild birds,” and that federal and state scientists are rapidly trying to complete genetic testing. Gray, who has an ongoing study to track infections that spread between cattle and their farmers, spoke with Science about the discovery of the bird flu in cattle. The interview has been edited for brevity and clarity.

• Q: How serious of a threat does HPAI in cattle present? A: It’s worrisome. We most recently saw the infections in goats, and we’ve all seen the wildlife being affected with the hotter pathogenic avian flu, including the strange infection of carnivores—bears and wolves. Who knows what’s next? It’s disturbing. We need to figure this thing out, because if the virus continues to change, it could move into other species, including humans. It may be in humans already. We just have to keep a pulse on it. And if we don’t work together with agriculture, we won’t know very well what’s circulating.
• Q: Did the discovery surprise you? A: In some ways. These influenza viruses are changing all the time, and there’s pretty good evidence that all four types have been infecting cattle for a number of years. In fact, there’s a very nice report published in 2019. But in that same report, the authors said that maybe there’s something about the cattle that makes them sort of immune to serious disease and transmission? Well, something has changed, because there’s a multiple state epizootic with animals becoming ill, and the likelihood that the transmission is from cow to cow and farm to farm is much higher than before.
• Q: But to be clear, do we know this is transmitting from cow to cow? A: We don’t know. I don’t think anybody’s done those experiments. I would think that would be one of the things that people would want to investigate rather quickly

People more often are origin of infectious diseases in animals than vice versa, data suggest - People pass twice as many viruses to domestic and wild animals than animals pass to people, concludes a study today in Nature Ecology & Evolution.University College London (UCL) researchers analyzed genomic data on nearly 12 million viruses in 32 viral families using network and evolutional analyses to characterize the mutations behind recent vertebrate species jumps. Most emerging and re-emerging infectious diseases are caused by viruses that circulate naturally in nonhuman vertebrates. "When these viruses cross over into humans, they can cause disease outbreaks, epidemics and pandemics," they authors wrote. "While zoonotic host jumps have been extensively studied from an ecological perspective, little attention has gone into characterizing the evolutionary drivers and correlates underlying these events." About twice as many species jumps were inferred to be from people to animals rather than the other way round, a pattern consistent across most viral families. "We further observe that the extent of adaptation associated with a host jump is lower for viruses with broader host ranges," they wrote. "Finally, we show that the genomic targets of natural selection associated with host jumps vary across different viral families, with either structural or auxiliary genes being the prime targets of selection." In a UCL news release, lead author Cedric Tan, a PhD student at the UCL Genetics Institute, said, "When animals catch viruses from humans, this can not only harm the animal and potentially pose a conservation threat to the species, but it may also cause new problems for humans by impacting food security if large numbers of livestock need to be culled to prevent an epidemic, as has been happening over recent years with the H5N1 bird flu strain." "Additionally, if a virus carried by humans infects a new animal species, the virus might continue to thrive even if eradicated among humans, or even evolve new adaptations before it winds up infecting humans again," he added.

Biden administration finalizes reversal of Trump Endangered Species Act rollback - The Biden administration on Thursday announced a finalized update to Endangered Species Act (ESA) rules that advocates say reverses some Trump administration rollbacks but fails to fully restore them. In 2019, the Trump administration made a number of alterations to the ESA rules, including adding language to protection criteria to allow consideration of economic impacts on industry for the listing. Earthjustice Vice President Drew Caputo called the 2019 rule an “industry wishlist” and credited the Biden administration for removing the economic impact provision, which he called “directly contrary to the spirit of the statute.” The finalized rule also restores protections for species classified as “threatened,” a less severe category than “endangered.” The initial proposal was issued last year and received more than 450,000 public comments. “These revisions underscore our commitment to using all of the tools available to help halt declines and stabilize populations of the species most at-risk,” U.S. Fish and Wildlife Services Director Martha Williams said in a statement. “We will continue to use the best-available science when implementing the ESA — including when making listing and delisting decisions, designating critical habitat, developing protective regulations for threatened species, and consulting on federal actions.” However, Caputo noted that the ESA rule retains another provision of the 2019 version that allowed agencies to essentially disregard impacts they were not “reasonably certain” would occur. “There’s always some kind of uncertainty for a project that hasn’t happened yet,” he said. “The Biden Administration has reversed some of the worst aspects of the Trump regulations, but it missed an opportunity to end the nightmare Donald Trump created for wildlife,” Sierra Club President and CEO Ben Jealous said in a statement. “The Biden administration needs to protect more habitat, not less. We need the administration to increase protections for biodiversity, not abandon them. The president has the power, and we need him to use it.” Caputo noted that despite the improvements the finalized rule makes, “the species at issue here are by definition on the brink and they don’t have a lot of room for maneuver.”

Senators stand up for potatoes as a vegetable amid reports of USDA change - Fourteen senators are calling on the departments of Agriculture (USDA) and Health and Human Services (HHS) to keep the potato classified as a vegetable, amid reports that a joint advisory committee is considering “the interchangeability of starchy vegetables and grains.” In a letter to USDA Secretary Tom Vilsack and HHS Secretary Xavier Becerra, the senators on Tuesday made the case that the potato is a vegetable, not a grain, pointing to its nutritional benefits, its physical characteristics and its horticultural scientific classification. “The scientific justification behind the assertion that potatoes are not vegetables is not strong, and there are documented nutritional benefits of potatoes. Therefore, we strongly oppose any reclassification of potatoes to the grain category under the DGAs,” the senators wrote. The letter comes amid reports that the 2025 Dietary Guidelines Advisory Committee is “considering changes to food groups,” including “the interchangeability of starchy vegetables and grains,” according to testimony from the National Potato Council CEO Kam Quarles. The advisory committee is tasked with providing independent, science-based recommendations to the USDA and HHS secretaries to help inform their development of the Dietary Guidelines for Americans (DGA). The DGA is issued every five years and influences federal nutritional and food policy. A spokesperson for USDA said in a statement that the advisory committee “is not considering a change to the classification of potatoes,” noting it “is not within the Committee’s purview to make such a change.” Still, the reports have sparked concerns for many in the potato industry, which could take an economic hit if such a reclassification takes place.

Chicago ranked 2nd for worst air pollution in 2023 among major US cities, global report says - Chicago ranked second among major U.S. cities with the worst air pollution in 2023, its average annual concentration of dangerous fine particulate matter almost three times global guidelines, according to a recent report. Even as national standards have tightened, pollution levels in the city still surpassed old regulations. At one point last summer, Chicago had the poorest air quality recorded among 95 cities in the world. Experts say a major recurring issue and leading cause was pollutants carried by winds across borders and contaminating air elsewhere—such as smoke from forest fires in the Canadian province of Quebec, which blew into Chicago and other U.S. cities. "Wildfires in Canada devastated air quality, not only in Canada itself," said Frank Hammes, global CEO of the Swiss air quality technology company IQAir. "But (they) caused a hazardous level of air quality in the United States, where multiple cities in the Midwest and Northeast saw significantly increased levels of polluted air." According to the U.S. EPA's Region 5 office—which includes Illinois, Ohio, Indiana, Wisconsin, Michigan, Minnesota and 35 tribal nations—the wildfire smoke that this portion of the country experienced in 2023 was unprecedented. "Historically, we have never seen anything like this in our region," said Krista Thomason, a physical scientist with Region 5's Air and Radiation Division, who participated in a panel Wednesday on Midwestern air quality. "The western portions of the United States do deal with this more frequently, but for us, it's a pretty rare phenomenon." Sooty smoke from the wildfires reached as far south as Virginia, prompting state and local agencies to issue alerts and caution residents to reduce time outdoors. According to a new IQAir report released Tuesday, the annual concentration of small particulate matter in Chicago last year averaged 13 micrograms per cubic meter of air. In the month of June, it averaged 28.4 micrograms per cubic meter. This fine particulate matter, or PM2.5, is smaller than or equal to 2.5 micrometers, about 30 times smaller than the width of a strand of human hair. The World Health Organization advises countries to stay below an annual average of 5 micrograms of PM2.5 per cubic meter of air. On the national level, the U.S. Environmental Protection Agency recently lowered annual air quality standards from 12 micrograms to 9 micrograms per cubic meter of air. IQAir found the most polluted city, not based on size, in the United States in 2023 was Beloit, Wisconsin, which borders Illinois. Columbus, Ohio, was ranked as the most polluted major U.S. city, ahead of Chicago and Indianapolis was third. PM_2.5 levels at the 10 most polluted major U.S. cities all exceeded WHO guidelines.

Chemical spilled in East Palestine involved in 966 accidents since 2010: Report -- Accidents involving the toxic chemical spilled in East Palestine, Ohio, last year have occurred more than once per week since 2010, according to a report published Tuesday by Earthjustice and the nonprofit Beyond Plastics. Vinyl chloride is a hazardous substance widely used in the production of plastics. Researchers with the firm Material Research L3C determined that manufacturing of the chemical in the U.S. reached an all-time high of 18.6 billion pounds in 2021, more than three times that of 1974. Since 2010, at least 966 chemical incidents involving the substance have occurred, an average of one every 5.3 days. Meanwhile, there have been 29 occasions since 1968 in which rail cars carrying the chemical were derailed. A January report from the organization Toxic-Free Future found that trains are conveying up to 36 million pounds of vinyl chloride across a 2,000-mile stretch of railroad at any given moment. Beyond Plastics and Earthjustice submitted the report as part of public comments on the Environmental Protection’s Agency (EPA) review of vinyl chloride under the Toxic Substances Control Act (TSCA), the first step in a process that could eventually lead to an outright ban. The EPA is set to make a final decision on the designation this December. “Vinyl chloride was designated a human carcinogen 50 years ago, and even though substitute materials exist, it’s still being used in products we touch every day,” Judith Enck, president of Beyond Plastics and former EPA regional administrator, said in a statement. “We’ve waited long enough for federal action protecting our families, homes, and communities from vinyl chloride; it’s time for the EPA administrator Michael Regan to start the process of banning this highly toxic chemical.” The February 2023 East Palestine derailment, involving a train operated by the Norfolk Southern railroad, made national headlines and, although no one was injured, amplified fears about railway safety and environmental hazards. The EPA has invoked a federal law requiring Norfolk Southern to cover cleanup costs associated with the spill.

Investigators Probe 'Dirty Fuel' In Baltimore Container Ship Disaster Amid Mid-Atlantic Supply Chain Crisis --Catastrophic supply chain snarls are materializing in the Mid-Atlantic area after a container ship rammed a 1.6-mile-long bridge at the Port of Baltimore, causing the bridge to collapse and paralyzing terminals along the port. Before we shed more color on the worsening supply chain issues, a new Wall Street Journal report cites people familiar with the investigation into the crash as saying contaminated fuel could've contributed to the container ship "Dali" losing power. According to a Coast Guard briefing report viewed by the WSJ, Dali's lights began to flicker about an hour after the ship began steaming down the marine channel out of the Baltimore Inner Harbor."The vessel went dead, no steering power and no electronics," said an officer aboard the ship. "One of the engines coughed and then stopped. The smell of burned fuel was everywhere in the engine room, and it was pitch black," the officer said, adding that the vessel didn't have time to drop anchors before hitting the bridge. Minutes before the crash, officers on the ship issued a mayday call to the Coast Guard. Fotis Pagoulatos, a naval architect in Athens, said contaminated fuel could seize up the ship's main power generators and result in a complete blackout and loss of propulsion. During a press conference, Jennifer Homendy, chair of the National Transportation Safety Board, said an investigation is underway to review the vessel's operations and safety logs and black box recorders to determine what happened in the moments leading up to Baltimore's biggest industrial disaster in several generations. Hours after the incident, the White House and federal government agencies quickly ruled out a cyber attack or industrial sabotage as the source of the ship's power loss. With an investigation barely underway, it would seem too preliminary to rule out those things. It's not yet illegal to have an open mind. Despite legacy media outlets won't even entertain the slightest possibility of a cyber attack or industrial sabotage, some X users say they aren't ruling anything out, considering NATO and Russia are on the brink of a major conflict, the Red Sea crisis continues, Hamas-Irasel war rages on, and Sino-US relations have yet to recover fully. We know that in a matter of seconds, the Dali and its all-Indian crew that rammed the bridge triggered an instant shutdown of the Port of Baltimore that could take weeks, if not months, to restore. "This is a shut down of a major port, and rebuilding will take a significant amount of time as it is over water," Nada Sanders, a professor of supply-chain management at Northeastern University, told the WSJ in a separate note. Sanders said, "We will see the effects domestically and globally in terms of shortages and higher prices for the average consumer." Bloomberg Economic Insights shows that the auto, energy, and food industries will be the most affected.

Thousands of tons of microplastics found in Moreton Bay - University of Queensland researchers estimate there could be up to 7,000 tons of microplastics polluting vital ecosystems in Brisbane's Moreton Bay. Dr. Elvis Okoffo from UQ's Queensland Alliance for Environmental Health Sciences said the team measured plastic stored within 50 surface sediment samples collected across Moreton Bay. The work is published in the journal Science of The Total Environment. "The level of plastic contamination we found is equivalent to three Olympic swimming pools full of plastic or 1.5 million single use plastic bags," Dr. Okoffo said. "The main types of plastic detected were polyethylene (PE) and polyvinyl chloride (PVC). "PE is used for single-use items such as plastic food wrapping, bags and bottles and PVC is used in pipes, building materials, electronics, and clothing. "These were the most used types of plastics in Australia between 2019 and 2020, and our findings suggest a direct link between the use of these plastics and their prominence in the coastal environment." The UQ research team used a mass based quantitative method to measure the concentration of seven common plastic types in the bay and its ecosystems, including mangroves, seagrasses and mud. Associate Professor Helen Bostock Lyman from UQ's School of the Environment said sediment samples were collected from across the bay using a small metal grabber lowered to the sea floor. "The samples were put into glass jars, dried in the lab and analyzed for plastic polymers using a solvent extraction and mass spectrometry technique which looks at the chemical signature of the different polymers," Dr. Bostock said. "The advantage of this method is that we can quantitatively measure plastic concentrations of any size range. "Understanding the types of plastic polluting coastal environments and the scale of the issue is critical to informing strategies to reduce future pollution. "This is the first study to quantify plastic in Moreton Bay and one of the few studies that has quantified microplastic pollution in coastal areas around Australia. "We are currently investigating how plastic has changed over time in Moreton Bay from sediment cores from the center of the bay and we will be looking at the level of plastic contamination in organisms that live there."

Where The EU Exports Its Waste --The European Union exported 32.1 million tonnes of waste to non-EU countries in 2022, according to Eurostat. This is a slight decline from the 33.0 million tonnes of waste exports to these countries in 2021. As Statista's Anna Fleck reports, Turkey was the primary destination country for EU waste that year with some 12.4 million tonnes sent there, accounting to 39 percent of the total exports of waste. India received the second highest quantity of EU waste that year, receiving some 3.5 million tonnes in total.It was followed by the United Kingdom and Switzerland, with 2.0 and 1.6 million tonnes, respectively.

Additional nutrients intensify dead zones in oceans, researchers find -As more and more nutrients from land and air enter the world's oceans, the dead zones without oxygen in the water will increase in size and intensity. That is the warning that Ph.D. student Zoë van Kemenade, an organic geochemist at NIOZ, draws from her analysis of drill cores from the ocean floor off the coast of California.The results of this research are published in the journal Biogeosciences.Van Kemenade and colleagues looked at drill cores that were taken from the Pacific Ocean floor off the coast of California as early as 1997. "There is a very interesting, natural 'dead zone' there that is relatively low in oxygen due to specific ocean currents from the poles and from the Equator," Van Kemenade says."By looking at how that lack of oxygen over the past 2.5 million years has correlated with warmer and colder periods, we wanted to learn how that lack of oxygen might continue to evolve in the future under the influence of changing climate." Oxygen depletion can occur as the water gets warmer. This is because warmer water can hold less dissolved gases. Because of the current warming of the oceans, they already contain 2 percent less oxygen than they did half a century ago. But lack of oxygen can also be caused by an extra supply of nutrients, Van Kemenade explains. "Extra nitrogen causes extra growth of algae. Initially, all those little plants in the upper layer of the water produce oxygen, but when they die and are 'eaten' by bacteria at the bottom of the ocean, the scale tips and more oxygen is consumed than produced."For her reconstruction of oxygen levels, Van Kemenade used a very specific molecule from the drill core. "A distinct group of bacteria can break down nitrogen compounds under oxygen-free conditions. These so-called anammox bacteria produce very special molecules in the process, ladderanes.""These should protect the cell from the extremely reactive metabolites in that chemical process. An additional advantage for us as researchers is that we can find those characteristic ladderanes literally hundreds of thousands of years later as traces of these bacterial processes under oxygen-free conditions."Whereas Van Kemenade had expected to see the conditions with low oxygen in the 'history book' of the ocean floor going up and down with warmer and colder periods in the past, she saw that ladderanes were quite common during both the ice ages and interglacials. "So, for this particular spot, we have to conclude that oxygen depletion was related not only to the fluctuations in temperature but, more importantly, to the amount of nutrients in the water," Van Kemenade said.

Extremely heavy rains hit Rio de Janeiro and Espírito Santo, causing destructive floods and landslides, Brazil - (several videos) Heavy rains in Brazil’s Rio de Janeiro state on March 22, 2024, resulted in at least nine fatalities, with Petropolis being the hardest hit. A staggering 270 mm (11 inches) of rain fell within 24 hours, significantly impacting the region and leading to numerous incidents, including landslides and house collapses. The storm then moved to the neighboring state of Espírito Santo, dropping more than 200 mm (7.8 inches) of rainfall within 24 hours. The state of Rio de Janeiro in Brazil was hit by more than a month’s worth of rain in just 24 hours on March 22, causing destructive floods and landslides. The city of Petropolis, located approximately 69 km (43 miles) north of Rio, was the worst affected area. The disaster in Petropolis follows a catastrophic storm in February 2022, which claimed 241 lives in the same region. Over the span of 24 hours, the storm unleashed 270 mm (10.6 inches) of rain, far surpassing the forecast of 200 mm (7.9 inches) of rainfall expected daily from Friday through Sunday, a figure significantly above the region’s March average of 141 mm (5.6 inches). Official reports confirmed the survival of a girl after being buried under mud for 16 hours in Petropolis, shielded by her father who died in the incident. This case was among the numerous casualties caused by the severe weather. The storm led to three other deaths in Petropolis from a collapsed house, and additional fatalities were recorded throughout the state: a man died after his truck was submerged in a river in Santa Cruz da Serra; in Teresopolis, a house collapse resulted in another death; and in Arraial do Cabo, an individual was fatally struck by lightning. Rescue operations were hindered by the conditions, with teams forced to pause their efforts on Friday night amidst the danger of further landslides. This critical situation led to Rio Governor Claudio Castro describing the state of the Petropolis as “critical” due to the intense rains and the overflowing of the Quitandinha River. Rescue efforts in Petropolis involved nearly 100 rescued individuals, as reported by an emergency committee comprising the Rio government and civil defense officials. Firefighters faced significant challenges reaching affected residents, many of whom live in areas long identified as at risk. Dogs trained to assist in such operations were also deployed. Local authorities had been warning of potential severe weather since Thursday, highlighting the risks of landslides and flooding. After hitting Rio state, the storm moved toward the neighboring state of Espirito Santo where some areas received more than 200 mm (7.8 inches) of rainfall in less than 24 hours on March 23. One of the worst affected areas in Espírito Santo is Mimoso do Sul. The death toll rose to 12 early March 24, with 8 deaths reported in the state of Rio de Janeiro and 4 in Espirito Santo. Additionally, at least 7 people are missing in Espirito Santo. The number of fatalities in both states is expected to continue rising. The governor of Espirito Santo described the situation in Mimoso do Sul as ‘chaotic.’

Blizzards, tornadoes possible as powerful storm threatens central US - A blizzard is set to bury much of the plains and upper Midwest in as much as a foot of snow between Sunday and Monday as an unseasonable weather system tracks east across the country. Meanwhile, heavy thunderstorms could bring tornadoes to the Gulf Coast on Monday. The slow-moving front brought blizzard warnings from South Dakota to Kansas on Monday, meaning possible whiteout conditions and winds up to 55 miles per hour, while winter weather advisories stretched from the Texas Panhandle to the Canadian border in Minnesota. Minneapolis-Saint Paul International Airport broke a daily snowfall record on Sunday of just over 8 inches, while northern parts of the state already broke more than a foot of snow. Forecasters warned of treacherous road conditions, potential power outages and tree damage due to snowfall. The weather is expected to improve slightly Tuesday, the National Weather Service said. The winter front has tanked temperatures as it has moved east. To the east of the weather front, the temperature is 55 degrees in Chicago, while it is as cold as 25 degrees in the Dakotas. Tornado warnings also covered much of Louisiana on Monday afternoon, and severe weather was expected to hit Mississippi and Alabama into Tuesday.

Record-breaking snowfall hits Minneapolis, leading to hundreds of flight delays and cancelations - A strong snowstorm hit Minneapolis on March 24, 2024, and continued into the night, making it the season’s largest snowfall. Snow transitioned into rain by Monday morning, leading to almost 500 flight delays and cancelations at Minneapolis-St. Paul International Airport.The airport reported 20.9 cm (8.2 inches) of snow, setting a new record for the season and surpassing the previous highest snowfall of 17.5 cm (6.9 inches) recorded on Valentine’s Day.The snowstorm broke the daily snowfall record for March 24 but also increased the season’s total snowfall at the airport to 65 cm (25.6 inches), which is only 55% of the historical winter average. Before this storm, the winter season had seen relatively low snowfall totals, with only 36.3 cm (14.3 inches) recorded, compared to the average of 116.8 cm (46 inches).

State Farm Insurance Drops 72,000 California Properties | State Farm will not renew approximately 72,000 property and commercial apartment policies, of which approximately 30,000 will be for 'homeowner, rental, rental, residential community and business owner insurance,' and the remainder of which are for commercial apartment policies, the Sacramento Bee reports. Last May the company announced that it would stop accepting applications for property and business properties due to higher construction costs, growing risks from wildfires and other catastrophic events, and challenges related to how it insures its own business.Last week, the company cited those challenges in an announcement, along with "the limitations of working within decades-old insurance regulations."California says it's fixing the issues, with Insurance Commissioner Ricardo Lara announcing upcoming regulatory changes that his office says "will improve conditions for the overall market."According to spokesman Michael Stoller, State Farm's decision "raises serious questions about its financial situation — questions the company must answer to regulators."The action was taken by State Farm General Insurance Company, which sells homeowners insurance in California. The company acknowledged the department’s proposed changes and vowed to continue to work with the agency to “establish an environment in which insurance rates are better aligned with risk.”In December, the department approved a 20% average rate hike for the company’s homeowner insurance policies. -Sacramento BeeThe insurer says it will begin canceling policies in July for homeowners, and August for commercial properties, which will occur on a rolling basis over the next year. The move comes two years after AIG pulled out of the Golden State over wildfire risk.

New study reveals unintended consequences of fire suppression -- The escalation of extreme wildfires globally has prompted a critical examination of wildfire management strategies. A new study from the University of Montana reveals how fire suppression ensures that wildfires will burn under extreme conditions at high severity, exacerbating the impacts of climate change and fuel accumulation. The study used computer simulations to show that attempting to suppress all wildfires results in fires burning with more severe ecological impacts, with accelerated increases in burned area beyond those expected from fuel accumulation or climate change. "We've known for a long time that suppressing fires leads to fuel accumulation. Here, we show a separate counter-intuitive outcome." Though fire suppression reduces the overall area burned, it mainly eliminates low- and moderate-intensity fires. As a result, the remaining fires are biased to be more extreme, Kreider said. The study, "Fire suppression makes wildfires more severe and accentuates impacts of climate change and fuel accumulation," published in Nature Communications, shows how this "suppression bias" causes average fire severity to increase substantially. "Over a human lifespan, the modeled impacts of the suppression bias outweigh those from fuel accumulation or climate change alone," he said. "This suggests that suppression may exert a significant and underappreciated influence on patterns of fire globally." Fire suppression exacerbated the trends already caused by climate change and fuel accumulation, the study found, causing areas burned to increase three to five times faster over time relative to a world with no suppression. Suppression, through preferentially removing low- and moderate-severity fire, also raised average fire severity by an amount equivalent to a century of fuel accumulation or climate change.

New Zealand's glaciers shrinking faster, scientist warns - New Zealand's glaciers are shrinking as ice melts at an accelerating rate, a top government scientist warned Monday after concluding a monitoring expedition in the country's Southern Alps. The country's climate institute conducts a yearly aerial "snowline survey", which helps to chart how much ice the nation's glaciers have lost. "Overall, the snowline has been rising and in the most recent years we're seeing that rise accelerate, so we're experiencing a continued trend of glacial ice loss," said principal scientist Andrew Lorrey in a statement. Lorrey, from the National Institute of Water and Atmospheric Research, said many once-grand glaciers now appeared "smashed and shattered". Government scientists have been monitoring the health of the country's glaciers for almost 50 years. They fly over dozens of so-called "index glaciers" and use them as a barometer for the thousands of glaciers in harder-to-reach parts of New Zealand's South Island. "We flew to the southern-most glaciers, ones that we've not seen since 2018," said Lorrey on the back of this year's trip. "One is now two thirds of the size it was on our last visit," he added. The institute said that New Zealand had experienced seven of its hottest years on record over the past decade. Even if this trend was to be reversed, Lorrey said that many glaciers were too far gone to be saved. "Even if we got a few cooler seasons, they wouldn't be enough to undo the damage that's already been done," he said. "That's how stark it is, and it's not just happening in New Zealand but all over the world."

Antarctic sea ice near historic lows: Arctic ice continues decline - Sea ice at both the top and bottom of the planet continued its decline in 2024. In the waters around Antarctica, ice coverage shrank to near-historic lows for the third year in a row. The recurring loss hints at a long-term shift in conditions in the Southern Ocean, likely resulting from global climate change, according to scientists at NASA and the National Snow and Ice Data Center. Meanwhile, the 46-year trend of shrinking and thinning ice in the Arctic Ocean shows no sign of reversing. "Sea ice acts like a buffer between the ocean and the atmosphere," said ice scientist Linette Boisvert of NASA's Goddard Space Flight Center in Greenbelt, Maryland. "Sea ice prevents much of the exchange of heat and moisture from the relatively warm ocean to the atmosphere above it." Less ice coverage allows the ocean to warm the atmosphere over the poles, leading to more ice melting in a vicious cycle of rising temperatures. Historically, the area of sea ice surrounding the Antarctic continent has fluctuated dramatically from year to year while averages over decades have been relatively stable. In recent years, though, sea ice cover around Antarctica has plummeted. "In 2016, we saw what some people are calling a regime shift," said sea ice scientist Walt Meier of the National Snow and Ice Data Center at the University of Colorado, Boulder. "The Antarctic sea ice coverage dropped and has largely remained lower than normal. Over the past seven years, we've had three record lows." This year, Antarctic sea ice reached its lowest annual extent on Feb. 20 with a total of 768,000 square miles (1.99 million square kilometers). That's 30% below the 1981 to 2010 end-of-summer average. The difference in ice cover spans an area about the size of Texas. Sea ice extent is defined as the total area of the ocean in which the ice cover fraction is at least 15%. This year's minimum is tied with February 2022 for the second lowest ice coverage around the Antarctic and close to the 2023 all-time low of 691,000 square miles (1.79 million square kilometers). With the latest ice retreat, this year marks the lowest three-year average for ice coverage observed around the Antarctic continent across more than four decades.

How much difference can one degree of warming make? - A vicious cycle of warming temperatures and reduced snowpack in northern forests is more severe than climate models have shown and could lead to increased fire risk and permanent damage to ecosystems. A new study of long-term warming experimental results, led by Northern Arizona University ecologist Andrew Richardson, found that even slight increases in temperature in the boreal forests can lead to a significant reduction in snowpack. The research is published in theJournal of Geophysical Research: Biogeosciences.Less snowpack means more light and heat is absorbed into the soil, which further increases the ground temperature, resulting in warmer air temperatures and more snowmelt. This means that the boreal forest, which stretches across the northern half of three continents and is home to many critical ecosystems, is changing even faster than scientists realized."Snow is really a critical part of winter in most northern ecosystems," said Richardson, a Regents' professor in the School of Informatics, Computing, and Cyber Systems and the Center for Ecosystem Science and Society."Transitioning to low- or no-snow winters is going to have major implications for how these ecosystems 'work.' We'll likely see negative impacts of low snow, such as frozen soils and damaged plant tissues, as well as reduced spring runoff and drier soils going into summer. Even if you don't like winter, this is just bad news all around."Large experimental enclosures, 30 feet wide and 20 feet high, were used to simulate future climate conditions, in which air and soil temperatures were manipulated using fans and heaters.Time-lapse digital photography was used to monitor conditions in each enclosure every 30 minutes, and snow depth and cover was estimated from the pictures. Comparing these results to historical data on snow depth and precipitation allowed them to get a better picture of the effects of temperature changes on the ecosystem and the changes in snow albedo, or reflectivity, which can affect soil and air temperatures.What they learned wasn't exactly a surprise: an increase in temperature led to more snowmelt. What was surprising was the severity of that snowmelt; they found that snow cover dropped precipitously with any amount of warming, no matter how small. That led to changes in the plant life and soil ecosystems in the boreal forest, including increased plant stress and mortality.What this means for climate modeling is particularly important; results from this study can be used to evaluate how well current models are simulating the effects of warmer temperatures on the extent and duration of snow cover. Because the only variable is temperature, they were able to capture data that aren't possible to isolate in the real world.

Study documents slowing of Atlantic currents -- While scientists have observed oceans heating up for decades and theorized that their rising temperatures weaken global currents, a new study led by a University of Maryland researcher documents for the first time a significant slowing of a crucial ocean current system that plays a role in regulating Earth's climate. Published recently in Frontiers in Marine Science, the paper led by Earth System Science Interdisciplinary Center (ESSIC) scientist Alexey Mishonov examined decades of data on the Atlantic Meridional Overturning Circulation (AMOC) found in the National Oceanic and Atmospheric Administration's (NOAA) World Ocean Atlas. Mishonov and co-authors discovered that the current system's flow remained stable and consistent from 1955 to 1994. However, in the mid-1990s, AMOC strength began to decline and the current began to move slower, which the scientists attribute to the continued warming of the ocean's surface and the accompanying changes in the salinity of its upper layers. AMOC, which includes the Gulf Stream, carries warm water toward higher latitudes, releasing heat into the atmosphere and bringing cold waters to the tropics. This forms a continuous loop that redistributes heat across the ocean. "If AMOC slows down, the heat exchange will be reduced, which in turn will affect the climate, causing hot areas to get hotter and cold areas to get colder," said Mishonov. This could lead to global climate changes, sea level rise, impact on marine ecosystems and other climate feedbacks.A similar, but highly exaggerated and fictionalized dynamic powered the plot of the 2004 disaster blockbuster "The Day After Tomorrow," in which a flow of fresh water from melting glaciers led to the sudden collapse of North Atlantic Ocean currents, leading to outlandish effects like global superstorms and the sudden appearance of glaciers across much of the northern hemisphere."Of course, most climate scientists do not share these Hollywood fantasies, and no one inside scientific communities believes that anything remotely similar can happen," Mishonov said of the film. "However, most do believe that substantial slowing of AMOC might result in significant climate change that cannot be foreseen and predicted. Therefore, increased interest in AMOC functionality is fully warranted."

New modeling shows the intensity of CO₂ uptake is higher in coastal seas than in the open ocean - Coastal seas form a complex transition zone between the two largest CO₂ sinks in the global carbon cycle: land and ocean. Ocean researchers have now succeeded for the first time in investigating the role of the coastal ocean in a seamless model representation. The team was able to show that the intensity of CO₂ uptake is higher in coastal seas than in the open ocean. This is evidenced by a studypublished in the journal Nature Climate Change. To counteract ongoing climate change, it is important to understand how CO₂ emissions are distributed. And which exchange processes between the atmosphere, ocean and land regulate the distribution. Methodological developments in recent years have allowed for a more flexible inclusion of physical and biogeochemical processes in climate models and for capturing individual regions with higher resolution. Researchers have developed a new type of ocean model that can efficiently simulate the transport, storage and turnover of carbon in the global coastal ocean for the first time: ICON-Coast. In computational climate science, land and ocean, the Earth's two major carbon reservoirs, have so far been considered separately. The transport of carbon into the coastal seas, for example via river inputs, coastal erosion and tidal flats, has been ignored. Coast-specific processes could only be considered in a limited and spatially coarse manner because climate models were developed for global scales. Due to the more realistic representation and higher resolution in the transition zone between land and ocean used in ICON-Coast, the model offers new possibilities to explore the effects of climate change on coastal areas and marine ecosystems, such as risks from heat waves, storms, or global sea level rise. It is known from observations that the increase in atmospheric CO₂ concentration enhances the uptake of CO₂ into the ocean, thereby significantly mitigating climate change. Simulations with ICON-Coast now shed light on the causes and enable understanding of the function of coastal and marginal seas in the Earth's climate dynamics. "Our analyses show that intense plankton growth is the key to enhanced CO₂uptake in the coastal ocean and that this uptake is higher than in the open ocean. This is due to climate-induced changes in the circulation and increasing nutrient inputs from rivers," says Mathis, who led the study. The researchers also expect that the intensity difference between coastal seas and the open ocean will continue to strengthen further with ongoing CO₂ emissions. "Coastal management strategies that disturb biological production could weaken the ocean's CO₂ uptake and make climate protection more difficult," emphasizes Mathis. "With the new model, we can also test approaches to CO₂ avoidance such as offshore wind energy for their effectiveness and undesirable side effects."

G3 - Strong geomagnetic storm predicted for March 25; 19 M-class flares in 25 hours –( video ) – Coronal mass ejection (CME) produced by the X1.1 solar flare at 01:33 UTC on March 23, 2024, is expected to impact Earth late March 24 or early March 25, producing G2 – Moderate to G3 – Strong geomagnetic storming. Associated with the event was 240 sfu Tenflare, a Type II radio sweep with an estimated velocity of 791 km/s, and a halo CME which was first observed in SOHO/LASCO C2 imagery at 01:25 UTC. The CME signature contained plasma from multiple sites on the Sun, but the primary bulk of ejecta was oriented northward. Analysis and modeling of the event suggest the arrival of the Earth-directed portion from late on March 24 to March 25, according to SWPC forecasters. YouTube video CME produced by the X1.1 solar flare on March 23, 2024. Credit: NASA/SDO AIA 304, ESA/NASA LASCO C2 and C3, Helioviewer, The Watchers Since the X1.1 flare, our star has produced 19 M-class flares up until 07:51 UTC on March 24, all within a span of 25 hours. However, it was only the X1.1 flare that resulted in a CME directed toward Earth.

ESA’s SMOS and Swarm observe strongest geomagnetic storm since 2017 - (3 videos) The European Space Agency’s SMOS and Swarm satellites have, for the first time, successfully tracked a severe solar storm, following an X1.1 solar flare and a halo coronal mass ejection (CME) on March 23, 2024. The CME impacted Earth on March 24, producing a G4 – Severe geomagnetic storm — the strongest geomagnetic storm since September 2017.Upon reaching Earth at approximately 15:00 UTC on March 24, the CME produced G3 – Strong and then G4 – Severe geomagnetic storming, substantially earlier than anticipated.This event marked the most intense geomagnetic storm observed since September 2017, significantly affecting Earth’s magnetic field. The rapid onset and severity of the storm provided an unprecedented opportunity for ESA’s SMOS and Swarm missions, to demonstrate their capabilities in real-time observation of such events.The Swarm satellite constellation, specifically designed to monitor Earth’s magnetic field, was ideally positioned to capture the storm’s effects. Each of the three Swarm satellites is equipped with a magnetometer, allowing for precise measurements of magnetic field strength and variations.These instruments were crucial in tracking the changes caused by the geomagnetic storm, with Swarm Alpha being the first to report significant alterations in the magnetic field. Following closely, Swarm Bravo offered additional data, indicating extensive changes at lower latitudes, which are uncommon during such events. Simultaneously, ESA’s SMOS satellite, primarily focused on measuring soil moisture and ocean salinity via its Miras interferometer radiometer, unexpectedly played a role in monitoring the solar storm. SMOS’s ability to detect L-band radio waves emitted by the Sun during solar flares allowed it to capture the solar radio burst associated with the March 23 flare.Typically, these signals would be considered noise in SMOS’s primary observational duties. However, in the context of space weather monitoring, they provided valuable data on the flare’s impact on global navigation satellite systems (GNSS), flight radar, and L-band communications. This near-real-time monitoring capability was crucial in diagnosing disruptions, such as a notable incident in December 2023 where satellites lost GPS connectivity due to solar activity.

After 'severe' geomagnetic storm, only some may see aurora Monday: forecasts— The “severe” geomagnetic storming recorded over the weekend reached strengths known to send the northern lights as far south as Alabama, but it seems that may not be the case Monday night. On Saturday, NOAA’s Space Weather Prediction Center issued geomagnetic storm watchesthrough Monday as a coronal mass ejection and solar flare were on track to impact Earth. At the time, the agency said the geomagnetic storms could reach G2 “moderate” and G3 “strong” strength. The next day, the SWPC warned the storming had reached “severe” G4 conditions. While that may sound serious, the SWPC notes there is no cause for alarm among the general public. There was, however, anticipation that the storming could bring the aurora to the U.S. Coronal mass ejections, or CMEs, are explosions of plasma and magnetic material from the sun. If it shoots out into space in just the right direction, those CMEs can collide with our magnetic fields, sending particles to the North and South Poles, NASA explains. When those particles interact with oxygen and nitrogen, they can spark the northern lights. That interaction is known as a geomagnetic storm, the strength of which will impact how far south the northern lights will be visible. The SWPC uses a 5-point scale to measure the strength of geomagnetic storms, much like forecasters use scales for tornadoes and hurricanes. At the low end is G1, or minor storms that can make the northern lights visible in the northern portions of the U.S. (it’s worth noting that Alaska and much of Canada frequently have at least a slim chance of seeing the northern lights). G4 storming, which was recorded over the weekend, can send the northern lights as far south as northern California and into Alabama. Unfortunately for the U.S., the geomagnetic storming was peaking during the daylight hours on Sunday, meaning we didn’t have a chance to see the aurora.

1 000 homes destroyed following M6.9 earthquake in Papua New Guinea, state of emergency declared - Officials in Papua New Guinea are reporting at least 5 fatalities and approximately 1 000 homes destroyed following a shallow M6.9 earthquake at 20:22 UTC on March 23, 2024 (06:22 LT on March 24) in the East Sepik Province. The quake hit at a time when many parts of the country were dealing with severe flooding. According to East Sepik Governor, Allan Bird, approximately 1 000 homes have been destroyed but emergency teams are still evaluating the full extent of the damage. Provincial Police Commander said 5 fatalities have been confirmed, adding that the actual death toll may be higher. At the time of the earthquake, numerous villages along the Sepik River were already under severe flooding and initial reports said 3 people died when their homes collapsed in floodwaters during shaking. On March 20, two days before the earthquake, the acting director for the National Disaster Centre, Lusete Man, told the AFP news agency at least 23 people had been killed as torrential rain and king tides washed away roads, homes, and food gardens in Papua New Guinea’s highland and coastal regions. It’s worth noting that USGS’ analysis on Saturday, March 23, estimated liquefaction triggered by this earthquake to be extensive in severity and (or) spatial extent. The number of people living near areas that could have produced liquefaction in this earthquake is significant. However, the USGS said this is not a direct estimate of liquefaction fatalities or losses. The agency issued a Yellow alert for shaking-related fatalities and a Green alert for economic losses. Overall, the population in this region resides in structures that are a mix of vulnerable and earthquake-resistant construction. The predominant vulnerable building types are informal (metal, timber, GI etc.) and unreinforced brick masonry construction. Recent earthquakes in this area have caused secondary hazards such as landslides that might have contributed to losses.

CO2 jumped by record amount last year | Canada's National Observer: “The accumulation of CO2 in the atmosphere is irreversible on human timescales and will affect climate for millennia.” — World Meteorological Organization (WMO) Despite decades of global efforts to prevent a full-blown climate crisis, the primary driver of it — CO2 — continues to pile up in our atmosphere at an accelerating rate. And last year’s CO2 rise was record-busting extreme. My first chart shows the latest data from the National Oceanic and Atmospheric Administration (NOAA). Grey bars mark the CO2 increase for each of the last 60 years. And I’ve highlighted 2023’s ”off-the-charts” surge in red. Last year, CO2 increased by 3.36 parts-per-million (ppm). That’s a 10 per cent greater jump than the previous record, which was set just a few years ago.In sheer weight, last year’s surge added a record 26 billion tonnes of CO2 to the atmosphere — more than three tonnes per human. On the micro-scale, around 84 trillion new molecules of CO2 were added to every cubic centimetre of Earth’s atmosphere last year. A cubic centimetre is roughly the size of a sugar cube. (Note: For details on atmospheric CO2 math, see the endnotes.) And for a deep-time comparison, take a look at the dashed line on the chart, way down at the bottom. That’s the rate that cooked away the Earth’s last ice age, During the last ice age, around 20,000 years ago, all of Canada was buried beneath a massive northern ice cap. The ice was two miles thick over the Montreal region, and a mile thick over Vancouver. So much water was locked up in ice that global sea levels were 125 metres (410 feet) lower. As NOAA highlighted: “The rate of CO2 growth over the last decade is 100 to 200 times faster than what the Earth experienced during the transition from the last ice age. This is a real shock to the atmosphere.” As you may have noticed, the chart’s grey bars shift a lot from year to year. This is mostly caused by short-term fluctuations in how much CO2 global plants and oceans absorb each year. So, to better show the underlying long-term trend, NOAA uses decade averages. I’ve added these 10-year averages to my chart as a series of black horizontal bars. As this chart clearly shows, the annual increases are increasing. When increases are increasing, you’re accelerating. And when you are doing that with the primary control knob of the Earth’s climate — CO2 — you’re accelerating away from climate stability and safety. To stop the climate crisis (and its evil twin, ocean acidification) from growing increasingly extreme and dangerous, CO2 levels in the atmosphere must stop rising. That point when CO2 stops increasing is called “net zero” and it is literally the zero line at the bottom of the chart. I’ve highlighted this zero-CO2-increase line in green. Net zero is one of those bright-line targets. Getting close isn’t enough. To understand why, look again at that dashed line just above it. As we saw above, even CO2 increases this small were enough to radically alter the global climate. That rate melted Canada-sized ice sheets, inundated coastlines, and forced major ecosystems to migrate thousands of kilometres or perish. And yet Canada, all by itself, is currently emitting far more CO2 each year than that dashed line. So, it’s net zero or bust. Which will it be?

The Many Lawsuits Challenging Woke SEC’s Climate Disclosure Reg - Marcellus Drilling News - Earlier this month, the U.S. Securities and Exchange Commission (SEC), corrupted by the Bidenistas, voted 3-2 (three Democrats vs. two Republicans) to issue a final regulation that will force all publicly traded companies to disclose their so-called greenhouse gas (GHG) emissions and the imaginary climate risks their businesses face (see Woke SEC Adopts Modified Version of Climate Disclosure Reg). The end result of the Biden SEC’s new regulations will be to “kneecap” oil and gas companies (see SEC Reg Requiring Disclosure of Climate Change Risk “Kneecaps” O&G). And that’s the purpose. The Bidenistas and the left are looking to close down fossil fuel companies by using regulatory agencies like the SEC. Not so fast. A plethora (too many to count) of companies, organizations, and states are suing the SEC in an attempt to overturn the new reg.

A Weak Spot in Carbon Sequestration: Abandoned Oil and Gas Wells -- After more than a century of pulling carbon from underground, a rush is underway to pump it back down. Companies have applied for scores of permits across the country to inject carbon dioxide deep into the earth. Several projects have already been approved.With industry planning to inject tens of millions of tons annually, a looming question is whether the climate-warming gas will stay underground.The most likely points of failure, experts say, could be some of the millions of abandoned oil and gas wells that perforate the nation, often in the same areas targeted for storing carbon dioxide underground. A new report underscores the risk those wells pose in Louisiana, home to more proposed carbon storage projects than any other state.There are about 120,000 abandoned wells in Louisiana overlying geological zones that could store carbon dioxide, more than 13,000 of which were plugged before modern standards were adopted in 1953, according to a report published by the Center for Applied Environmental Science at the Environmental Integrity Project, a watchdog group. A separate count, by the Louisiana-based advocacy group Healthy Gulf, looked within a 5-mile radius of the proposed projects and found about 7,000 oil and gas wells.“It’s not a question of whether they’re going to leak,” said Abel Russ, director of the Center for Applied Environmental Science, which published an accompanying map of the wells. “It’s a question of how much, how often, and whether it’s an acceptable level of leakage.”With support from the Biden administration and billions of dollars in new subsidies and tax incentives, energy companies and others are planning to capture millions of tons of industrial carbon dioxide emissions and then pipe the climate pollutant for underground storage, part of an effort to reduce the nation’s greenhouse gas pollution. Federal and state regulators are reviewing 69 projects or permits to store CO2 underground, with 24 of those in Louisiana. Nine projects have already been approved while one more, in California, is pending. Companies plan to inject carbon dioxide into porous rock formations that are usually filled with brine containing not only extremely high salt levels but often heavy metals, hydrocarbons, and radioactive elements. Brine leaks, therefore, can be even more worrying than the escape of CO2. Many scientists who study underground carbon dioxide storage say the risk of large-scale leaks is low. While there will inevitably be some leaks, they say, they will likely be slow, detectable and relatively easy to fix.“Alertness is reasonable, but great fear is not,” said Susan Hovorka, a senior research scientist at the Bureau of Economic Geology at the University of Texas, which is funded by government and energy companies involved in carbon storage.Many environmental advocates remain skeptical, however, and they point to problems caused by the injection of oilfield wastewater under high pressure in West Texas and other regions, the best existing analogue for the planned industrial-scale storage of CO2. In recent years, toxic brine has seeped and spewed out of old oil and gas wells across West Texas near wastewater injection wells, spouting more than 100 feet in the air and creating an artificial saline lake. The wastewater injections have also caused earthquakes, as the pressurized fluid interacts with faults. Carbon dioxide would be injected as a “supercritical” fluid that has properties of both a gas and liquid. While the regulations for carbon dioxide storage are more rigorous than those that cover injection of other substances, abandoned oil wells represent a weak spot in the rules, said Dominic DiGiulio, a former EPA geoscientist and co-author of the new report.“Plugged wells do leak. These wells were plugged a long time ago, and now we’re going to store supercritical CO2 under very high pressure and hope that these things somehow last thousands of years,” DiGiulio said. “It’s a problem.”Environmental advocates are especially concerned about Louisiana, which recently became the third state, after North Dakota and Wyoming, to get EPA approval to regulate CO2 injection wells. Many advocacy groups worry the state is not equipped to handle oversight of this new and complex technical challenge, and they say state regulators have a history of deferring to the oil and gas industry. They point out that the new secretary of the Department of Energy and Natural Resources, which regulates the wells, previously led Louisiana’s chief oil and gas lobbying group. Picture a massive cake, with alternating layers of spongy, porous cake and dense, impermeable frosting. That’s more or less what the Earth’s crust is like, if those layers were bent and warped and made of rock. Over millions of years, oil and gas accumulated in some of the porous layers, held in place by the frosting on top. Hovorka and others say the same geological features that held the hydrocarbons in place can now do the same for carbon dioxide. The problem is that people, over the last 150 years or so, have poked some 3.9 million straws into the cake in the form of oil and gas wells, according to the EPA, puncturing the layers and opening up paths for fluids and gases to migrate up. Hundreds of thousands of these abandoned wells have no records, so no one knows exactly where they are. Others may have been plugged with wood or in some cases not at all. Most wells are lined with steel casings that are cemented to the surrounding earth, and are plugged with cement once they’re out of use. But even properly drilled and plugged wells can fail over time as the steel corrodes or the cement degrades. Fluids and gases can then leak up these straws into groundwater or to the surface. Carbon dioxide is buoyant and will move upward if given the chance. It is these leaky, old wells that have caused the geysers and artificial lakes in West Texas. Elsewhere, including in Louisiana, sinkholes have opened up, sometimes forcing evacuations. More commonly, the wells leak smaller amounts of brine and gas. The EPA estimates abandoned wells release about 300,000 metric tons of methane every year. Many of the proposed carbon storage projects in Louisiana have at least a few and sometimes dozens of wells within a couple of miles. The Hackberry Carbon Sequestration project, which would inject up to 2 million tons of carbon dioxide captured from a liquified natural gas terminal and other sources in Louisiana, has more than 50 abandoned wells within a 2-mile radius, according to an analysis of state records by the Center for Applied Environmental Science. Many of those wells are unplugged, idle wells or wells that were plugged before 1953, when improved cement standards were established. Some were also drilled down to the depth of 8,000 feet, the level at which the project would inject its carbon dioxide, according to well logs. The regulations say companies must identify each of the wells within a certain radius of the project and make sure they are properly plugged or secured. For any that are not, companies must plug the well, which can cost hundreds of thousands of dollars per well. The pending project in California will require plugging 157 nearby oil and gas wells, according to the draft permit. That is what’s supposed to happen, but DiGiulio said there are several points where this process could fail. There could be undocumented wells, which companies would have to find, either through aerial imaging or field surveys. For wells that are on the books, the regulations do not require companies to do more than checking the record to see if it is plugged, DiGiulio said. It is at the discretion of the regulator whether companies must perform tests on the wells to make sure the records are correct, and that the cement surrounding or plugging the well has not deteriorated. What’s more, DiGiulio said, even properly plugged wells can leak. He and others have conducted research in Pennsylvania indicating that plugged wells leak more than 130 kilograms of methane a year on average, with some leaking far more.

Court strikes down Biden rule requiring states and cities to set climate targets for transportation -A federal court struck down a Biden administration rule Wednesday night requiring states and cities to set climate targets for transportation. Judge James Hendrix, a former President Trump appointee, agreed with the Republican-led states that sued over the rule that the Biden administration did not have the authority to require them to set the targets. Hendrix argued that the administration was not authorized under law to include environmental benchmarks in states’ assessment of highway “performance.” He wrote that the law referring to the “performance of the Interstate/National Highway Systems” refers to “the infrastructure’s effectiveness in facilitating travel, commerce, and national defense—not environmental outputs of vehicles using the systems.” The rule, from the Federal Highway Administration, required state and local transit authorities to set targets for decreasing planet-warming emissions and report on its progress. It also set up a national framework for measuring and reporting transportation-related emissions. A spokesperson for the highway administration, which is part of the Transportation Department, said the agency was reviewing the decision and figuring out next steps. The spokesperson stressed the administration’s commitment to combatting climate change. Meanwhile, congressional Republicans cheered the court’s action. “This was a clear case of blatant overreach by the Biden Administration from the beginning, and we commend the Court for its ruling,” Reps. Sam Graves (R-Mo.) and Rick Crawford (R-Ark.) said a joint statement. They described the rule as an “unlawful attempt to circumvent Congress and force this one-size-fits-all burden upon every state and community across the country.”

Energy agency announces $6 billion to slash emissions in industrial facilities - The Biden administration announced $6 billion in funding Monday for projects that will slash emissions from the industrial sector — the largest-ever U.S. investment to decarbonize domestic industry to fight climate change.The industrial sector is responsible for roughly 25% of all the nation’s emissions, and has proven difficult to decarbonize due to its energy-intense, large-scale operations.Iron, steel, aluminum, food and beverage, concrete and cement facilities are some of those involved in this initiative. Recipients of the funding, which is coming from the Inflation Reduction Act and the Bipartisan Infrastructure Law, include 33 demonstration projects in more than 20 states.Energy Secretary Jennifer Granholm said during a call with news media that the technologies being funded are “replicable,” “scalable,” and will “set a new gold standard for clean manufacturing in the United States and around the world.” White House climate adviser Ali Zaidi said this funding aims to eliminate 14 million metric tons of pollution each year, equivalent to taking about 3 million cars off the road.

• —Century Aluminum Company plans to build the first new U.S. primary aluminum smelter in 45 years. The plant would double the size of the current U.S. primary aluminum industry while avoiding an estimated 75% of emissions from a traditional facility, with its energy-efficient design and use of clean energy, according to DOE.
• —Constellium in Ravenswood, West Virginia, is going to operate a first-of-its-kind zero-carbon aluminum casting plant and install low-emission furnaces that can use clean fuels such as hydrogen. The company produces aluminum for a range of products including cars and planes.
• —Kraft Heinz will install heat pumps, electric heaters and electric boilers to decarbonize food production at 10 facilities, including in Holland, Michigan.
• —Cleveland-Cliffs Steel Corporation in Middletown, Ohio, will retire one blast furnace, install two electric furnaces, and use hydrogen-based ironmaking technology. The project aims to eliminate 1 million tons of greenhouse gas emissions each year from the largest supplier of steel to the U.S. automotive industry.
• —Heidelberg Materials US, Inc. will build a system that captures and stores carbon underground at its plant in Mitchell, Indiana. The project aims to capture at least 95% of the carbon dioxide released by the cement plant, which will prevent 2 million tons of carbon dioxide from entering the atmosphere each year.

The 'clean cement' projects getting $1.5B in Biden admin funds - Cement-making accounts for roughly 8 percent of global human-caused carbon emissions — an enormous climate footprint that will take nothing short of a full transformation to curb.This week, the U.S. cement industry got a big jolt of federal funding to help it along that path. On Monday, the Biden administration announced $6 billion in investment for 33 demonstration projects aimed at decarbonizing heavy industrial sectors. Among them, six projects set to receive a collective $1.5 billion are seeking to slash the carbon impact of cement — and each project is going about it in a different way.That’s because cement — the gluey powder that’s mixed with sand, gravel and water to form concrete, the most widely used material on earth — represents a particularly complex emissions problem that no one technology on its own can solve.About 40 percent of the industry’s emissions come from burning fossil fuels in kilns used to make cement. Scaling up cost-effective alternatives to reach the super-hot temperatures required is challenging in its own right, particularly for an industry that churns out more than4 billion metric tons of product per year.But the other 60 percent of emissions from cement-making come from the chemical process of breaking down limestone, the core precursor material for almost all cement made today, into its constituent parts of calcium oxide and CO₂. That process can’t be decarbonized simply by switching fuels.The U.S. Department of Energy — the source of this week’s industrial decarbonization grants — estimated in a report last year that roughly one-third of the cement industry’s emissions can be eliminated using established technologies and processes by the early 2030s. Major cement-makers in the U.S. and around the world are already using these approaches, which the DOEalso estimates will actually help the industry save around $1 billion per year.But the remaining two-thirds of cement’s emissions will be harder and more expensive to reduce, the DOE wrote in its report, requiring investments of a cumulative $5 billion to $20billion by 2030 and between $60 billion and $120 billion by midcentury. For an industry that made just under $15 billion in sales last year and competes on very tight margins, that’s a hefty burden.Eliminating that share of cement emissions will require alternative materials, alternative chemistries, alternative processing methods, or capturing and sequestering the carbon dioxide before it reaches the atmosphere — all viable pathways that face their own unique challenges.That’s why government backing like that announced this week — which will be matched by equal or larger investments from the companies that won the awards — is vital to getting first-of-a-kind cement decarbonization projects off the ground. Here’s a breakdown of the projects that won awards and the particular technology pathways they’re exploring.

Green steel could help the U.S reach zero-carbon industry (and pie in the sky) Billionaire Bill Gates has famously invested in everything from shipping to Coca-Cola. So why is he now investing in low-carbon steel?It’s less flashy than overnight packages and soft drinks, but steel is fundamental to our world from buildings to bridges and so many other parts of our infrastructure. It’s also one of the most pressing issues in the climate crisis. Right now, the way steel is made generates roughly 8% of the world’s carbon dioxide emissions, and that climate impact is due to get worse. In fact, not only is steel demand projected to increase in 2023 and 2024, but industry writ large is on track to be the largest single source of United States greenhouse gas emissions by 2030. That means the only way to meet our zero emissions targets is by learning transform industry and to make steel in a sustainable way. Enter green steel. Some companies are already starting to prioritize the practice: Last fall, RMI gathered a group of corporations including Microsoft and formed the Sustainable Steel Buyers Platform, which together started a procurement process to source 2 million tons of near-zero emissions steel. The issues lie in steel’s creation. Traditionally, steel is made by heating fossil fuels in a blast furnace to create pig iron from ore, which is then further purified in the creation of actual steel, either in a basic oxygen furnace (most commonly), an electric arc furnace (EAF), or an induction furnace. Both EAFs and induction furnaces run on electricity and can be powered by renewable energy. Blast furnaces are responsible for about half of all emissions in the iron and steel industry. Basic oxygen furnaces create considerable CO₂ as well, as pure oxygen reacts with impurities in the iron.EAFs are often used to make steel from scrap metal, and while recycled steel is attractive for being less energy- and emissions-intensive, there is an upper bound on how much demand it can meet. While scrap steel currently accounts for about 30% of the metallic iron used in steelmaking, about 85% of scrap is already being recycled, limiting room for growth. So, the path to making steel sustainably lies not solely in recycling, but through finding alternatives to blast and basic oxygen furnaces. Globally, 7 percent of iron is produced without a blast furnace, instead using a DRI (direct reduced iron) furnace. These furnaces typically burn coal or natural gas to separate metallic iron from ore, and so are often used in regions where natural gas is plentiful and cost-effective, like India and Iran. The DRI process offers a great opportunity to cut emissions with green steelmaking, as natural gas or coal can be completely substituted with green hydrogen. When combined with zero-carbon heating and electric arc furnaces running off electricity from renewable sources, hydrogen-based DRI (or H2-DRI) creates a pathway to produce zero-carbon steel. While some hydrogen can be used in traditional blast furnaces, these only allow about 5-10 % substitution, for an emissions reduction of at most around 20%. German steelmaker Salzgitter forecasts that after revamping a plant to run entirely off of green hydrogen, annual CO₂ emissions would drop by 95%.

Grid watchdog’s extreme weather plan splits electricity industry - As extreme weather threats to the grid accelerate, the nation’s electric power industry is arguing over how to protect the public against severe freezes that have cut off power for millions of customers the past two winters. Operators of the seven U.S. regional power networks and markets asked federal regulators to reject a proposed cold weather protection standard submitted by North American Electric Reliability (NERC) — and require faster compliance and clearer requirements. The split between the companies that produce power and the grid operators who deliver it highlights growing tension in the electricity sector over the clean energy transition and recent failures of natural gas generation to operate in extreme weather. The NERC-drafted cold weather standard is rife with “glaring exceptions and vague requirements” that are “subjective, unclear, and unauditable,” the U.S. grid operators and a Canadian counterpart said in theprotest filing.The proposed rule sets requirements for protecting generators against extreme cold using historical weather records, allowing power plants to avoid regulation under certain conditions. The protest urges the Federal Energy Regulatory Commission to reduce the compliance period for weatherization of newly introduced freeze protection equipment to two years, not four, as NERC suggested.Asked about the protest from grid operators, NERC CEO Jim Robb told E&E News on Tuesday: “There’s going to be a great amount of engineering and procurement that’s going to be necessary to weatherize some of these plants. It’s not as straightforward as it seems.“I have some sympathy for the industry wanting to have time to get that right,” Robb said. “But if FERC comes back and says shorten up the time frame, we’ll figure out a way to do that.” NERC develops proposed operating rules for interstate high-voltage networks, drafted by committees with strong representation from power generation companies. The proposals require final approval from FERC.The protest last week follows previous objections filed with FERC by the grid operators — PJM Interconnection, the Midcontinent Independent System Operator, the Electric Reliability Council of Texas, the Southwest Power Pool, the California Independent System Operator, the New York Independent System Operator and ISO New England, acting as the ISO/RTO Council.Roughly two-thirds of the U.S. population gets electricity from the seven U.S. regional transmission operators (RTOs) and independent system operators (ISOs), which must maintain critical, moment-to-moment balances between power supply and demand across multiple states.The ISOs and the RTOs also operate power markets in which power generators of all kinds — wind, solar, gas, coal, nuclear and hydro — compete to sell power based on their power prices. In the Southeast and large parts of the western U.S., regulated utilities still produce and deliver power for regulated rates.If approved by FERC, the new standards would allow generators to leave power plants inadequately weatherized simply because they considered the cost to be too high, the protest charged.FERC spokesperson Celeste Miller said the commission does not respond to questions about pending matters. The five-seat commission currently has three members, though its makeup could change as the year progresses.The head of Electric Power Supply Association, representing merchant power generators, said the group has not decided whether to answer the ISO/RTO Council with a response to FERC.“Our members are already focused on weatherization issues,” said Todd Snitchler, CEO of the Electric Power Supply Association. “They’re paying a lot of attention to this. I haven’t concerns about specific timelines,” Snitchler said in an interview.NERC said in a filing with FERC that some of the requirements the power grid operators proposed were “unduly burdensome” and could impose prohibitive costs, particularly on generators close to retirement.The current proposed standards initially failed to get the required approval vote and were cleared in February only after an unprecedented threat by the chair of NERC’s governing board would take the issue away from the committee and impose a solution. Enough drafting committee members changed their votes to push the plan through.If the commission agrees with the protest from grid operators, it could send all or part of the proposed rules back to NERC for more revisions. FERC may approve or reject the proposed NERC cold weather rules entirely or in part. It can tell NERC generally what outcomes it wants, but it cannot rewrite the rules directly under a rigid process Congress has dictated.

Homes need to electrify. New building codes will make that harder - Building codes are an often-overlooked tool in fighting climate change. But last week, a little-known nonprofit group that sets building codes used across most of the U.S. decided to make them a lot less helpful in that fight — largely to serve the interests of the fossil gas industry.In a last-minute change, the International Code Council (ICC) board of directors stripped key home-electrification provisions from its 2024 International Energy Conservation Code. Those rules would have required new homes and multifamily buildings to include electrical wiring that can support EV chargers, heat pumps, induction stovetops and other all-electric replacements for fossil-fueled cars and fossil-gas-fueled heating and appliances. These provisions were supported by 90 percent of the industry and government members of the ICC committees that have spent the past three years crafting the model codes. But they drew the ire of gas utilities and furnace manufacturers, which have consistently fought efforts to encourage electricity instead of gas use in buildings at the national, state and local levels. These pro-gas groups filed last-minute appeals protesting the inclusion of pro-electrification rules in the new code. Those appeals were accepted for consideration in violation of ICCpolicy. Their complaints were ultimately rejected by the ICC’s appeals board — but the ICCboard of directors ignored that ruling in its final decision. Clean energy groups, consumer advocates, energy-efficiency experts, electrical equipment manufacturers — and even several Democratic lawmakers — reacted with outrage. These groups say the decision, which will affect a large portion of the roughly 1.5 million homes built in the U.S. each year, will create unnecessary hurdles to home electrification — something that needs to happen much faster for climate goals to be met. It’s hard to precisely calculate the harms to come from the ICC’s decision in terms of carbon emissions, air pollution and additional energy and electrification conversion costs for property owners. But given the rising evidence of the climate and human-health harms caused by burning fossil gas inside buildings, and the energy- and emissions-saving benefits of switching to electric heating and appliances, they’re bound to be significant. In particular, the decision will force owners of newly built homes to incur more retrofit costs to electrify. These costs are a well-known barrier to households and property owners seeking to reduce their reliance on fossil fuels in buildings, which account for roughly 12 percent of total U.S. carbon emissions.

Oil and gas execs are unhappy with Biden — but not eager for Trump’s return - — Oil and gas executives are chafing under President Joe Biden’s attempts to rein in their industry — but sweating at the thought that Donald Trump might replace him. Industry executives assembled here for CERAWeek, one of the world’s premier annual energy conferences, disparaged Biden administration regulations on their greenhouse gas emissions and its pause on new gas export permits. But though they’re confident Trump would reverse those policies, many fear a return to the volatile international relations and idiosyncratic management style he brought to his previous four years in office.“Trump is going to be Trump,” . “I expect he’ll pick up where he left off if he’s reelected.”“The flip side of that is that he tends to favor a protectionist trade policy and is likely to impose tariffs if he thinks the U.S. is getting a raw deal,” he added. “That’s going to be a positive selling point for some, but there is always the risk that tariffs could turn into a trade war.”The oil and gas industry still skews heavily toward the GOP, and Trump has drawn far more money from the industry during the primaries than his GOP competitors. But the sense of ambivalence among the executives this year mirrors the sentiment in the broader electorate, where polls show voters are generally dissatisfied with their choices for the presidency.Trump has been a staunch backer of the oil and gas industry on the campaign trail, pledging in his stump speeches to “drill, baby, drill, right away.” But several of his other proposals could pose problems for the companies’ bottom lines.The Trump campaign didn’t address specific questions about some industry executives’ concerns about his trade record. Instead, it credited the former president with the boom in U.S. energy production — one that actually started under President George W. Bush, continued under President Barack Obama, and under Biden has helped make the United States the world’s energy powerhouse. “On day one, President Trump will unleash American Energy to lower inflation for all Americans, pay down debt, strengthen national security, and establish the United States as the manufacturing superpower of the world,” campaign spokesperson Karoline Leavitt said via email. Trump has taken aim at Biden’s Inflation Reduction Act — a sweeping climate law that aims to move the nation away from fossil fuels but also contains incentives for green technologies that the oil and gas industry sees as potential moneymakers. And he has floated establishing a tariff on all imports to the U.S., which would raise the price on the raw materials the industry needs and could cause a trade-war crossfire for energy companies whose commerce spans the globe. The heads of the oil giants Exxon Mobil, Chevron, ConocoPhillips and other companies who took the stage at the Houston conference, which ends Friday, did not mention Trump by name or broach the idea of a potentially major change in government policy come next year. But behind the scenes, interviews with more than a dozen industry executives showed many viewed a possible major realignment of federal energy policy to be part of the new normal — “like a change in the weather,” said one natural gas executive who was granted anonymity to discuss relationships in D.C. Mike Sommers, chief executive of the American Petroleum Institute, predicted that Biden’s landmark climate law would remain largely intact even if Trump wins in November — though the industry would work with a GOP administration and congressional Republicans to try to remove provisions crimping the oil industry’s bottom line. “I’m pretty confident that the tax credits that we care about in the IRA are going to continue” even if Trump regains the White House and Republicans control Congress, Sommers said in an interview. “I would expect permitting to speed up significantly for onshore and offshore” oil leasing.

Wood, the fuel of preindustrial societies, is half of EU renewable energy By far the largest renewable energy resource used in Europe is wood. In its various forms, from sticks to pellets to sawdust, wood (or to use its fashionable name, biomass) accounts forhalf of Europe’s renewable-energy consumption.Although Finland is the most heavily forested country in Europe, with 75% of their land covered in woods, they may not have enough biomass to replace coal when all coal plants are shut down by 2029. Much of their land has no roads or navigable waterways, so imports are cheaper than using their own forests (Karagiannopoulos 2019).Vaclav Smil, in his 2013 book “Making the Modern World: Materials and Dematerialization” states: “Straw continues to be burned even in some affluent countries, most notably in Denmark where about 1.4 Mt of wheat straw (nearly a quarter of the total harvest) is used for house heating or even in centralized district heating and electricity generation.”In the news:

• 2023: Enviva, the world’s largest biomass energy company, is near collapse. Enviva, is the world’s largest producer of wood pellets. They are burned in former coal power plants to make energy at an industrial scale. The company seems near collapse. Founded in 2004, Enviva harvests forests in the U.S. Southeast, with its 10 plants key providers of wood pellets to large power plants in the EU, U.K., Japan and South Korea — nations that use a scientifically suspect carbon accounting loophole to count the burning of forest wood as a renewable resource. A former manager and whistleblower at Enviva said that the company’s green claims were fraudulent. Last week, he said that much of Enviva’s downfall is due to cheaply built factories equipped with faulty machinery and large-scale fiscal miscalculations regarding wood-procurement costs.
• 2022 BBC UK power station owner cuts down primary forests in Canada. A company that has received billions of pounds in green energy subsidies from UK taxpayers is cutting down environmentally-important forests, a BBC Panorama investigation has found. Drax runs Britain’s biggest power station, which burns millions of tonnes of imported wood pellets – which is classed as renewable energy. The BBC has discovered some of the wood comes from primary forests in Canada. Ecologist Michelle Connolly told Panorama the company was destroying forests that had taken thousands of years to develop. “It’s really a shame that British taxpayers are funding this destruction with their money. Logging natural forests and converting them into pellets to be burned for electricity, that is absolutely insane,” she said.
• Burning wood produces more greenhouse gases than burning coal. The electricity is classed as renewable because new trees are planted to replace the old ones and these new trees should recapture the carbon emitted by burning wood pellets. But recapturing the carbon takes decades and the off-setting can only work if the pellets are made with wood from sustainable sources. Primary forests, which have never been logged before and store vast quantities of carbon, are not considered a sustainable source. It is highly unlikely that replanted trees will ever hold as much carbon as the old forest.
• 2016: Forests in southern states are disappearing to supply Europe with energy. In the past 60 years, the southern U.S. lost 33 million acres of forests even though biomass is not carbon neutral. Salon
• 2016: Japan is now turning to burning wood to generate electric power because of fewer nuclear power plants after Fukushima
• ***The Economist. April 6, 2013. Wood: The fuel of the future. Environmental lunacy in Europe. By far the largest so-called renewable fuel used in Europe is wood. In its various forms, from sticks to pellets to sawdust, wood (or to use its fashionable name, biomass) accounts for about half of Europe’s renewable-energy consumption. In some countries, such as Poland and Finland, wood meets more than 80% of renewable-energy demand. Even in Germany, home of the Energiewende (energy transformation) which has poured huge subsidies into wind and solar power, 38% of non-fossil fuel consumption comes from the stuff. After years in which European governments have boasted about their high-tech, low-carbon energy revolution, the main beneficiary seems to be the favored fuel of pre-industrial societies. The idea that wood is low in carbon sounds bizarre. But the original argument for including it in the EU’s list of renewable-energy supplies was respectable. If wood used in a power station comes from properly managed forests, then the carbon that billows out of the chimney can be offset by the carbon that is captured and stored in newly planted trees. Wood can be carbon-neutral. Whether it actually turns out to be is a different matter. But once the decision had been taken to call it a renewable, its usage soared. In the electricity sector, wood has various advantages. Planting fields of windmills is expensive but power stations can be adapted to burn a mixture of 90% coal and 10% wood (called co-firing) with little new investment. Unlike new solar or wind farms, power stations are already linked to the grid. Moreover, wood energy is not intermittent as is that produced from the sun and the wind: it does not require backup power at night, or on calm days. And because wood can be used in coal-fired power stations that might otherwise have been shut down under new environmental standards, it is extremely popular with power companies.

The upshot was that an alliance quickly formed to back public subsidies for biomass. The EU wants to get 20% of its energy from renewable sources by 2020; it would miss this target by a country mile if it relied on solar and wind alone. In the past, electricity from wood was a small-scale waste-recycling operation: Scandinavian pulp and paper mills would have a power station nearby which burned branches and sawdust. Later came co-firing, a marginal change. But in 2011 RWE, a large German utility, converted its Tilbury B power station in eastern England to run entirely on wood pellets (a common form of wood for burning industrially). It promptly caught fire.Undeterred, Drax, also in Britain and one of Europe’s largest coal-fired power stations, said it would convert three of its six boilers to burn wood. When up and running in 2016 they will generate 12.5 terawatt hours of electricity a year. This energy will get a subsidy, called a renewable obligation certificate, worth £45 ($68) a megawatt hour (MWh), paid on top of the market price for electricity. At current prices, calculates Roland Vetter, the chief analyst at CF Partners, Europe’s largest carbon-trading firm, Drax could be getting £550m a year in subsidies for biomass after 2016—more than its 2012 pretax profit of £190m. With incentives like these, European firms are scouring the Earth for wood. Europe consumed 13m tonnes of wood pellets in 2012, according to International Wood Markets Group, a Canadian company. On current trends, European demand will rise to 25m-30m a year by 2020.

WVU technology innovations position West Virginia to lead hydrogen economy - West Virginia University engineers have received a wave of federal support for research projects that will help slash the cost of clean hydrogen.The three U.S. Department of Energy grants for WVU studies total $15.8 million and are part of funds authorized by the Bipartisan Infrastructure Law for research that advances the “Hydrogen Shot” goal of cutting the cost of clean hydrogen production to $1 per kilogram.The projects happening at the WVU Benjamin M. Statler College of Engineering and Mineral Resources all focus on improving the manufacture or design of a technology called the “solid oxide electrolysis cell” or SOEC. SOECs split water into hydrogen and oxygen through the process of electrolysis, which is powered by electricity that can come from renewable energy sources.Edward Sabolsky, professor in the Department of Mechanical, Materials and Aerospace Engineering, received $9.3 million in DOE support to design a furnace for SOEC manufacturing that uses microwave energy for heat.In the same department, Xingbo Liu, professor, associate dean for research and Statler Chair of Engineering, leads a research group that received $4.5 million to develop a “proton-conducting” SOEC capable of outperforming conventional “oxygen-conducting” SOECs.Wenyuan Li, assistant professor in the Department of Chemical and Biomedical Engineering, received $2 million for WVU contributions to a three-year study. Like Sabolsky, Li is looking at better ways to manufacture SOECs. However, he’s focused not on microwaves, but on a process called “ultrafast high-temperature sintering,” which can achieve temperatures up to 2,000 degrees Celsius within minutes. Compared to a conventional system, Li’s design improves energy and time efficiency while reducing carbon emissions, energy consumption and costs for capital, maintenance and labor.“The different WVU teams are each taking their own approach,” Sabolsky said. “Our shared goal is to develop these SOEC systems to produce hydrogen, which would then be implemented into all the industries that currently use fossil energy sources for manufacturing and transportation. One example would be to replace the industrial fuel coke with hydrogen when processing steel. This would remove the use of carbon, a major driver of climate change.”

Hydro project could test tribal sovereignty rule -- The Pyramid Lake Paiute Tribe filed a formal motion earlier this month to intervene in a federal regulatory proceeding that could eventually pave the way for a pumped storage hydropower project on the tribe’s land — a project the tribe opposes.The filing comes only weeks after the Federal Energy Regulatory Commission (FERC) ruled that it would deny permits for hydropower projects on tribal land in cases where projects do not have a tribe’s support.This latest filing could test how that policy works.In the case of the Pyramid Lake proposal, FERC signed off on a preliminary permit in October, months before issuing the policy. Even so, the tribe argued FERC should — especially in light of its new policy — cancel the permit based on its opposition.Pyramid Lake sits at the terminus of the Truckee River, which rises above Lake Tahoe and flows through Reno. In the early 1900s, upstream diversions and the construction of the Newlands Project caused a nearly 100-foot decline at the lake, threatening two fish species: the cui-ui and Lahontan cutthroat trout.Since then, tribal leaders have worked for decades to protect the fish and ensure water flows to Pyramid Lake. By withdrawing water from the lake, the hydropower project, the tribe argued, could undermine their ecosystem recovery efforts.Pumped storage hydropower projects generate electricity by cycling water between two reservoirs at different elevations. They pump water from a low-elevation reservoir to a higher-elevation reservoir when there is excess energy available. When energy is needed, the water is released back to the lower reservoir and generates electricity as it flows down an elevation gradient and through a turbine — with the help of gravity. In this way, the projects act as massive batteries on an electric grid in need of more storage to balance out intermittent wind and solar resources. But they can come with significant impacts for communities, especially in a region as dry as the Great Basin. Here’s how the Pyramid Lake Paiute Tribe summarized its concerns in the filing: “The project, if ultimately constructed, would be disastrous to the interests of the Tribe because pumping water from the Pyramid Lake, which is home to two species listed under the federal Endangered Species Act (Lahontan cutthroat trout and the cui-ui), to one or more reservoirs that would be constructed in the hills northeast of the Lake, and would require 14,000 acres of lands on the shore of the Pyramid Lake for construction of a 2,000 mega-watt photovoltaic solar farm, and several miles of new electrical transmission lines/towers to transmit the power produced by the Project to southern California, would severely adversely impact the Pyramid Lake Paiute Tribe’s federally-protected lands, water resources, water rights, fishers, economy, and other natural resources.” Beyond those concerns, the tribe said it was not consulted on the permit before it was granted. Although the commission required the developer to notify multiple federal agencies (including the U.S. Bureau of Indian Affairs) of its plans, regulators did not require the developer to consult with the tribe, “despite FERC’s knowledge that the project is proposed to be constructed on the Tribe’s reservation.” That alone would seem to violate the intent of the commission’s newly-adopted tribal sovereignty policy, a rule that came out of a case involving preliminary permits for multiple pumped storage hydropower projects on Navajo Nation land. In the Navajo Nation case, the commission created a rule to deal with issues similar to the one facing the Pyramid Lake Paiute Tribe: “…we are establishing a new policy that the Commission will not issue preliminary permits for projects proposing to use Tribal lands if the Tribe on whose lands the project is to be located opposed the permit. To avoid permit denials, potential applicants should work closely with Tribal stakeholders prior to filing applications to ensure that Tribes are fully informed about proposed projects on their lands and to determine whether they are willing to consider the project development.” FERC declined to comment because the motion is pending. An executive with the developer, Premium Energy Holdings, did not respond to an emailed request for comment. But the tribe’s concerns about the project were not new and were not unknown at the time that FERC approved the preliminary permit in October: In 2020, the Pyramid Lake Paiute Tribe had opposed an identical project proposed by the same developer, citing lack of consultation as one of its major concerns. FERC approved the project later that year.

West Virginia governor vetoes bill expanding renewable energy to protect coal - West Virginia Gov. Jim Justice (R) on Tuesday vetoed a measure that would raise the allowable size for a solar plant operated by state utilities, citing concerns about its effects on the coal industry. The measure, HB5528, would have expanded the size of solar plants the state’s electric utilities, AEP and Mon Power, could own, doubling it from 50 megawatts (MW) to 100. A total ceiling of 200 MW per utility would remain in place. In his veto letter, Justice expressed concerns the bill would lead to higher costs for consumers and said it “can only further endanger our nation’s energy security and put West Virginians at the mercy of the national power grid to ensure we keep the lights on at home.” “I fear this well-intentioned bill will further encourage these companies to drop coal-generated power and continue to turn toward more expensive options outside of West Virginia,” he wrote. “The ripple effect of such drastic and rapid change could lead to West Virginians paying more on their power bills, as these entities try to pass their cost increases down the chain to the consumer; it could also lead to job loss by putting coal mines and generating facilities out of business quickly.” The bill’s sponsors have denied it would undermine the state’s coal industry. As of late 2023, nearly 12,600 MW of coal capacity remained online in the state, according to the U.S. Energy Information Administration, while renewables comprise less than 5 percent of the state’s electricity generation, with the largest portion coming from hydroelectricity. Justice, a candidate for retiring Sen. Joe Manchin’s (D-W.Va.) Senate seat, built much of his wealth in the coal industry, with state financial disclosures indicating his family owns numerous mining and related businesses among its 112 holdings. Justice placed seven of the companies he owns in a blind trust in 2017.

Baltimore Coal Exports Blocked After Bridge Collapse -Baltimore Port’s coal exports are likely to be blocked for weeks after the collapse of the Francis Scott Key Bridge on Tuesday, according to a Pennsylvania coal trading firm. The bridge collapsed early on Tuesday after a cargo ship lost power and slammed into the construction, which crumbled within seconds and will disrupt navigation near the Baltimore port, which is one of the biggest coal export terminals in America.Baltimore is the nation’s second-largest coal exporting port after Norfolk, Virginia, according to data from the U.S. Energy Information Administration (EIA). In 2022, about one-fifth of U.S. coal exports left through Baltimore.The port of Baltimore is also one of the 20 largest ports in the U.S. and handles both coal and petroleum products.Following the bridge collapse, up to 2.5 million tons of coal exports from Baltimore could be blocked for up to six weeks, Ernie Thrasher, CEO at Pennsylvania coal trading firm Xcoal Energy & Resources, told Bloomberg.“You’ll see some diversion to other ports but the other ports are pretty busy,” Thrasher added. “There’s a limit on how much you can divert,” said the executive, whose firm works with several coal suppliers. Globally, the disrupted exports are unlikely to have a huge impact on coal prices, but many coal cargoes from Baltimore are typically headed for India, so there the impact could be felt along the supply chain, Thrasher told Bloomberg.

Dominion Energy, Santee Cooper want gas-fired power plant - Not so long ago, lawmakers and utilities were drunk on power — nuclear power. In the late 2000s, South Carolina legislators rewrote rules for building new nuclear reactors, shifting risks away from utilities and onto the backs of their customers. Flush with this money, SCANA and Santee Cooper began work on two reactors 30 miles north of Columbia. As the years passed and the delays grew, SCANA executives told the public and shareholders that the project was going well.It wasn’t, of course. Mismanagement and lax oversight had ignited a bonfire that torched $9 billion. Work on the reactors stopped, and criminal investigations began. It was South Carolina’s most expensive scandal, one that led to lawsuits, prison for some executives, lost jobs for others and the sale of SCANA to Virginia-based Dominion Energy.But the hangover from this debacle is wearing off. Old and new energy players are rushing in. This time they’re pushing a plan to build a massive gas-fired generator at an old coal plant in the ACE Basin, coastal South Carolina's conservation jewel. A new gas pipeline would fuel the plant; the pipeline's route, size and price tag remain industry secrets. Their playbook has echoes from the past. As they did for the nuclear project, power companies say that South Carolina is on the precipice of an energy crisis. As before, they argue their new plan will help them close dirtier coal plants. But there are new twists: Building a gas plant doesn’t carry the same construction risks as a nuclear reactor. And some of the strains on the grid are new, including a race to build energy-gulping data centers.As they did before, state lawmakers also are trying to help. They’ve introduced bills to make it easier for power companies to condemn land. Language in one bill would even open a door to building more nuclear reactors. Another provision would defang the utility's regulators.Tom Ervin, a member of one of those watchdog agencies, was so upset that hequit in protest. “South Carolina has been down this rocky road before,” Ervin wrote in his resignation letter.And as before, conservation groups and public watchdogs are challenging the utilities’ plans and their cheerleading legislators. They say that utilities are gambling with ratepayers’ money by making billion-dollar bets on climate-harming fossil fuels while dishing out discounts to manufacturers and data centers — discounts unavailable to the public. They say a large new pipeline project through the state carries its own set of risks, especially if it runs into opposition from landowners or cuts through environmentally sensitive areas.And they say that the recent past is a powerful reminder about the consequences of bad choices and poor scrutiny, and how ratepayers often end up stuck paying for those mistakes.

Tesla Cooperates With CATL On Faster-Charging Battery Technology --Tesla and battery manufacturer CATL are working together on the development of new battery technologies that could lead to faster-charging electric vehicle batteries, the founder of the Chinese battery manufacturer, the world’s biggest, told Bloomberg in an interview published on Monday. Contemporary Amperex Technology Co. Ltd., as CATL is officially known, has a large supply deal with the U.S. EV manufacturer, and is also a battery supplier to big automakers including BMW and the Mercedes-Benz Group AG. Amid the U.S.-China trade and technology spats and U.S. restrictions on Chinese technology used in America-made products,CATL is effectively banned from selling its batteries directly in the United States. But the company is working under so-called licensing, royalty, and services (LRS) agreements with partners, allowing them to license the battery technology, for a fee. Last year, one of Detroit’s Big Three, Ford, said it had reached an agreement with CATL, under which a wholly owned subsidiary of Ford would manufacture the battery cells using lithium iron phosphate (LFP) battery cell knowledge and services provided by CATL. Currently, CATL is in discussions with up to 20 U.S. and European carmakers to potentially reach licensing deals similar to the one with Ford, CATL’s founder, Chinese billionaire Robin Zeng, told Bloomberg.Separately, CATL and Tesla are working together on new electrochemical technology aiming to make faster-charging batteries, he added.Tesla is looking to preserve its market share in the growing global EV battery market and to manufacture a vehicle that would cost less than $25,000.“There’s always room for cost reduction depending on what the $25,000 car’s aim is,” CATL’s Zeng told Bloomberg in the interview.The Chinese businessman also confirmed an earlier Bloomberg report from January this year that Tesla plans to open a small battery-manufacturing plant in Nevada using idle CATL equipment, with minimal involvement of the Chinese company, whose staff would only work on setting up the equipment.

Here’s Why You Can’t Afford an Electric Car - It seems that there has never been a better time than now to buy an electric vehicle in the United States, especially if you read news headlines and White House press releases. You might be forgiven for thinking that you can actually afford to upgrade your old gas-guzzling sedan with a sleek, new zero-emissions EV. And if you can’t afford one, the various local, state, and federal rebate programs will surely knock thousands off the price tag, right? Wrong. In order to be able to qualify for the ever-changing and complicated federal $7,500 rebate on EVs, one has to be rich enough to be able to afford to buy a new EV (some used ones qualify but good luck figuring out which one, and then even better luck finding such a car available for purchase). But, in order to qualify for the rebate, one can’t be too rich. If you’re middle-income, like me, you can lease an EV, but then you don’t qualify for the rebate—your leasing company does—and you’re left paying a hefty monthly lease.News headlines about Tesla slashing its EV prices might still convince you that a new EV is within reach—that is if you don’t mind enriching one of the worst humans on the planet. But Teslas are still among the more expensive cars on the market.Meanwhile, there are sensationalist headlines about EV sales falling over the past year, so much so that one might be forgiven for thinking that maybe most people wanting an EV already purchased one and demand is simply weakening. Dig past the headlines however, and the news reports all come to the same conclusion: EVs are still unaffordable for the majority of Americans, especially those who simply want to reduce their carbon footprint and their financial expenses at the same time. “Pricing is still very much the biggest barrier to electric vehicles,” according to one research analyst.A Los Angeles Times report agreed: “Although the cost of building EVs continues to drop, it has yet to reach price parity with conventional gasoline-powered vehicles.” But the paper then bizarrely blamed Americans for the high price tags, saying, “Americans’ preference for larger vehicles necessitates larger, heavier and costlier battery packs, contributing to the high prices.” There was no mention of auto manufacturers spending years aggressively marketing SUVs and other giant gas guzzlers to Americans. Indeed, there is a whole range of EV trucks on the market right now—still out of the grasp of ordinary middle-income Americans looking for an efficient commuter family car.Too bad these consumers don’t have access to China’s new EV, the BYD Seagull, a car that test drivers in the U.S. are gushing over, and whose price tag begins at a mere $9,698. “That undercuts the average price of an American EV by more than $50,000,” explained Bloomberg. In fact, more than 70 percent of all EVs sold globally are Chinese manufactured. You don’t have to live in China to buy a Chinese EV. You just have to live outside the U.S.What most headlines aren’t saying overtly and what the Biden administration is also keeping relatively quiet about is that the U.S. is engaging in a fiercely protectionist trade war with China in order to shield American automakers. Forget the TikTok war—it’s Chinese-made EVs that keep U.S. auto CEOs up at night. To protect them, the Biden administration is fanning the flames of anti-China sentiment and claiming it is worried about “National Security Concerns” over the computer systems of Chinese-made EVs. “China is determined to dominate the future of the auto market, including by using unfair practices,” said Biden in late February. “China’s policies could flood our market with its vehicles, posing risks to our national security.” The president has even ordered an investigation into China’s so-called smart cars, which most EVs are these days. But the Biden administration’s climate goals for auto emissions rely on a mass transition to EVs across the nation. Already, it’s behind in ramping up towards its goal of wanting half of all vehicles sold in 2030 to be EVs, likely because most Americans can’t afford them, or can’t access the far-cheaper Chinese-made cars. On top of that, the GOP has now made attacking EVs part of its new culture war. It’s no wonder EVs remain out of reach for most Americans.

US finalizes new tailpipe emissions limits for heavy duty vehicles (Reuters) - The U.S. government said on Friday it was finalizingtighter tailpipe emissions standards for heavy duty vehicles like semi-trucks and buses, but the new rules would not be as strict as initially proposed in 2023.The Environmental Protection Agency (EPA) said the new rules setting standards for the 2027 through 2032 model years will avoid 1 billion tons of greenhouse gas emissions through 2055 and provide $13 billion in annualized net benefits to society. In contrast, the EPA had said its tougher proposed rules last year would have prevented 1.8 billion tons of emissions.The new standards apply to delivery trucks, garbage trucks, public utility trucks, transit, shuttle, and school buses and tractor-trailer trucks.The final standards tighten requirements at a slower pace and delay the start of new rules for day cab tractors and some heavy-duty vocational vehicles, the EPA said.Heavy duty vehicles account for 25% of all greenhouse gas emissions from the transportation sector, which accounts for 29% of U.S. greenhouse gas emissions.The EPA said the standards "are technology-neutral and performance-based, allowing each manufacturer to choose what set of emissions control technologies is best suited for them and the needs of their customers."The final rule i ncludes lower electric vehicle projected sales rates for model years 2027-2029 than the original proposed rule would have required. But an industry group argued the rule was still too strict. The Truck and Engine Manufacturers Association, which represents Daimler Truck, Volvo Trucks, Cummins, and others, said it was concerned "the final rule will end up being the most challenging, costly and potentially disruptive heavy-duty emissions rule in history."The association added the new rules set a percentage of zero-emissions vehicles such as fuel cell-powered or electric vehicles that a company must sell, "which is beyond their own ability to control." Tesla, some Democrats and environmental groups had urged the EPA to adopt even tougher rules.

Environmental groups appeal court order on drilling under Ohio park and wildlife areas - Four environmental groups filed an appeal Friday challenging an Ohio judge’s order declining to review state regulators’ decisions to allow oil and gas drilling under state park and wildlife areas. The Notice of Appeal filed with Franklin County Court of Common Pleas takes issue with Judge Jaiza Page’s Feb. 23order, which said the groups had no right to challenge rulings by the Ohio Oil & Gas Land Management Commission last November to allow drilling and fracking under Salt Fork State Park, Zepernick Wildlife Area and Valley Run Wildlife Area. “Our appeal continues the fight for legal accountability and oversight of the commission’s decisions,” said Earthjustice attorney Megan Hunter, who is one of the lawyers representing groups in the appeal. Those groups include Save Ohio Parks, the Buckeye Environmental Network, Backcountry Hunters & Anglers and the Ohio Environmental Council.The move to drill and frack under state-owned lands was jump-started last year when Gov. Mike DeWine signed HB 507 into law. The statute would have required state agencies to lease lands unless the commission adopted rules and lease terms under a 2011 law. The leasing process under that law had languished after a widespread backlash a decade ago.Once the commission adopted the rules and lease terms last spring, HB 507 no longer imposed any mandatory dutyto allow drilling on state-owned lands. Instead, Ohio law requires the commission to consider nine factors. They include environmental impacts, effects on visitors or users of state-owned lands, economic benefits, public comments, and more.In this case, the environmental groups claimed the commission didn’t consider all nine factors before reaching its decisions. They also objected to the commission’s failure to hold a hearing and accept public testimony for the proposed parcels at each park and wildlife area. Comments on the proposals detailed worries about possible contamination from accidents, anticipated interference with people’s ability to enjoy state parks and wildlife areas, and other objections.Judge Page’s ruling rejected the environmental groups’ argument that the commission’s rulings could be appealed under a general statutory provision for “adjudication orders.” Instead, she noted there was no specific statutory language dealing with appeals from the Ohio Oil & Gas Land Management Commission. She also found the groups did not have standing to raise their claims.Days after Judge Page’s ruling, the commission accepted a bid from Infinity Natural Resources, based in West Virginia, to drill under Salt Fork State Park. The commission also accepted Texas-based Encino Energy’s bids to drill under Zepernick Wildlife Area and Valley Run Wildlife area. Unless blocked, drilling is likely to start this spring.Without judicial review of the commission’s actions, it’s unclear what checks, if any, exist over the commission’s decisions on drilling beneath park and wildlife areas.“The Commission handed over Valley Run Wildlife Area, Zepernick Wildlife Area and Ohio’s largest state park — Salt Fork State Park — to drillers without considering the environmental and geologic impacts of oil and gas development,” Hunter said. “Thousands of state residents and users of these protected public lands demand accountability for this enormous failing.” A separate lawsuit challenging the constitutionality of HB 507 remains pending. Meanwhile, new filings this month ask the commission to allow drilling and fracking underEgypt Valley Wildlife Area and Keen Wildlife Area.

Guest column/ODNR should protect Ohio's public lands - Randi Pokladnik - On February 26, Ohio proved once again that nothing in the state is sacred when it comes to making money from fracking. In addition to some Department of Transportation parcels, the 5-member Oil and Gas Land Management Commission (OGLMC) approved bids to frack Salt Fork State Park in Guernsey County, Valley Run in Carroll County, and Zepernick Wildlife area in Columbiana County. In some cases, the accepted bids were considerably “below market value” as noted by commissioner Warnock who voted against a bid of $500 per acre by EOG Resources Inc. for a DOT parcel. This would approximately be one-tenth the average going rate of $5,000 per acre. Recently, additional state lands have been opened by the Ohio Department of Natural Resources (ODNR) for oil and gas extraction bids. These include the 366-acre Egypt Valley Wildlife area in Belmont County and the 85-acre Keen Wildlife area in Harrison County. Both areas are used for hunting, fishing, and recreational activities by local residents. Against the wishes of Ohio’s citizens, Ohio’s public lands have become a cash cow for Ohio’s politicians seeking to increase the state’s coffers. The OGLMC has ignored thousands of citizens comments, hundreds of scientific studies, and expert witness testimonies warning them of the health and environmental dangers of fracking. Those of us who live in fracked regions of the state are aware of the impacts our state lands and the surrounding communities will experience as fracking ramps up around these rural recreational sites. Ohio citizens need to demand protections for their state lands from well pads, compressor stations, pipelines, water withdraws, and injection wells. According to Ohio Revised Code 1521.16, any facility withdrawing over 100,000 gallons per day of surface water or groundwater must register with the Ohio Department of Natural Resources. Currently there are over 400 fracking facilities registered with the state. Typically, Marcellus and Utica wells require an average of 5 million gallons of water to frack a well. A recent study from Ohio Northern University shows that water withdraws from small streams negatively affect aquatic habitats. It was noted by one of the study’s authors, Dr. Christopher Spiese, how “difficult it was to find water source locations for well pad permits.” How will water withdraws affect lakes and streams in places like Salt Fork State Park? Along with monitoring water usage, ODNR needs to create, enforce, and make publicly available a system for water quantity and quality monitoring. Since fracking has been excluded from the Safe Drinking Water Act as per the passage of the Haliburton Loophole in 2005, states are responsible for regulating the over 1,100 chemicals used in fracking. The only entity in Ohio that oversees oil and gas extraction is the ODNR. Ohio’s regulations fail to protect human health and the environment. In 2022, several community groups in southeast Ohio petitioned the EPA to revoke ODNR primacy over Class II radioactive organic and inorganic waste injection wells “due to the longstanding and systemic failures.”The current water quality parameters used by the Oil and Gas Division of ODNR to test rural water wells, and the criteria used by the Ohio EPA to test inland lakes, do not address any of the hundreds of aromatic and aliphatic organic chemicals used in the fracking process, including the toxic forever compounds (PFAS). Adequate testing of the many organic compounds used will require a minimum of Tier 3 testing conducted by certified labs.“Methane contamination of drinking water wells has been a common complaint among people living in gas drilling areas across the country.” In some cases, methane from fracking operations migrates and causes explosions like the one experienced in Bainbridge Township in Geauga, Ohio in 2007. According to a report from ODNR, inadequate cementing of the production casing can allow natural gas to migrate along the annulus of the well pipe into aquifers. In addition to explosions, methane is water soluble and has been found as a contaminant in drinking water wells. “In aquifers overlying the Marcellus and Utica shale formations of northeastern Pennsylvania and upstate New York, systematic evidence for methane contamination of drinking water associated with shale-gas extraction has been documented.”Additionally, well pads, utility roads, pipelines, machinery, and especially the clear cutting of forests can physically break up the habitat that wildlife needs for survival. There are acres of forest land being clear-cut to make room for drilling sites. Since 2005, fracking has affected over 360,000 acres of land with over 80,000 fracking wells in 17 states. Once a well pad is constructed, that acreage remains an industrial site as wells can have a lifetime of 20 to 40 years. These fracking sites will mar the natural beauty of our parks for decades. If the ODNR and Ohio’s politicians insist on forcing this destructive and dangerous process into our rural wildlife areas and parks, they should at the very least spend some of those millions of dollars to create a monitoring program for air and water emissions. It is the ODNR’s responsibility to ensure that our streams, lakes, and land are not permanently damaged and rendered useless after the rush to frack diminishes.

BLM Floats Draft Assessment for Drilling in OH’s Wayne Nat’l Forest -Marcellus Drilling News - Like a phoenix rising from the ashes, the seemingly moribund effort to drill shale wells on land located in Ohio’s Wayne National Forest (WNF) is active once again. WNF is a patchwork of public and private mineral rights that covers over a quarter million acres of Appalachian foothills of southeastern Ohio. For years, the Bureau of Land Management (BLM) blocked new permits and drilling in WNF. During the Trump administration, the BLM began to auction off federal leases and permits (see our stories about BLM auction in WNF here). However, a federal judge blocked drilling in WNF in 2021 after Biden seized control of the White House (see Federal Judge Blocks Permits to Drill in OH’s Wayne Natl Forest).

Landowners forced into fracking agreements - Dr. Randi Pokladnik - Ohio private property rights have been stolen by Ohio laws that force land owners into fracking their land regardless of their wishes. Many homeowners around the Tappan Lake region are now being targeted by a forced pooling or mandatory unitization action. “Ohio Revised Code 1509.27 provides a mechanism to unitize private property in order to benefit oil and gas profits over private property rights.Forced or mandatory pooling is defined as when a “person who has obtained the consent of the owners of at least 65% of the land area overlying a pool or a part of a pool submits an application for the operation as a unit of the entire pool or part of the pool to the chief of the division of oil and gas resources management.” If approved, the application will force the remaining 35% of landowners to become part of the unit.There are only three criteria to satisfy in order for the chief of the division of oil and gas at the Ohio Department of Natural Resources to approve a mandatory pooling application. They are protecting correlative rights (those who have leased), providing for effective development and use, and promoting conservation of oil and gas. Any concerns over environmental harms or health effects are not considered.There have been many amendments to the original laws written in 1965; however, these amendments do not address one of the most critical aspects of the laws, the risk-penalty provision. Landowners subject to the order only have the choice between the following: “relent and become a participant in the drilling unit or become a nonparticipating owner and pay a penalty of up to 200% of the reasonable costs and expenses of production.”This penalty is a way to encourage nonconsenting owners to ultimately lease and helps the well operators from undergoing additional application fees and paperwork.Refusing to sign a lease relinquishes the ability to write legal protections for your land. A lease agreement can allow a landowner to limit surface access, pipeline construction, the use of hydrocarbon storage tanks on the land and the drilling of injection wells to inject waste fluids. Basically, if you want to protect your property, you have no real options aside from writing a protective lease agreement.In June 2022 the Muskingum Watershed Conservancy District leased 7,300 acres around Tappan Lake to Encino Energy. A quick examination of the recent unitization hearings found on the ODNR unitization library site shows several proposed fracking laterals located across the Tappan Lake region, and all contain significant portions of MWCD land. We believe this has led to the mandatory pooling of our land as we live beside the lake. Our land is now part of Encino’s Akers HN FRA East Unit. Property-owning citizens have no ability to stop this heinous process that pollutes the air, land and water and affects health and the environment. Ohio is not a democracy but rather an oligarchy run by fossil fuel companies.

Mid-Ohio Valley Climate Corner: More fracked gas is a dead end - -Eric Engle - It’s clearer than ever that, for residents of Ohio and greater Appalachia, the fracking “boom” has turned out to be a bust. The Appalachian Hydrogen Hub will only be another dead end for our region but it’s not too late to turn back.More than a decade ago, the shale gas industry held all the right cards. Decision-makers were lavishing fracking developers with tax cuts and publicly funded subsidies. Gas production in the early 2010s was soaring, outpacing even the most optimistic pre-boom estimates. Between 2008, when gas development first began in earnest in the Marcellus and Utica shales, and 2019, before the onset of the COVID-19 pandemic, the largest fracking counties in Ohio, Pennsylvania, and West Virginia saw their economic output swell by nearly 90%, a rate more than four times the national average. Business was booming. Elected officials and industry boosters promised the fracking industry’s success meant prosperity for Appalachia, that our region would soon see hundreds of thousands of new jobs and a bona fide economic renaissance. But those promises of prosperity never came true. During the same period of soaring output, families closest to the booming gas economy were actually having a harder time finding jobs. Many residents left the region entirely, due in no small part to the human toll of fracking operations. A litany of epidemiological studies began to demonstrate the connections between shale gas development and serious health impacts for nearby residents, including respiratory problems, heart-related complications, mental health issues, birth defects, and an outsized risk of rare cancers. Data show that those same fracking counties collectively lost more than 10,000 net jobs and almost 47,000 residents by 2021. Fracking for methane gas hasn’t worked for our communities. In fact, for most people, it’s done nothing but harm. That’s why we can’t afford to keep continuing down the same gas-lined path.But the industry is pulling all the stops to continue our region’s reliance on fossil fuels. Their latest ploy? The Appalachian Hydrogen Hub, or ARCH2, a gas-powered network of industrial facilities, power stations, and pipelines geared to create “blue” hydrogen, which uses costly, experimental carbon capture technology to reduce some smokestack emissions.ARCH2 claims that blue hydrogen is “clean” energy, that their sprawling complex of heavy industry, fossil-fired power generation, and expanded fracking operations will somehow reduce the region’s net greenhouse gas emission output. That claim is far from the truth. Recent peer-reviewed research on lifecycle emissions shows that, in fact, blue hydrogen has a 20% greater greenhouse gas footprint than burning natural gas or coal directly for heat and some 60% greater than burning diesel oil for heat. And because blue hydrogen uses fracked gas as a feedstock, greenlighting ARCH2 would mean more expanding fracking operations, generating even more pollution and climate-warming emissions.

Ohio AG Sues Austin Master Services for Unsafe Storage of Wastewater-- Marcellus Drilling News - Ohio Attorney General Dave Yost took legal action Monday, seeking to force Austin Master Services in Martins Ferry (Belmont County), OH, to correct “egregious violations of Ohio law” regarding storage of oil and gas waste that he says threatens the Ohio River (500 feet away) and Martins Ferry’s drinking water supply (1,000 feet away). Austin Master Services serves the Marcellus/Utica industry (and other industries) with radiological waste management solutions, including remediation, decontamination & decommissioning (D&D), and transportation. The company was bought by and is now a subsidiary of PA-based American Environmental Partners, Inc. (see American Energy Buys Radioactive Waste Co. Austin Master Services).

Martins Ferry Mayor Gives Update on Closed Frack Wastewater Facility -- Marcellus Drilling News - Yesterday, MDN reported that Ohio Attorney General Dave Yost took legal action on Monday, seeking to force Austin Master Services (AMS) in Martins Ferry (Belmont County), OH, to correct “egregious violations of Ohio law” regarding the storage of oil and gas waste that he says threatens the Ohio River and Martins Ferry’s drinking water supply (see Ohio AG Sues Austin Master Services for Unsafe Storage of Wastewater). Last night, Martins Ferry Mayor John Davies addressed the ongoing situation of the now-shuttered AMS facility at the biweekly City Council meeting. We learned some interesting things in reading his comments.

Public Employees Retirement System of Ohio Has $2.14 Million Stock Position in DT Midstream, Inc -- Public Employees Retirement System of Ohio reduced its holdings in DT Midstream, Inc. (NYSE:DTM – Free Report) by 9.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 40,449 shares of the company’s stock after selling 4,267 shares during the period. Public Employees Retirement System of Ohio’s holdings in DT Midstream were worth $2,141,000 as of its most recent SEC filing. Several other institutional investors also recently added to or reduced their stakes in DTM. Teachers Retirement System of The State of Kentucky grew its holdings in shares of DT Midstream by 93.7% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 33,110 shares of the company’s stock worth $1,752,000 after purchasing an additional 16,015 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of DT Midstream by 2.5% during the 3rd quarter. American Century Companies Inc. now owns 117,310 shares of the company’s stock worth $6,208,000 after purchasing an additional 2,876 shares in the last quarter. Deutsche Bank AG grew its holdings in shares of DT Midstream by 1,176.7% during the 3rd quarter. Deutsche Bank AG now owns 867,145 shares of the company’s stock worth $45,889,000 after purchasing an additional 799,224 shares in the last quarter. Comerica Bank grew its holdings in shares of DT Midstream by 11,073.2% during the 3rd quarter. Comerica Bank now owns 86,257 shares of the company’s stock worth $4,565,000 after purchasing an additional 85,485 shares in the last quarter. Finally, Creative Planning grew its holdings in shares of DT Midstream by 1.6% during the 3rd quarter. Creative Planning now owns 32,540 shares of the company’s stock worth $1,722,000 after purchasing an additional 511 shares in the last quarter. 79.82% of the stock is owned by institutional investors.

Summit Midstream Partners, LP Announces Sale of Utica Position for $625 Million - Summit Midstream Partners, LP announced today the sale of Summit Midstream Utica, LLC, which includes its approximately 36% interest in Ohio Gathering Company, LLC ("OGC"), approximately 38% interest in Ohio Condensate Company, LLC and wholly owned Utica assets to a subsidiary of MPLX LP for $625 million in cash (the "Utica Divestiture"). This transaction is the culmination of the comprehensive strategic review process undertaken by the Summit Board of Directors (the "Board"), in consultation with external advisors, that was publicly announced on October 3, 2023. As part of this process, the Board considered a wide range of opportunities to maximize value for unitholders, including an outright sale of Summit and other divestiture and partnership-level transactions. The Utica Divestiture and conclusion of the strategic review were unanimously approved by the Board. The Board and management team have completed their active process, but will remain open to all potential value-enhancing transactions. In connection with the Company's strategic review, the Board also evaluated various corporate structures to determine how to drive the greatest long-term value for unitholders. The Board believes converting to a C-Corp positions the Company to maximize value by enhancing trading liquidity, greatly expanding the universe of potential investors and optimizing the long-term tax consequences to unitholders. The Board and management plan to seek approval from Summit unitholders to convert the Partnership to a C-Corp at a Special Meeting later this year. Summit expects to file a proxy statement to provide unitholders with additional information about the rationale and benefits of the C-Corp conversion in advance of the Special Meeting. Transaction Highlights:

• Delivers significant value and dramatically improves credit profile and financial flexibility
• Reduces Summit's current net leverage by 1.5x to sub-4.0x, furthering progress toward achieving 3.5x net leverage target
• Increases liquidity with undrawn $400 million credit facility and more than $325 million of unrestricted cash
• Shifts Summit's portfolio to approximately 55% crude oil-oriented basins
• Accelerates timing of potential preferred equity and common equity distributions
• Positions Summit to continue to fund and execute on organic growth projects including further commercialization of Double E and potential synergistic bolt-on acquisitions, primarily in its Rockies segment
• Enables Summit to further reduce cost of capital in elevated interest rate environment
• Revised pro forma 2024 Adjusted EBITDA guidance of $185 million to $220 million¹

MPLX Acquires Utica Shale Assets From Summit Midstream Partners - MPLX has agreed to purchase the Utica shale assets from Summit Midstream Partners for $625 million in cash. The strategic acquisition includes nearly 36% of Summit Midstream Utica's stake in Ohio Gathering (“OGC”), around 38% in Ohio Condensate (“OCC”) and Summit Midstream Partners’ wholly-owned assets in the Utica Shale.Located in southeastern Ohio, particularly across Belmont and Monroe counties, the Summit Utica natural gas gathering system is a key component of this deal. It plays a crucial role in supporting producers targeting the dry-gas reserves of the Utica and Point Pleasant shale formations. The Summit Utica system specializes in the gathering and delivery of natural gas, primarily under long-term, fee-based gathering agreements that include acreage dedications.The transaction also encompasses OGC and OCC, collectively known as Ohio Gathering, which features a natural gas gathering system and a condensate stabilization plant in the Utica Shale. This system is crucial for a range of producers operating across the condensate, liquids-rich and dry-gas windows of the Utica Shale in counties like Belmont, Guernsey, Monroe, Noble and Harrison.Highlighting the significance of this acquisition, Summit Midstream Partners noted that the sale culminates a strategic review process initiated by its board in October of 2023. This sale is not just a business transaction but a strategic pivot, enabling Summit Midstream Partners to focus more on crude oil-oriented basins, with a transition in its portfolio to nearly 55% in these sectors.From a financial perspective, Summit Midstream Partners anticipates the sale to substantially reduce its debt, boost liquidity and dramatically improve its credit profile. The expected financial uplift includes adding a $400-million credit facility and more than $325 million of unrestricted cash, with a revised EBITDA guidance for 2024 being set at $220 million, up from $185 million. MPLX, which has been a joint venture partner and operator of the OGC and OCC assets since Summit's entry into the Utica Shale in 2014, stands to further solidify its presence in the region with this acquisition. The deal underscores MPLX's commitment to enhancing its portfolio in the Utica Shale, an area that has proven to be of significant interest to the energy sector, particularly for natural gas production.

Phillips 66 explores sale of pipeline stake worth over $1 billion, sources say - (Reuters) -U.S. oil refiner Phillips 66 is exploring a sale of its 25% stake in the Rockies Express Pipeline that it hopes could be worth more than $1 billion, including debt, people familiar with the matter said on Tuesday. The Rockies Express Pipeline (REX) is a 1,700-mile (2730-km)interstate natural gas pipeline, stretching from Wyoming and Colorado in the U.S. West to Eastern Ohio. Phillips 66 is working with its advisers on talks with potential buyers, which include private equity firms and infrastructure funds, the sources said, requesting anonymity as the discussions are confidential. The Houston-based company is hoping to command a premium to the stake's current book value of $451 million, the sources said, adding bidders would also need to assume debt obligations worth more than $500 million associated with the stake. A spokesperson for Phillips 66 declined to comment. Phillips 66, which has a market value of $67 billion, is aiming to raise about $3 billion from asset sales this year. In an interview earlier on Tuesday, Chief Executive Mark Lashier said the company was in discussions with potential buyers for asset sales, but it was not in a rush to complete divestments. He declined to name the assets referenced in those discussions. The company has come under pressure in recent months from Elliott Management, which disclosed a stake in November and pushed for Phillips 66 to improve its refining operations and revamp its board of directors. The activist investor and Phillips 66 agreed last month to add a new board member approved by the investment firm, and to work together to identify a second director appointment. The remainder of the REX pipeline is controlled by privately owned Tallgrass Energy. Stakes in pipelines, such as REX, are attractive to financial investors as they like businesses with steady cash flow, the sources said, adding stakes in interstate pipelines are not marketed to buyers often.

Federal Court Tosses Challenge to WV’s 2022 Forced Pooling Law - Marcellus Drilling News - Hopefully, we’re now at the conclusion of an effort to overturn a bill passed in early 2022 by the West Virginia legislature, Senate Bill (SB) 694, which finally brought forced pooling for shale wells to the Mountain State after eight years of trying (see WV House Passes Forced Pooling Bill, Done Deal When Gov Signs). A lawsuit brought by two West Virginia landowners seeking to overturn the state’s forced pooling (i.e., unitization) law was put on pause by a federal judge in December 2022 (see WV Landowner Lawsuit to Block Forced Pooling Law Dealt Another Blow). The federal judge said the lawsuit belongs in state court and that he did not have jurisdiction over the case. West Virginia officials disagreed and appealed the ruling to the next rung up the federal court ladder (see WV Appeals Lawsuit re Forced Pooling Law to Higher Fed Court).

Northern District of West Virginia Rules on Mineral Owners' Stand - The National Law Review -A federal court has dismissed a challenge to the validity of a West Virginia law authorizing pooling and unitization of oil and gas formations associated with Marcellus and Utica shale wells. The court concluded that the mineral owners who filed the suit lacked standing to bring their claims because they failed to allege an actual injury from the challenged law.As reported in an Alert published on February 1, 2024, the Fourth Circuit Court of Appeals directed the lower court, Judge John Preston Bailey of the District Court for the Northern District of West Virginia, to resolve a pending lawsuit challenging the law, known as Senate Bill 694, enacted by the West Virginia Legislature in 2022. This includes a determination of whether the mineral owners established legal standing to challenge the law. The District Court had previously abstained from addressing the merits of the claims or the legal standing of the mineral owners. Judge Bailey ruled that the mineral owners lacked legal standing for at least two reasons. First, the Court observed that the mineral owners did not allege that their mineral interests had been adversely affected by the challenged law, that they were subject to unitization under the law, or that their royalties were diminished in any way by the law. Second, the Court found no causal connection between the mineral owners’ alleged injury and the enactment of the law. The Court noted that the mineral owners did not explain how the agency they sued, the West Virginia Oil and Gas Conservation Commission, was affecting their mineral interest “in any way” or that future enforcement of the law against them was “imminent.”

Mountain Valley Pipeline fined $34,000 for 29 environmental violations -- The Virginia Department of Environmental Quality has issued fines to the Mountain Valley Pipeline for environmental violations. The fines total $34,000 for 29 different violations along the pipeline construction route through Virginia.From September to November last year, inspectors discovered inadequate erosion control, impacts to wetlands and say MVP broke rules outlined in a 2019 consent decree with DEQ.Most of the violations are for technical mistakes, like improper installation of a timber mat, and multiple cases of no secondary containments, which are used to contain sediment runoff and water from construction sites.David Sligh, conservation director with the group Wild Virginia, said these violations add up to a pattern of instances where mud and sediment likely ended up in water that should have been protected. He said he doesn’t think the fines are an adequate response to the pollution MVP has done to rivers, streams and wetlands.“There’s no reason to think that a minimal fine is going to affect their behavior going forward,” said Sligh. The pipeline is projected to cost $7.6 billion, and Sligh, who previously was an employee with DEQ, said $34,000 isn’t a very stiff fine for a company of that size.

U.S. NatGas Production Grew by 4% in 2023; M-U Grew 3% – 1.2 Bcf/d -Marcellus Drilling News - According to the data geeks at the U.S. Energy Information Administration (EIA), U.S. natural gas production grew by 4% in 2023, which was similar to the growth in 2022. U.S. gas production in 2023 averaged a whopping 125.0 Bcf/d (billion cubic feet per day). In 2023, more natural gas was produced in the Appalachia (Marcellus/Utica) region of the Northeast than in any other U.S. region, accounting for 29%, or 37.7 Bcf/d, of gross natural gas production. However, production growth in Appalachia slowed because our region doesn’t have enough pipeline takeaway capacity to transport more natural gas out of the region to the markets that would buy it.

EQT Eyeing Data Center 'Gold Rush' for Natural Gas-Fired Power, Unleashing More LNG - EQT Corp., the No. 1 natural gas producer in the United States, isn’t resting on its laurels. The gas giant is continuing to eye a potential East Coast LNG project, but it’s venturing into the artificial intelligence (AI) market, to gain a slice of the data center power market. Executive Vice President Rob Wingo, who oversees Corporate Ventures, sat down with NGI in Houston for a wide ranging discussion during CERAWeek by S&P Global. Wingo leads the Pittsburgh-based company’s efforts to identify and enter new businesses. He’s got a lot on his plate. EQT already contracts to move gas to the Gulf Coast for LNG exports. And it continues, as it has for two years, to advance a potential liquefied natural gas facility on the East Coast or offshore on the coast as a floating LNG facility

U.S. energy secretary tells skeptical executives natural gas export pause will be short-lived— The Biden administration this week sought to reassure skeptical oil and gas executives that a pause on liquified natural gas exports from new projects would be short-lived and would not alter the industry's meteoric growth.In less than a decade, the U.S. has become the world's largest LNG exporter as production of the commodity and construction of export terminals has boomed. LNG is natural gas cooled into liquid form to make it easier to transport.U.S. exports have provided European allies with energy security as they seek to end their dependence on Russian gas in the wake of Moscow's invasion of Ukraine. Industry executives argue LNG will play a key role in the energy transition by displacing coal for electricity generation.The Department of Energy announced a pause on exports from new projects in January to evaluate the impact the LNG surge has had on the climate, energy security and domestic prices."This pause on new LNG approvals sees the climate crisis for what it is: the existential threat of our time," President Joe Biden said after the January announcement.Secretary of Energy Jennifer Granholm indicated in Houston on Monday that the pause would be relatively short-lived."I predict that as we sit here next year ... this will be well in the rearview mirror," Granholm told the CERAWeek by S&P Global energy conference in reference to the LNG export pause.The energy secretary reiterated the pause has no impact on the 48 billion cubic feet per day that is currently authorized for export. This includes 14 billion cubic feet per day that is currently exported, another 12 Bcf/d under construction and 22 Bcf/d that is authorized but has not received final investment decisions.The 48 Bcf/d of currently authorized LNG is three times the current export capacity of the U.S., according to the Department of Energy.

Work progresses on NextDecade's Rio Grande LNG export plant in Texas - US LNG firm NextDecade is moving forward with construction work on the first phase of its Rio Grande LNG export terminal in Texas.In July last year, NextDecade took the final investment decision on the first three trains of its Rio Grande LNG project on the north embankment of the Brownsville Ship Channel in Cameron County, and completed $18.4 billion project financing.The firm also closed a joint venture agreement for the first phase which included about $5.9 billion of financial commitments from Global Infrastructure Partners (GIP), GIC, Mubadala, and TotalEnergies.NextDecade also expects to take a final investment decision to build the fourth liquefaction train in the second half of 2024.Phase 1, with nameplate liquefaction capacity of 17.6 mtpa, has 16.2 mtpa of long-term binding LNG sale and purchase agreements.These include deals with TotalEnergies, Shell, ENN, Engie, ExxonMobil, Guangdong Energy Group, China Gas Hongda Energy Trading, Galp, and Itochu. NextDecade awarded the $12 billion EPC contract to compatriot Bechtel and it officially kicked of work on the plant in October last year.

Freeport LNG says to boost capacity to about 16.5 mtpa - Freeport LNG, the operator of the three-train 15 mtpa liquefaction plant in Texas, will soon be able to produce a bit over 16.5 mtpa of LNG due to a debottlenecking project.“For roughly over a year and a half, Freeport LNG has been working on a debottlenecking project that will result in the installation of additional compressor capacity across the facility’s three liquefaction unit trains,” a Freeport LNG spokeswoman told LNG Prime on Wednesday.The recent liquefaction train unit outages that the company has experienced, have allowed Freeport LNG to accelerate the debottlenecking work of installing the additional compressor capacity across its three trains.“When complete, the debottlenecking project will increase Freeport LNG’s production capacity from an excess of 15 mtpa to just over 16.5 mtpa by roughly the June timeframe,” she said.Additionally, Freeport LNG’s train 4, which has received all regulatory approvals, will add an additional 25 percent LNG production capacity, when that train becomes operational, the spokeswoman said.Of the 15 mtpa of Freeport LNG’s export capacity, 13.4 mtpa has been sold to Osaka Gas, Jera, BP, TotalEnergies, and SK E&S.The spokeswoman said that Freeport LNG’s third train is currently online and producing LNG.“It was during the January freeze that damage occurred in one of the train 3 motors. Once we understood the cause of the damage, we knew it would be prudent to take proactive steps to inspect our other two trains,” she said.“So our train 2 liquefaction unit is now offline and our train 1 liquefaction unit will be taken down imminently,” she said.“We anticipate that our inspections on trains 1 and 2, and any subsequent, necessary repairs resulting from those inspections, will be completed on both trains by sometime in May,” the spokeswoman added

Exxon ahead of LNG expansion targets - US oil and gas company Exxon Mobil is ahead of schedule with its plan to double the size of its LNG portfolio to 40mtpa by 2030 and will focus on producing its own gas rather than trading the gas of third parties. There has been a strong focus on the production of LNG since 2022, and Exxon is looking to revamp its LNG trading strategy. Total Energies and Shell are the bigger players in LNG trading, overpowering Exxon; Shell made $2.4bn (£1.9bn) from trading LNG in the fourth quarter of 2023. Peter Clarke, Exxon senior vice-president for global LNG, said that Exxon’s approach to LNG trading differs to that of Total and Shell as Exxon mainly trades LNG that it produces itself. “Our portfolio is never going to look like Shell's, it's not going to look like Total's, we are targeting different aspects of the value chain. We are well on track to achieve the objective we set ourselves back in 2020 – and we are slightly ahead of that,” he told Reuters in an interview. In 2020, Exxon said it planned to double its LNG portfolio to 40mtpa by 2030, from 20mtpa. Clarke claimed it is now producing around 30mtpa. Clarke added that profits it can make on its own natural gas are larger than those made by purchasing and marketing LNG from third parties. “The big component in LNG is obviously the commercialisation of the LNG itself. We want to have the leading LNG portfolio in the world in terms of its financial robustness and financial returns. I would say we are well on the way to doing it,” he said. Examples of Exxon’s own production projects include the Golden Pass LNG project, in which it holds a 30% stake with QatarEnergies as a partner. The project will produce its first LNG in 2025 and will have an export capacity of around 18mtpa.

DC Circuit Backs FERC Time Extension for Natural Gas Pipelines - Bloomberg Law News

• Cheniere, National Fuel projects can proceed
• FERC’s ‘good cause’ decisions justified

US energy regulators acted reasonably when they granted time extensions to two natural gas developers to complete pipeline projects that were delayed by litigation and the Covid-19 pandemic, a federal appeals court ruled Friday.The Federal Energy Regulatory Commission properly found the developers demonstrated “good cause” in their requests to extend construction deadlines for projects in New York and the Gulf Coast, the US Court of Appeals for the District of Columbia Circuit decided. The Natural Gas Act’s “good cause” provision allows the commission to give more time to developers who can demonstrate their diligence and cite factors beyond their ...

US natgas prices fall 3% to 3-1/2-year low on mild weather (Reuters) -U.S. natural gas futures fell about 3% to a 3-1/2-year low on Tuesday on forecasts for milder weather and less heating demand over the next two weeks than previously expected and ample amounts of gas in storage. Also weighing on prices was the expiration of the April futures contract and the low amounts of gas flowing to liquefied natural gas (LNG) export plants due to work expected to continue through May at Freeport LNG's export plant in Texas. "Weather-driven demand for natural gas is set to drop ... over the next two weeks. With LNG feedgas demand wavering ... the low-demand shoulder season may prolong recent price weakness for natural gas," On its last day as the front-month, gas futures NGc1 for April delivery on the New York Mercantile Exchange fell 4.0 cents, or 2.5%, to settle at $1.575 per million British thermal units (mmBtu), their lowest close since June 2020. Despite the drop in the April contract, futures for May NGK24, which will soon be the front-month, were little changed at around $1.79per mmBtu. This is not the first time gas futures have collapsed to a 3-1/2-year low this year. In February, gas prices also fell to their lowest since June 2020 as near-record output, mostly mild weather and low winter heating demand allowed utilities to leave significantly more gas in storage than usual for this time of year. Analysts estimated current gas stockpiles were around 41% above normal levels. Those low prices will boost U.S. gas use to a record high in 2024, but cut production for the first time since 2020 when the COVID-19 pandemic destroyed demand for the fuel, according to the U.S. Energy Information Administration's latest outlook. Output was already down by around 3% over the past month as several energy firms, including EQT and Chesapeake Energy, delayed well completions and cut back on other drilling activities. EQT is currently the biggest U.S. gas producer and Chesapeake will soon become the biggest producer after its merger with Southwestern Energy SWN.N. Financial firm LSEG said gas output in the Lower 48 U.S. states fell to an average of 100.2 billion cubic feet per day (bcfd) so far in March, down from 104.1 bcfd in February. That compares with a monthly record high of 105.5 bcfd in December 2023. Meteorologists projected weather across the Lower 48 would remain mostly colder than normal through April 10. But with seasonally warmer weather coming, LSEG forecast gas demand in the Lower 48, including exports, would fall from 112.3 bcfd this week to 107.1 bcfd next week. Those forecasts were lower than LSEG's outlook on Monday. Gas flows to the seven big U.S. LNG export plants fell to an average of 13.2 bcfd so far in March, down from 13.7 bcfd in February. That compares with a monthly record of 14.7 bcfd in December. Analysts do not expect U.S. LNG feedgas to return to record levels until all three liquefaction trains at Freeport LNG's export plant in Texas return to service. Freeport has said it expects Trains 1 and 2 to remain shut until May for inspections and repairs, while Train 3 was operating. Each Freeport train can turn about 0.7 bcfd of gas into LNG.

March cold front helps narrow US gas storage surplus as NYMEX shrugs | S&P Global Commodity Insights -The US natural gas sector posted a larger-than-normal 36 Bcf drawdown in storage stocks for the week ended March 22, the US Energy Information Administration said March 28, snapping a seven-week streak of bearish reports for the oversupplied US gas market. The US supply overhang remains massive despite the relatively bullish withdrawal. The latest estimate from the EIA narrowed US inventory levels to 2.296 Tcf for the week ended March 22, which is still 669 Bcf, or 41%, above the five-year average of 1.627 Tcf and 430 Bcf, or 23%, above the year-ago level of 1.866 Tcf. Analysts say any meaningful reduction in the storage surplus over the coming months may depend on steeper declines in US production or prolonged stretches of unusual weather. The NYMEX gas futures market largely shrugged off the EIA's latest report, already facing a string of bearish factors in 2024 including mild winter weather, unusually weak heating demand and storage levels that remain high compared to historical benchmarks. The NYMEX gas futures market largely shrugged off the EIA's latest report, already facing a string of bearish factors in 2024 including mild winter weather, unusually weak heating demand and storage levels that remain high compared to historical benchmarks.The newly prompt NYMEX Henry Hub May contract fell 2-3 cents mid-morning trading following release EIA report before retracing those losses by early afternoon to trade around $1.75/MMBtu , data from CME Group showed.After a rare mid-March storage build, the pivot back to withdrawals for the week ended March 22 was driven by market fundamentals tightening over the week as colder weather arrived in the Lower 48 states. The consensus estimate from S&P Global Commodity Insights' weekly gas storage survey had predicted a 31 Bcf withdrawal, which also would have amounted to an above-average pull.Total US demand in the week to March 22 increased about 8 Bcf/d, driven by residential-commercial demand jumping by about 6.1 Bcf/d for a week-over-week increase of about 26%, S&P Global data showed. Gas-fired power demand increased by nearly 1 Bcf/d over the same period, attributed in part by market analysts to a drop-off in wind-power generation, while industrial demand picked up by about 600 MMcf/d. On the supply side, dry gas production declined by nearly 100 MMcf/d, although that was offset a 320 MMcf/d increase in imports from Canada. On balance, the US gas market tightened by about 7.8 Bcf/d, S&P Global data showed. Late-season heating demand in parts country could help whittle down the country's surplus before injection season begins in earnest, with periods of cooler-than-usual weather forecast to continue in Texas and parts of the central, southeastern and western US into early April, according to the latest short-term outlooks from the National Weather Service. S&P Global's natural gas supply-demand and storage models are already predicting another relatively bullish storage report from EIA for the week to March 29. Both models foresee net withdrawals for the week ranging from 29 Bcf to 40 Bcf, compared with a five-year average withdrawal of 1 Bcf and a year-ago pull of 29 Bcf reported for the corresponding week. A withdrawal in the predicted range for the week would chip away further at the US storage surplus to the five-year average.

What's Causing Negative Gas Prices in the Permian and How Long Will They Last? -- Natural gas prices at the Waha Hub in West Texas have been below zero for going on two weeks — that’s outright negative cash prices, not basis, which means Permian producers are literally paying to have their gas taken away. Ample supply along with weak demand have prompted an early start to the injection season this year and are putting downward pressure on U.S. gas prices more broadly. But why all the craziness now? One of the best ways to get a handle on the Permian gas-market meshugah is to examine gas pipeline flows within the basin and without, which, as it turns out, is the focus of our upcoming School of Energy Master Class. Today's RBN blog is a blatant advertorial for that event where we’ll be discussing gas-flow analysis, pipeline modeling and how they help explain why Waha gas prices have gone sub-zero. At first glance, nothing extraordinary jumps out about what’s happening in the Permian to depress Waha prices. Permian supply is in line with or lower than where it has been all winter, except for during the mid-January freeze-offs. Is it pipeline maintenance? Weirdly low demand? We’ve dug into it and determined that no single driving factor or event is to blame for the recent run of negative prices. Instead, it’s a combination of low demand (both within the basin and without), as well as pipeline work along several key routes, including El Paso Natural Gas (EPNG) and some of the newer greenfield pipelines headed east out of the basin. And it looks like these overall dynamics will keep downward pressure on Waha prices throughout the spring, meaning we likely haven’t seen the last — or lowest — of negative prices in the basin this year. Yikes!Negative gas prices for weeks or even months in a market as massive and important as Waha is a big deal, so it’s worth taking a look under the hood and getting our hands dirty to see what’s going on. For now, let’s focus on just a couple of the key factors at play: namely, gas flows within the Permian and from there to the U.S. West Coast. By using pipeline flow analysis — which you can learn to do on your own at our April 10 Master Class — we can unpack the impact of the ongoing EPNG system maintenance on both the West Texas and California markets to reveal part of the puzzle of why Waha prices are negative now and how long this price pressure might persist.Maintenance on EPNG (light-green lines in Figure 1 below) has been intermittently disrupting flows from the Permian to the California border for some time now, and who feels the pain depends on what else is happening in both regions. Last fall, these flow disruptions were a bigger deal for California than they were for the Permian, but currently it’s the Permian that’s feeling the heat.

When Natural Gas Prices Cool, Flares Burn in the Permian Basin - – Sharon Wilson trained her bulky, black camera on a thin, steel tower next to a natural gas compression station.The screen of her Optical Gas Imaging camera lit up with warm colors, indicating that methane was pouring out of the tower. Wilson, of the non-profit Oilfield Witness, was recording the Oklahoma-based company ONEOK’s Coyanosa station in its WesTex pipeline network. The station maintains pipeline pressure of natural gas during transportation. Wilson documented widespread flaring, venting and other methane releases during a week in the Texas Permian Basin this month. Natural gas prices in the Permian Basin fell below zero during March. When natural gas prices are low, companies are more likely to vent or flare methane. Pipeline capacity to transport the gas out of the Permian Basin is currently limited, which can also result in more flaring.That’s bad news for efforts to fight climate change. Natural gas is mostly made up of methane and the Permian Basin is the single-largest source of methane emissions in the U.S. oil and gas industry. As a greenhouse gas, methane is about 80 times more potent at warming the atmosphere than carbon dioxide over a 20-year period. Flaring also releases a variety of hazardous air pollutants, including volatile organic compounds like benzene, a carcinogen, and contributes to ground-level ozone, a pollutant that causes respiratory illness and heart disease. The Permian Basin produces more crude oil than any other in North America and is now the second-most productive gas basin in the country. Drilling for oil yields the biggest profits for energy companies, but oil drilling also produces large volumes of natural gas. Companies flare natural gas if they aren’t able to sell or transport it, a practice known as routine flaring.“They have to get rid of the gas because it’s going to cost them money to get it in a pipeline,” Wilson said.At the Waha Hub, where natural gas produced in the Permian Basin is funneled into pipelines to reach demand centers, the price for gas dipped below zero on March 13 and was still negative as of March 21. Analysts warn that the capacity for pipelines to transport gas away from the Permian Basin is limited. The ONEOK compression station where Wilson documented methane emissions connects gas producing wells in the Permian Basin to the Waha Hub. An ONEOK spokesperson said during the time period Wilson documented emissions at the compression station, “no unpermitted emissions occurred.” However, a spokesperson for the Texas Commission on Environmental Quality said the emissions were not reported to their agency, as required by law, and they would be looking into the incident. The Permian Basin sprawls across the arid landscape of West Texas and southeastern New Mexico. The quantity of this gas in the Permian has nearly tripled since 2018, according to the Energy Information Administration. At drilling sites, the Railroad Commission of Texas enforces State Rule 32, which prohibits flaring natural gas. However, the Commission grants thousands of exceptions a year. Companies can request an exemption to flare when there is not enough pipeline capacity. During January 2024 in Texas, 2.65 percent of the natural gas produced at oil wells, known as casinghead gas, was flared, according to information provided by the Railroad Commission. More recent data was not available. “In the rush to develop the oil in the area, [companies] don’t plan for how to manage the gas that’s produced at the well,” explained Elizabeth Lieberknecht, a regulatory and legislative manager at the Environmental Defense Fund.The Environmental Protection Agency issued its final rule to reduce methane emissions under the Clean Air Act in December. The new rules, as written, will eventually prohibit routine flaring, which is currently allowed in Texas. However, the attorneys general of Texas and another two dozen stateshave challenged the federal rule. The legal challenges may delay implementation. Extensive pipeline construction has facilitated moving natural gas out of the Permian. But East Daley Analytics, which provides energy market analysis, and Validere, an emissions data company, projected in a May 2023 report that, starting in 2024, production growth in the Permian Basin once again could exceed gas “takeaway” capacity. The authors expected the problem to peak in mid-2024. When there is not enough pipeline capacity, companies can either limit drilling or increase flaring.

Why Colorado’s oil and gas industry filed a ballot proposal to ban oil and gas drilling -Over the last few months, Colorado’s oil and gas industry has mounted an all-out opposition campaign against a suite of legislative proposals backed by climate and air quality advocates. It has blanketed the airwaves with ads calling on lawmakers to kill the bills and held press conferences claiming the plans would wreck the state’s economy. But the latest move from industry-aligned lawyers stumped many political observers. On March 22, attorneys filed eight ballot proposals, including one draft initiative that would ask voters to approve the most controversial policy backed by environmentalists: a plan to phase out new drilling permits by 2030. Two other ballot proposals are copy-paste versions of the very air quality legislation the industry is trying to defeat. So why would the industry take the first step to ask voters to approve the exact policies it vocally opposes? It’s a question some of their top opponents are struggling to figure out. "We have no insight into what the oil and gas industry is doing with these measures,” said Jessica Goad, the vice president of Conservation Colorado, one of the state’s leading environmental groups. “They're either trying to game the system or have recognized the fact that we need to do more to reduce air pollution from oil and gas drilling." Mark Truax, the president and CEO of Pac/West Strategies, is leading ballot campaigns for Protect Colorado, a political action committee funded by Chevron Energy, Occidental Petroleum, and other major fossil fuel operators. He confirmed the latest ballot proposals are meant to force Colorado election officials to consider whether the language violates the state’s single-subject rule. The constitutional provision requires every proposed statute or constitutional initiative to limit itself to a single purpose clearly described in its title. “Besides threatening Colorado’s economy, we believe SB24-159, SB24-165, and HB24-1330 as introduced violate the single-subject requirement,” Truax told CPR News in an email. The rule applies to both legislative and ballot proposals, but it’s not enforced the same way. Every proposed ballot initiative is reviewed by the Colorado Title Board, which is comprised of the secretary of state, the attorney general, and the director of the Colorado Office of Legislative Legal Services, the non-partisan in-house council for the legislature. Each member usually appoints a delegate to sit on the board and vote on whether ballot initiatives meet the single-subject rule. The legislature, in contrast, doesn’t use the rule to gatekeep proposals. While nonpartisan staff members might advise lawmakers on whether a proposal follows the constitutional provision, elected officials can run bills and determine their titles. If a bill passes both chambers, the governor might issue a veto if they feel it violates the single-subject rule. If it’s signed into law, it can be challenged by a lawsuit and a court might then determine it is unconstitutional. By copying the language of the proposed legislation it’s trying to defeat as a ballot measure, Colorado’s oil and gas industry may have found a potential shortcut. If the Title Board determines that the proposal's language doesn’t follow the single-subject rule, the governor may be less inclined to sign it, and a court might also be more inclined to invalidate the policy. “They must be fairly confident they’ll win this argument in front of the Title Board,” said Curtis Hubbard, a political consultant with experience running ballot measures as the owner of OnSight Public Affairs. “In my way of thinking, it’s a sign that deep pockets don’t have limits around where they’ll go to fight legislation they oppose.”

Federal Court Rules Major Wyoming Oil and Gas Lease Sale Illegal for Ignoring Climate Impacts --The U.S. Bureau of Land Management will have to reevaluate the wildlife and public health impacts of a major 2022 oil and gas lease sale in Wyoming after a federal judge ruled Friday that the agency had overlooked "what is widely regarded as the most pressing environmental threat facing the world today" when it moved forward with leasing 120,000 of federal land.U.S. District Judge Christopher Cooper ruled in Washington, D.C. that the BLM did not halt the lease sale even after it acknowledged that oil and gas drilling on the federal lands could result in the same negative environmental and social impacts as the addition of hundreds of thousands of cars to U.S. roads each year.Moving forward with one of the Biden administration's largest lease sales despite its likely environmental harm, said Cooper, was illegal under the National Environmental Policy Act and other laws.Representing The Wilderness Society and Friends of the Earth (FOE), environmental legal group Earthjustice sued BLM over its leasing plans' potential impact on the greater sage grouse, an endangered bird species, and other wildlife, as well as groundwater impacts.The judge found BLM did not complete a sufficiently detailed review of drilling impacts on the greater sage grouse, and relied too heavily on outdated and overly broad analyses of oil and gas drilling in Wyoming.While the agency has been attempting to "stop the bleeding" of the greater sage grouse, whose population has declined nearly 40% since 2002, the BLM still refused to postpone leasing in a critical habitat for the bird.The Biden administration also did not adequately explain its analysis of potential groundwater harms, said the ruling.Despite some conservation strides by the Biden administration, The Wilderness Society's Ben Tettlebaum said the court's decision "affirms that much work remains" to be done. The BLM, he added, "must fully account for the serious impacts of its oil and gas program on groundwater, wildlife, and the climate."

Chevron will pay record fines for oil spills in California - Oil giant Chevron has agreed to pay a record-setting $13 million to two California agencies for past oil spills, but some of the company’s spills are ongoing.The fines, announced Wednesday, come more than three years after an investigation by The Desert Sun and ProPublica found that oil companies are profiting from illegal spills and that oversight of the industry by California’s oil and gas division was lax.At least one of Chevron’s spills is still running 21 years after it began in a Kern County oilfield, although a state spokesperson said it has been reduced by 98% “from its peak.” The amount spilled from the site, dubbed GS-5, is larger than the Exxon Valdez disaster.The crude collected from GS-5 generated an estimated $11.6 million in just three years, The Desert Sun and ProPublica found. In fact, rather than stopping potentially deadly inland spills, known as surface expressions, oil companies have routinely tried to contain them with netting or pieces of metal and used more than 100 of them as unpermitted oil production sites in Kern and Santa Barbara counties.This week’s announcement stopped short of saying GS-5 and other ongoing spills must be stopped, as required under state law. Instead, officials said the settlement “creates a framework for managing the spills with State oversight,” and “Chevron agrees to continue monitoring the site with Department of Conservation oversight.” No specific sites were named.In follow-up emails and a phone call, spokespeople for the state said the fines cover the first phase of the Cymric spill, in which a river of thick crude flowed down a natural watershed. Chevron for several years denied it posed a risk to health and the environment, and the company fought a $1.6 million fine imposed by state regulators. The penalties also cover dozens of smaller spills that killed or damaged wildlife and habitat.The new fines, which will be paid to the Department of Conservation and the Department of Fish and Wildlife, are unprecedented for the agencies but are minuscule for Chevron, a multinational that reported $2.3 billion in earnings in the fourth quarter of 2023.Spills in Chevron’s Cymric oil field had gushed more than 6 million gallons of wastewater and crude as of last June, but the settlement covers only 2 million gallons spilled from unidentified Kern County Chevron operations.A spokesperson for the Department of Fish and Wildlife said in an email that the fines covered the first phase of the Cymric incident that the agency’s oil spill response teams worked on from June 2019 through April 2020, totaling 1.2 million gallons, about 70% wastewater and 30% oil.As for the decadeslong GS-5 spill, Department of Conservation spokesperson Jacob Roper said: “As mitigation continues, less oil finds its way to the surface. Mitigation measures include injecting water underground to improve ground stability, sealing subsurface leak paths and removing fluids in shallow areas before they can reach the surface.” (The injected fluid gradually cools hot steam so as to not create more boiling spills.)At the spill’s peak in 2019, Roper noted, about 2,500 barrels of oil and water came to the surface each day. At the start of 2024, that had fallen to 80, and it has since dropped to 68.

California governor, celebrities and activists launch campaign to protect law limiting oil wells (AP) — Arnold Schwarzenegger and Jane Fonda joined California Gov. Gavin Newsom and environmental advocates in Los Angeles on Friday to launch a campaign to keep a 2022 law banning new oil and gas wells near homes, schools and hospitals.The law bans new wells within 3,200 feet (975 meters) of certain community sites, and proponents say it will protect residents from the health impacts of pollution. It hasn’t taken effect after the oil industry qualified a referendum to ask voters to overturn it in November.At a Los Angeles park with an oil pump jack in the background behind him, Newsom said keeping the law is a key part of advancing the state’s climate goals.“Big Oil is the polluting heart of this climate crisis,” Newsom said. “Thank you for being here today, tomorrow, and thank you for being there on Election Day, when we send a powerful message — not just here in the state of California, but heard all across the United States.”Newsom is backing a lawsuit claiming oil and gas companies deceived the public about the risks of fossil fuels. It’s part of his efforts to fortify California’s status as a climate leader as the state transitions away from fossil-fuel powered cars, trucks and trains.The California Independent Petroleum Association, which is pushing for voters to overturn the law, is concerned about how it will impact the oil and gas industry, which generates large amounts of state and local tax revenue.Newsom signed a law last year that was inspired in part by oil industry tactics, which have come under scrutiny, to collect enough signatures to get the referendum on the ballot. The law requires top funders pushing a referendum proposal to overturn a law to be listed on voter information guides released by the state. It also requires a referendum on the ballot to ask voters to “keep the law” or “overturn the law,” a departure from asking them to vote “yes” to keep the law or “no” to block it.Lawmakers introduced a bill last year that would have made oil companies pay up to $1 million to people with cancer or other health problems associated with a well, but it was blocked by the Senate Appropriations Committee.

Coast Guard updates clean-up efforts for tank 11 diesel spill at the Randolph Harley Power Plant in St. Thomas, U.S. Virgin Islands > United States Coast Guard News > Press Releases— Coast Guard oversight efforts continue, Thursday, for ongoing Virgin Islands and Water and Power Authority (VIWAPA) clean-up operations at the Randolph Harley Power Plant in St. Thomas, U.S. Virgin Islands, following the tank 11 diesel discharge that occurred at the facility, Oct. 25, 2023. Since the day of the incident, the original estimates of 33,600 gallons of No. 2 diesel discharged outside tank 11’s secondary containment have been updated and calculated to be over 50,000 gallons. The Coast Guard has been communicating and consulting with local government agencies, stakeholders, and partner members from the Caribbean Regional Response Team, including local Department of Natural Resources, the Environmental Protection Agency, the National Oceanic Atmospheric Administration, U.S. Fish and Wildlife Service, the U.S. Corps of Engineers and the Department of Transportation Pipeline and Hazardous Materials Safety Administration, among others, which are collaborating with the Federal On-Scene Coordinator during this response. “This is a long-term and complex response which includes several phases and matters that are being resolved with VIWAPA to ensure the most diligent and effective clean-up of the site,” said Capt. Jose E. Díaz, Coast Guard’s Federal On-Scene Coordinator for the VIWAPA Tank 11 diesel spill. “As good stewards of the environment, removing this pollution threat is our top priority and should be carried out with the diligence and expedience it requires to ensure the safety of our citizens and the proper remediation of the affected environment.” Current clean-up operations remain actively focused on the recovery of the subsurface diesel material along the hillsides leading to Lindbergh Bay and Krum Bay, as well as the affected coastal area of Lindbergh Bay. Presently, clean-up crews continue irrigation tactics utilizing a high-volume low-pressure flow of water to help move the subsurface diesel through seven natural land veins to established collection points from where the diesel is being recovered. VIWAPA contractors are conducting weekly sampling for the response and management of an established collection system on the Krum Bay side of the site. Furthermore, Coast Guard Atlantic Strike Team personnel provide continuous technical and regulatory compliance consultation to the Federal On-Scene Coordinator and VIWAPA, contractor oversight of collection and recovery activities of diesel free product and contaminated soils on-scene, and monitoring of VIWAPA’s site safety plan, which includes managing air monitoring activities for clean-up crews at the site. Clean-up operations in the next 30 days include GeoSyntec consultants utilizing Light Detection and Ranging (LiDAR) technology to conduct a sub-surface site assessment and plume modeling of the affected terrain to help identify areas of free diesel product and provide recommendations for response recovery strategies. Once the site assessment is completed, VIWAPA will use the data to execute a drilling strategy to reach and recover the subsurface diesel. VIWAPA is also working with Coast Guard and other government agencies to finalize a comprehensive Waste Management Plan for the storage, transportation, and disposal of hazardous waste and contaminated materials from the site. The plan will include the proper management of all oily water waste, contaminated vegetation, and response materials that have been utilized to recover the diesel.

Hanwha Ocean bags $1.84 billion Qatari LNG carrier order - South Korean shipbuilder Hanwha Ocean, previously known as DSME, has secured an LNG carrier order worth about $1.84 billion as part of QatarEnergy’s massive shipbuilding program.The shipbuilder said on Monday it will build eight LNG carriers for an owner in Oceania and deliver them by January 2028.Hanwha Ocean did not reveal the name of the company but QatarEnergy announced on Sunday that it has signed time charter agreements for 25 LNG carriers with Nakilat as part of the second phase of the shipbuilding program, saying that eight of these 174,000 cbm vessels will be built by Hanwha Ocean.Prior to this, Hanwha Ocean signed a memorandum of understanding for 12 LNG carrieers tied to the shipbuilding program.The price of about $230 million per LNG carrier is also in line with the previous orders under the second part of the program. It is also much less then the current price of about $265-270 million for 174,000 cbm LNG carriers in South Korea.Last year, QatarEnergy signed a deal for 17 LNG carriers worth about $3.9 billion with HD Hyundai Heavy, kicking off the second phase of the shipbuilding program.In addtion, Samsung Heavy also secured a large order to build 15 LNG carriers for about $3.45 billion and this order is also tied to the program.

Exxon warns Australia faces sharp drop in gas supply, calls for policy stability (Reuters) - Exxon Mobil Corp (XOM.N), opens new tab on Tuesday gave a dire warning about the outlook of Australia's domestic gas supply, joining other gas producers in calling for policy stability and more investment in the sector. There is an urgent need for new investment in domestic gas supply and infrastructure to provide energy security and affordability for households and businesses, ExxonMobil Australia's Commercial Director David Berman said in a speech to the Australian Domestic Gas Outlook (ADGO) conference in Sydney. "Without investment, ExxonMobil Australia estimates by 2030 domestic gas supply available to southern states will decrease by 44%," Berman said. Exxon operates the Gippsland Basin joint venture, the biggest single gas supplier into the country's southern region, which includes New South Wales, Victoria, Tasmania, the Australian Capital Territory and South Australia. Berman said it takes just months to apply for and receive an onshore and offshore drilling permits in the U.S. but in Australia it can take up to two years. "Chasing sizably lower domestic gas prices requires significantly shorter regulatory timelines because one third of the gas that will be required by consumers on the east coast between 2025 and 2030 is not in production," he added. The Gippsland Basin has the resources to be able to help plug the gap, but final investment decisions to develop that gas have yet to be made, Berman said. Gas producer Senex Energy's Chief Executive Ian Davies said Australia's environmental approval process was killing investment as it takes almost three years for new projects to secure a green light. Davies said the Labor government's planned changes to its environmental protection law had to ensure the nation's resources industry remained competitive. Labor has proposed reforming the Environment Protection and Biodiversity Conservation Act (EPBC) with new legislation and the establishment of an agency to oversee development decisions. The government has argued the changes should reduce red tape and streamline the project assessment process. "The 1,009 days it takes on average to approve a resources project under the EPBC act is killing investment in Australia," Davies told the conference. Minister for the Environment and Water Tanya Plibersek did not immediately reply to a request for comment. Senex, owned by South Korea's Posco International Corp (047050.KS), opens new tab and Hancock Energy, is a Queensland-based gas producer. It had been due to spend A$1 billion ($653 million) on expanding its Atlas project in Queensland's Surat Basin. The expansion was put on hold in December 2022 after the government set a price cap on gas sales by east coast producers to reduce soaring power bills for households and businesses.

Pakistan to seek US waiver over Iran gas pipeline - Pakistan Observer - Minister for Petroleum Musadik Malik has said that Pakistan would approach the United States to waive the sanctions over the Iran-Pakistan Gas Pipeline project. Speaking to media representatives, the petroleum minister said that Pakistan cannot afford the project to be halted, adding that the United States government would be asked to waive off the sanctions from the project. “We have prepared an exemption petition draft against the US sanctions,” Musadik Malik added. He said that Pakistan will fully present its case on the matter. The petroleum minister said that Pakistan would use every available political and technological means to avert the sanctions. Musadik Malik said that Pakistan will start construction on its part of Iran gas pipeline project soon. The caretaker government had approved the 80-kilometre Iran-Pakistan gas pipeline project within the country’s territory. Earlier on March 21, Pakistan reaffirmed its commitment to Iran Pakistan gas pipeline project as Foreign Office Spokesperson Mumtaz Zahra Baloch said that it is the sovereign decision of the Pakistani government to move forward on the project. During her weekly news briefing, Mumtaz Zahra Baloch responded to the queries of the media persons regarding US congressional hearing. She made it clear that at this point there is no room for any discussion or waiver from any third party for the construction of the pipeline inside Pakistan’s territory. She said Pakistan has also conveyed to the US authorities the importance of this project for its energy security.

Russia supplies oil to North Korea as UN sanctions regime nears ‘collapse’ - Russia has started supplying oil directly to North Korea in defiance of UN sanctions, further cementing ties between the two authoritarian regimes and dealing a new blow to international efforts to contain Pyongyang. At least five North Korean tankers travelled this month to collect oil products from Vostochny Port in Russia’s Far East, according to satellite images shared with the Financial Times by the Royal United Services Institute, a UK think-tank. The shipments, which began on March 7, are the first documented direct seaborne deliveries from Russia since the UN Security Council — with Moscow’s approval — imposed a strict cap on oil transfers in 2017 in response to Pyongyang’s nuclear weapons tests. “These oil deliveries constitute a full-frontal assault against the sanctions regime, which is now on the brink of collapse,” said Hugh Griffiths, a former co-ordinator of the UN panel that monitors sanctions on North Korea. The vessels, which are North Korean-flagged and classified as oil products tankers, all visited the same berth operated by a Russian oil company at Vostochny Port, where they appeared to load. Satellite imagery confirmed that two of the ships then travelled from Vostochny Port to the North Korean port of Chongjin, where they appeared to unload. “The vessels we’ve seen at Russian terminals are some of the largest-capacity vessels in North Korea’s fleet, and the vessels are continually sailing in and out of the port,” said Joseph Byrne, a research fellow at Rusi. “Several of these vessels are also UN-designated, meaning they shouldn’t even be allowed entry into foreign ports, let alone involved in oil deliveries.” The deliveries come after North Korea last August began supplying thousands of containers of munitions to Russia, which military experts argue have made a significant contribution to Moscow’s war effort in Ukraine. According to Rusi, Vostochny Port has also been used as a hub for Russian ships allegedly involved in arms trade between the countries. “What we can see now is a clear arms-for-oil bartering arrangement in open contravention of sanctions that [Russian President] Vladimir Putin signed off on personally, illustrating Russia’s trajectory in recent years from international spoiler to outlaw state,” said Griffiths. All five of the North Korean ships made the journeys to Vostochny Port with their transponders switched off. One of those vessels, the Paek Yang San 1, was identified by the UN as having been involved in illicit ship-to-ship oil transfers designed to circumvent the import cap, which restricts North Korea to just 500,000 barrels a year each for oil and petroleum products. Deliveries can also only be deemed compliant if they are reported to a UN sanctions committee. Rusi researchers calculated that the oil deliveries documented from Vostochny Port could amount to 125,000 barrels of oil products — a quarter of the permitted annual quota — in a matter of weeks. Kremlin spokesperson Dmitry Peskov declined to comment. The operators of the North Korean ships could not be reached for comment. The revelation of the apparent oil-for-arms trade comes as western diplomats are rushing to preserve the UN panel that monitors compliance with sanctions on North Korea, amid fears that Russia could veto a renewal of the body’s mandate, according to three people familiar with discussions at the UN in New York. Western officials postponed a vote on renewing the expert panel last week after Russia and China made proposals to water down its mandate, the people said. The deliberations over the UN sanctions panel, which were first reported by Seoul-based news service NK News, have raised questions about how long the UN body — and the sanctions regime itself — can survive. “While there is a debate about the effectiveness of sanctions, what we are now seeing is what would start to happen if the sanctions were removed,” said Byrne. “This is giving North Korea a very significant lift.”

Indian refiners buy more US crude as Russia sanctions tighten - (Reuters) - More than 250,000 barrels per day of U.S. crude is set to arrive in India next month, the highest in more than a year, ship tracking data showed, amid tighter enforcement of sanctions on Russian crude. India, the world's third-biggest oil importer and consumer, is looking to diversify its oil supplies as fresh U.S. sanctions on Moscow threaten to dent Russian oil sales to India, the biggest buyer of Russian seaborne crude. About 7.6 million barrels of oil, or 256,000 barrels per day (bpd), were headed to India on three very large crude carriers and three Suezmax vessels, according to ship tracking firm Kpler. The ships, which were largely headed to India's west coast, were chartered by Reliance Industries, opens new tab, Vitol, Equinor, opens new tab and Sinokor, among others, according to data from financial firm LSEG. India was the top buyer of Russian oil last year after other groups retreated from purchases following Western sanctions on Moscow for its invasion on Ukraine in February 2022. Last month, the U.S. tightened efforts to reduce Russia's oil trade adding sanctions on state-owned shipping firm Sovcomflot and 14 crude oil tankers involved in Russian oil transportation. India's Reliance, operator of the world's biggest refining complex, will not buy Russian oil loaded on tankers operated by Sovcomflot after recent U.S. sanctions, sources told Reuters last week. More Indian refiners plan to shun Sovcomflot vessels, which may weigh on imports of Russian oil and leave Russia with fewer outlets for its flagship product, sources said.

India Suspends Venezuela Oil Purchases Fearing U.S. Sanctions Return, Stops Accepting Russian Oil Tankers - On Tuesday, Indian state and private refiners suspended purchases of crude from Venezuela as the U.S. sanctions waiver on Venezuela’s oil exports expires on April 18 and could lead to complications if not renewed, Bloomberg reported citing sources familiar.As OilPrice adds, private refiner Reliance Industries, which is India’s largest buyer of Venezuelan crude grade Merey, looks to avoid complications with cargoes if the U.S. were to re-impose the sanctions that were temporarily lifted for six months in the middle of October 2023. As the deadline for the waiver expiry nears, state refiner Indian Oil Corporation has also halted buying Venezuelan crude.At the end of last year, the U.S. introduced a temporary sanctions relief from October 2023 to April 2024, which now allows the production, lifting, sale, and exportation of oil or gas from Venezuela, and the provision of related goods and services, as well as payment of invoices for goods or services related to oil or gas sector operations in Venezuela.As a result, the top international oil trading houses are back in the business of trading with oil from Venezuela, and refiners in India returned at the end of last year to the market of purchasing Venezuela’s crude. In December, India resumed imports of crude oil from Venezuela for the first purchases since 2020 after the U.S. lifted most of the sanctions on Venezuela’s oil industry in October. For India, the world’s third-largest crude oil importer, Venezuelan oil is welcome as some refineries are designed to process the South American country’s heavy crude. The biggest refiners, including Reliance Industries, Indian Oil Corporation, and HPCL-Mittal Energy started securing crude cargoes from Venezuela as soon as the sanctions were lifted temporarily in October. Most refiners have resumed the purchases via intermediaries, sources familiar with the development told Reuters at the time. Reliance is also looking to discuss direct sales with Venezuela’s state-owned oil firm PDVSA, according to Reuters’ sources. It's not just Venezuela, however: last week Bloomberg also reported that all of India's oil refineries have stopped accepting Russian crude oil delivered by tankers operated by Sovcomflot, Russia’s largest commercial shipping company that has been sanctioned by the US, potentially dealing a blow to Moscow’s economy as India is one of the largest importers of its fossil fuels since the start of the Ukraine war. According to the report, private and state-run processors including the biggest - Indian Oil - have stopped taking cargoes if they’re on Sovcomflot tankers, as refiners scrutinize the ownership of each ship to make sure they’re not affiliated with the company, or other sanctioned groups.

Up to Rs10/litre: Significant hike in petrol prices under consideration - The federal government is contemplating a significant raise in petrol prices by up to Rs10 per litre, effective from April 1, 2024, further worsening the financial burden on the general public. The recent surge in petrol prices is attributed to an increase in premium from $12.15 per barrel to $13.507 per barrel, marking a $1.45 per barrel increment. In case the government passes on full impact on general masses ahead of Eid-ul-Fitr, the price of petrol would surpass high-speed diesel (HSD) price. It would rise from Rs279.75 to Rs289.75 per litre. Additionally, the Inland Freight Equalization Margin (IFEM) on petrol is expected at Rs5.01 per litre. There may be a slight decrease of Rs1.30 per litre in the price of HSD, as the premium on HSD stands at $6.50 per barrel as in the last two reviews of petroleum products. IFEM is expected at Rs3.76 per litre on HSD. The prices of kerosene oil (KERO) and light diesel oil (LDO) are expected to remain unchanged at Rs188.66 per litre and Rs168.18 per litre, respectively. The Oil and Gas Regulatory Authority (OGRA) will send its recommendation of petroleum prices on March 31, 2024, and the federal government will announce the price in light of the OGRA’s recommendations. This rise in petroleum product prices is anticipated to occur without the proposed imposition of 18 percent general sales tax (GST). However, if the GST be levied, prices could surge by an additional Rs50 per litre on petrol. Currently, the government imposes a petroleum levy (PL) of Rs60 per litre, amounting to 21.4 percent of the current petrol price of Rs279.75 per litre. Again, if the government chooses to impose an 18 percent GST on HSD, the price could increase by Rs53 per litre from the current Rs285.70 per litre. Since February 2022, the federal government has maintained a zero GST rate on petroleum products. The International Monetary Fund (IMF) has been asking the government to remove sales tax exemptions on all items, including petroleum products. An official from the Federal Board of Revenue (FBR) noted that there are currently no proposals under consideration to impose sales tax on petroleum products. Nevertheless, the estimated revenue from an 18 percent sales tax on petroleum products could range between Rs21 billion to 25 billion per month, based on current consumption levels.

Exclusive: Russia increases gasoline imports from Belarus as domestic supplies shrink (Reuters) - Russia has increased gasoline imports from neighbouring Belarus in March to tackle the risk of shortages in its domestic market because of unscheduled repairs at Russian refineries after drone attacks, four industry and trade sources said on Wednesday. Usually Russia is a net exporter of fuel and a supplier to international markets, but the disruption of Russian refining has forced oil companies to import. Already Russia banned gasoline exports from March 1 to try to secure enough fuel for its domestic market after repeated Ukrainian drone attacks on Russian refineries since the start of the year. Russia normally imports very little fuel from Belarus, although it turned to it last August-to-October, when it faced fuel shortages that led to a rapid rise in gasoline prices and prompted another oil product export ban. This year, Russia has again increased gasoline imports from Belarus, and in the first half of March they reached almost 3,000 metric tons, Reuters sources familiar with the statistics said. In February, Russia imported 590 tons, while in January, there were no shipments from Belarus. Two industry sources, who requested anonymity because they were not authorised to speak publicly, said discussions on further imports were taking place between governments and oil companies. One of them said the talks were difficult as Belarus prioritises exports of its fuel to international markets. How much will be required by Russia will depend on the timing of refinery repairs, another of the sources said. Russian oil companies can increase oil supplies to Belarusian refineries in return for extra petroleum products for supply to Russia, the industry sources said. Belarus generally exports its oil products via Russian Baltic ports to international markets under long-term transit agreements between the states. Belarus has two oil refineries - the Naftan oil refinery in Novopolotsk and the Mozyr oil refinery. Each has a capacity of 12 million tons per year (some 240,000 barrels per day), but they typically run at lower capacity, each refining about 9 million tons per year (some 180,000 barrels per day). It is unclear how much Belarus can increase production and industry sources have said there are technical bottlenecks. Russia's Energy ministry and Belarus's state oil company Belneftekhim, which operates both of the republic's refineries, did not answer requests for comment. Neither did Russia's Rosneft, Lukoil, Tatneft and Gazpromneft, all major oil suppliers to Belarus and operators of gas stations in the republic. The refineries in Belarus use mostly Russian oil as a feedstock, while Russian oil companies, which have Belarusian subsidiaries, also buy gasoline from the refineries to supply their Belarusian fuel stations.

Over 20% Of The World's Oil Refining Capacity Is At Risk Of Closure - More than 20% of the total global refining capacity is at some risk of closure as refining margins are set to weaken alongside demand, while carbon taxes could also burden many refiners, Wood Mackenzie has said in a recent report.Overall, based on expected net cash margins in 2030, Wood Mackenzie has identified 121 out of 465 screened refining sites “at some risk of closure”. This represents a cumulative 20.2 million bpd of refining capacity, or 21.6% of the global capacity last year, WoodMac’s analysis showed.The energy consultancy sees refiners in Europe and China at higher risk of shutting down because of worsened economics. European refineries will see their net cash margins decline from 2030 due to the unwinding of free allowances for carbon emissions, while transport fuel demand in developed countries is expected to begin to decline from next year onwards, according to WoodMac’s analysis.“China will see liquid demand peak by 2027 and start to fall as the country actively electrifies their road transport. Non-OECD countries will enjoy continued demand growth beyond 2030, but their refiners will not be immune as global demand for transport fuels falls,” researchers and analysts and Wood Mackenzie wrote.Europe could also see its long-standing fuel export trade volumes with Nigeria tumble after the start-up of the Dangote Refinery, Africa’s biggest, earlier this year.The trade, estimated to be worth $17 billion each year, could be threatened by soaring output at the Dangote refinery, traders and analysts told Reuters earlier this month.The Dangote refinery, with a processing capacity of 650,000 barrels per day (bpd), is expected to meet 100% of Nigeria’s demand for all refined petroleum products, and will also have a surplus of each of the products for export. Meanwhile, oil majors have recently announced upcoming closures of European oil refineries that would be converted into biofuels-making facilities. The latest include Eni’s refinery in Livorno, Italy, and Shell’s oil refinery at the Wesseling site in Germany which will be converted into a production unit for base oils.

Oil slicks in waters off Tuas Port likely to have originated inland, authorities investigating pollution source - — The periodic oil slicks found in the waters off Tuas Port are likely to have originated from inland Singapore, said the Maritime and Port Authority of Singapore (MPA) on Monday (March 25). Responding to media queries in a statement, MPA said that it is investigating reports of oil slicks in the area together with the National Environment Agency (NEA) and JTC Corporation (JTC). No evidence indicating a single source of the oil pollution has been found, said MPA, adding that the oil slicks have not significantly impacted port operations or navigation. Laboratory tests on oil samples by PSA — formerly known as the Port of Singapore Authority — found that the source is likely to have originated from "further inland", said MPA. Investigations by the NEA are also ongoing to identify probable upstream sources of the oil pollution, which may have flowed through drain networks to the sea. JTC has installed oil booms and closed-circuit television cameras along an open seaward section of a drain to monitor oil gathered at the booms. Surveillance of the area has also been stepped up though night patrols along Tuas South Avenue 16 and Tuas South Way, said MPA. The authority added it is deploying regular patrols to monitor the waters off Tuas Port, with oil spill response craft ready to be activated at short notice to deal with any oil slicks. NEA has also issued guidance and reminders to various premises in the vicinity of the area on how to properly manage waste oil.

Shell seeks millions in costs from law firm over failed oil spill claim - Legal Futures - Listed law firm Rosenblatt is facing the prospect of having to pay out millions of pounds after the High Court allowed proceedings for costs orders against it to proceed. Mrs Justice O’Farrell ordered the firm to show cause why a wasted costs order should not be made over whether it had authority to act for the claimants in a huge failed group action. She further ordered Rosenblatt to disclose funding agreements and other information that would help Shell understand the level of control it exerted on the claim brought against the oil giant with a view to applying for a non-party costs order. Shell argues that the firm went beyond acting as solicitors and became a funder of the litigation. Rosenblatt acted for 27,380 claimants and 479 communities taking action against Shell over an oil spill off the coast of Nigeria in two related actions (called Jalla 1 and Jalla 2), which last year the Supreme Court held were statute-barred for limitation. Initially, between 2015 and 2020, the claimants were represented by London law firm Johnson & Steller, with Rosenblatt latterly providing legal assistance and funding under a collaboration agreement. Rosenblatt took over the case in August 2020 and signed up the two lead claimants, who were stated to have authority to act on the individual claimants’ behalf, and the claimant steering committee to a damages-based agreement (DBA). A question throughout was whether, as a matter of Nigerian law, Rosenblatt had authority to act for the claimants. O’Farrell J ruled last year that it did where individual claimants had given their consent – but only five had – and where the claims were community claims in respect of community land rights (of which there were four). At a hearing last October, for which O’Farrell J has only just given judgment, the defendants sought its costs from the claimants and a wasted costs order against Rosenblatt for acting in breach of warranty of authority, as well as the disclosure order. She held that the claimants should pay the defendants 90% of their costs of the authority issue – said to be approaching £1.2m – and ordered an interim payment on account of £577,000. The defendants sought these costs from Rosenblatt on the ground that it was the real party to that issue or alternatively a wasted costs order.

OPEC rules out oil production policy change - The Organisation of Petroleum Exporting Countries (OPEC) and the broader OPEC+ group do not see any need to propose a change to the oil production policy when the Joint Ministerial Monitoring Committee (JMMC) meets next week, according to delegates, commodity analyst Giovanni Staunovo yesterday. OPEC+ members have decided to cut 2.2 million barrels per day (bpd) from the group’s production this quarter, although much of that was production cuts that were already in effect, including Saudi Arabia’s 1 million bpd voluntary cut. Early this month, the members of the OPEC+ alliance that had pledged the Q1 cuts announced they would roll over the supply reductions until the end of the second quarter. Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, Oman, and Russia are now cutting their respective crude oil production and exports in the first half of 2024 with extra voluntary reductions, on top of the voluntary cuts OPEC+ previously announced in April 2023 and later extended until the end of 2024. When the OPEC+ members announced on March 3 their intentions to extend the cuts into the second quarter, Russia changed its production/export cut plan and said that in the second quarter it would reduce supply by 471,000 bpd in the form of cuts to oil production and exports. In April, Russia will reduce production by 350,000 bpd and exports by 121,000 bpd. In May, the 471,000 bpd reduction would be in the form of a 400,000-bpd cut to production and 71,000 bpd cut to exports, and in June the Russian supply cut would be 471,000 bpd entirely from production reductions. The production estimates for February have shown that some of OPEC+ members – especially Iraq and Kazakhstan – continued to overproduce above their respective quotas. OPEC’s second-largest producer, Iraq, is committed to its voluntary cut in the OPEC+ agreement and will produce no more than 4 million bpd of crude oil, Iraq’s Oil Minister Hayan Abdel-Ghani said in February. Non-OPEC oil producer Kazakhstan, for its part, vowed to compensate over the coming months for a lack of compliance with the cuts in January.

Saudi Aramco CEO says energy transition is failing - — Saudi Aramco CEO Amin Nasser said Monday that the energy transition is failing and policymakers should abandon the "fantasy" of phasing out oil and gas, as demand for fossil fuels is expected to continue to grow in the coming years. "In the real world, the current transition strategy is visibly failing on most fronts as it collides with five hard realities," Nasser said during a panel interview at the CERAWeek by S&P Global energy conference in Houston, Texas. "A transition strategy reset is urgently needed and my proposal is this: We should abandon the fantasy of phasing out oil and gas and instead invest in them adequately reflecting realistic demand assumptions," the CEO said to applause from the audience. The Paris-based International Energy Agency forecast last year that peak oil, gas and coal demand would come in 2030. Nasser said demand is unlikely to peak anytime soon, let alone by that year. Nasser suggested that the IEA is focusing on demand in the U.S. and Europe and needs to focus on the developing world as well. Nasser said alternative energy sources have been unable to displace hydrocarbons at scale, despite the world investing more than $9.5 trillion over the past two decades. Wind and solar currently supply less than 4% of the world's energy, while total electric vehicle penetration is less than 3%, he said. Meanwhile, the share of hydrocarbons in the global energy mix has barely fallen in the 21st century from 83% to 80%, Nasser said. Global demand has increased by 100 million barrels of oil equivalent per day during the same period and will reach an all-time high this year, the CEO said. Gas has grown 70% since the start of the century, Nasser said. The transition from coal to gas is responsible for two-thirds of the reductions in carbon emissions in the U.S., he said. "This is hardly the future picture some have been painting," Nasser said. "Even they are starting to acknowledge the importance of oil and gas security." Developing nations in the global south, meanwhile, will drive oil and gas demand as prosperity rises in those nations, which represent more than 85% of the world's population, the CEO said. These nations receive less than 5% of the investment targeting renewable energy, he said. Nasser said the world should focus more on reducing emissions from oil and gas in addition to renewables. The CEO said efficiency improvements alone over the past 15 years have reduced global energy demand by almost 90 million barrels per day oil equivalent. Wind and solar, meanwhile, have substituted only 15 million barrels over the same period, he said. "We should phase in new energy sources and technologies when they are genuinely ready, economically competitive and with the right infrastructure," Nasser said.

Peak Oil is Officially Here! World oil production peaked November of 2018 | Peak Everything, Overshoot, & Collapse -- When I first published this post in February of 2022, I said that peak world oil production might have arrived, but it takes 5 years in the rear-view mirror to call it. Now peak “crude oil including lease condensate oil” is officially here! Production was less in November 2023 than the peak of global oil production in November 2018. See for yourself at the U.S. Energy Information Administration site here. You can ignore all the other liquids, they do not make diesel fuel for heavy-duty trucks, locomotives, and ships that do the actual work of civilization. Mainly the other categories are good for plastics, which we have more than enough of. Or ethanol for gasoline, but you’d destroy a diesel engine if you added this to extend diesel fuel. I suspect these categories were added to keep people from panicking like they did in the oil crises of 1973 and 1979. Why would they panic? There is a very tight correlation between fossil production, GDP, and population.Unconventional shale oil was responsible for over 90% of the increased production above the 2008 plateau with a little help from Canadian tar sands.Seven of the eight U.S. shale basins are past peak, with only the Permian producing the majority of fracked oil. And it may peak in 2024 (Geiger 2022). Or not, some scientists think the USA shale oil production could be on a plateau until 2040. But at any rate, when shale oil and gas decline, will be a hell of a rollercoaster ride down, since shale oil declines 80% over 3 years. And already 81% of all the other oil production is declining at 8.5% a year, offset by 4.5% enhanced oil recovery.As the energy crisis in Europe deepens, there could be a sudden mad rush of capital to explore, drill, and produce more oil which would keep the plateau going a bit longer.But wars, natural disasters, the export land model (the few oil producing nations left keep the oil for their own population and factories), plus other factors and black swans could also throw a monkeywrench in the works and cause oil production to fall rapidly. Above all, it is the FLOW rate that matters. Half the oil may still be underground, but it will take longer and more expensive to get, and require more energy to extract, subtracting what can be delivered to society for other uses. Delannoy et al (2021) estimate that by 2050, half of the gross energy output will be engulfed in its own production. Whoa — if the EROI of civilization needs to be at least 10 to 14, that’s the end of civilization (Lambert et al 2014)! Also important is that the actual problem is Peak Diesel since this is the portion of an oil barrel that really matters, as I showed in When Trucks Stop Running: Energy and the Future of Transportation. Diesel is what powers tractors, harvesters, mining, long haul, construction, and myriad other trucks that do the actual work of civilization. Diesel production may have peaked in 2015 (Turiel 2021) and Russia’s invasion of Ukraine has led to shortages of diesel (Slav 2022). In addition, supply chain issues for goods are likely to increase since trucks make everything you own or can imagine possible, and energy decline will lead to a financial depression, business failures, and a lack of key spare parts for trucks of all kinds (as well as locomotives and ships, which carry 90% of all internationally traded goods, including oil). And there may be a lot less oil than the EIA, IEA, BP Statistical review, and other estimates of world reserves have estimated. Laherrere et al (2022) explain the various methods used to calculate world fossil reserves, and why their method is probably most accurate — which is what Laherrere has written about for the past 60 years. Many geologists who’ve modeled likely fossil fuel decline within the IPCC climate model predicted that the most likely outcomes were RCP 2.6 to 4.5 (see the last chapter in “Life After Fossil Fuels”). If 2018 was the world peak oil production year, perhaps the lower RCP 2.6 is most likely. Laherrere et al (2022) estimates RCP 3.0 since the global CO2 emissions for the period 2020–2100 are approximately 1000 GtCO2 for coal, 750 GtCO2 for oil and 650 GtCO2 for natural gas, giving a grand total of 2400 GtCO2, with a further ~850 GtCO2 being emitted beyond 2100. Clearly such emissions are incompatible with the 580 GtCO2 limit to CO2 emissions to 2100 assumed by Welsby et al 2021 to meet 1.5 °C goal in the 2022 IPCC report. If the 1750 GtCO2 emitted so far has led to a 1.1 C increase, 3250 GtCO2 would add another 2 C for a total of 3 C above pre-industrial levels. I think a great deal of oil will be left in the ground. Geology isn’t the whole issue. Oil makes all other resources possible, including food, so its decline is likely to lead to social unrest, depressions, war and civil wars, supply chain failures, natural disasters like hurricanes taking out offshore oil platforms, floods and earthquakes damaging refineries, and other catastrophes that disrupt oil production. And don’t forget that the FLOW RATES will be lower. Maybe the last oil will take 1,000 years to get out — if we can maintain the level of technology we have now when things are falling apart. Nor are unconventional tar sands (Canada) or heavy oil (Venezuela) likely to produce much oil since their energy return on invested is very low. So that leaves their estimate of remaining conventional oil of 1100 Gb (Table 1) to carbon of ~470 GtCO2, well under the 580 GtCO2 limit to CO2 emissions and if the above parameters occur, less coal and natural gas as well.

Global energy demand will outpace population growth through 2050, Kuwait oil CEO says — Global energy demand will increase faster than the rate of population growth through 2050, contradicting projections that demand will peak this decade, according to the CEO of Kuwait Petroleum Corporation. "The world population is going to increase by about 25% between now and 2050, but energy demand will increase faster than that," Shaikh Nawaf al-Sabah told the CERAWeek by S&P Global energy conference in response to a question about whether demand will peak by 2030. "That means that we're going to require more energy intensity for the population in the world," al-Sabah said. Three-quarters of a billion people in the developing world have no electricity and nearly 2.5 billion people have no clean cooking solutions, according to the CEO. Oil Prices, Energy News and Analysis Follow today's coverage of oil prices and the latest news on crude oil Red Sea crisis could lead to global tanker shortage, Kuwait Petroleum CEO says U.S. energy secretary tells skeptical executives natural gas export pause will be short-lived Global energy demand will outpace population growth through 2050, Kuwait oil CEO says Exxon is not trying to acquire Hess in dispute with Chevron, CEO says Saudi Aramco CEO says energy transition is failing Solar CEOs bet that red state investments will protect them from threat of Trump repealing IRA "That is going to have to change," Al-Sabah said. "The global south will be a large component of energy demand in the future. And it's only fair to have countries that have – to use a term – energy poverty, be able to exploit natural resources in a clean and efficient manner." The Paris-based International Energy Agency forecast in October that demand for oil, coal and natural gas would peak before the end of this decade as clean energy technologies play a bigger role in the global energy mix. The IEA's projection has been a point of contention during discussions at the CERAWeek conference this week. Saudi Aramco CEO Amin Nasser said Monday at CERAWeek that projections of peak oil demand this decade are focused on Western nations. More than 85% of the world's population, however, lives in developing countries, he said. Demand growth potential in developing nations is significant with oil consumption ranging between 1 to just below 2 barrels per person per year, Nasser said. That compares to 9 barrels per person in the European Union and 22 barrels per person in the U.S., he said. The energy transition will be largely determined by developing nations, which receive just 5% of investments that target renewables, Nasser said. The current energy transition strategy is failing and needs a reset, Nasser said. Many alternative energy sources are currently unaffordable for a majority of people around the world, he added. The world needs to abandon the "fantasy" of phasing out oil and gas, said Nasser, calling for investments that reflect realistic assumptions for hydrocarbons. The Kuwait Petroleum Corporation plans to increase its production capacity to 4 million barrels per day by 2035 from 3 million bpd currently, Al-Sabah said. "The reason we want to get to 4 million a barrels a day during that period, is because we see demand increasing throughout this energy transition," Al-Sabah said. Crude demand will remain a central part of the energy mix in the coming decades, according to the CEO.

Oil prices up as geopolitical tensions fuel supply concerns Oil prices increased on Monday amid global supply concerns supported by heightened geopolitical risks. International benchmark Brent crude traded at $85.21 per barrel at 10.29 a.m. local time (0729 GMT), a 0.45% rise from the closing price of $84.83 per barrel in the previous trading session. The American benchmark West Texas Intermediate (WTI) traded at $81.01 per barrel at the same time, a 0.47% increase from the previous session that closed at $80.63 per barrel. Since major oil routes are still under threat from ongoing attacks on oil refineries and as the conflict between Russia and Ukraine intensifies, geopolitical risks continue to impact oil prices. Last week, the Russian governor of the Rostov region, Vasily Golubev, stated on Telegram that attacks by Ukrainian drones had shut down the largest oil refinery in the southern part of the country. The official said drones fell on the territory of the Novoshakhtinks refinery, which has an annual oil processing capacity of 7.5 million tons. Furthermore, hopes of a cease-fire in the Middle East subsided after the UN failed to pass a cease-fire resolution on Gaza on Friday. The UN Security Council was set to vote on a US draft resolution calling for an immediate cease-fire in Gaza linked to the release of all hostages. On Friday, Russia and China, two of the five permanent Security Council members, vetoed the US-proposed resolution. Meanwhile, the rise of the US dollar against other currencies is expected to reduce demand and slow the rise in oil prices. The US dollar index increased by 0.33% to 104.35 at 10.22 a.m. local time (0722 GMT) on Monday.

The Crude Market on Monday Traded Higher as the Russian Government Ordered Producers to Cut Output - The crude market on Monday traded higher as the Russian government ordered producers to cut output. The oil market, which posted an inside trading day on Friday, posted a low of $80.59 on the opening and continued to retrace some of its previous losses. The market was well supported by the news that Russia ordered companies to cut their oil output in the second quarter to meet a production quota of 9 million bpd by the end of June. The recent attacks on Russian energy facilities and Ukrainian energy infrastructure and fading hopes of a ceasefire in Gaza have also helped support the market. The market rallied to a high of $82.48 by mid-morning. However, the market erased some of its gains and traded in a sideways trading range during the remainder of the session. The May WTI contract settled up $1.32 at $81.95 and the May Brent contract settled up $1.32 at $86.75. The product markets ended the session in positive territory, with the heating oil market settling up 2.52 cents at $2.6786 and the RB market settling up 86 points at $2.7484. Goldman Sachs said “Brent prices modestly overshot fundamentals and are likely to consolidate for now at the top end of $70-$90 range.” The White House said it was very disappointed that Prime Minister Benjamin Netanyahu had canceled a high level Israeli delegation’s planned visit to Washington after the U.S. abstained from a U.N. vote demanding an immediate ceasefire in Gaza. White House spokesperson, John Kirby, said senior U.S. officials would still meet for separate talks with Israeli Defense Minister Yoav Gallant on issues including hostages, humanitarian aid and protecting civilians in the southern Gaza town of RafahA Houthi spokesperson said Houthis have threatened to target Saudi Arabia’s oil installations should the country allow a U.S.-led coalition to use its airspace to counter the group’s attacks. The U.S. formed a coalition with Australia, Bahrain, Canada, Denmark, the Netherlands and New Zealand to counter Houthi attacks in the region and safeguard commercial shipping routes. Saudi Arabia has not made a commitment to joining the coalition and has so far avoided making any statements that could provoke the Houthis.Three industry sources said Russia's government has ordered companies to reduce oil output in the second quarter to ensure they meet a production target of 9 million bpd by the end of June in line with its pledges to OPEC+.IIR Energy reported U.S. oil refiners are expected to shut in about 809,000 bpd of capacity in the week ending March 29th, marking an increase in available refining capacity of 8,000 bpd. Offline capacity is expected to increase to 882,000 bpd in the week ending April 5th.

Oil prices slip as traders assess Ukraine drone strikes, Red Sea impact -- Crude oil futures slipped Tuesday as traders assessed the impact of the wars in Eastern Europe and the Middle East on the supply picture. The West Texas Intermediate contract for May fell 33 cents, or 0.4%, to settle at $81.62 a barrel. The Brent contract for May lost 50 cents, or 0.58%, to settle at $86.25 a barrel. Solar CEOs bet that red state investments will protect them from threat of Trump repealing IRA Ukraine has escalated its drone strikes against Russian oil refineries, knocking an estimated 900,000 barrels per day of capacity offline, according to Goldman Sachs. The outages could take weeks to repair and, in some cases, there may be a permanent loss of capacity, the investment bank said. The disruptions' effect on crude prices will likely be mixed, with a decline in refinery demand bearish and a potential reduction in Russian oil exports bullish, Goldman noted. The Red Sea crisis, meanwhile, has led to a build of 100 million barrels of oil on international waters as shipping companies redirect trade flows to avoid attacks by Houthi militants, according to the bank. The Red Sea disruptions combined with Russian shipping frictions have given crude prices up to a $4 boost per barrel due to larger-than-expected draws from commercial stocks, according to Goldman.

Oil Futures Down Amid Consumer Pessimism, Weak Manufacturing -- Oil futures closest to expiration settled lower Tuesday, with product losses outpacing the decline in crude as returning refinery activity is seen leading to increased supply availability for oil products while lifting refiner demand for crude. Tuesday morning, The Conference Board released their U.S. Consumer Confidence Index which ticked lower in March to 104.7, well below expectations for a 106.7 reading, with U.S. consumers turning pessimistic about the future. "Consumers remained concerned with elevated price levels," said Dana M. Peterson, chief economist at The Conference Board. "March's write-in responses showed an uptick in concerns about food and gas prices." Peterson said confidence deteriorated for consumers under 55, and consumers in the $50,000 to $99,999 annual income range. Historically, driving activity correlates with the confidence level of consumers, so heightened pessimism bodes poorly for gasoline demand. Cumulatively in 2024 through March 15, Energy Information Administration shows gasoline supplied to the U.S. market a modest 0.2% below the comparable year-ago period. NYMEX April RBOB futures settled down $0.0478 to $2.7006 gallon Tuesday afternoon, with the backwardation in the prompt spread narrowing to $0.0153 ahead of the April contract's expiration Thursday afternoon. Demand for diesel fuel has been undermined by overall weak manufacturing, with the Federal Reserve Bank of Richmond survey of manufacturing activity for March released Tuesday the latest regional indicator showing a slowdown. On Monday, the Dallas Federal Reserve Bank reported a negative downturn in Texas manufacturing activity in March. "A business is only as good as its customers' business and is completely dependent upon its customers' demand -- and demand is weak. It's a far stronger, deeper recession than publicized," a fabricated metal product manufacturer told the Dallas Fed. Distillate fuel supplied to the U.S. market was down 72,000 bpd or 1.9% at 3.693 million bpd against a year ago during the four weeks ended March 15, EIA data shows, although an improvement from the first 12 weeks of 2024 which was down 102,000 bpd or 2.7% year-on-year. Freezing wintry weather in January and February slowed manufacturing activity. NYMEX April ULSD futures ended Tuesday's session $0.0568 lower at $2.6218 gallon, with the May contract settling at a narrowing $0.0059 discount to April delivery. NYMEX May West Texas Intermediate futures settled $0.33 lower at $81.62 bbl. ICE May Brent futures settled down $0.50 at $86.25 bbl ahead of expiration Thursday afternoon, with the June contract ending the session at a $0.62 discount.

WTI Extends Losses After API Reports Large Crude Build -- Oil prices dipped lower today, consolidating just off five-month highs."WTI crude oil and Brent crude oil front month futures trade steady after both climbing 1.6% on Monday as Ukrainian drones hit another Russian oil refinery, adding to the list of casualties of Russian refining infrastructure, which according to (Goldman Sachs) has knocked out an estimated 900,000 barrels per day of refining capacity," Saxo Bank noted.Expectations were for a third weekly crude draw in a row and an eighth weekly decline in gasoline stocks... API

• Crude +9.34mm (-1.2mm exp) - biggest build in six weeks
• Cushing +2.39mm
• Gasoline -4.437mm (-1.7mm exp) - 8th straight weekly draw
• Distillates +531k (+100k exp)

Against expectations of a small draw, API reported a surprise significantly large crude build and stocks at the Cushing Hub rose notably. Gasoline stocks fell for the 8th week in a row..WTI was hovering around $81.50 ahead of the API print and legged lower on the surprise crude build...And finally, as gasoline stocks decline, wholesale gasoline prices imply pump prices are going much higher...

WTI Rises After Smaller Crude Build - Oil prices are lower overnight following API's report of a large crude inventory build. DOE

• Crude +3.17mm (-1.2mm exp)
• Cushing +2.1mm - biggest build since Jan 2023
• Gasoline +1.3mm (-1.7mm exp)
• Distillates -1.185mm (+100k exp)

Unlike API's report, the official data showed gasoline stocks building last week (first build in 8 weeks) and stocks at the crucial Cushing hub surged by the most since Jan 2023...

Signs That OPEC+ is Unlikely to Change its Output Policy at its Meeting Next Week The oil market continued to trade lower on Wednesday amid signs that OPEC+ is unlikely to change its output policy at its meeting next week and the unexpected builds reported in crude stocks. The market remained pressured in overnight trading as traders took profits on the OPEC news. The crude market, which posted a low of $80.55, also fell after the API on Tuesday afternoon reported an unexpected build in crude inventories of 9.3 million barrels. The market bounced off its low and retraced some of its previous losses as it posted a high of $81.60 in late morning trading. This was despite the EIA showing a build of 3.2 million barrels in crude stocks compared with the market expectations of a decline of 1.3 million barrels. The crude market later traded mostly sideways ahead of the close, with the May WTI contract settling down 27 cents at $81.35. The market later posted a new high of $81.66 in the post-settlement period. The May Brent contract settled down 16 cents at $86.09. The product markets ended the session lower, with the heating oil market settling down 2.32 cents at $2.5986 and the RB market settling down 1.59 cents at $2.6847. The U.S. Energy Department said the Biden administration has awarded contracts worth $225.6 million to buy 2.8 million barrels of oil for the Strategic Petroleum Reserve to Atlantic Trading & Marketing, Macquarie Commodities, and Sunoco Partners Marketing & Terminals. IIR Energy reported that U.S. oil refiners are expected to shut in about 1.1 million bpd of capacity in the week ending March 29th, increasing available refining capacity by 33,000 bpd. Offline capacity is expected to fall to 956,000 bpd in the week ending April 5th. Six biofuels and agricultural industry groups this week called on the US EPA to quickly issue a waiver allowing the sale of E15 ethanol gasoline in the Midwest this summer, in order to allow consumers access to “lower cost” gasoline this summer. The EPA last month announced it would allow the higher ethanol blends to be sold nationwide and year round beginning in 2025. The EPA did issue temporary emergency waivers in 2022 and 2023 to help combat rapidly rising gasoline prices at the time. Colonial Pipeline is rationing space on a small line to Baltimore in an unusual move that signals demand is exceeding capacity after the Francis Scott Key Bridge collapsed on Tuesday when it was struck by a container ship. Much of the Baltimore area gets its fuel via pipeline rather than barges, meaning extra supplies will likely have to flow through the Colonial Pipeline. Colonial issued an allocation notice for Line 32, which delivers gasoline, diesel and jet fuel between Maryland’s Dorsey Junction to Baltimore neighborhood Curtis Bay. The notice is for cycle 17, which spans from April 9th-16th. The company also froze nominations, which means shippers cannot send more barrels than initially indicated, for the previous two cycles.

Oil prices fall on stronger dollar, weak US gasoline demand (Reuters) - Oil prices fell for the second consecutive session on Wednesday as the dollar strengthened and government data showed a surprise jump in U.S. crude and gasoline stocks. Brent crude futures for May shed 16 cents, or 0.2%, to settle at $86.09 a barrel while the more actively traded June contract was down 22 cents to $85.41. The May contract expires on Thursday. U.S. West Texas Intermediate (WTI) crude futures for May delivery dropped 27 cents, or 0.3%, to $81.35 a barrel. Both Brent and WTI futures have been under selling pressure since hitting more than four-month highs last week. A stronger U.S. dollar weighed on oil, with the U.S. dollar index gaining for a second consecutive session. A rising U.S. currency makes dollar-denominated oil more expensive for holders of other currencies, dampening demand. A surprise jump in U.S. crude and gasoline stockpiles also added to the pressure on oil prices, analysts said. U.S. crude oil stocks rose by 3.2 million barrels while gasoline stocks rose by 1.3 million barrels in the week ended March 22, according to data from the Energy Information Administration (EIA). Analysts polled by Reuters expected crude stocks to decline by 1.3 million barrels and gasoline stocks to drop by 1.7 million barrels. Gasoline demand fell for a second straight week to 8.7 million barrels per day (bpd), down from 8.8 million bpd in the prior week, EIA data showed. "Considering the fact that we're only making crude oil to make gasoline basically, that is a bearish development," said Robert Yawger, director of energy futures at Mizuho. The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, together known as OPEC+, are unlikely to change oil output policy until a full ministerial gathering in June, three OPEC+ sources told Reuters ahead of next week's meeting to review the market and members' implementation of output cuts. OPEC+ this month agreed to extend output cuts of about 2.2 million bpd to the end of June, although Russia and Iraq have had to go to extra lengths to tackle over-production. Those struggles have called into question the group's ability to comply with the agreed cuts, with OPEC having exceeded its targets by 190,000 bpd in February, a Reuters survey showed. "The OPEC+ production cuts have sparked debate over volumes, particularly concerning Iraq's overproduction over the past two months," said Alex Hodes, energy analyst at StoneX. "Another pivotal point is Russia's potential volume reduction," Hodes said. "Monitoring Russian oil flows in the upcoming quarter will be crucial for market observers," he added.

Oil jumps on tighter supply outlook - Oil prices rose by more than $1 a barrel on Thursday, after falling for two consecutive sessions, on the prospect of supplies given the Opec+ producer alliance is widely expected to stay the course on its current production cuts. Brent crude futures for May were up $1.30, or 1.5pc, at $87.39 a barrel at 1:28pm EDT (1728 GMT). The more actively traded June contract rose $1.22, or 1.4pc, to $86.43 at 1:28pm The May contract expires on Thursday. US West Texas Intermediate (WTI) crude futures for May delivery were up $1.43, or 1.8pc, at $82.78 a barrel. Both benchmarks were up more than 2pc on the week and were on track to finish higher for a third consecutive month. In the prior session, oil prices had come under pressure from last week’s unexpected rise in US crude oil and gasoline inventories, driven by an increase in crude imports and sluggish gasoline demand, according to Energy Information Administration data. However, the crude stock increase was smaller than the build projected by the American Petroleum Institute, and analysts noted the increase was lower than expected for the time of year. “We... expect US inventories to rise less than normal in reflection of a global oil market in a slight deficit,” “This will likely hand support to the Brent crude oil price going forward.” US refinery utilisation rates, which rose 0.9 percentage point last week, also supported prices. The US economy, meanwhile, grew faster than previously estimated in the fourth quarter. Gross domestic product increased at a 3.4pc annualised rate from the previously reported 3.2pc pace, the Commerce Department’s Bureau of Economic Analysis said. “The strength in the stock market suggests strong forward earnings that are, in turn, hinting at a surprisingly strong US economy conducive toward better than expected energy product demand,”

Oil Futures Close Out Q1 With Rally on Strong Economy -- Oil futures on the New York Mercantile Exchange (NYMEX) and Brent crude on the Intercontinental Exchange rallied during the final session of the first quarter with bullish macroeconomic data accelerating an advance after contracts reversed off technical support points midweek. In its final estimate for fourth-quarter 2023 U.S. gross domestic product, the Bureau of Economic Analysis (BEA) said Thursday morning that the U.S. economy grew at a 3.4% annualized rate, adjusting the expansion rate 0.2% higher from the month prior. The greater-than-expected economic expansion was primarily fueled by upward revisions to consumer spending and nonresidential fixed investment, according to the BEA. The resilience of the U.S. economy despite the Federal Reserve's monetary tightening cycle has repeatedly caught markets off guard, belying expectations at the start of the central bank's rate hiking cycle for recession. U.S. GDP growth did slow from a 4.9% growth rate for the third quarter 2023 while the Federal Reserve Bank of Atlanta's GDPNow forecast calls for a 2.1% expansion for the first quarter. The University of Michigan released its Index of Consumer Sentiment a day earlier because of Good Friday with its consumer survey showing sentiment improved 3.3% in March. "Critically, consumers exhibited confidence that inflation will continue to soften. Assessments and expectations of personal finances improved modestly from last month, as the perceived negative effects of high prices and expenses on living standards eased," said Joanne Hsu, who directed the survey. Strong economic growth spurred in large part by consumer spending and easing inflation concerns, even if only slightly, could push off an expected start to a rate-cutting cycle by the Federal Open Market Committee (FOMC) if inflation remains sticky. FOMC will make its next decision on the federal funds rate, currently in a 5.25% by 5.5% target range, on May 1. Expectations were limited FOMC would cut the rate on May 1, although the probability of maintaining the current target range increased from 90.4% on Wednesday to 95.8% Thursday, up from 81.3% at the end of February, according to CME's FedWatch Tool. The market still expects FOMC to trim the federal funds rate 25 basis points at its June 12 meeting, although today's economic data boosted those expecting no rate hike by 6.5% to a 36.4% probability. The U.S. dollar index rallied 0.2% to a 104.269 six-week high in index trading Thursday, which failed to slow the advance by West Texas Intermediate (WTI) futures, which surged $1.82 to $83.17 per barrel (bbl). WTI futures gained $11.52 bbl or 16.1% in the first quarter, with $4.91 of the increase occurring in March. The U.S. dollar strengthened by 3.2% during the first three months of 2024. ICE May Brent futures expired Thursday $1.39 higher at $87.48 bbl, with the June contract settling at a $0.48 discount. The advance by Brent crude in the first quarter came at a slower pace than WTI, climbing $10.44 or 13.6%, including $3.86 in March. Both WTI and Brent futures tested Fibonacci retracement support this week before Thursday's rally. NYMEX April RBOB futures rallied to a $2.7749-gallon seven-month high on the spot continuous chart, testing resistance at the $2.7795 trendline for the uptrend for the December 2022 low before expiring $0.0764 higher at $2.7611 gallon. The gasoline contract is in a seasonal uptrend amplified by a protracted refinery turnaround season dotted by unplanned outages, with commercial inventory drawn down 22.204 million bbl or 8.7% from late January to mid-March, according to data from the Energy Information Administration. During the first quarter, RBOB futures rallied $0.6585 gallon or 31.3%, with $0.4577 or 19.9% of the advance occurring in March. NYMEX April ULSD futures expired $0.0170 higher at $2.6156 gallon, bolstered after testing support at the $2.5895 trendline for the downtrend from the April 2022 high. The ULSD contract gained $0.0625 or 2.4% in the first quarter after a $0.0682 gallon decline in March. ULSD's market structure moved out of backwardation for the first time since June 2023 this week.

Houthis demand oil exports to Europe and Washington be cut by half – Middle East Monitor - The Houthis in Yemen demanded yesterday that oil exports to the US and Europe should be reduced by half. The movement said that this step would “prompt an end” to the ongoing Israeli war against the Palestinians in Gaza. The comment was made by a member of the Houthis’ Supreme Political Council, Mohammad Ali Al-Houthi, during a televised interview on Al-Masirah. “The Arabs have many cards in their hands [to stop the Israeli offensive], said Al-Houthi. “If they wanted to play them, they would do so, and this would have major consequences.” He called on the Arab and Islamic regimes to reduce the export of petroleum derivatives to the US and Europe by 50 per cent. “This will have repercussions [leading to ending the war].” A draft resolution was submitted to the UN Security Council by Algeria on 21 February. It called for an “immediate” ceasefire in Gaza for humanitarian reasons and received the support of 13 out of 15 members. The US used its veto against the resolution, while the UK abstained from voting. That was the third time that the US had used its veto in the UN Security Council for the benefit of the occupation state since the start of the Israeli offensive in October. Acting in “solidarity with Gaza,” the Houthis have been targeting Israel-linked merchant ships in the Red Sea for months using missiles and drones.

Red Sea crisis could lead to global tanker shortage, Kuwait Petroleum CEO says - — The crisis in the Red Sea could lead to a shortage in the global tanker fleet if disruptions persist for another six months, the CEO of Kuwait Petroleum Corporation told CNBC. Houthi militants have been striking commercial shipping in the Red Sea since November in support of Palestinians as Israel wages war in Gaza. The attacks have forced many container shipping and tanker companies to divert traffic around the Cape of Good Hope in southern Africa, adding time and cost. "One of the things I think we may be concerned about is if this continues for another six months, that we will not have perhaps the tanker fleet available to continue to go around," Shaikh Nawaf al-Sabah said of the global fleet during an interview at the CERAWeek by S&P Global energy conference. KPC has diverted a substantial amount of production around the Cape during the crisis, al-Sabah said, declining to provide specific numbers. The company is continuing to ship through the Red Sea and is making decisions on which route ships should take on a daily basis, he said. "We maintain a strategic tanker tanker fleet for these types of reasons," al-Sabah said. "We're comfortable that we can supply our customers in the quantities that are required on time without issue, but I don't know how many other producers have that strategic vision." Al-Sabah does not see a risk of Middle East tensions leading to a conflict that could disrupt crude supplies in the wider region. The Persian Gulf has faced numerous wars but the only time Kuwait has been unable to ship was during Iraq dictator Saddam Hussein's invasion of the country in 1990, he said. "I don't see a supply fear," the CEO said. "I am confident that the industry and the system is well equipped to handle potential supply crises that might happen." Chevron CEO Michael Wirth, however, said the security situation in the Middle East is "tenuous" and "could pivot on a dime." Wirth told CNBC that Chevron is "not moving ships to the Red Sea." "Today the conflict in Israel and Gaza goes on, a resolution does not seem to be at hand and the regional risks continue to be high," Wirth told CNBC's Brian Sullivan at CERAWeek Crude oil futures have risen this year, but have struggled to break out amid uncertainty over the health of China's economy and the strength of U.S. crude production. Last year, fears that demand was slowing in China as U.S. production hit a record 13.3 million barrels per day weighed on prices. Al-Sabah said he is not worried about crude demand in the world's second-largest economy. "I visit our partners in China frequently and the feedback I have from them has always been if you have additional supplies, we are willing to take it," Al-Sabah said. "The demand has increased steadily in China and it's been solid." CEO Ryan Lance said in remarks at CERAWeek that U.S. crude production growth will slow to 300,000 to 400,000 barrels per day this year, from 1 million barrels last year. Total U.S. production will eventually exceed 14 million barrels per day at some point this decade and then plateau, Lance said.

Failed Israeli Drone Assassination Attempt Kills Civilian in Lebanon - On Sunday, an Israeli drone strike against a vehicle near Sewairi killed the driver. Discussion among Lebanese security sources reveal they believe this was an assassination attempt against an unnamed Hamas officialwho was traveling on the same road.The discussion gave no indication of how close the Hamas official was to the drone attack, only commenting he “escaped.” The driver who was killed was a Syrian civilian, who was described as delivering groceries in a car belonging to a store owner.Though Israel has attacked the Bekaa Valley several times this year, the drone attack was the first time the Sewairi area in particular was targeted during the current six months of tit-for-tat strikes across Lebanon.Though the failed assassination was reported in the Israeli press, Israel has not issued a statement on the drone attack since revealing a civilian was killed. Other strikes in Baalbek targeted what they described as a weapons workshop but which was actually a long-abandoned building.The building may have been empty, but surrounding homes were not, and damage done to the surrounding area wounded four people, including civilians. Hezbollah confirmed two of its members were slain.Today, both Israel and Hezbollah returned to attacking the border area, focusing on one another’s military targets. Hezbollah fired some 15 rockets at military sites, although reportedly without doing any damage.Israel reported attacking Hezbollah sites in southern Lebanon, again not specifying what sort of sites these were, beyond linking them to Hezbollah. Recently many of the targeted sites have turned out to be houses. Two Hezbollah members were reportedly targeted directly in Mays al-Jabal, their fate unknown.

Hezbollah Struck Two Iron Dome Launchers in Northern Israel With Suicide Drones - Israel and Hezbollah continued strikes against one another across the border over the weekend, with Israel reporting that some rockets were intercepted by Iron Dome missile defense systems. Hezbollah has been appearing to test Iron Dome defenses to find ways to allow it to hit Israeli targets.Saturday, efforts to circumvent Iron Dome took on a new form, as a pair of suicide drones near Kfar Blum were used to attack Iron Dome launchers outright, and scored what were described as “precise hits.”Israel appeared to downplay, if not completely deny, this. The official Israeli response reported two crashed drones near Kfar Blum with no casualties inflicted. There was no comment on any damage done.Elsewhere in northern Israel, Hezbollah fire went after Shebaa Farms, the occupied Golan Heights, and Upper Galilee. Hezbollah added it also shelled the Ramim barracks in northern Israel with artillery.Israel attacked several sites in southern Lebanon describing, as usual, that these were Hezbollah-used sites. IDF also attacked at least two observation posts, both on Saturday and Sunday.Daily attacks by both sides have become the new normal in southern Lebanon and northern Israel. There is considerable fear among locals, many of them displaced, that it will be a long time before they can safely return home.The international community has made several proposals to try to forestall any further escalations along the border areas. The United States has tried to incentivize the deal involved in replacing Hezbollah in the border areas with the Lebanese military by offering to fund the deployment.

Suspected Israeli Airstrikes in Syria Kill Iranian Adviser, WHO Official - Suspected Israeli airstrikes hit targets across eastern Syria’s Deir Ezzor province early Tuesday, killing a member of Iran’s Islamic Revolutionary Guard Corps (IRGC) and an official working for the World Health Organization (WHO). Syrian media said the strikes hit a number of residential areas and military sites. Damascus has blamed the attacks on the US, but a US official denied involvement, and Israeli sources told Ynet and Haaretz that the Israeli military was responsible.Iranian media has confirmed the death of Behrouz Vahedi, an IRGC advisor who was based in Syria. Israeli airstrikes in Syria have killed several members of the IRGC since October, risking Iranian retaliation and a major regional war.The WHO said one of its engineers, Emad Shehab, was killed in strikes on his building. The organization said he was the WHO official involved in water, sanitation, and hygiene in the province since 2022.Syrian media said a total of eight people were killed in the strikes, including seven members of the military and one civilian. The report said 19 soldiers and 13 civilians were wounded in the attack it blamed on “US occupation forces.” The US has occupied eastern Syria for years and backs the Kurdish-led SDF in the region, allowing the US to control a significant chunk of Syrian territory, an area where many oil fields are located.The UK-based Syrian Observatory for Human Rights (SOHR) said a total of 15 people were killed, including the IRGC advisor and two of his bodyguards, nine Iraqi militia members, two Syrians working with the Iranians, and one Syrian engineer, but the numbers aren’t confirmed. Besides risking war with Iran, the Israeli strikes risk the Iraqi Shia militias who operate in the region restarting their attacks on US bases, which have stopped due to pressure from Iran and the Iraqi government.The Iraqi groups view Israel’s military and the US as one and the same since the US provides so much support for Israel.

Israel Unleashes Major Airstrikes On Syria & Deep Inside Lebanon -The Israel Defense Forces (IDF) confirmed on Tuesday another rare strike conducted deep into Lebanese territory. The strikes targeted "a military compound used by Hezbollah’s aerial unit" in the Baalbek District which is in the northeast of the country.This marks the deepest Israeli strike inside Lebanon since the war began in the wake of the Oct.7 Hamas terror attack, at more than 110km from Israel's border.The extent of casualties or damage remains unclear, but it follows a similar February strike on the Bekaa Valley some 100km from the Israeli border, which killed at least two people. There are growing fears that if such strikes become more regular, it will signify a bigger regional war could be opening up.Hezbollah has lobbed several missiles against northern Israeli communities as well as the IDF base atop Mount Meron over the past days. The Mount Meron surveillance base is about 8km from the Lebanese border and has come under repeat attack over several months. In the overnight and early morning hours there were also large-scale strikes against areas of eastern Syria. While Israel frequently attacks Syria, some Syrian government-affiliated sources laid blame on the United States. According to regional outlet The Cradle: Airstrikes targeted a number of areas in Syria’s eastern city of Deir Ezzor and its countryside on 26 March, resulting in numerous deaths and injuries. "At 1:49 AM, American aircraft carried out several simultaneous air strikes targeting a number of areas in the governorate and its countryside," Syria’s government-affiliated National Defense Forces (NDF) said, according to Sputnik.The strikes targeted the Salhiya area in Al-Bukamal near the Iraqi border and residential areas in the Al-Mayadin and Al-Qusour areas in Deir Ezzor. But Israeli media has identified the IDF air force as behind the eastern Syria attack, reportedly targeting 'pro-Iran' assets. According to details in The Times of Israel:The Israeli Air Force carried out airstrikes in the predawn hours of Tuesday morning in eastern Syria, targeting Iranian assets and operatives involved in a recent plot to smuggle advanced arms to West Bank terrorists, The Times of Israel has learned.More than 15 people were reportedly killed in the strikes in the Deir Ezzor and al-Bukamal areas, close to Syria’s border with Iraq.The strikes targeted assets belonging to Iran’s Unit 4000, the Special Operations Division of the Islamic Revolutionary Guards Corps’ Intelligence Organization, and the special operations unit of the IRGC’s Quds Force in Syria, known as Unit 18840, according to Israeli defense sources. Various international reports have cited different casualty figures, but what is clear is that there were a series of large airstrikes. Iranian media said a Revolutionary Guard member was killed in Syria overnight.

Israel Attacks Lebanon Paramedic Center, Killing Seven - In one of the deadliest strikes in the current round of fighting at the Lebanon border, Israel attacked a site in Hebbariye, southern Lebanon, killing at least seven paramedics. The strike destroyed the building in Hebbariye that housed the Islamic Emergency and Relief Corps.The official Israel narrative was, of course, starkly different, reporting that they’d attacked a “military building” and killed a “significant terrorist” and several other operatives associated with the Jamaa al-Islamiya.Locals mocked the story, saying that it was plainly a lie, and that this building, used by Islamic Emergency and Relief Corps paramedics, was a simple civilian target that Israel chose to attack. The locals said they believe this is part of a concerted Israeli effort to depopulate the southern part of Lebanon along the Israeli border. Nearly 100,000 Lebanese residents have fled the south because of the ongoing attacks. While most Hebbariye residents haven’t done so yet, this overnight attack on the paramedics raises the concern that their locality is now in the line of fire.Hezbollah responded to the attack by firing around 30 rockets against the city of Kiryat Shmona and a nearby army base in northern Israel. Many of the rockets were intercepted, though at least three hit their targets.One struck an industrial building in the city, killing a 25-year-old Druze from a nearby village and wounding at least one other. Hezbollah officials emphasized they intend to retaliate against the Israelis for the paramedic attack.

Israel Kills Nine More in South Lebanon, Including More Paramedics - Fears of a major escalation on the Lebanon border with Israel continued to grow this afternoon, as Israel carried out a new round of deadly attacks against border communities, killing at least nine more people.The first strikes were against the border village of Tair Harfa, killing five. The identities of those killed aren’t certain, although Hezbollah said two of its paramedics were killed in Tair Harfa. The attack that killed the Hezbollah paramedics was reportedly against a vehicle for the Islamic Health Organization.That wasn’t the end to attacks on paramedics, as Israel followed up with attacks on the border town of Naqoura, hitting a group of paramedics near a cafeteria, and killing at least four and wounding six others. Between these and the overnight strike in Hebbariye which killed seven paramedics, the death toll simply for medical rescue workers is in excess of a dozen.The Israeli attacks were presented as retaliation for a rocket attack by Hezbollah earlier in the day, which killed one Israeli-Druze and wounded two others. Those rockets were themselves retaliation for the Hebbariye strike on the civilian paramedics.Israel still hasn’t discussed the killing of paramedics in either case, presenting the first strike as the killing of a “significant terrorist” and his associates in a “military building.” Locals confirmed the building in question was host to paramedics, a civilian target. Throughout the past six months of tit-for-tat strikes between Lebanon and Israel, paramedics and other medical workers have often found themselves a target, and today’s actions suggests that it is only getting worse..

Death Sentence for Thousands': Israel Bars UNRWA Food Aid to Northern Gaza -- Israel will no longer permit the United Nations Relief and Works Agency for Palestine Refugees in the Near East to drive convoys bearing food aid into northern Gaza, even as the area is on the brink of famine. Israeli officials informed the U.N. of the new restrictions on Sunday, prompting outrage and dire warnings from U.N. officials and other human rights advocates. "By preventing UNRWA to fulfill its mandate in Gaza, the clock will tick faster toward famine and many more will die of hunger, dehydration, and lack of shelter," UNRWA Commissioner-General Philippe Lazzarini posted on social media. "This cannot happen, it would only stain our collective humanity.""I have urged Israel to lift all impediments on aid to Gaza. Now this—MORE impediments."In his response, Lazzarini said that UNRWA was the largest organization operating in Gaza with the greatest capability to distribute aid."This is outrageous and makes it intentional to obstruct lifesaving assistance during a man-made famine," Lazzarini said. "These restrictions must be lifted."The news comes as medical workers and international aid organizations have sounded the alarm about famine in Gaza. At least 23 children in northern Gaza have already died from starvation or dehydration, and one-third of children under two years old suffer from acute malnutrition, according to the United Nations' International Children's Emergency Fund. A new Integrated Food Security Phase Classification report published on March 18 found that famine was "imminent" in Gaza's northern governorates and likely to begin "anytime" between the report's publication and May. In the northern governorates, where around 300,000 live, almost two-thirds of households endured at least 10 days and nights when they did not eat at all in the last 30 days."Blocking UNRWA from delivering food is in fact denying starving people the ability to survive," World Health Organization Director-General Tedros Adhanom Ghebreyesus said on social media. "This decision must be urgently reversed. The levels of hunger are acute. All efforts to deliver food should not only be permitted but there should be an immediate acceleration of food deliveries."U.N. Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator Martin Griffiths also called for Israel's decision to be "revoked.""I have urged Israel to lift all impediments on aid to Gaza. Now this—MORE impediments," Griffiths posted on social media, calling UNRWA the "beating heart of the humanitarian response in Gaza." UNRWA Communications Director Juliette Touma toldBBC World on Monday that a quarter of a million people in the north rely on UNRWA food aid, yet the agency has not been able to deliver to them in two months. An attempt on February 5 had to turn back after the Israeli Navy fired on an aid convoy even as it traveled along a pre-approved route.Touma told BBC World that more than 1 million people in Gaza now live in UNRWA shelters."They lost everything, and they need everything," Touma said.Touma added that the most important commodity people in Gaza need is food, but they also need "safety, and they need protection, above all, and a cease-fire, which is very, very much overdue."

'Beyond Comprehension': Medical Team Reports Starvation, Infections at Gaza Hospital -Members of an emergency medical team that has treated patients at a hospital in southern Gaza in recent weeks said Monday that the horrors they've witnessed there are "unimaginable," from worsening malnutrition to deadly infections stemming from lack of healthcare equipment.The team formed by Medical Aid for Palestinians (MAP), the International Rescue Committee (IRC), and the Palestine Children's Relief Fund (PCRF) has been working at the European Hospital near Khan Younis, a city decimated by Israeli bombing. At least two hospitals in the city are currently under siege by Israeli forces, which have killed more than 32,000 Gazans and injured tens of thousands more in less than six months."The situation we're facing is beyond comprehension," said Arvind Das, IRC's Gaza team lead. "Continuous Israeli military operations near hospitals are making an already tense situation even worse for those seeking shelter or medical help, pushing the healthcare system to the brink of collapse.""Despite the relentless efforts of our medical teams, the infrastructure necessary to deliver optimal medical care has been severely compromised by bombing, stringent restrictions on the entry of aid including medical supplies, and the overwhelming surge in needs," Das added. "We're doing everything we can, navigating through critical shortages and working with very limited resources, to save lives amidst this dire situation."Not a single hospital in the Gaza Strip is fully functional after months of Israeli attacks, and the dozen that are partially operating are well beyond capacity, with patients and displaced people filling the hallways and outskirts of the facilities. The United Nations' special rapporteur on the right to health has accused Israel's military of waging an "unrelenting war" on Gaza's medical system. Dr. Konstantina Ilia Karydi, an anesthetist with the emergency medical team, said Monday that the European Hospital "had an original capacity of just 200 beds, and at the moment it has expanded to 1,000 beds.""There are around 22,000 people that have been displaced from other parts of Gaza sheltering in the corridors and in tents inside the hospital, because people feel that it's safer to be here than anywhere else," said Karydi."We worked around the challenges we faced and managed in a different way, but the staff here are overwhelmed."MAP said in a statement that the medical team's surgeons "completed successful complex vascular and orthopedic surgeries on patients" at the hospital, but some "later died due to infections in the hospitals and the inability to provide post-operative care.""This is due to the intense security situation that forced healthcare workers to evacuate hospitals and hindered their access," said MAP. "Moreover, significant damage to hospital infrastructure and facilities, coupled with a complete shortage of equipment and medicine—largely due to Israel's restrictions on medical aid entry into Gaza—severely impacted the ability to provide necessary care." Dr. Husam Basheer, an orthopedic surgeon with the emergency medical team, stressed that healthcare workers in the territory are "managing with the bare minimum of resources," lacking even basic supplies such as gauze. "We worked around the challenges we faced and managed in a different way," said Basheer, "but the staff here are overwhelmed." The medical team's report added to the abundance of harrowing accounts from healthcare personnel on the devastating conditions inside Gaza's hospitals, many of which have been shelled and raided—in some cases repeatedly—by Israeli forces. Al Jazeerareported Monday that the Israeli military has "surrounded the al-Amal and Nasser hospitals in southern Gaza, while pressing on with their siege of Gaza City's al-Shifa Hospital, the largest medical complex in the strip." "Military vehicles, tanks, and attack drones are encircling these two facilities," Al Jazeera's Hani Mahmoud reported. "They're also blocking the entrance with piles of sand, preventing medical staff, patients, and injured people inside from leaving safely and constantly failing to provide a safe corridor for people and evacuees trapped inside the hospital."

Draft UN Report Finds Israel Has Met Threshold for Genocide --The United Nations Human Rights Council on Monday published a draft report that found "reasonable grounds to believe" that Israel is committing genocide in Gaza, a move that came on the same day as the U.N. Security Council passed a resolution demanding an immediate cease-fire in the ongoing war. The advance unedited version of the report—entitled Anatomy of a Genocide—concludes that Israel's far-right government and military "have intentionally distorted jus in bello principles, subverting their protective functions, in an attempt to legitimize genocidal violence against the Palestinian people.""The overwhelming nature and scale of Israel's assault on Gaza and the destructive conditions of life it has inflicted reveal an intent to physically destroy Palestinians as a group," the draft report states, enumerating Israeli actions that violate Article II of the Convention on the Prevention and Punishment of the Crime of Genocide: "Killing members of the group; causing serious bodily or mental harm to group members; and deliberately inflicting on the group conditions of life calculated to bring about its physical destruction in whole or in part.""Israel has de facto treated an entire protected group and its life-sustaining infrastructure as 'terrorist' or 'terrorist-supporting,' thus transforming everything and everyone into either a target or collateral damage, hence killable or destroyable," the paper continues. "In this way, no Palestinian in Gaza is safe by definition. This has had devastating, intentional effects, costing the lives of tens of thousands of Palestinians, destroying the fabric of life in Gaza, and causing irreparable harm to its entire population."Israel rejected the report as "an obscene inversion of reality."According to Palestinian and international humanitarian officials, Israel's 171-day Gaza onslaught has killed at least 32,333 Palestinians, most of them women and children, while wounding nearly 75,000 others and displacing around 90% of Gaza's 2.3 million people. Thousands more Palestinians are missing and believed to be dead and buried beneath the rubble of bombed buildings. Disease and deadlystarvation caused and exacerbated by Israel's siege and blockade of Gaza are spreading rapidly."Israel's genocide on the Palestinians in Gaza is an escalatory stage of a long-standing settler-colonial process of erasure," the draft report asserts. "For over seven decades this process has suffocated the Palestinian people as a group—demographically, culturally, economically, and politically—seeking to displace it and expropriate and control its land and resources."Referring to the flight and ethnic cleansing of more than 750,000 Arabs from Palestine during the foundation of the modern state of Israel in 1948, the paper contends that "the ongoing Nakba must be stopped and remedied once and for all. This is an imperative owed to the victims of this highly preventable tragedy, and to future generations in that land.""The ongoing Nakba must be stopped and remedied once and for all."The draft report urges U.N. member states to "enforce the prohibition of genocide in accordance with their... obligations" under international law. In January, the U.N.'s International Court of Justice (ICJ) found that Israel was "plausibly" perpetrating genocide in Gaza and ordered the country's government to "take all measures within its power" to prevent genocidal acts. Human rights defenders say Israel has ignored the order."Israel and those states that have been complicit in what can be reasonably concluded to constitute genocide must be held accountable and deliver reparations commensurate with the destruction, death, and harm inflicted on the Palestinian people," the publication argues.The draft report recommends measures including:

• Immediate implementation of an arms embargo on Israel, as it appears to have failed to comply with the binding measures ordered by the ICJ;
• Immediate referral of the situation in Palestine to the International Criminal Court in support of its ongoing investigation;
• Ensuring that Israel, as well as states who have been complicit in the Gaza genocide, acknowledge the colossal harm done, commit to nonrepetition, with measures for prevention and full reparations, including the full cost of the reconstruction of Gaza;
• Deploying an international protective presence to constrain the violence routinely used against Palestinians in the occupied territories; and
• Ensuring that the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) is properly funded to enable it to meet the increased needs of Palestinians in Gaza.

Israel on Monday informed the U.N. that it will no longer allow UNRWA convoys carrying food aid into northern Gaza, even as the Palestinians are starving to death, a move that one humanitarian campaigner calleda "death sentence."

US Claims Israel Is Following International Law, Not Blocking Aid - The State Department claimed on Monday that Israel is using US weapons without violating international or US law despite the massive civilian casualties in Gaza and the starvation blockade imposed on the Strip.Under a new national security memorandum, the US requires countries armed with US weapons to provide assurances that they won’t violate international law or block humanitarian assistance. Israeli Defense Minister Yoav Gallant gave the assurances in a letter he issued earlier this month.The State Department is also claiming Israel is not violating international law by imposing restrictions on aid entering Gaza, which has caused severe levels of acute food insecurity for 100% of the Strip’s population.“We’ve had ongoing assessments of Israel’s compliance with international humanitarian law. We have not found them to be in violation, either when it comes to the conduct of the war or the provision of humanitarian assistance. We view those assurances through that ongoing work we have done,” said State Department spokesman Matt Miller. The State Department has until May 8 to submit a report to Congress on Israel’s compliance with international law.By backing the Israeli assurances, the Biden administration can continue to arm Israel to support the slaughter in Gaza, which has killed over 32,000 Palestinians, including over 13,000 children. The certification from the US came after a video was released of an Israeli drone killing four unarmed Palestinian men in a series of strikes. The last man was killed while trying to crawl away from the scene of the initial drone strike.Dozens of congressional Democrats have urged President Biden to suspend military assistance to Israel by invoking foreign assistance laws that prohibit aid to countries that block humanitarian assistance. But so far, the pressure hasn’t worked, as the $1.2 trillion funding bill President Biden signed over the weekend included $3.8 billion in annual military aid for Israel.

12 Palestinians drown while trying to retrieve airdrops -- At least 12 Palestinians in Gaza drowned Monday while trying to reach humanitarian airdrops, according to Palestinian health authorities, a revelation that comes as Pentagon officials confirmed three out of the 80 bundles it airdropped into Gaza the same day had parachute malfunctions and fell into the water.Palestinian officials said the individuals drowned off the coast near Beit Lahia, in northern Gaza, as they dove into the sea to retrieve airdropped parcels.It is not known which country dropped the aid, as Egypt, Germany, the United Kingdom, the United States, Singapore and a joint United Arab Emirates-Jordanian effort all conducted such missions over Gaza on Monday, CNN reported. Asked about the drownings on Tuesday, Pentagon spokesperson Sabrina Singh said she had seen the reports but couldn’t confirm them. “As always, safety is a top priority when planning these airdrops,” Singh told reporters at the Pentagon. “Drop zones are chosen to mitigate potential failures of parachutes to deploy. These humanitarian aid drops occur over water, and the wind causes the bundles to drift over to land. In the event of a parachute malfunction, the bundles land in the water.” She noted that with the U.S. humanitarian airdrop, three of the approximately 80 bundles “were reported to have had parachute malfunctions and landed in the water.” The reported deaths come as Israel’s strict restrictions on aid entering the Gaza Strip have created a growing humanitarian crisis steadily moving toward famine.

Kremlin Says Russia Is in a 'State of War' in Ukraine Due to West's Involvement - Kremlin spokesman Dmitry Peskov said on Friday that Russia was in a “state of war” in Ukraine, marking a shift in rhetoric as Moscow has been referring to the conflict as a “special military operation.”“We are in a state of war. Yes, it started out as a special military operation, but as soon as this group was formed, when the collective West became a participant in this on the side of Ukraine, it became a war for us,” Peskov said. He added that it did not mean the legal status of the military operations have changed. “This does not imply any legal changes. It is [still] a special military operation de jure,” he said, according to Russia’s TASS news agency. “But de facto – in fact – it has turned into a war for us as the collective West increasingly and more directly enhances its involvement in the conflict.”His comments came as Russia was ramping up missile strikes in Ukraine in what was seen as retaliation for Ukrainian forces stepping up attacks on Russian territory, which have included drone attacks, raids by militias, and artillery shelling of the border regions.Ukrainian officials said Russia’s missile strikes on Friday were one of the heaviest attacks on Ukraine’s infrastructure of the war. Five people were reported killed, and over a million experienced blackouts.The heavy missile strikes also come as Western leaders have been speaking much more openly about NATO’s involvement in the war. French President Emmanuel Macron has suggested multiple times now that the alliance should consider sending troops, and his bellicose rhetoric has shined a light on the fact that there is a small presence of NATO special operations forces in Ukraine, which has been an open secret for more than a year.

British General Admits UK Couldn't Fight Russia for More Than 2 Months - A British general admitted on Tuesday that the UK couldn’t handle a war with Russia for more than two months as London has significantly depleted its military stockpiles by arming Ukraine.Lt. Gen. Robert Magowan, the deputy chief of the defense staff, made the comments during a British parliament hearing where he was urging for more military spending. MP Mark Francois, a member of the Conservative Party, asked Magowan if it was true that the UK “couldn’t fight Putin for more than a couple of months in a full-on shooting war because we don’t have the ammunition and the reserves of equipment to do it.”Magowan said Francois’ statement was true. British Defense Minister Grant Shapps was also at the hearing and downplayed the lack of UK military readiness, saying any war with Russia would be fought alongside NATO allies, and referred to Article 5 of the alliance’s treaty that outlines mutual defense commitments.“For people watching, and hearing that the UK isn’t ready for war exclusively with Russia, it’s important to understand that because we are in NATO and Article 5 exists, we would never be in that situation,” Shapps said, according to The Telegraph.The comments came after a report from the House of Commons defense committee found that the British military was “increasingly overstretched” and wasn’t ready for a war with Russia. In December, The Times of London reported that the UK had “nothing” left in its military stockpiles after sending so many weapons to Ukraine.Despite the state of the British military, the UK is one of the NATO countries most involved in the Ukraine proxy war. A recorded conversation between two German military officers that was recently published by Russian media revealed that British soldiers are “on the ground” in Ukraine helping Ukrainian forces fire Storm Shadow missiles.

China Warns Philippines Not to 'Escalate Tensions' in South China Sea - China has warned the Philippines not to “escalate tensions” in the South China Sea following the latest encounter between Chinese and Philippine vessels in the disputed waters.“We warn the Philippines to cease making any statements that may escalate tensions and stop all acts of encroachment. If the Philippines continues to challenge China’s bottom line, China will continue to take resolute measures to firmly defend its territorial sovereignty and maritime rights and interests,” Chinese Defense Ministry spokesman Wu Qian said on Sunday.His statement came a day after a Chinese Coast Guard vessel fired a water cannon at a Philippine vessel trying to resupply a grounded ship on Second Thomas Shoal, a reef in the Spratly Islands claimed by China, the Philippines, Vietnam, and Taiwan. Wu said the Philippine vessel had “illegally intruded” waters near the reef, while the Philippines described China’s actions as “irresponsible and provocative.”The Philippine Coast Guard said crew members were injured and the supply boat sustained “significant damage” during the incident. The Philippines uses the grounded ship, the World War II-era BRP Sierra Madre, as a base of operations in the area and frequently encounters Chinese vessels when trying to resupply personnel stationed on the ship. The US reaffirmed the US-Philippine Mutual Defense Treaty applies to attacks on Philippine vessels in the South China Sea. That means the US is threatening to intervene if the maritime dispute turns into a shooting war. “The United States stands with its ally the Philippines and condemns the dangerous actions by the People’s Republic of China (PRC) against lawful Philippine maritime operations in the South China Sea on March 23,”State Department spokesman Matt Miller said in a statement.“The United States reaffirms that Article IV of the 1951 US-Philippines Mutual Defense Treaty extends to armed attacks on Philippine armed forces, public vessels, or aircraft – including those of its Coast Guard – anywhere in the South China Sea,” Miller added.Tensions in the South China Sea have skyrocketed since Philippine President Ferdinand Marcos Jr. came into office in 2022 and took a harder line against China’s claims to the South China Sea. Marcos has been emboldened by the US, which is strongly backing Manila and is expanding its military presence in the Philippines.

Mob in Mexico brutally beats suspected kidnapper to death hours before Holy Week procession (AP) — A mob in the Mexican tourist city of Taxco brutally beat a woman to death Thursday because she was suspected of kidnapping and killing a young girl, rampaging just hours before the city’s famous Holy Week procession. The mob formed after an 8-year-old girl disappeared Wednesday. Her body was found on a road on the outskirts of the city early Thursday. Security camera footage appeared to show a woman and a man loading a bundle, which may have been the girl’s body, into a taxi. The mob surrounded the woman’s house Thursday, threatening to drag her out. Police took the woman into the bed of a police pickup truck, but then stood by — apparently intimidated by the crowd — as members of the mob dragged her out of the truck and down onto the street where they stomped, kicked and pummeled her until she lay, partly stripped and motionless. Police then picked her up and took her away, leaving the pavement stained with blood. The Guerrero state prosecutors’ office later confirmed the woman died of her injuries. “This is the result of the bad government we have,” said a member of the mob, who gave her name as Andrea but refused to give her last name. “This isn’t the first time this kind of thing has happened,” she said, referring to the murder of the girl, “but this is the first time the people have done something.”