Exxon Is Ramping Up Activity In Offshore Guyana As The Economy Soars

With more than 35 oil discoveries since 2015 the impoverished South American microstate of Guyana has emerged as the world’s hottest frontier drilling location. Global energy supermajor ExxonMobil is leading the charge by exploiting the prolific offshore Stabroek Block where it has discovered over 11 billion barrels of oil resources. Guyana is on-track to become a leading South American oil producer and exporter with production tipped to exceed 1.2 million barrels per day by 2027, making it the world’s 16th largest petroleum producer.…

Read more at: https://oilprice.com/Energy/Crude-Oil/Exxon-Is-Ramping-Up-Activity-In-Offshore-Guyana-As-The-Economy-Soars.html

Saudi Arabia Will Have Hydrogen Buses Running In 2024

Saudi Arabia will begin producing hydrogen fuel next year for buses and trucks, the CEO of Neom Green Hydrogen Company said on Tuesday. Hydrogen production for buses and trucks will begin mid-2024, CEO Dave Edmondson said. NEOM Green Hydrogen Company—an equal joint venture by ACWA Power, Air Products, and NEOM—said earlier this month that it had reached the financial close on another part of its hydrogen ambitions: the world’s largest green hydrogen production facility, which will need total investments of $8.4 billion. That larger…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-Will-Have-Hydrogen-Buses-Running-In-2024.html

The Battle For Water: Iran And Afghanistan’s Taliban In Conflict

Water has exposed cracks in the Taliban’s fragile relationship with Tehran, with both sides exchanging pointed barbs over scarce supplies before coming to deadly blows along the Afghan-Iranian border. Tensions remain high following the deaths of troops from both sides on May 27, with Taliban and Iranian officials digging in on their positions with increased military activity and fresh warnings.But while disputes over water security are expected to intensify between the two drought-stricken countries, both sides appear to be keeping the door open…

Read more at: https://oilprice.com/Energy/Energy-General/The-Battle-For-Water-Iran-And-Afghanistans-Taliban-In-Conflict.html

The World’s First “Battery Tanker” May Become Operational This Decade

Tesla CEO Elon Musk made a bold prediction in 2017: “Everything will go fully electric, apart from (ironically) rockets. Ships are the next easiest to solve after cars.” Six years later, the world’s second-richest person might be right about the next battery boom in ships.  Japanese battery startup PowerX Inc. revealed a 140-meter-long electric propulsion vessel capable of transporting stored electricity across oceans. The “battery tanker” will be equipped with 96 containerized marine batteries that can haul renewable energy worldwide,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/The-Worlds-First-Battery-Tanker-May-Become-Operational-This-Decade.html

France’s New Push To Expand Geopolitical Influence In Africa

On March 4, during his trip to the Democratic Republic of Congo (DRC), French president Emmanuel Macron shared his vision for France, with Paris remaining deeply engaged in Africa. He portrayed France as the European partner which had the greatest amount in common with African countries in terms of values and provides the most support for mutually beneficial security and trade relationships (Euractiv, March 6). Macron’s ongoing attempt to facilitate France’s re-emergence as a fully-fledged regional security actor in Africa is not occurring…

Read more at: https://oilprice.com/Geopolitics/Africa/Frances-New-Push-To-Expand-Geopolitical-Influence-In-Africa.html

Lithium Market To Remain Tight Through 2024: Chile

The world’s second-largest supplier of lithium, Chile, said it sees the battery metal remaining in tight supply this year and next, before switching to surplus in 2025. Chile’s government agency Cochilco said in a Tuesday presentation that demand for lithium was set to grow at more than 16% per year on average over the next 12 years as the world shifts from ICE engines to electric vehicles. While this robust demand has led to price spikes over the last couple of years, which in turn led to increased supply activity, it will be a couple more years…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Lithium-Market-To-Remain-Tight-Through-2024-Chile.html

WTI Plunges Below $70 With U.S. Debt Deal In Jeopardy

WTI crude oil futures sank below $70 per barrel on Tuesday as a shakily forged debt ceiling deal threatened to disrupt financial markets. WTI plunged 3.13 by noon—a 4.14% dip on the day—below the psychological $70 barrier. The WTI July contract was trading at $69.54 per barrel as the market began to lose faith in lawmakers and the Biden Administration to finalize the deal that would raise the debt ceiling for the United States so it would be able to continue meeting its financial obligations. Aside from the debt ceiling uncertainties…

Read more at: https://oilprice.com/Energy/Oil-Prices/WTI-Plunges-Below-70-With-US-Debt-Deal-In-Jeopardy.html

The UK Is Installing Rooftop Solar Panels At A Record-Breaking Pace

More residential and small-scale commercial rooftop solar power installations are expected to be made this year than ever before, stimulated by the high cost of grid electricity. If the current pattern of growth continues, about 230,000 installations will be made in 2023, according to the latest data from industry body Solar Energy UK and certifier MCS – shared exclusively with City A.M. This would raise the number of solar roofs from 1.24m to 1.47m across the UK. Overall, a record number of sub-50 kilowatt PV systems were installed…

Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/The-UK-Is-Installing-Rooftop-Solar-Panels-At-A-Record-Breaking-Pace.html

UAE Sought More U.S. Presence In The Gulf After Iran Seized Oil Tankers

The United Arab Emirates (UAE) reportedly expressed concerns about the security situation in the Persian Gulf and asked the United States for a stronger military presence in the area to counter Iran, which has seized two oil tankers in the past month, The Wall Street Journal reported on Tuesday, quoting Gulf and U.S. officials.   After the UAE complained of a lack of strong response from its ally, the U.S., the United States has increased patrolling in the Persian Gulf. “The Department of Defense will be making a series of moves to bolster…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UAE-Sought-More-US-Presence-In-The-Gulf-After-Iran-Seized-Oil-Tankers.html

Russia’s Seaborne Oil Exports Dip But Remain High

Russia’s crude oil exports by sea fell last week for the first time in six weeks, but they are still much higher than in February, when Russia announced a production cut of 500,000 barrels per day (bpd), tanker-tracking data monitored by Bloomberg showed on Tuesday. In the week to May 28, four-week average crude oil exports fell by 180,000 bpd to 3.64 million bpd, for the first dip in four-week average seaborne export volumes in six weeks, according to the data reported by Bloomberg’s Julian Lee.   Despite the slight drop in exports,…

Read more at: https://oilprice.com/Energy/Energy-General/Russias-Seaborne-Oil-Exports-Dip-But-Remain-High.html

Namibia Considers Taking Stakes In Local Mining And Oil Companies

Namibia, where major offshore oil discoveries have been made in recent months, is weighing the possibility of taking minority stakes in miners and oil producers in the African country to benefit more from its natural resources, Namibia’s Minister of Mines and Energy Tom Alweendo has said. “We are making a case that local ownership must start with the state, which holds ownership of our natural resources,” Alweendo told Namibian lawmakers on Monday, which led to sharp drops in the shares of Australia-listed mining companies operating…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Namibia-Considers-Taking-Stakes-In-Local-Mining-And-Oil-Companies.html

Tax Credit Uncertainty Could Derail $1-Billion Pink Hydrogen Project

The largest U.S. nuclear power operator, Constellation Energy, may see a $1-billion major project to produce hydrogen using nuclear energy deferred or abandoned due to still unclear guidance over the tax credits for clean hydrogen production under the Inflation Reduction Act (IRA). The Act, passed in August last year, provides for the so-called 45V credit for the production of clean hydrogen, but the U.S. Treasury Department has yet to provide detailed guidance on who is eligible for the subsidy, which could be as high as $3 per kilogram of hydrogen.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Tax-Credit-Uncertainty-Could-Derail-1-Billion-Pink-Hydrogen-Project.html

Oil Markets On Edge Over OPEC And Debt Ceiling Uncertainty

With the next OPEC+ meeting taking place this Sunday and the U.S. debt ceiling saga set to draw a conclusion around the same time, oil markets are sure to be on edge all week.Investor Alert: Whether you are new to the oil and gas industry or an energy market veteran, Global Energy Alert is an absolute must-read. Oilprice.com’s premium newsletter provides everything from geopolitical analysis to trading analysis, all for less than a cup of coffee per week.Chart of the Week- The price of liquefied natural gas in Asia has dipped below fuel oil…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Markets-On-Edge-Over-OPEC-And-Debt-Ceiling-Uncertainty.html

Gasoline Demand Over Memorial Day Weekend Lower Than In 2022

U.S. gasoline demand over the Memorial Day weekend is estimated to be 1.1% lower than demand for the same weekend last year, despite the surging gas prices at the start of the driving season in 2022, data from fuel-saving app GasBuddy showed early on Tuesday. “According to GasBuddy data, US gasoline demand over the Memorial Day weekend (Thur-Mon) so far is down 1.1% from 2022. Once Tuesday is complete, we’ll add it to see the total weekend,” GasBuddy’s head of petroleum analysis, Patrick De Haan, said.   On Memorial Day on Monday, gasoline…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gasoline-Demand-Over-Memorial-Day-Weekend-Lower-Than-In-2022.html

Skills Gap Could Delay Europe’s Energy Transition

Europe’s ambitious green energy plans could be held back by a shortage of skilled workers in the renewables industry, which, generally, still pays lower wages than the oil and gas industry, analysts say. Governments in the European Union (EU), the UK, and the U.S. will need to address the shortage of skilled workforce for the new energy roles that will drive the transition to lower-carbon economies, trade associations say. “As increased deployment of clean energy technologies further boosts job creation, both current and future workers…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Skills-Gap-Could-Delay-Europes-Energy-Transition.html

Debt ceiling bill faces a tough path in the House as GOP opposition grows

The Fiscal Responsibility Act represents a compromise reached by House Speaker Kevin McCarthy and President Joe Biden. But conservatives say it’s a raw deal.

Read more at: https://www.cnbc.com/2023/05/30/debt-ceiling-deal-updates.html

Home price declines may be over, S&P Case-Shiller says

Nationally, home prices in March were 0.7% higher than March 2022, S&P CoreLogic Case-Shiller Indices said.

Read more at: https://www.cnbc.com/2023/05/30/home-price-declines-may-be-over-sp-case-shiller-says.html

Nvidia crosses into $1 trillion market cap before giving back gains

Nvidia hit a $1 trillion market cap at the market open Tuesday, buoyed by an AI frenzy and a massive earnings beat.

Read more at: https://www.cnbc.com/2023/05/30/nvidia-on-track-to-hit-1-trillion-market-cap-when-market-opens.html

Dow finishes Tuesday lower as Wall Street weighs odds of debt ceiling deal clearing Congress: Live updates

Wall Street eyed Congressional approval of a tentative deal to raise the debt ceiling.

Read more at: https://www.cnbc.com/2023/05/29/stock-market-today-live-updates.html

These companies are buying back their shares without using too much debt

These companies are buying back their stock, but without relying disproportionately on borrowed cash to finance the purchases.

Read more at: https://www.cnbc.com/2023/05/30/stock-market-buybacks-wall-street-earnings-cash-debt-ratio-meta-paypal.html

Goldman Sachs is cutting jobs again amid Wall Street deals slump

Goldman Sachs, more tied to the ups and downs of Wall Street than its rivals, is cutting jobs again.

Read more at: https://www.cnbc.com/2023/05/30/goldman-sachs-is-cutting-jobs-again-amid-wall-street-deals-slump.html

Theranos founder Elizabeth Holmes reports to prison to begin sentence

Disgraced Theranos CEO Elizabeth Holmes reported to prison Tuesday to begin her sentence.

Read more at: https://www.cnbc.com/2023/05/30/elizabeth-holmes-set-to-report-to-prison-on-tuesday.html

Debt ceiling deal would push student loan borrowers into repayment by fall

If nothing in the debt ceiling deal changes, the pause on federal student loan payments will “cease to be effective” within months.

Read more at: https://www.cnbc.com/2023/05/30/how-the-debt-ceiling-deal-would-affect-student-loan-borrowers.html

Bitcoin mining tax blocked in debt deal, and how crypto helps fuel opioid crisis: CNBC Crypto World

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Eric Jardine of Chainalysis discusses new research showing how crypto is used to finance production of fentanyl.

Read more at: https://www.cnbc.com/video/2023/05/30/debt-deal-blocks-bitcoin-tax-crypto-opioid-crisis-crypto-world.html

ChatGPT cited ‘bogus’ cases for a New York federal court filing. The attorneys involved may face sanctions.

A pair of New York attorneys used ChatGPT to generate a legal motion they filed in New York federal court, which has now put them at the risk of sanctions.

Read more at: https://www.cnbc.com/2023/05/30/chatgpt-cited-bogus-cases-for-a-new-york-federal-court-filing.html

Arnold Schwarzenegger: ‘No one gives a s— about’ climate change — this is what it should be called instead

“As long as they keep talking about global climate change, they are not gonna go anywhere. ‘Cause no one gives a s— about that,” Arnold Schwarzenegger said.

Read more at: https://www.cnbc.com/2023/05/30/schwarzenegger-no-one-gives-a-s-about-climate-change-rebrand-it.html

Memorial Day air travel tops 2019 levels as consumers keep shelling out for trips

The Transportation Security Administration said it screened nearly 9.8 million people over Memorial Day weekend.

Read more at: https://www.cnbc.com/2023/05/30/memorial-day-air-travel-tops-2019-levels-as-consumers-shell-out-for-trips.html

Ukraine war live updates: Drones hit Moscow buildings; Kyiv attacked by third Russian bombardment in 24 hours

The reported drone attacks on Moscow follow three intense Russian missile and drone bombardments of the Ukrainian capital Kyiv in the span of 24 hours.

Read more at: https://www.cnbc.com/2023/05/30/russia-ukraine-live-updates.html

“We Have A Captive Audience”: Boston University To Require Students Take Social Justice Writing Courses

Authored by Jonathan Turley,

Boston University recently made a new announcement that has rekindled concerns over the rising orthodoxy in our institutions of higher education. The University issued new guidelines for its mandatory writing program that will require all students to write papers with a “social justice emphasis” as a condition for graduation. The key faculty organizers celebrated the new policy and the hiring of non-white instructors as guaranteeing social justice results by making students a “captive audience” with no choice in the matter.

Student will now have to choose among such choices as “Linguistic Justice…Who Cares?: Domestic Labor and the Commodificatio …

Read more at: https://www.zerohedge.com/political/we-have-captive-audience-boston-university-require-students-take-social-justice-writing

Dramatic Video Shows Rogue Pack Of Teens Beating Up Marines In California

A shocking video out of California, where Democrats have failed to enforce law and order, shows a rogue pack of teenagers assaulting at least two Marines.

Hunter Antonino, one of the victims who self-identified as a Marine, told local media KCAL-TV that he and two other Marines asked a large group of “belligerent” teenagers to stop lighting off fireworks at San Clemente Pier Bowl area on Friday evening because debris hit him in the face. He said the teens also annoyed other beachgoers.

Antonino said he politely asked the teens to leave, and that’s when the wild pack attacked him and his buddies. The shocking video shows at least two Marines in the fetal position on the ground while they were kicked and stomped.

2 Marines jumped by 50 “high schoolers” in San Clemente in California.
Article https://t.co/1dnyUJNVDx pic.twitter.com/BsXfgxzHBA

— MRS WILKES PATTERN RECOGNITION LAB (@ItsMrsWilkes) May 29, 2023

“This is considered an assault with a deadly weapon because of the amount of suspects we are investigating,” said Orange County Sheriff’s Department Sgt. Frank Gonzalez.

Sgt. Mike Woodroof, an OCSD public information officer, said the Marines were treated for numerous inj …

Read more at: https://www.zerohedge.com/political/dramatic-video-shows-rogue-pack-teens-beating-marines-california

Retail Sector Is The “Soft Underbelly” Of The Economy

Authored by Bruce Wilds via Advancing Time blog,

Prepare for Retail Apocalypse Part II. While this could be considered a continuation of a trend that started years ago the number of closures about to occur will take things to a whole new level. “Soft underbelly” is a phrase that refers to the most vulnerable part of something, whether it be an organization, a system, or a physical object. This phrase was famously used by Winston Churchill to describe his idea of attacking Germany through Italy during World War II.

Today retailers closing locations across America are about to show retailing is a sector of the economy that has been given far less attention than it merits. Once these locations go empty, many may never again be occupied. This is a continuation of what started prior to the pandemic in response to Amazon and online commerce …

Read more at: https://www.zerohedge.com/personal-finance/retail-sector-soft-underbelly-economy

Leftists Make Accusations Of ‘Economic Terrorism’ As Conservative Boycotts Succeed

The concept of retail boycotts is far more often addressed among activists on the political left, primarily because they operate under the notion that they are the “underdogs” fighting against the system.  In reality, the political left is the system.  When almost every major corporation, every globalist foundation, and every Western government is funding and enforcing your ideology, you are the oppressor, not the oppressed.

Conservatives, on the other hand, are finally learning that focusing solely on politics is a losing battle and that the “culture war” is in fact the most important issue of our era.  It’s sad that it took this long for the liberty-minded to change strategies.  This doesn’t mean that they should give up on trying to put honest and sane leaders in government, it just means that relying on politicians is a gamble, and taking direct action whenever possible is going to get better results.

In the past, leftists have tried to apply the mindset of strength in numbers to their own boycotts, almost always resulting in complete failure.  A recent example would be the highly publicized effort by woke activists to boycott Harry Potter writer J.K. Rowling’s media products.  Rowling is a well-known progressive who probably helped to create the very intersectional social justice movement that is now trying to burn her at the stake.  But this is how these things usually go with Marxists – One day you are useful to them, the next day you are a threat to them and they’re putti …

Read more at: https://www.zerohedge.com/political/leftists-make-accusations-economic-terrorism-conservative-boycotts-succeed

Nearly 800 mortgage deals pulled amid uncertainty over rates

Lenders are “reassessing” their offers amid concerns about how high-interest rates will go.

Read more at: https://www.bbc.co.uk/news/business-65752400?at_medium=RSS&at_campaign=KARANGA

Train strikes: How Drivers’ walkout on Wednesday will affect you

What you need to know about the walkout by Aslef train drivers, by the BBC’s Zoe Conway.

Read more at: https://www.bbc.co.uk/news/business-65723769?at_medium=RSS&at_campaign=KARANGA

Elizabeth Holmes has gone to prison. Will she ever pay victims too?

Experts say victims often never get their money back from those who defrauded them.

Read more at: https://www.bbc.co.uk/news/world-us-canada-65678967?at_medium=RSS&at_campaign=KARANGA

Star Performers! 9 NSE 500 companies with solid profit & sales growth in Q4

ETMarkets analyzed NSE 500 companies that reported over 50% YoY sales growth and 100% YoY profit jump in Q4. Nine companies made the cut.

Read more at: https://economictimes.indiatimes.com/markets/web-stories/star-performers-9-nse-500-companies-with-solid-profit-amp-sales-growth-in-q4/articleshow/100617136.cms

Check out the most-valued retail companies in India

Avenue Supermarts is the largest company by market cap in the retail segment.

Read more at: https://economictimes.indiatimes.com/markets/web-stories/check-out-the-most-valued-retail-companies-in-india/articleshow/100621799.cms

Nvidia set to become first US chipmaker valued at over $1 trillion

The gaming and AI chip company, whose shares rose 4.2% in early trading on Tuesday, was valued at $1 trillion.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nvidia-set-to-become-first-us-chipmaker-valued-at-over-1-trillion/articleshow/100625602.cms

Key Words: ‘There is no other China, there is only one China’: Nvidia CEO warns of ‘enormous damage’ if China chip war escalates.

“If we are deprived of the Chinese market, we don’t have a contingency for that,” Nvidia CEO Jensen Huang said recently.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71FF-6036CC785A39%7D&siteid=rss&rss=1

Fix My Portfolio: ‘I wish my name was on somebody’s list who wanted to give money away’: How do I get the financial help I need?

Readers want to know how they can get somebody to alleviate their financial woes.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71FE-72C9FA8ED68D%7D&siteid=rss&rss=1

Citi to pursue IPO of Banamex business, resume ‘modest level’ of stock repurchases

Citigroup said Wednesday it will pursue an IPO of its “Banamex” consumer, small business and middle-market banking operations in Mexico.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71FF-5B9A14A69542%7D&siteid=rss&rss=1