On Friday, the Department of the Interior ordered renewable energy company...
On Friday, the Department of the Interior ordered renewable energy company Ørsted to stop construction on Revolution Wind, its project off the coast of Rhode Island—which is 80% complete. The offshore wind farm received approval to build in November 2023 from the Biden administration, following nine years of review, and is the latest casualty from the Trump administration’s war on renewables.
What happened: Last week, the Interior Department’s Bureau of Ocean Energy Management said it must review the Danish company’s project, citing “concerns related to the protection of national security interests.” All offshore foundations and 45 out of 65 turbines are already installed, and the project was on track to produce electricity next spring. Once fully operational, the project would power 350,000 homes in Connecticut and Rhode Island.
The US Open is swinging through New York this week and next. On the men’s...
The US Open is swinging through New York this week and next. On the men’s side, Jannik Sinner and Carlos Alcaraz are expected to be top contenders to be king of the hill, top of the list. On the women’s side, the betting favorites are Iga Świątek, Aryna Sabalenka, and American Coco Gauff. It’s the final Grand Slam tournament of the year.
Everything else:
This week marks the 20th anniversary of Hurricane Katrina making landfall.
Tonight’s estimated $750 million Powerball jackpot is expected to be the game’s 10th largest ever.
New home sales data will be released today.
Tuesday through Saturday, Nobel Laureates meet in Lindau, Germany, to talk about economics.
The Spanish tomato-throwing festival La Tomatina is on Wednesday.
US tariffs on Indian exports are set to double on Wednesday, from 25% to 50%.
Federal Reserve Governor Christopher Waller, the odds-on favorite to replace Jerome Powell as chairman, speaks in Miami on Thursday.
The personal consumption expenditures price index will offer up fresh inflation data on Friday.
College football technically started already, but things get properly kicked off this Saturday.
Summer Fridays may be ending, but Labor Day should help soften the blow. The three-day weekend starts on Saturday.
Burning Man lights up the Nevada desert all week: The...
Burning Man lights up the Nevada desert all week: The annual music and arts festival is expected to draw more than 70,000 attendees this year, and if history is any indication, some Silicon Valley movers and shakers may be in attendance, possibly moving and shaking. But despite its popularity among the tech elite, Burning Man has been burning through cash in recent years. The cost of putting the festival on keeps increasing, and ticket sales haven’t kept up, according to Business Insider. The event started yesterday and will conclude next Monday.
Maryland Gov. Wes Moore and President Trump exchanged words on the internet, with the president threatening to “send in the ‘troops’” to Baltimore in a Truth Social post.
Kilmar Ábrego García returned home on Friday, but was told to report to an ICE detention center in Baltimore today.
SpaceX called off a Starship test flight yesterday evening due to an “issue with ground systems.”
Private equity is struggling to raise money amid high interest rates and a downturn in dealmaking.
Daniil Medvedev’s US Open match got delayed after a photographer entered the court, leading to prolonged fan booing.
Jerry Adler, best known for acting on The Sopranos and The Good Wife, died on Saturday. He was 96.
U.S. Drillers Cut Oil, Gas Rigs for Fourth Time in Five Weeks
U.S. energy firms this week cut the number of oil and natural gas rigs...
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the fourth time in five weeks, energy services firm Baker Hughes said in its closely followed report on Aug. 22.
The total oil and gas rig count, an early indicator of future output, fell by one to 538 in the week to August 22, the lowest since mid-July.
Baker Hughes said oil rigs fell by one to 411 this week, while gas rigs held steady at 122.
The independent E&P companies tracked by U.S. financial services firm TD Cowen said they planned to cut capital expenditures by around 4% in 2025 from levels seen in 2024.
That compares with roughly flat year-over-year spending in 2024, increases of 27% in 2023, 40% in 2022, and 4% in 2021.
Cenovus Energy is acquiring fellow Canadian producer MEG Energy Corp....
Cenovus Energy is acquiring fellow Canadian producer MEG Energy Corp. for approximately CA$7.9 billion (US$5.7 billion). The deal is expected to close in the fourth quarter.
Consideration includes approximately CA$5.2 billion (US$3.74 billion) in cash, CA$1.7 billion (US$1.22 billion) in Cenovus shares and CA$900,000 (US$646,600) in assumed net debt and lease obligations, Cenovus announced Aug. 22.
The transaction will combine two of Canada’s top oil sands producers and consolidate complementary heavy oil assets in the Christina Lake region of Alberta. Combined oil sands output will average over 720,000 bbl/d.
