Los Angeles Basin's oil, gas reserves nearly depleted
The US Geological Survey's latest estimates show that just 61 million...
The US Geological Survey's latest estimates show that just 61 million barrels of technically recoverable oil remain in the Los Angeles Basin, less than 1% of the 9 billion barrels produced or discovered since drilling began nearly 150 years ago. The region also holds an estimated 240 Bcf of untapped natural gas, less than half the amount produced since the late 1970s.
AI adoption in energy sector outpaces other industries
The energy sector is leading in AI adoption despite economic uncertainty,...
The energy sector is leading in AI adoption despite economic uncertainty, with 25% of energy professionals noting minimal risk-related hesitation from senior leadership, according to a KPMG report. Many firms use AI for grid optimization, predictive maintenance and operational efficiency, but 33% remain in the proof-of-concept stage due to security, privacy and integration concerns.
O&G firms pivot to near-field plays amid challenges
Near-field, infrastructure-led...
Near-field, infrastructure-led exploration is becoming the preferred strategy for oil and natural gas operators pursuing faster, lower-risk returns as high costs, emissions pressures, limited frontier prospects and growing uncertainty make greenfield exploration less viable, according to Rystad Energy. With global exploration budgets seen holding steady at around $50 billion this year, ILX activity is picking up in the US Gulf of Mexico, western Europe and Southeast Asia.
Inflation cooled, but tariffs loom. The consumer price...
Inflation cooled, but tariffs loom. The consumer price index unexpectedly fell to 2.4% in March, below economists’ prediction of 2.6%. That was the first month-over-month decline in nearly five years, the Wall Street Journal noted. But it might be the calm before the storm, as experts widely believe prices will increase because of tariffs on China and other countries, which went into effect after last month’s inflation report was finalized. Despite the positive update, egg prices climbed last month, reaching a record high.
Six people were killed when a helicopter crashed into the Hudson River in New York City.
Democratic lawmakers, including Rep. Alexandria Ocasio-Cortez, renewed calls to ban stock trading by Congress after President Trump said it was a “great time to buy” just prior to announcing a 90-day pause on some tariffs.
The Cannes Film Festival announced this year’s lineup, which includes films by Spike Lee and Wes Anderson.
The House voted to adopt a budget blueprint for President Trump’s agenda in a 216–214 vote, with two Republicans joining all Democrats in opposition.
Amazon CEO Andy Jassy defended the company’s investments in AI in his annual shareholder letter, arguing costs will come down over time as the technology advances.
The Oscars announced there will be a new award for stunt design starting in 2027.
Dow ends 1,000 points lower as U.S. stocks resume selloff on trade-war fears
U.S. stocks ended sharply lower Thursday, though well...
U.S. stocks ended sharply lower Thursday, though well off session lows, giving back a chunk of the previous day's historic gains, while the U.S. dollar also fell sharply versus major rivals.
The ICE U.S. Dollar Index, a measure of the currency against a basket of six major rivals, fell 1.8% to its lowest level since October. The yield on the 10-year Treasury note fell, but the yield on the 30-year Treasury bond rose. Yields and debt prices move opposite each other.
"Today’s trading has seen a rare, ugly and worrying combination of market moves with the dollar, bonds and equities lower amid renewed volatility and stress cross-asset markets — despite a decent enough 30-year Treasury auction," said Krishna Guha, head of the global policy and central-bank strategy team at Evercore ISI.
"Today’s price action could be a spasm en route to a durable market footing. But the market is pressing for a bigger U-turn with either a complete cessation of tariffs ex-China, or negotiations with China, or both," Guha wrote.
The Dow Jones Industrial Average ended with a loss of 1,014.79 points, or 2.5%, after dropping 2,180 points at its session low.
The S&P 500 finished down 3.5% at 5,268.05.
The Nasdaq Composite declined 4.3% to end at 16,387.31
