U.S Market Archives

75 US Lawmakers Now Support CBDC Anti-Surveillance Bill

January 8, 2024 Mariel Alumit

Congressman Tom Emmer’s CBDC Anti-Surveillance State Act now has 75 cosponsors. “A central bank digital currency is government-controlled programmable money that, if not designed to emulate cash, could give the federal government the ability to […]

A Jobs Report of an Economy Plugging Along Just Fine Despite 5.5% Rates & Recession Fears. But Wage Growth Heats Up

January 5, 2024 Stu Turley

Average hourly earnings fuel worries on the inflation front. By Wolf Richter for WOLF STREET. It was the kind of jobs data you’d expect from an economy that is plugging along just fine. The number of payroll jobs […]

California beats every state for most residents moving away for fourth year in a row: U-Haul list

January 5, 2024 Mariel Alumit

For the fourth year in a row, liberal California topped U-Haul’s Growth Index list for having the largest net outbound movers in 2023. U-Haul publishes its Growth Index report every year, analyzing the difference between the number […]

The Incredibly Ballooning US Government Debt Spikes by $1 Trillion in 15 Weeks to $34 Trillion

January 3, 2024 Stu Turley

Interest payments threatening to eat up half the tax receipts may be the only disciplinary force left to deal with Congress. By Wolf Richter for WOLF STREET. The total US national debt spiked by $1.0 trillion in 15 […]

I’m not going to mince words here. By destroying America’s energy independence, the Biden Administration is directly making Black Americans more poor and less independent than ever. Since Biden's first day in office with the shutdown of the Keystone pipeline project and his ongoing war on a key pillar of our economy, we’ve all experienced skyrocketing energy costs that punish the very people he claims to care so much about. Just recently, the House Subcommittee on Energy and Mineral Resources held a legislative hearing on H.R. 5482 the Energy Poverty Prevention and Accountability Act of 2023. Introduced by Rep. Harriett Hageman R-WY, the bill seeks to prevent energy poverty in America by increasing government transparency, identifying rules and regulations that prohibit equal access to affordable and reliable energy to at risk communities including low income, minority, rural, senior citizens, and Native Americans. Energy poverty occurs when individuals and families are unable to afford basic heating, electricity, and gas needs. High energy costs and the lack of energy services negatively impact a household’s well-being and limit opportunity. At risk communities are most often disproportionately affected by energy poverty. These inflationary pressures and the terrible consequences aren’t the result of a free market at work, but overzealous policy pushed by paternalistic lawmakers who think they know what’s best for everyone with a “one size fits all approach.” I have been working to expand awareness of energy poverty in America and was invited by the subcommittee to provide witness testimony in support of bill H.R. 5482. My passion for American energy is deeply rooted in my own story, stemming from my grandfather, who was a black coal miner in Southwest Virginia, and my time serving as a brakeman for Norfolk Southern Railways, where we transported coal and other natural resources here and abroad. Since 2019, I have had the opportunity to appear before Congress six times to give testimony on energy poverty and other related issues impacting communities struggling with rising energy costs. Energy is a fixed cost for small families and large enterprises alike, and we know when the price of energy increases, so does everything else. It costs more to drive, it impacts the cost of groceries, and most critically, come winter, it costs more to heat your home. Rising energy costs are making it harder or next to impossible for Black families to make ends meet. Tragically, the pause on new oil and gas leases on Federal land, and overregulation accompanied with an aggressive green agenda by the Biden Administration has many Americans experiencing energy poverty for the first time. There is no reason anyone in our country should be without affordable energy. The U.S. is abundantly rich in natural resources, including natural gas, petroleum, and coal. America is more capable than ever of providing affordable energy to its citizens. The U.S. was energy independent in 2019 for the first time in decades, producing more energy domestically than what we consumed. This, along with a booming shale industry, helped America overtake Saudi Arabia and Russia to become the top exporter of petroleum and natural gas globally. According to the U.S. Energy Information Administration (EIA), fossil fuels accounted for 81% of energy production in 2022. Renewables reached their highest production in 2022 and only accounted for 13% of all energy production. More figures from EIA show that renewables received $15.6 billion of subsidies in fiscal year 2022, compared to $3.6 billion for fossil fuels. Per the EIA report, renewable energy industries received nearly five times as much in federal subsidies than fossil fuels despite having minimal impact. Renewable projects are also very costly. New York state law now calls for 70% of electricity come from renewables by 2030. The Alliance for Clean Energy New York (ACENY) told regulators in June, due to cost, “canceled or delayed projects would drastically derail the schedule for renewable development” and cause the state to miss its mandates under the law. Eliminating energy poverty should be a goal we all are interested in achieving. In working towards that goal, we need to be mindful of how environmental policies will impact the vulnerable communities that need our support. Radical environmentalists and the Biden Administration like to frame this as a fight against big energy, but all they are really doing is pushing Black Americans and other at-risk communities further into poverty. When the government creates policy, its priority should be the welfare of the people, especially those impacted the hardest. We need a market-oriented energy policy that will allow America to safely keep exploring and developing our own natural resources for a more secure and prosperous future for all Americans.

Republicans Hold Hearing ‘to Prevent Energy Poverty’ in America

December 22, 2023 Stu Turley

I’m not going to mince words here. By destroying America’s energy independence, the Biden Administration is directly making Black Americans more poor and less independent than ever. Since Biden’s first day in office with the […]

Here’s how wind farms in the US impact nearby home values

December 18, 2023 Mariel Alumit

A new study from Lawrence Berkeley National Lab offers fresh insights into the impact of wind farms on the values of nearby homes. The analysis, “Commercial Wind Turbines and Residential Home Values: New Evidence from the Universe […]

Fed holds rates steady, indicates three cuts coming in 2024

December 14, 2023 Mariel Alumit

The Federal Reserve on Wednesday held its key interest rate steady for the third straight time and set the table for multiple cuts to come in 2024 and beyond. With the inflation rate easing and […]

Clean energy stocks have fallen out of favor. They face more challenges ahead

December 9, 2023 Stu Turley

Clean energy stocks are out of vogue, as higher interest rates and lagging efforts to combat climate change dog the sector. Those obstacles might not go away anytime soon. The iShares Global Clean Energy exchange-traded […]

Biden administration’s new methane rule to hamper U.S. oil, gas production, trade associations warn

December 5, 2023 Stu Turley

World Oil (WO) – On Saturday, Dec. 2, the Biden administration unveiled a new methane emissions rule at COP28 aimed at “sharply reducing methane and other pollutants from the oil and natural gas industry” by […]

Gold price hits $2,100 for record high — and analysts don’t expect it to stop there

December 4, 2023 Mariel Alumit

Gold prices notched another record to kick off the week — with spot prices touching $2,100 an ounce as the global rush for bullion appears set to continue. Spot gold briefly traded above $2,100 an ounce on Sunday […]