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• 🔥From Twitter: Josh Brown from CNBC - "Yes, we are in a Bear Market"
  "I've been talking about this being...

  
  

  "I've been talking about this being a bear market since February," says @downtown. "Here we are in the middle of May, the damage is way worse than anything we saw in 2018...until everyone can agree, 'hey this is the real thing,' I don't see how we bottom." pic.twitter.com/TGJ2JqPtZ7

  
  — CNBCOvertime (@CNBCOvertime) May 11, 2022

  
  
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• ⛽️Gas prices are hitting record highs even though crude oil has dropped
  Given that 59% of gas prices come from the cost of crude, a 22% decline in oil should've translated...
  Given that 59% of gas prices come from the cost of crude, a 22% decline in oil should've translated to a 13% dip at the pump — but that didn't happen. On Wednesday, the average gallon of gas in the US hit $4.40, according to AAA. Meanwhile, the cost of West Texas Intermediate crude surged in March to $123 a barrel, the highest since 2014, but has since fallen back to around $106.
  
  This disconnect stems not from the crude oil market, but instead reflects frictions in the gasoline market, wrote senior economist Garrett Golding and senior economic policy advisor Lutz Kilian of the Dallas Fed.
  
  Here's why your cost at the pump hasn't gone down. 
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• US Scraps Three Offshore Oil and Gas Drilling Auctions
  The Biden administration on May 11 said it would scrap three planned sales of offshore oil and...
  The Biden administration on May 11 said it would scrap three planned sales of offshore oil and gas leases in Alaska and the Gulf of Mexico.
  
  In a statement, the Department of Interior said it was not moving forward with an auction for drilling rights in the Cook Inlet off the coast of Alaska “due to lack of industry interest in leasing in the area.”
  
  It also said two sales in the Gulf of Mexico would be canceled due to “conflicting court rulings.”
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• Occidental CEO Says More Oil Production Would Hurt Shareholders
  Oil companies worldwide have been trying to increase production, but are struggling to...

  Oil companies worldwide have been trying to increase production, but are struggling to balance increases without undercutting shareholder returns, Occidental Petroleum CEO Vicki Hollub said on May 11.

  
  

  The U.S. oil producer, which plans to resume repurchasing its shares this quarter to reward investors, could boost output by as much as 5% next year if returns stay high. But rising service and material costs have limited what companies can do to quickly address the oil supply.

  
  

  The company increased its CAPEX by $250 million mostly to cover inflation costs, she said. It also gave up on a multi-rig program for its Colorado operations after having its drilling permits restricted to one unit by regulators for the remainder of 2022, she said.

  
  

  Occidental will resume its share repurchase program this quarter after reaching its $20 billion net debt target, CFO Robert Peterson said during the call.  The producer had previously disclosed plans to use $3 billion for buybacks.

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• From Morning Brew
  Good morning. If data is the new oil, then oil is the new school lunch Gushers....

  Good morning. If data is the new oil, then oil is the new school lunch Gushers. Due to the run-up in oil prices and tech’s collapse, energy giant Saudi Aramco overtook Apple as the most valuable company in the world yesterday with a market capitalization of about $2.43 trillion.

  
  

  Markets: The Nasdaq dropping 3% in a day used to be an earth-shattering event on Wall Street—now it’s simply called “May 2022.” Tech stocks continued their total collapse after another hot inflation reading yesterday morning. Carvana, which was labeled a pandemic winner, has crashed nearly 92% from its peak and laid off 12% of its workforce on Tuesday.

  
  

  More proof of the changing of the guard: In October 2020, Zoom was worth more than Exxon Mobil. Now, Exxon’s market cap is 14x bigger than Zoom’s.

  
  

  Google unveiled its first smartwatch, the Pixel Watch, as well as a bunch of new/upgraded gadgets.

  
  

  Cleaner air is associated with a rise in Atlantic hurricanes, a government report found.

  
  

  Manhattan office update: Just 8% of office workers are back in the office 5x a week. 28% are fully remote.

  
  
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