The Bureau of Land Management is revising estimates of oil and natural...
The Bureau of Land Management is revising estimates of oil and natural gas reserves in the Rock Springs Resource Management Plan area in Wyoming, potentially reducing restrictions on energy development. The US Geological Survey recently reported significant increases in undiscovered, technically recoverable reserves, with 703 million barrels of oil and 5.8 trillion cubic feet of natural gas in southwest Wyoming.
Interior Dept. workforce has declined by nearly 11%
The Interior Department has reduced its workforce by nearly 11% during...
The Interior Department has reduced its workforce by nearly 11% during the Trump administration, with about 7,500 employees taking buyouts or early retirement in the past five months. Significant losses were reported at the National Park Service, Fish and Wildlife Service, US Geological Survey and Bureau of Reclamation. "The goal is to make sure that we're doing a great job at the task that we have, the missions that we have, and so there is no specific headcount number that we're targeting," said Interior Secretary Doug Burgum.
Trump says Iran and Israel have agreed to a ceasefire
President Trump posted to social media yesterday that the two countries...
President Trump posted to social media yesterday that the two countries had agreed to “a Complete and Total CEASEFIRE” that would end their “12-day war” to be phased in over 24 hours. The announcement came hours after Iran launched missiles at an American base in Qatar in retaliation for the US bombing its nuclear sites, while still signaling a willingness to de-escalate the conflict. Iran gave the US advance notice of the strike, which Trump said in an earlier social media post “made it possible for no lives to be lost and nobody to be injured,” as the missiles were intercepted.
NY plans to build the first new US nuclear power plant in 15...
NY plans to build the first new US nuclear power plant in 15 years. New York Gov. Kathy Hochul said yesterday that she directed the state’s public utility to develop and construct an advanced nuclear power plant Upstate that can produce at least 1 gigawatt of energy, which is enough to power ~1 million homes. The announcement comes after President Trump introduced new rules in May aimed at speeding up the development of nuclear power projects by reducing the time it takes to get permits. Only five new commercial nuclear reactors have come online in the US since 1991, per the Wall Street Journal, but interest in nuclear power has grown as a means to produce more power with lower emissions, especially as tech companies seek to fuel massive data centers to undergird their AI tech.
A record-breaking heatwave is set to continue across the US, with temperatures reaching three digits (and that’s before you look at the dreaded “feels like” temp). It’s put millions of people under heat advisories or warnings.
The Supreme Court ruled that the Trump administration may resume deporting some migrants to countries that are not where they are from without giving them advanced notice or a chance to fight it, at least while a legal challenge to the practice plays out in the courts.
A federal judge ordered the release of Kilmar Abrego Garcia—whose mistaken deportation to El Salvador has been a flashpoint in immigration debates—while he awaits trial on human smuggling charges. But the judge noted that ICE was likely to detain him and potentially deport him, and the government has already filed an appeal of the judge’s order.
Federal Reserve Chair Jerome Powell is scheduled to testify before Congress today amid tension with the president over the Fed not lowering interest rates.
Oil settles down 7% after Iran attacks US military base in Qatar, not tankers
(Reuters) - Oil prices settled down more than 7% on Monday,...
(Reuters) - Oil prices settled down more than 7% on Monday, losing more than $5 a barrel after Iran took no action to disrupt oil and gas tanker traffic through the Strait of Hormuz, but instead attacked a U.S. military base in Qatar in retaliation for U.S. attacks on its nuclear facilities.
Brent crude futures closed down $5.53, or 7.2%, at $71.48 a barrel, while U.S. West Texas Intermediate crude (WTI) eased $5.33, or 7.2%, to $68.51.
Brent's 7.2% drop was the steepest since August 2022. The benchmark traded in a $10 range, the widest since July 2022.
Both benchmarks were down nearly 9% in after-hours trading.
"Oil flows for now aren't the primary target and are likely not to be impacted, I think it's going to be military retaliation on U.S. bases and/or trying to hit more of the Israeli civilian targets," said John Kilduff, a partner at Again Capital.
Oil fell sharply after Iran retaliated against U.S. airstrikes on its main nuclear sites with a missile attack on the Al Udeid U.S. airbase in Qatar, the largest U.S. military installation in the Middle East. No U.S. personnel were killed or injured in Iran's attack, two U.S. officials told Reuters.
