Posts Tagged ‘oil

09
Nov
14

You Don’t Know What You’ve Got Until It’s Gone

Obama Facts

@RickStrandlof

05
Sep
14

President Obama And U.S. Economy: 1; Republicans: 0

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Jason Furman: The Employment Situation In August

1. The private sector has added 10 million jobs over 54 straight months of job growth, extending the longest streak on record. Today we learned that total nonfarm payroll employment rose by 142,000 in August, mainly reflecting a 134,000 increase in private employment. Private-sector job growth was revised up for July and down for June for little total revisions. Over the past twelve months, private employment has risen by a total of 2.4 million.

3. The last time the economy added 10 million private-sector jobs over four-and-a-half years was November 1996 to April 2001. There are some notable differences between the current stretch of job gains and the one that began in 1996. In particular, the manufacturing sector has added more than 700,000 jobs over the last four-and-a-half years, while it lost more than 400,000 jobs during the 1996-2001 period. 4. On a not-seasonally-adjusted basis, local government educational services employment rose by more than 200,000 in August, continuing a recent trend that has seen an increasing number of these employees return to work before September.

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MarketWatch: U.S. Manufacturers Surge Again In August, ISM Finds

U.S. manufacturing companies grew in August at the fastest pace since March 2011, a survey of executives found. The Institute for Supply Management said its manufacturing index climbed to 59% last month from 57.1% in July. That easily beat the 56.1% forecast of economists surveyed by MarketWatch. Readings over 50% indicate more companies are expanding instead of shrinking.

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Bloomberg: Chrysler Luring Toyota Owners Helps Lift U.S. Share

Chrysler is on an unprecedented winning streak. As Jeep benefits from consumers’ renewed attraction to SUVs, the company also has been aided by strong demand for Ram pickups and Town & Country minivans. That helped propel its U.S. sales up 12 percent last month, the largest increase of any major automaker, according to the average of eight analyst estimates compiled by Bloomberg. That would be Chrysler’s 53rd straight month of rising sales — about 4 1/2 years — after almost being given up for dead before its government-sponsored bankruptcy in 2009.

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Bloomberg: Saudi Arabia Oil Sales To U.S. Imperiled By Shale Boom

After years of keeping the price of crude sold to the U.S. low enough to maintain market share, Saudi Arabia is losing ground as the shale boom leaves U.S. refiners with ample supplies of inexpensive domestic oil. Arab Light crude for sale in the U.S. averaged 48 cents a barrel less than Light Louisiana Sweet, a Gulf Coast benchmark, in August, the narrowest discount in data compiled by Bloomberg back to 1991.

The U.S. imported 878,000 barrels of Saudi crude a day in the first four weeks of August, the least since 2009. Shale drilling has boosted U.S. oil output to the highest level since 1986. As refineries turn to lower-priced domestic oil to make fuel at a record pace, the Saudis and other foreign suppliers are left with dwindling slices of the market. In June, imports from Saudi Arabia accounted for the smallest share of crude processed at U.S. refineries since February 2010.

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Jeffry Bartash: U.S. Factory Orders Jump 10.5% In July On Aircraft Contracts

Orders for goods produced in U.S. factories leaped 10.5% higher in July, as expected, owing to a big surge in contracts for commercial aircraft, the Commerce Department said Wednesday. Economists surveyed by MarketWatch had expected orders to climb nearly 11%. Factory orders also rose by a revised 1.5% in June instead of 1.1% as initially reported.

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29
Jul
14

Rise and Shine

On This Day: President Obama reacts to a picture presented to him of a younger Robert Gibbs, who played soccer at North Carolina State, following a town hall meeting at Broughton High School in Raleigh, N.C. on July 29, 2009 (Photo by Pete Souza)

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Today (All Times Eastern)

11:15: The President meets with a group of House Democrats on economic issues, Roosevelt Room

12:0: White House press briefing

3:0: The President departs White House

3:25: Meets with wounded service members, Walter Reed Hospital

5:15: Departs Bethesda, Maryland

7:0 CT: Arrives Kansas City, Missouri

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The Week Ahead

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Reuters: Table For Five: Obama To Dine With Kansas City Penpals

Valerie, a single mom from Kansas City, Missouri, who owns a small business, wrote to President Barack Obama last week “in the middle of the night,” describing just how hard she works.

On Tuesday, she will get the chance to tell Obama in person as one of four people the president dines with in a visit to the midwestern city – part of a summertime White House campaign to rouse Democratic voters ahead of November midterm elections.

“Are you serious?” said Valerie – whose last name was not provided – to Josh Earnest, Obama’s press secretary, who phoned her to invite her to the dinner.

“Oh my God! I would love it!” she told Earnest in a video made by the White House.

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BBC: Israel Intensifies Gaza Attacks After Netanyahu Warning

At least 60 Palestinians are said to have been killed after Israel intensified its bombardment of Gaza and warned of a long conflict ahead.

Gaza’s only power plant caught fire as Israel carried out 60 air strikes, targeting sites associated with Hamas, the Islamist group which controls Gaza.

UN staff members are said to be among those killed.

….. A huge plume of smoke rose over the strip’s only power plant after one of its fuel tanks was reportedly set alight by Israeli tank shells, and the plant was forced to shut down.

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Jesse Rosenfeld: Israel Creates ‘No Man’s Land’ In Gaza, Shrinking Strip By 40 Percent

To protect itself from Hamas rockets and tunnels, Israel is forcing tens of thousands of people out of their homes, turning their old neighborhoods into a no-man’s land.

BEIT HANOUN, Gaza — This narrow strip of land that used to be called “the Gaza Strip,” already one of the more densely populated places on earth, is growing dramatically smaller. The Israeli military, relentlessly and methodically, is driving people out of the three-kilometer (1.8 mile) buffer zone it says it needs to protect against Hamas rockets and tunnels. According to the United Nations Office for the Coordination of Humanitarian Affairs, the buffer zone eats up about 44 percent of Gaza’s territory.

What that means on the ground is scenes of extraordinary devastation in places like the Al Shajaya district approaching Gaza’s eastern frontier, and Beit Hanoun in the north. These were crowded neighborhoods less than three weeks ago. Now they have been literally depopulated, the residents joining more than 160,000 internally displaced people in refuges and makeshift shelters. Apartment blocks are fields of rubble, and as I move through this hostile landscape the phrase that keeps ringing in my head is “scorched earth.”

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Michael Hiltzik: Here’s The Single Best Analysis Of The Halbig Anti-Obamacare Ruling

Northwestern University law and political science professor Andrew Koppelman moves past the absurd legal theory underlying the Halbig ruling on the Affordable Care Act — in which a federal appeals court invalidated subsidies provided to insurance buyers on federal, as opposed to state, insurance exchanges — to ask why the lawsuit’s backers brought the case in the first place. We know the consequences of the ruling: If it stands, about 4.8 million Americans will lose their subsidies and likely their health insurance, since it would be rendered unaffordable; there are residents of as many as 36 states that let the federal government establish their exchanges.

But is that what the plaintiffs and their backers really desired? And if not, what was their real goal? Koppelman’s conclusion is that the lawsuit is a product of the “moral dysfunction” infecting the fight over Obamacare. “The opponents of Obamacare,” he writes in the New Republic, “have from the beginning found themselves driven by the logic of their position to make arguments that are increasingly morally repulsive.” In this case and others aimed at overturning the ACA, he writes, the argument is that “if you get sick and you can’t pay for it, that’s your tough luck.” Koppelman doesn’t think the plaintiffs really believe that. He thinks they’re merely out to make a narrow ideological point about government responsibility, and the 4.8 million possible victims of their campaign are merely collateral damage.

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Business Insider: Israel Grants First Golan Heights Oil Drilling License To Dick Cheney-Linked Company

Israel has granted a U.S. company the first license to explore for oil and gas in the occupied Golan Heights, John Reed of the Financial Times reports.

A local subsidiary of the New York-listed company Genie Energy — which is advised by former vice president Dick Cheney and whose shareholders include Jacob Rothschild and Rupert Murdoch — will now have exclusive rights to a 153-square mile radius in the southern part of the Golan Heights.

That geographic location will likely prove controversial. Israel seized the Golan Heights in the Six-Day War in 1967 and annexed the territory in 1981. Its administration of the area — which is not recognized by international law — has been mostly peaceful until the Syrian civil war broke out 23 months ago.

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BBC: Russia ‘Violated 1987 Nuclear Missile Treaty’, Says US

Russia has violated a key arms control treaty by testing a nuclear cruise missile, the US government says.

Russia tested a ground-launched cruise missile, breaking the Intermediate-Range Nuclear Forces Treaty signed in 1987 during the Cold War, the US said.

A senior US official did not provide further details on the alleged breach, but described it as “very serious”.

The bilateral agreement banned medium-range missiles with ranges between 500 and 5,500 km (300 to 3,400 miles).

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BBC: EU Set To Widen Sanctions On Russia Over Ukraine

The European Union is set to agree new sanctions against Russia, targeting its finance, energy and defence sectors over the conflict in Ukraine.

Top Russian individuals and entities are already subject to EU sanctions for their alleged role in Ukraine’s crisis.

Calls for the EU to act have been fuelled by the downing of flight MH17.

An international team has again failed to access the crash site in eastern Ukraine, amid heavy fighting between government forces and rebels there.

This is the third time in as many days that the team, which includes Dutch and Australian police officers, has had to abandon attempts to reach the site.

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Michael Felberbaum: US Court: Virginia Marriage Is For All Lovers

Virginia’s same-sex marriage ban was ruled unconstitutional on Monday in the first such decision by a federal appellate court in the South. “We recognize that same-sex marriage makes some people deeply uncomfortable. However, inertia and apprehension are not legitimate bases for denying same-sex couples due process and equal protection of the laws,” Judge Henry F. Floyd wrote. The 2-1 ruling applies throughout the circuit that also includes West Virginia, Maryland, and the Carolinas, where the attorneys general split Monday on what they’ll do next. Virginians voted 57 percent to 43 percent in 2006 to amend their constitution to ban gay marriage.

Virginia laws prohibit recognizing same-sex marriages performed in other states. Floyd said such measures “impermissibly infringe on its citizens’ fundamental right to marry.” The 4th U.S. Circuit Court of Appeals in Richmond is the second federal appellate court to overturn gay marriage bans, and the first to affect the South, a region where the rising tide of rulings favoring marriage equality is testing concepts of states’ rights that have long held sway. Gay marriage proponents have won more than 20 legal decisions around the country since the U.S. Supreme Court struck down part of the federal Defense of Marriage Act last year. Most are still under appeal. More than 70 cases have been filed in all 31 states that prohibit same-sex marriage. Nineteen states and the District of Columbia allow such marriages.

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CNBC: US Confidence Jumps In July As Consumers See Better Days Ahead

Consumers grew more confident about the economy in July, The Conference Board reported on Tuesday, with stock markets perched near record highs and expectations building for the recovery. The Conference Board’s Consumer Confidence Index rose to 90.9, higher than expectations and above the prior month’s showing of 86.4. That was the component’s highest since October 2007.

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On This Day

 President Obama eats a peach following a town hall meeting at Kroger’s Supermarket in Bristol, Va. on July 29, 2009. Seconds later, the President handed a dollar bill to the CEO of Kroger’s, who attended the event (Photo by Pete Souza)

President Obama listens to a question at a town hall meeting at Broughton High School in Raleigh, N.C. on July 29, 2009 (Photo by Lawrence Jackson)

The hands of U.S. Secret Service agents as President Obama shakes hands along a rope line following a health care town hall meeting at Broughton High School in Raleigh, N.C on July 29, 2009 (Photo by Pete Souza)

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Crime victim Lisa Marie Iyotte gets emotional while introducing President Obama before he signed the Tribal Law and Order Act during a ceremony in the East Room at the White House, on July 29, 2010

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First Lady Michelle Obama greets U.S. military families at Royal Air Force Mildenhall, England, July 29, 2012

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President Obama greets former Secretary of State Hillary Rodham Clinton in the Outer Oval Office, July 29, 2013 (Photo by Chuck Kennedy)

President Obama has lunch with former Secretary of State Hillary Rodham Clinton on the patio outside the Oval Office, July 29, 2013 (Photo by Chuck Kennedy)

President Obama meets with Secretary of State John Kerry in the Oval Office, July 29, 2013 (Photo by Chuck Kennedy)

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