At least five people died on Sunday morning in Bucks County, PA, after an estimated 6–7 inches of rain fell in less than 45 minutes, sparking flash floods. As downpours drenched the Northeast and canceled flights, a record-breaking heat wavepeaked in the US South and West, but temps will remain sizzling throughout this week. In Southern Europe, a dangerous “heat storm” forced the Acropolis in Athens to close for a second day, and over a dozen Italian citiesissued heat advisories. This storm is named Charon after the ferryman of the dead in Greek mythology.
Futures are flat to negative following a week that showed our inflation emergency seems to be ending,...
Futures are flat to negative following a week that showed our inflation emergency seems to be ending, and big banks are still raking in big profits. The Fed’s so-called “soft landing” scenario—getting inflation down without tipping the economy into a recession—is a distinct possibility, as long as corporate finances don’t end up being shockingly bad this earnings season. CNBC
Issuance of new drilling permits takes a dive in California
New drilling permits issued by California's Geologic Energy Management Division have plummeted to seven...
New drilling permits issued by California's Geologic Energy Management Division have plummeted to seven so far in 2023, compared to over 200 during the same period last year, even as the backlog of new drilling permit applications exceeds 1,400. The agency is prioritizing applications to permanently close wells, in line with the state's plan to end oil drilling by 2045.
American Airlines, JetBlue to end partnership after antitrust ruling
The airlines will stop selling tickets for each other's flights, known as codesharing, as well as reciprocal...
The airlines will stop selling tickets for each other's flights, known as codesharing, as well as reciprocal frequent-flyer benefits starting July 21. The news comes two months after a federal judge ruled the companies must dissolve their Northeast Alliance deal—which allowed them to share revenue and coordinate schedules to New York and Boston—because it limited competition and drove up prices.
US Drillers Cut Oil and Gas Rigs for 10th Time in 11 Weeks
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a 10th time in 11...
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a 10th time in 11 weeks, energy services firm Baker Hughes said in its closely followed report on July 14.
The total oil and gas rig count, an early indicator of future output, fell by 5 to 675 in the week to July 14.
Baker Hughes said that puts the total count down 81 rigs, or 11%, below this time last year.
U.S. oil rigs fell 3 to 537 this week, their lowest since April 2022, while gas rigs fell 2 to 133.
