Growing domestic output shrinks energy import share in 2024
Imports accounted for 17% of the US energy supply in 2024, the lowest...
Imports accounted for 17% of the US energy supply in 2024, the lowest level in nearly four decades and half the peak recorded in 2006, according to the Energy Information Administration, which attributes the decrease to rising domestic energy production and declining imports. The US maintained its net energy exporter status last year as several domestic energy sources, including crude oil and natural gas, set production records, the EIA noted.
Trump says the US will resume sending weapons to Ukraine
Just days after the White House announced it was pausing military aid...
Just days after the White House announced it was pausing military aid to Ukraine while the Pentagon reviewed stockpiles, President Trump said the US would in fact restart shipments to the country to help it defend itself against Russia. The Wall Street Journal reported that Trump told Ukrainian President Volodymyr Zelensky that he was not the one who ordered the pause in deliveries. The reversal comes as Russia intensifies its attacks on Kyiv and Trump grows more publicly frustrated with Vladimir Putin stonewalling attempts at a ceasefire. “He’s very nice to us all the time, but it turns out to be meaningless,” Trump said this week.
The IRS will allow churches to endorse political candidates. In...
The IRS will allow churches to endorse political candidates. In a reversal of a 70-year-old policy, the Internal Revenue Service said yesterday that it will permit churches to make endorsements from the pulpit without losing their tax-exempt status. Previously, the prevailing interpretation of the tax code barred houses of worship from keeping their tax-exempt status if they formally backed political candidates, although the rule was rarely enforced. A group of churches sued the IRS last year, arguing that the rule violated their constitutional rights. First Amendment advocates applauded the news, while some experts warned that it could open the door for political campaigns to funnel money through nonprofits.
Meta reportedly bought a ~3% stake worth about $3.5 billion in Ray-Ban parent company EssilorLuxottica as it expands its push into smart glasses.
Waymo announced it is offering accounts for 14- to 17-year-olds to hail driverless rides on their own starting in Phoenix, with plans to expand the option to more cities.
Disney and Hearst are reportedly exploring a sale of their joint venture A+E Global Media, which owns the cable networks A&E, Lifetime, and History.
Amazon Prime Day spending was down 14% in its first four hours compared to the same period in 2024, though the event will last two extra days this year, which could account for the dropoff.
The Supreme Court allowed President Trump to proceed with his administration’s mass firings of federal workers after a lower court had temporarily blocked the effort.
Former British PM Rishi Sunak joined Goldman Sachs as an advisor, returning to the bank where he worked as an analyst before getting into politics.
Dow ends 165 points lower as U.S. stocks again feel weight of tariff uncertainty
U.S. stocks finished mostly lower on Tuesday after President...
U.S. stocks finished mostly lower on Tuesday after President Donald Trump revved up his trade war, saying he would not offer additional extensions on country-specific tariffs now set to take effect at the start of August.
The Dow Jones Industrial Average was off around 165 points, or 0.4%, to end near 44,240, according to preliminary data from FactSet.
The S&P 500 fell less than 0.1%, leaving it nearly flat at around 6,225.
The Nasdaq Composite was also flat, ending around 20,418
Oil Edges up to Two-Week High on Lower Us Output Forecast, Renewed Red Sea Attacks
Reuters - Oil prices edged up to a two-week high on Tuesday on forecasts...
Reuters - Oil prices edged up to a two-week high on Tuesday on forecasts for less U.S. oil production, renewed Houthi attacks on shipping in the Red Sea, worries about U.S. tariffs on copper and technical short covering.
Brent crude futures rose 57 cents, or 0.8%, to settle at $70.15 a barrel, while U.S. West Texas Intermediate (WTI) crude closed at $68.33, up 40 cents, or 0.6%. Those were the highest closes for both crude benchmarks since June 23 for a second day in a row.
"The lower (U.S.) production outlook got the price rally going and it kept going along with other commodities on the copper tariff news and the increased tensions in the Red Sea," said Phil Flynn, an analyst at Price Futures Group.
The U.S. will produce less oil in 2025 than previously expected as declining oil prices have prompted producers to slow activity this year, according to the latest Energy Information Administration (EIA) outlook.
In the Red Sea, three seafarers on the Liberian-flagged, Greek-operated bulk carrier Eternity C were killed in a drone and speedboat attack off Yemen, the second incident in a day after months of calm.
Attacks in the Red Sea have forced vessels carrying oil, liquefied natural gas and other energy products to travel long distances to avoid the region, boosting energy costs.
