Flying Soon? Understaffed air traffic control facilities
Of the 313 air traffic control facilities in the United States, 285 are...
Of the 313 air traffic control facilities in the United States, 285 are staffed below levels recommended by the FAA and the union that represents air traffic controllers, according to the New York Times. At 73 of the facilities, which include traffic control towers, the workforce is understaffed by at least 25%.
Two facilities on Long Island that handle 1.2 million flights in and out of Newark, LaGuardia, and JFK Airports annually have nearly 40% of positions unfilled. There’s no quick fix, as it can take more than four years to train a new air traffic controller at some locations. Training at Ronald Reagan Washington National Airport, where the passenger plane involved in last week’s crash was attempting to land, requires almost 16 months to complete.
Jobs report incoming: On Friday at 8:30am ET, the Bureau...
Jobs report incoming: On Friday at 8:30am ET, the Bureau of Labor Statistics will reveal how many jobs got added to the US economy in January. Experts anticipate employment will have grown by 150,000. But for the December 2024 report, analysts expected the addition of 155,000 jobs and got 256,000. Even if Friday’s report doesn’t knock the argyle socks off economy watchers and just meets expectations, it will still signal a mighty jobs market despite the Federal Reserve’s attempts to wrangle inflation. The US economy has added jobs every month since December 2020, per Investopedia.
In trade news that doesn’t involve avocados or automobiles, the Mavericks traded Luka Dončić to the Lakers for Anthony Davis in a shocking swap of superstars.
An air ambulance crash in Philadelphia left seven dead and 19 injured.
Hamas released three hostages, including American-Israeli dual national Keith Siegel.
A major blood bank canceled blood drive appointments after a cyberattack.
US drillers add oil and gas rigs for first time in eight weeks
U.S. energy firms this week added oil and natural gas rigs...
U.S. energy firms this week added oil and natural gas rigs for the first time in eight weeks, energy services firm Baker Hughes BKR said in its closely followed report on Friday.
The combined oil and gas rig count, an early indicator of future output, rose by six to 582 in the week to Jan. 31.
Despite this week's rig increase, Baker Hughes said the total count was still down 37 rigs, or 6% below this time last year.
Baker Hughes said oil rigs rose by seven to 479 this week, while gas rigs fell by one to 98. That weekly rise in oil rigs was the biggest increase since February 2023.
In the Gulf of Mexico, the rig count fell by one to 11, the lowest since March 2022.
In the Haynesville shale in Arkansas, Louisiana and Texas, the rig count fell by one to 28, the lowest since January 2017.
For the month, total oil and gas rigs fell by seven, the most in a month since June, with both oil and gas rigs down by four in January.
The oil and gas rig count declined by about 5% in 2024 and 20% in 2023, as lower U.S. oil CL1! and gas NG1! prices over the past couple of years prompted energy firms to focus more on paying down debt and boosting shareholder returns rather than raising output.
President Donald Trump's 25% tariffs on imports from...
President Donald Trump's 25% tariffs on imports from Canada and Mexico and 10% tariffs on Chinese imports are expected to take effect as soon as today, according to the White House. Trump has said the tariffs are meant to pressure the three nations to curb illegal immigration and fentanyl trafficking into the US.
Canada, Mexico, and China are America's three largest trading partners, accounting for over 40% of the goods imported into the US last year (see charts). Total trade in goods and services with all three countries exceeded $1T in 2024. The tariffs could significantly impact Canada and Mexico as roughly 70% to 80% of their goods and services are exported to the US. Both North American countries have already said they would respond to US tariffs with their own measures.
The tariffs could raise prices for American consumers and businesses on various goods, including produce, lumber, and electronics. Trump previously said he was considering an exemption for oil imports, but the White House didn't provide further details. Collection on the tariffs is reportedly expected to begin March 1. See how tariffs workhere.
Oil prices post weekly drop as outline of Trump’s tariff plans emerges
Oil futures ended lower Friday, contributing to a loss for the week,...
Oil futures ended lower Friday, contributing to a loss for the week, though prices held on to a gain for the month as traders awaited a tariff decision by President Donald Trump on crude imports from Canada and Mexico.
West Texas Intermediate crude for March delivery fell 20 cents, or 0.3%, to settle at $72.53 a barrel on the New York Mercantile Exchange, for a weekly fall of nearly 2.9%. Prices based on the front-month contract climbed 1.1% for January, according to Dow Jones Market Data.
March Brent crude the global benchmark, lost 11 cents, or 0.1%, to end at $76.76 a barrel on ICE Futures Europe, for a weekly decline of 2.2%. It finished 2.8% higher for the month. April Brent which become the front month at the end of the session, declined by 22 cents, or 0.3%, to $75.67 a barrel.
February gasoline edged down by less than 0.1% to $2.04 a gallon, tacking on almost 1.8% for the month, while February heating oil added 0.4% to $2.48 a gallon, settling 7.1% higher for the month. The February contracts expired at the end of the session.
Natural gas for March delivery ended at $3.04 per million British thermal units, down 0.1% for the session, with front-month contract prices losing 16.2% in January.
