Thought for the day
"I contend that for a nation to try and tax itself into prosperity, is like a man standing in a bucket and trying to lift himself up by the handle." -- Winston Churchill (1874 - 1965)
The White House is in scramble mode to avoid skyrocketing gas prices after OPEC+ announced it would be cutting millions of barrels of oil per day, but the Biden administration’s concern has nothing to do with sound policy or cheaper gas prices for the American people. It is evident that President Joe Biden and his gang are attempting to save face and stave off a shellacking like no other in this year’s midterm elections.
Officials issued a warning to Americans after a drug bust found thousands of deadly rainbow fentanyl pills in a box of Legos.
Kanye West on Wednesday defended his “White Lives Matter” apparel, slammed the Kardashians for allegedly keeping him from seeing his daughter, and said Daily Wire host Candace Owens was “the only” one to publicly back him.
Over 150 Republicans in the House of Representatives are calling on President Biden to reject California’s new radical green car regulations as the state looks to electrify its citizens’ fleet.
Rep. Bob Latta, R-Ohio., led the charge in a letter to Biden with nearly three-fourths of the entire House GOP urging the president to deny the State of California’s Air Resource Board (CARB) Clean Air Act waiver request for new regulations requiring car sellers to phase out gas-powered engines.
CARB’s new regulations would require 35% of all car sales in the state to be electric vehicles by 2026 before completely phasing out internal combustion engines (ICEs) in new car sales by 2035.
President Biden and Democratic lawmakers doubled down on the importance of hostile actors boosting oil output Wednesday after a decision from a Saudi-led group to cut production.
The Organization of the Petroleum Exporting Countries (OPEC), the powerful Middle Eastern oil cartel, and its Russian counterpart announced a massive production cut of 2 million barrels of oil per day, the largest reduction since the COVID-19 pandemic began in 2020. In response, Democrats have unleashed their fury, noting the importance of oil production from the cartel comprised of dictators and hostile actors.
"The President is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine," the White House said in a statement Wednesday.
US imports from Russia reached $522.1 million in August, 7.7% more than the July total of $484.8 million, marking the first monthly increase since April, according to a report released on Wednesday by the US Census Bureau.
The growth comes despite US President Joe Biden’s pledge to deal a “crushing blow” to Moscow through restrictions on commodity trade.
According to analysts, Washington continues to benefit from the anti-Russia sanctions. While pressuring the EU to give up supplies from Russia, the US continues to buy hundreds of unsanctioned types of goods.
“There is a tacit agreement between the US government and business: we puff our cheeks, and you trade with Russia if it suits you. Their words don’t meet their actions,” Aleksandr Razuvaev, a member of the supervisory council at Moscow’s Guild of Financial Analysts, told Russian state media on Wednesday.
A man cooperating with federal drug agents after local law enforcement busted him transporting enough fentanyl to kill 25 million people managed to escape authorities and is now considered a fugitive.
Louisiana State Treasurer John Schroder announced on Wednesday that the Pelican State would divest nearly $800 million in funds from asset management company BlackRock.
President Joe Biden claimed on Wednesday that he once “lost an awful lot” in a house fire — but fact-checkers have previously said that the 2004 fire was contained to the kitchen and doused within 20 minutes.
An English broadcaster known as Great Britain’s first transgender national television newsreader urged followers to sue famed “Harry Potter” author J.K. Rowling for ripping a transgender children’s charity. Rowling issued a warning shot of her own, daring anyone to take such action.
Migrant bus transports from the southern border don’t appear to be slowing down. Thursday morning saw an additional bus unload outside Vice President Kamala Harris’ D.C. residence and two more buses drop off in New York City.
That’s in addition to the seven buses that arrived in the Big Apple on Wednesday.
House Ag Committee ranking member G.T. Thompson (R-Pa.) and Rep. James Comer (R-Ky.), Republican leader on the House Committee on Oversight and Reform, in a letter to General Accountability Office (GAO) Comptroller General Gene Dodaro, asked the GAO to conduct a study addressing the following:
1. What is known about the extent of and trends in foreign investment in U.S. agricultural land (e.g., by country of investor, by state, by type of land)?
2. How does the Farm Service Agency collect data ona foreign investment in U.S. agricultural land and what steps are taken to ensure data reliability? How have USDA’s data collection methods changed since AFIDA was enacted in 1978?
3. What procedures are in place to ensure proper disclosure of acquired agricultural land by a foreign person or entity and does USDA have a process to ensure accurate disclosure of the transfer or sale of such lands?
Today, Google announced the development of Imagen Video, a text-to-video AI mode capable of producing 1280×768 videos at 24 frames per second from a written prompt. Currently, it's in a research phase, but its appearance five months after Google Imagen points to the rapid development of video synthesis models.
Only six months after the launch of OpenAI's DALLE-2 text-to-image generator, progress in the field of AI diffusion models has been heating up rapidly. Google's Imagen Video announcement comes less than a week after Meta unveiled its text-to-video AI tool, Make-A-Video.
According to Google's research paper, Imagen Video includes several notable stylistic abilities, such as generating videos based on the work of famous painters (the paintings of Vincent van Gogh, for example), generating 3D rotating objects while preserving object structure, and rendering text in a variety of animation styles. Google is hopeful that general-purpose video synthesis models can "significantly decrease the difficulty of high-quality content generation."
Election officials are growing concerned about a new danger in November: that groups looking to undermine election results will try to install their supporters as poll workers.
The frontline election workers do everything from checking people in at voting locations to helping process mail ballots — in other words, they are the face of American elections for most voters. And now, some prominent incidents involving poll workers have worried election officials that a bigger wave of trouble could be on the horizon.
A top-of-the-line Russian nuclear-powered submarine has gone missing from its harbor in the Arctic along with its rumored "doomsday weapon," according to multiple reports.
NATO has reportedly warned members that Russia's Belgorod submarine no longer appeared to be operating out of its White Sea base, where it has been active since July. Officials warned that Russia may plan to test Belgorod's "Poseidon" weapons system, a drone equipped with a nuclear bomb that Russia has claimed is capable of creating a "radioactive tsunami," according to Italian media.
The drone can be deployed from the submarine at any time and detonated at a depth of 1 kilometer near a coastal city. Russian state media has claimed the device can create a 1,600-ft. wave that smashes into the coast and irradiates it.
Bulgaria will exempt fuel supplies from the embargo, in view of the country’s economic plight
Energy-starved Bulgaria will temporarily cease to enforce EU sanctions on Russian fuel, to ensure the work of government institutions, the state press service reported on Wednesday following a Cabinet meeting.
According to the report, Russian companies supplying automotive fuel will be exempt from the embargo until the end of 2024, due to shortages in the country.
Oil prices will rise again to $100 per barrel faster than previously estimated, Morgan Stanley said on Thursday, lifting its price forecast for the first quarter of 2023 to $100 from $95 per barrel.
“Brent will find its way to $100 per barrel quicker than we estimated before,” the investment bank said in a note carried by Reuters after OPEC+ decided on Wednesday to make the largest nominal cut to its oil production quota since 2020.
OPEC+ agreed on a 2-million-bpd cut from November, but the actual reduction in supply from the alliance is estimated at around 1 million bpd-1.1 million bpd, considering that many producers haven’t pumped to quotas for months because of a lack of capacity and/or investment, or – in Russia’s case – because of sanctions. Most of the actual cuts will come from Saudi Arabia and other Gulf producers.
Manufacturing growth in the United States slowed in September to its lowest rate since the pandemic recovery started, in another sign that the U.S. economy is cooling amid aggressive interest rate hikes from the Fed.
If the trend continues in the coming months, it would mean a recession is coming to the United States, analysts say.
Still, most believe it could be a mild recession, or at least a very short one, which may not have a significant impact on oil demand.
Major forecasters, such as the International Energy Agency (IEA) and the U.S. EIA, continue to expect oil demand to grow year over year both in 2022 and 2023.
However, the oil market is focused on fears of a recession instead of on fundamentals, as Saudi Aramco’s chief executive Amin Nasser said earlier this week. The market is currently ignoring the very low global spare capacity and the fact that producers will struggle with oil supply once economies recover, Nasser says.
Joe Biden has warned members of his task force on abortion access to beware of Republicans ‘extreme’ policies on the procedure.
A Reproductive Rights Task Force meeting was held on Tuesday, roughly 100 days since the overturning of the Roe v. Wade. There, Biden warned blue state residents that they should be worried if Republicans win in this year’s midterm elections.
“Congressional Republicans are doubling down on extreme position with the proposal for a national ban,” Biden warned. “Let me be clear about what that means. That means that even if you live in a state where extremist Republicans officials aren’t running the show. Your right to choose will still be at risk. Because Republicans in Congress want to pass a law that removes the right to choose for every woman, state and county.”
However, Biden did not mention that several Republican officials have said the issue of abortion should be decided on a state-by-state basis.
The President then went on to claim that extremist laws are already popping up across some Republican states.
As Republican Mehmet Oz and Democrat John Fetterman battle to take Pennsylvania’s Senate seat, a lot of issues have emerged with the latter’s campaign.
For one thing, Fetterman has a disturbing track record just on crime alone. He’s openly stated that convicted murderers shouldn’t be forced to spend the rest of their lives behind bars. During a mayoral stint, various crimes also increased on the Pennsylvania Democrat’s watch, despite his claims to the contrary.
Back in April, Fetterman suffered a stroke. This has raised questions about his health, speech, and cognitive functions going forward. Even outlets that are far from right-wing have conceded the Democrat needs to be more transparent, starting with the release of his latest medical records.
While Fetterman hasn’t publicized these records, he did sit down for an interview with MSNBC that has many Americans scratching their heads.
Milwaukee Mayor Cavalier Johnson and his staff are actively working with the Democratic Party to bolster their chances in the upcoming midterm elections.
This fact is known because private text messages from the Mayor’s phone were obtained by media outlets and reported on by The Federalist.
Rep. Janel Brandtjen submitted an open records request for the text messages and received what he was looking for. The texts show longtime Democratic Party operative Sachin Chheda speaking with Mayor Johnson about talking points for the Wisconsin Votes get-out-the-vote campaign. A left-wing group pushes the effort under the banner of the Center for Tech and Civic Life (funded in part by Mark Zuckerberg).
City officials have stated that Chheda is not receiving private funding for the effort, but it still shows that two things are apparent. The first is that the Mayor’s office is receiving marching orders from the Democratic Party of Wisconsin, and the second is that they appear to follow those orders in many cases.
Rowling, who often leans to the left on the political spectrum, has drawn a hard line at radical gender theory — which she argues erases women — and has been labeled a Trans-Exclusionary Radical Feminist (TERF) for her troubles.
The author still speaks out on the subject regularly, despite receiving numerous threats. On Wednesday, she responded to reports that Dr. Jacob Breslow — an associate professor of gender and sexuality at the London School of Economics — had resigned from the transgender children’s charity Mermaids after people became aware that he had once spoken at a B4U-ACT conference promoting support for pedophiles.
Federal agents allegedly paid a gun-drawn visit to at least one pro-life activist home Wednesday for protesting at a Tennessee abortion facility last year, while others were ordered to report to their local authorities to face federal charges.
CNN network bosses have reportedly pulled veteran anchor Jim Sciutto off the air and ordered him to “address a personal situation” following a bad fall in Amsterdam.
Rystad Energy AS analyst Louise Dickson was on Bloomberg TV earlier today and explained a much tighter oil market is ahead following the announcement of OPEC+ cuts.
"We're now steering down into a much tighter oil market for the remainder of 4Q 2022, in particular December 2022, where we could see a split from a surplus to draws," Dickson said.
He also pointed out:
"OPEC+ could in fact sort of unintentionally spur a bit of a supercycle in pricing and this is a bit of a precarious situation to put the market into".
So is brent headed back over $100 a barrel?
Months after an Iowa high school hosted a drag event featuring multiple performers who encouraged students to explore their gender identities, one mother — wearing the same outfit as one of the performers — blasted school board members over their alleged failure to address parental concerns.