Author: wazup

While the March oil futures contract that expired Tuesday on the Chicago Mercantile Exchange staged a rebound to end in positive territory after settling at -$37 a barrel on Monday, the June futures contract shed $9 to trade near $11 a barrel, near the previous record lows from 1986. Neither the White House nor the Treasury and Energy departments would comment on any new measures that Trump was co...

The U.S. is the world’s second-biggest fossil fuel subsidizer, according to a 2019 International Monetary Fund report. Guterres is expected to say: “Fossil fuel subsidies must end, and polluters must start paying for their pollution.” With many health systems and medical supply chains at breaking point, Guterres will say that while “the impact of the coronavirus is both immediate and dreadful,” th...

Like most parts of the economy, the oil industry has been hard hit by the coronavirus pandemic. The crash in oil prices that saw U.S. crude futures sink into negative territory last week for the first time in history rattled an industry that has weathered booms and busts for decades. Companies that had lifted U.S. oil production to record levels above 13 million barrels per day in recent months ha...

“I think we’re going to have an incredible following year,” Trump said from the Lincoln Memorial. “We’re going to go into a transition in the third quarter, and we’re going to see things happening that look good. I really believe that. I have a good feel for this stuff.” It was a classic split-screen moment for the Trump administration, with the president leaning so heavily on his economic message...

“We have to execute the last package. And the numbers are very strong. These are the small-business loans,” Kudlow said. “One hundred seventy-five million Americans have received federal assistance in one form or another. That includes the direct checks, of course, and the unemployment compensation and the small business assistance,” he continued. Now, he said, administration will “see what the re...

That would be, by a breathtaking margin, the bleakest quarter since such records were first compiled in 1947. It would be four times the size of the worst quarterly contraction on record set in 1958. In just a few weeks, businesses across the country have shut down and laid off tens of millions of workers. Factories and stores are shuttered. Home sales are falling. Households are slashing spending...

But economists from a broad range of ideological backgrounds are encouraging Congress to keep spending to combat catastrophic job losses — and say now is not the time to focus on the deficit. They emphasize that the federal government can borrow at near-zero interest rates, as investors seek the safety of U.S. bonds and the Federal Reserve buys up tens of billions of dollars worth of Treasury secu...

Big hospital chains that see the most elderly patients have so far received the most federal funds; executives of the for-profit conglomerate HCA Health Care told investors this week they received a whopping $700 million. Health officials have defended their decision to use a formula relying on total Medicare revenue as a speedy way to push money out the door, but individual hospitals still don’t ...