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• U.S. economy contracted slightly more than previously estimated in first quarter
  The numbers: The first quarter is in the books: The economy shrank at a 1.6% annual...
  The numbers: The first quarter is in the books: The economy shrank at a 1.6% annual pace, the government’s final appraisal shows. And the second quarter isn’t looking all that great, either.
  
  The contraction in gross domestic product — the official scorecard for the economy — was the first since the onset of the pandemic in early 2020. Previously the government put the decline at 1.5%.
  

  
  
  The drop in the headline number was somewhat misleading. A record surge in the U.S. trade deficit was largely responsible for the decline in first-quarter GDP.  All figures are adjusted for inflation.
  
  Consumer spending and business investment, the two biggest pillars of the economy, both rose in the first quarter and indicated the U.S. was still expanding at a modest pace. Consumer spending wasn’t nearly as strong in the first quarter as it previously looked, though.
  
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• Exxon Mobil CEO Predicts Resurgence of Investment in Fossil Fuels
  Exxon Mobil’s CEO predicted a resurgence of investment in fossil fuel production as he blamed soaring...
  Exxon Mobil’s CEO predicted a resurgence of investment in fossil fuel production as he blamed soaring oil and gas prices on pressure to move to cleaner energy at a time of relentless demand.
  
  Darren Woods, the head of the biggest western oil and gas supermajor, said efforts to reduce emissions by cutting production before addressing consumption had left the world struggling to meet energy needs, pointing to an “optimistic view” about how quickly the energy transition can happen.
  
  Governments had not only failed to deal “with the demand side of the equation” but also did not recognize “that you need a fairly robust set of alternative solutions if you’re going to reliably and affordably meet the needs of people”, Woods told the Financial Times.
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• Mountain Valley Pipeline seeks more time to complete
  The developers of the 2-billion-cubic-feet-per-day Mountain...
  The developers of the 2-billion-cubic-feet-per-day Mountain Valley Pipeline in Appalachia have asked the Federal Energy Regulatory Commission for four more years, until Oct. 13, 2026, to complete the long-delayed project, citing ongoing litigation and permitting hurdles. Mountain Valley remains committed to placing the pipeline into full service in the second half of 2023, a spokesperson said.
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• Outlook bright for US Gulf Coast oil exports
  US Gulf Coast crude oil exports are on track to reach a record 3.3 million barrels per day this quarter,...
  US Gulf Coast crude oil exports are on track to reach a record 3.3 million barrels per day this quarter, with Europe expected to account for roughly 1.4 million bpd of the total, and climb to close to 4 million bpd in the first quarter of 2023, according to Kpler and Rystad Energy analysts. Constrained refining capacity and government actions to boost crude supplies are among the factors driving the export surge, Rystad says.
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• What Else is Brewing
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  • Pinterest CEO Ben Silbermann, who is also the company’s co-founder, is stepping down and being replaced by Google’s president of commerce Bill Ready.
  
  
  • China reduced its Covid quarantine requirements for inbound travelers by half, and Shanghai Disneyland said it will reopen tomorrow.
  
  
  • The growth in US home prices cooled in April for the first time since November of last year.
  
  
  • US health officials ramped up their fight against the monkeypox outbreak, expanding the group eligible to get vaccines and deploying more doses and testing capabilities.
  
  
  • Sri Lanka, which is in the midst of a severe economic crisis, blocked sales of fuel for nonessential services, shut down schools in cities, and told people to work from home in order to conserve depleted energy supplies.
  
  

  
  
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