As SVB concerns grow, Yellen says no bailout, but feds are working to prevent bank ‘contagion’
That was Treasury Secretary Janet Yellen, speaking Sunday on CBS News “Face the Nation,”...
That was Treasury Secretary Janet Yellen, speaking Sunday on CBS News “Face the Nation,” about the federal government’s plans to possibly stem the damage from the stunning collapse of Silicon Valley Bank SIVB, -60.41%, which was taken over by the Federal Deposit Insurance Corp. on Friday.
“We want to make sure that the troubles that exist at one bank don’t create contagion to others that are sound,” Yellen said in the interview. “We are concerned about depositors and are focused on trying to meet their needs.”
Some are concerned that depositors could be the most harmed by SVB’s implosion because most of the bank’s deposits, greater than 90%, are uninsured. The FDIC insures deposits up to $250,000.
Study: Oil wells, levees cause land loss in La. basin
The pumping of oil and natural gas and the construction of Mississippi River levees are major contributors...
The pumping of oil and natural gas and the construction of Mississippi River levees are major contributors to land loss in Louisiana's Barataria Basin, according to a new study published in Nature Sustainability. The rate of wetland loss has declined significantly since oil production has dropped in the basin south of New Orleans, according to the study, which suggests the river still carries enough sediment to rebuild the coastal land.
Shale drillers are finding fewer gushers in the Permian Basin,...
Shale drillers are finding fewer gushers in the Permian Basin, a sign that the US oil production boom is losing steam as oilfields mature and the industry's inventory of good wells runs dry. Attendees at the CERAWeek energy conference have warned that the shale growth slowdown could increase reliance on foreign energy sources and force producers to turn to lower-quality wells that would entail higher operating costs.
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a fourth week in a row for the first time since July 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, fell by 3 to 746 in the week to March 10, the lowest since June. Despite this week’s rig decline, Baker Hughes said the total count was still up 83 rigs, or 13%, over this time last year.
U.S. oil rigsfell by 2 to 590 this week, also their lowest since June, while gas rigs also fell by 1 to 153.
Benchmark U.S. crude oil for April delivery rose 96 cents to $76.68 a barrel Friday. Brent crude for May delivery rose $1.19 to $82.78 a barrel.
Wholesale gasoline for April delivery rose 4 cents to $2.65 a gallon. April heating oilrose 10 cents to $2.77 a gallon. April natural gas fell 11 cents to $2.43 per 1,000 cubic feet.
