Washington
Washington weighs its options in the aftermath of OPEC’s big oil move
Leaders in Washington have been on their heels since OPEC+ introduced deep manufacturing cuts. Nonetheless, what may very well be within the offing on the subject of further coverage responses have turn out to be clearer in latest days.
“There’s numerous alternate options,” President Biden instructed reporters on Thursday including on Friday “I am not completed with that but.”
On Wednesday, oil-producing nations — together with Russia — introduced they might reduce manufacturing by 2 million barrels per day, saying it was a method to get forward of a weakening world financial system. However many policymakers within the U.S. instantly nervous a spike in oil costs might each present Russia with an inflow of oil income to proceed their conflict in Ukraine and damage Democrats’ probabilities within the coming midterm elections.
On Thursday, Brian Deese, President Biden’s high financial advisor, stated that Biden tasked his workforce to “take nothing off of the desk” in response.
“There’s only a few levers that the federal government can really do [and] if we wish to scale back the worth of fossil fuels, we have to get extra of them out of the bottom and the administration actually hasn’t been favorable to adopting these insurance policies,” Lipow Oil Associates President Andrew Lipow instructed Yahoo Finance.
The worth of crude oil has certainly spiked in latest days and, as of Friday, is close by of the vital psychological barrier of $100 a barrel.
4 concepts are being thought of by the White Home
The Biden administration pulled their most direct lever instantly with Wednesday’s announcement that an extra 10 million barrels from the Strategic Petroleum Reserve can be launched in November. The Biden administration has been releasing oil from the reserve since March and deliberate to cease this month earlier than extending the deadline.
Nonetheless, the reserve at the moment sits on the lowest stage in a long time making additional releases much less seemingly. In reality, the Division of Power as an alternative made plans to purchase further oil within the months forward to replenish the reserve.
The second method in play amongst Biden and his aides is sustained criticism of oil corporations for not, of their view, decreasing retail gasoline costs sufficient. “Power corporations want to cut back retail costs to mirror the worth that they’re paying for the wholesale gasoline,” Deese stated Thursday, however Friday’s spike in costs makes that much less seemingly.
Biden and his aides reportedly had a tense assembly with oil executives final week and are contemplating, in response to Bloomberg, the controversial thought of a ban on exports of refined petroleum merchandise. Requested about it Wednesday, Deese would not touch upon the thought particularly but in addition didn’t deny it was being mentioned saying “we’ve got all choices on the desk.”
Lastly, the Biden administration continues to proceed with its push to cap the worth of Russian oil. However the thought has run into skepticism about how efficient it might be and would solely cap the worth for Russian oil moderately than the worth paid by Individuals on the pump.
Attainable motion from Capitol Hill
There are additionally attainable actions when Congress returns in November.
One thought underneath renewed consideration is a bipartisan invoice that has bounced round Congress for years dubbed “NOPEC” which superior within the Senate earlier this yr. The invoice would take away sovereign immunity and authorize the Justice Division to deliver fits in opposition to members of OPEC+ for antitrust violations.
The Biden administration had been cool on the invoice however a White Home assertion Wednesday signaled extra openness saying the Administration “will even seek the advice of with Congress on further instruments and authorities to cut back OPEC’s management over vitality costs.”
A brand new effort was proposed this week that might mandate the elimination of U.S. troops and missile protection techniques from Saudi Arabia in addition to the United Arab Emirates. In an announcement, the lawmakers behind that invoice stated this week that “[w]e see no purpose why American troops and contractors ought to proceed to offer this service to international locations which can be actively working in opposition to us.”
Republicans have largely chosen to concentrate on a scarcity of efforts from the Biden administration to spur U.S. oil manufacturing. “If there was ever a time for the Biden administration to reverse course and work with our vitality producers, as an alternative of in opposition to them, it’s proper now,” Sen. Lisa Murkowski (R-AK) stated this week.
On a CNN interview Thursday, Biden’s high vitality aide, Amos Hochstein, pushed again on the criticism. “We have already seen will increase of manufacturing of a couple of half 1,000,000 barrels a day by the U.S. business [and] we count on these to go up into 2023,” Hochstein stated.
“We will do every little thing we will to ensure that a small variety of international locations doesn’t have an effect on the American client,” he added.
The Venezuela query
The opposite key excellent query is what actions Biden will take with regard to Venezuela. The Wall Avenue Journal reported Wednesday that the U.S. is trying to ease sanctions on Venezuela to permit Chevron to proceed producing there and pump extra oil into world markets. The White Home has denied the plans with Hochstein saying “we’ve got not made any choices there.”
This week, President Biden added that Venezuela and its president, Nicholas Maduro, must do “loads” earlier than his administration would think about easing sanctions.
Throughout a Yahoo Finance Dwell look Thursday, Prosper Buying and selling Academy CEO Scott Bauer stated even when it had been to come back to cross “that impact is just not going to come back rapidly both, the state of drilling is in shambles in Venezuela” and it might take 3-6 months earlier than it might have an effect on provide.
Biden additionally defended his latest journey to Saudi Arabia once more — and fist bump with Crown Prince Mohammed bin Salman — claiming it wasn’t about oil however acknowledging that this week’s provide transfer “is a disappointment, and it says that there are issues.”
It’s prone to be a troublesome few months for oil markets within the weeks forward. “It may be a conflict right here between what the US and the EU can do [and] what the Saudis and the remainder of OPEC can do making an attempt to guard their market by actually chopping manufacturing,” Power Phrase Founder Dan Dicker stated this week.
Ben Werschkul is a Washington correspondent for Yahoo Finance.
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Washington
BIZ BUZZ: Antonios go to Washington
Donald Trump is scheduled to be inaugurated—again—as the president of the United States on Jan. 20 in Washington.
Among those who will witness his return to power as the 47th president of the world’s largest economy are some of his old friends from the Philippines.
We’re talking about Century Properties Group founder and chair Jose EB Antonio and his wife, Hilda.
Going with them is their third son, Jose Roberto, who had just been appointed managing director of the J. Antonio Group Inc. in charge of resort-related projects.
It may be recalled that the Trumps and the Antonios struck up a friendship decades ago in New York when Trump was more known as a property developer, just like the Antonios. Some of their children also went to business school together.
And then, the Antonios also brought the Trump brand into one of the office buildings in its Century City development in Makati City.
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But the elder Antonio will be there not just as a personal friend invited by the Trumps to attend the inauguration but also to represent President Marcos as his ambassador-at-large tasked with inviting more investments into the Philippines.
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With a friend in the White House, the Antonios are confident that more investments as well as visitors will flow toward the Philippines. —Tina Arceo-Dumlao
Clark hits the Belle’s eye
In July 2024, Belle Corp. gave us a teaser about applying for a gaming license from “government regulators.”
Despite the rumor mill running wild that the gaming-focused investment firms of delisted subsidiary Premium Leisure Corp. had plans to conquer Clark, Belle opted to keep quiet.
Nearly half a year later, Belle hailed Clark as “the next gaming and tourism hub” and confirmed that they had, indeed, applied for a gaming license specifically to develop an integrated resort in the former American air base.
Belle president and CEO Armin Raquel Santos likewise expressed optimism on his company’s growth prospects, “and bullish on the Philippine gaming market and its resilience despite industry headwinds.”
”Belle, through its gaming subsidiaries, continues to explore and pursue related ventures and high-growth opportunities in the gaming space that will enhance shareholder value while delivering its commitments to all stakeholders,” the company quoted Santos as saying.
Though much still remains unsaid about Belle’s plans for Clark, it is clear that the gaming industry is still attractive despite some weakness and hiccups—Bloomberry Corp.’s earnings, for instance, and Davao-based businessman Dennis Uy’s long-stalled Cebu casino project.
Let’s see if Belle will go against the odds. —Meg J. Adonis
Washington
What Washington State’s head coach said after Gonzaga game
Washington State men’s basketball head coach David Riley could point to a few factors that led to Gonzaga pulling away from the Cougars during the second half of Saturday night’s showdown at the McCarthey Athletic Center.
For starters, the Bulldogs’ 15-5 scoring run to start the second half certainly didn’t help the Cougs’ cause. Neither did Ryan Nembhard, who came out of the halftime break even more refreshed after sitting on the bench for the final 9:34 of the first half due to foul trouble. Turnovers and miscues on the defensive end of the floor also started to pile up for WSU, which led by six points in the first half only to trail by three at the break and fall behind by 21 in the second half while the Zags nailed 10 3-pointers and scored 20 points off 16 turnovers.
Consider Saturday night, then, a perfect storm for the Bulldogs (14-4, 5-0 WCC). Led by Graham Ike’s 21 points, Gonzaga pulled away for an 88-75 victory over its in-state rival in a thriller from the Kennel.
Here’s what Riley had to say after the game.
On what changed for WSU in the second half:
“It was a hard-fought game, and I feel like we had it slip away from us early in that second half where we didn’t stay connected as much, and I personally didn’t do a good enough job of having us ready for the fight. They got some 50-50 balls. They got a couple offensive rebounds, just some toughness plays that second half that hurt us. And that comes down to, we have game plan stuff, we’re gonna have X’s and O’s, we’re gonna have great plays from different players and bad plays from different players, but that fight for 40 minutes, I think, was the difference, and they came out with a little more fire than us.”
On Ryan Nembhard’s impact in the second half after sitting most of the first half:
“He did a good job with their pace. I think he gets them up the floor really well. I felt like it was a lot of factors that second half, and he played a part in that and started isolating some of our bigs when we made a couple of adjustments. [Nembhard is a] good player.”
On WSU’s defensive breakdowns that led to 10 3-pointers for Gonzaga:
“A couple of execution errors. I think one of them we didn’t have a ball screen right, one of them we didn’t order our post defense right. Kind of going into the half that was our thing, when things get tough, or they throw in a 25-second possession, we got to execute all 30 seconds of the shot clock. And I think it was more just cover stuff. We didn’t have that many space cadet errors. I think it was more just kind of one guy doing something that wasn’t exactly right in coverage.”
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Washington
What Gonzaga’s Mark Few said after win vs. Washington State
The Gonzaga men’s basketball team pulled away from Washington State for an 88-75 victory in the first meeting between the in-state rivals in over a decade.
Graham Ike led the way with 21 points on 8-for-11 from the field, Nolan Hickman added 19 points and the Bulldogs (14-4, 5-0 WCC) earned their fifth straight win to open league play by putting the Cougars (13-5, 3-2 WCC) away early in the second half. After ending the first half on an 8-2 scoring run, the Zags came out of the second half with a sense of urgency on both ends, sparking a 15-5 scoring run to make it a double-digit margin.
Here’s what Gonzaga head coach Mark Few had to say after the game.
On what he told the team at halftime that led to the strong start to the second half:
“I just told them, ‘hey, we’re in a we’re in a battle. It’s a great game. Both teams are competing really hard, and we’re at our best when we’re in attack mode.’ And they did a great job of taking the message and I thought we really went out and turned defense into offense, and we knew that was going to be a big key for us. [The Cougars] are hard to guard, they’re big and they’re physical, and [WSU coach David Riley] does a really lot of nice stuff on on offense that exploits mismatches. But our guys battled tonight, so I was really proud of them.”
On the team’s performance while Ryan Nembhard was on the bench for the final 9 minutes of the first half:
“They played great. I told them that in the locker room that that was huge. We haven’t really had to do that all year. And this guy [Nolan Hickman] stepped up. He was amazing tonight. I mean, seven boards … defensively in there, battling in the post. I mean, he did a lot of stuff that, as I said, he’s now, he set a high standard, so kind of be counting on that moving forward, but he and Dusty [Stromer] both really helped during that stretch and [Khalif Battle] and obviously having Ben [Gregg] and then Graham was rock solid all night.”
On the team’s effort on the defensive end of the floor in the second half:
“I thought our effort and our making plays, I thought it was definitely up there [with the best of the season], and just the physicality that it took. Because, again, they’re so much bigger than us at several of those spots. And again, you just don’t see the post-up thing like this, where your guards are getting constantly posted. But so in that way, we fought, we were physical and kind of had to navigate our way through a lot of different actions. There’s staggers and some curls and some switches and all that. For the most part, we did pretty good.”
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