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Europe is importing natural gas for heating homes and industry like never before as it shifts imports from Russia to the US, says this report in WSJ. Shown here is the import of LNG from tankers at the LNG terminal in Cherniere, France. Between 2021 and 2022 imports of US LNG to Europe more than doubled. The WSJ shows how drilling for gas takes place in Texas and Louisiana. That gas finds its way through pipelines to places where it is converted into LNG by freezing and transported by tankers across the high seas to European LNG terminals like Cherniere in France. The shale gas comes from the Permian Basin in Texas and New Mexico and a basin in Texas and Louisiana. Technological advances enable drilling 2 miles vertically and then two miles horizontally to reach into shale rock containing gas. Impurities are taken out to get gas that can be sent through pipelines to liquefied natural gas storage locations on the Gulf coast of America. Tankers take the LNG to LNG terminals in Europe that distribute the gas to homes. ...

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WSJ provides a look into the electric vehicle manufacturing plants of Rivian and Ford Motor in the US as they scale up quickly to increase production.

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China has the largest shale gas reserves in the world. The U.S. Energy and Information Administration estimates this at 1,275 trillion cubic feet. Most of this is deeper in the ground than in the U.S. and will be harder and costlier to recover. China's goal is to reach 3.5 trillion cubic feet of shale gas production by 2020.

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GM stock was trading on the New York Stock Exchange at $29.97 on April 18, 2011. It has dropped from the $33 a share IPO in November 2010. To breakeven the U.S. government would have to sell its stake in GM at $53 a share. The government is planning to sell its stake in GM this summer according to informed sources. At the current price this would mean the government would take a loss of $11 billion. The IPO in November reduced the government's stake from 61% to 26.5%. Higher gas prices have reduced sales of trucks and SUV's and the sales incentives in January and February 2011 are expected to reduce earnings.

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Turkey's Erdogan negotiates with Sweden's PM Ulf Kristersson, setting three conditions for approving Sweden's entry into NATO. The first active anti-terrorist efforts against Kurdish groups in Sweden, the second lifting of a veto on sale of F-16 jets to Turkey by the US, and the third visa free travel for Turks in the European Union. A $6 billion deal with the US covers 40 F-16 jets sale to Turkey and the modernization of another 79 Turkish fighter aircraft.

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Exxon is looking for a big oil dealer in the shale patch in the US. It is considering the acquisition of shale company Pioneer Natural Resources with a market cap of $49 billion. Exxon wants to make use of its windfall profits of the last year to good use. An acquisition of Dallas based Pioneer would give Exxon a dominant position in the West Permian basin of Texas and New Mexico. Exxon made windfall profits of $56 billion in 2022 after the jump in oil prices following the Russian invasion of Ukraine. Based in Irving, Texas, it is heavily invested in fossil fuel assets and its thinking is that fossil fuels are here for a long time as it has not made a significant shift to renewable energy. During the cutoff of Russian oil supplies Europe has depended on LNG supplies from the US and Qatar, and on Norway for increased oil and gas supplies. President Biden included drilling concessions in some of the legislation passed in Congress and Conoco plans to drill in Alaska. The transitional period has gained support in places like the US and Norway following the need to support the European Union and Germany in the crisis. This gives oil companies some time to sort out their future plans for renewable investments. ...

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Jay Powell at US central bank the Fed says economy is strong and stable in March 2025. He points to low unemployment at 4% and other improvements including in lowering inflation that show the US economy in good shape, in his comments at Congressional hearings.

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OPEC and Russian oil producers are planning to increase oil production by 400,000 barrels a day for each month through 2022. Demand is increasing with economic recovery and this will lead to higher oil prices. Oil prices are now $80 a barrel in October 2021. Shortages of natural gas and high prices are leading power generation companies to use oil in place of natural gas. This will increase demand for oil by 500,000 barrels a day. Oil export revenue was cut in half to $119 billion for Saudi Arabia in 2020 and Saudis want to see higher prices to make up for lost revenue. OPEC + that includes Russia decided to end a price war during the Trump administration and this time have designed a strategy that will gradually push up prices. In recent years shale oil producers in the US quickly responded to higher prices of oil and increased production. After the pandemic in March 2020 American shale oil producers in 2021 are not increasing production. This gives OPEC+ better ability to set oil prices at higher levels. ...

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Steven Press of the Stanford History Department says "buying Greenland is not a new idea."  Actually Denmark sold hubs in India to the British Empire, offered Greenland for sale to US in 1900's,  and US president Harry Truman offered $100 million in 1946 for Greenland because of it's strategic value in the Cold War. Then why are the EU countries sounding indignation. Denmark was a colonial power in India in the 19th century. Denmark was explored in its widest extent by Robert Peary in the 1880's who proved it was an island by reaching it's northernmost side. Peary advocated for Greenland to be part of the US and the Commanders in Chief all agreed in 1946 the island "was completely worthless to Denmark," yet was vital to the United States, to protect its eastern seaboard. DJT is hardly the first to say this even though the Europeans want to excoriate hime for doing so. In fact it was Secretary of State William Seward in 1867 who looked at acquiring Greenland, when he negotiated the purchase of Alaska from the Russian Empire. Alaska is a lot ,a lot better for natives compared to it being under Russia, and this would be true for Greenland than being under Denmark. Denmark's claim was not even accepted till 1921 with Norway disputing it.  Denmark had not explored the northern part of the country when Robert Peary reached it for the US Navy and claimed it for the US inthe 1880's. It can be said that for these reasons Denmark has little reason to be in Greenland except as a colonial power. Its claims are from 1814 Treaty of Kiel with Prussia. Denmark can hardly protect Greenland's vast shoreline with 6 dogsleds, and security less than the New York Police Department, from Russian and Chinese submarines and ships in the Arctic. The native Inuit population of Greenland has little in common with Denmark as a colonial power. About 60,000 Inuit origin native residents, in the whole island, most of them would fit into one or several American bases, Okinawa alone has 80,000 people. Who would have per capita incomes many times what they are today with better living conditions and standards of health and education, security and air transport under the US.    ...

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The Economist cites figures showing Canada lost 500,000 manufacturing jobs since 2005, with employment in manufacturing down to 1.7 million by 2013. From 2000 to 2013 manufacturing's share of GDP declined from 18% to 10%. This situation is shown by the decaying manufacturing towns seen in Ontario. About 500,000 manufacturing jobs were lost between 2005 and 2013, as the price of oil increased to the $100-$120 range and the Canadian currency was overvalued, leaving the Canadian economy more dependent on energy exports. Some of the auto manufacturing supplier base has shifted from the midwest to southern U.S. states, reducing the attractiveness of Ontario for manufacturing investment. Overvalued currencies have hurt the manufacturing sector of commodity producing countries dependent on exports of mining products or oil, especially Brazil and Canada. The depreciation of the Canadian currency in 2014-2015 may not help, as many of these jobs are not likely to return.

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In May 2023 Germany's Scholz overruled Habeck to let sale of 24.9% of Hamburg port to COSCO go through. Here is how over 2000-2016 China build its world class network of containerized shipping ports while the second Bush added the war in Afghanistan to the wars in Iraq started by Reagan/Bush. Without defense costs China built this world ports network. Piraeus in Greece, south of Athens, a port concession acquired in 2004 Antwerp in Belgium (Austrian Netherlands), a minority stake in a container port acquired in 2008. In 2013 with sale of Terminal Link ports in a Cosco 49% stake deal by CMA of France CMA holding 51%, China has stakes in Zeerbrugge and Antwerp, Busan South Korea, and Le Havre, Montoir and Fos in France, Xiamen in China, Miami and Houston in US. Rotterdam, Netherlands- Cosco acquired in 2016 a 35% stake in Euromax Terminal in Rotterdam from Hong Kong's Hutchison's Holdings for $125 million. Valencia and Bilbao majority  51% stake for $270 million, when JP Morgan paid as much as $950 million to ACS of Spain for these ports after the 2009 crisis led to Spanish divestments. Today measured in TEU shipping containers China sends goods to Europe 10 times what it takes in through Spanish ports. ...

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The European Union Commission says Ireland must recover 13 billion euros in back taxes for giving tax preferences to Apple that are against EU rules. The EU Commission says Ireland allowed Apple to pay a corporate tax rate of 1% on its European profits in 2003, and .005% in 2014. The EU Commissioner says the use of Ireland as the place where Apple pays taxes on operations in Europe has no base in reality, as most profits are earned in other countries outside Ireland. Taxable profits of Apple "did not correspond to economic reality," according to Ms. Vestager, the EU Commissioner.  In the current environment where political upheaval is unsettling the democratic process in the U.S., Britain, Spain, France and Italy, as well as in Brazil and other countries in the developing world- because of deep recessions, and efforts to cut the deficits with deep cuts in state spending including in education and healthcare, basic services- the moves by companies to reduce taxes to these absurdly low levels such as .005% when other companies in the EU are paying 12.5%, is becoming increasingly unpopular. As pointed out in this BBC News article this sounds like the way Carnegie, Rockefeller and Vanderbilt operated during the late 19th century, and were seen as operating in a manner that was above the law. Janet Yellen pointed out at a Boston Fed Conference on inequality in Oct 2014 that the bottom half of the distribution or 62 million households in the U.S. in 2013, had a net worth of about $10,000, One quarter of these households had a net worth of zero dollars. The working class and blue collar workers in the U.S. provide much of the support at Trump rallies. Younger college educated people support Sanders, because of the situation of the working and middle class in the U.S., and a similar situation exists in Europe. It is for the sake of the democratic process and delivering services in education, healthcare, and other basic areas to all, that companies small and large need to pay their fair share of taxes, regardless of size, influence, or technological advantages. Today this is is seen by most leaders who draw public support as the right way forward for the U.S., Latin America, Europe and Asian countries, including proper allocation of resources to best serve the needs of working people. For example the 13 billion euros is equal to all of Ireland's healthcare budget, and 66% of its social welfare budget.    ...

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This BBC report shows how "awe" watching the forces of Nature can make us realize how small we are in the great shape of things and increase our sense of gratitude, improve our mental well-being.

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The difference between the banks and the oil companies. The banks are doing better because of support from the central bank, the U.S. Federal Reserve. The oil companies are affected by low oil prices of less than $20. Shale oil companies in America are the worst hit unable to operate at prices this low. The oil deal negotiated by president Trump to get initially 9.7 million barrels a day off the market and with other cuts in supply from Venezuela and Iran about 20 million barrels a day, has not taken the pressure off oil prices, as demand has fallen off even more by over 30 million barrels a day.

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Scott Shane and Jo Becker provide this exceptional account of the events that led to the unraveling of Libya. Saying they were not going to do another Iraq, senior policymakers and president Obama failed to realize the importance of basic steps that needed to be taken to secure the large arms arsenal of the Gaddafi regime, providing the assistance and support for transition to peacetime of the many militias in the country, and arrangements with Arab allies of the U.S. such as Qatar and UAE and other Arab neighbors allied with the U.S. to secure the arms arsenal and secure borders. It was clear from the beginning that Gaddafi had discouraged the development of institutions that would hold the country together- handholding was essential for the Libyan project to succeed. Instead as Shane and Becker document here Libya received neglect with strong conditions set for U.S. assistance such that neglect was assured. It is not clear from this report that Secretary Clinton supported the policy because this is what she would have done, or because of a sense of being a team player in the Obama administration, though it leans on the latter. Observing her role in supporting a Libya free of the dictatorship supports the idea that Hillary Clinton would have seen the need to help build institutions where none existed, and the basic step of transition of militias to peacetime. The weakness of the Libyan government is cited here, which only reinforce the need for the U.S. to be involved in a transition to peacetime Libya, after enabling the Libyan people to remove the Gaddafi regime. The militias allied with Qatar and UAE on opposing sides helped worsen the situation, with the U.S. having sufficient influence with western allied governments to ensure a unified internationally supported policy for transition with basic security....

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Rolls Royce new CEO Mr. Erginbilgic wants an end to pursuing market share. He is renegotiating $2 billion in contracts that could be unprofitable. It had quality issues with its Trent 1000 engine that powered the Boeing Dreamliner ending in paying billions for fixing the product and compensating aircraft makers. Corruption charges were other problems. The pandemic led to companies parking planes and hurt Rolls Royce as enginemaker.  Rolls Royce made the first jet engines the de Haviland Comet, the world's first jetliner plane. Throughout its history it has faced upheavals at regular intervals-cost overruns leading to bankruptcy and government bailout in 1971, and relisting as a private company under Margaret Thatcher that led to a market share competition with GE in the US and more losses. Erginbilgic is the new CEO and says battling for market share days are over. He wants to cut its debt and achieve investment grade ratings to reduce financial costs. Erginbilgic says he really believes the problems of Rolls Royce come from the approach of increasing market share at any cost. Its defense division offers a ray of hope and a new orientation is taking place. ...

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Daniel Yergin of consultancy firm IHS describes the geopolitical disputes in the Middle East between Russia, Saudi Arabia, and Iran that are leading to likely continued oversupply of oil in 2016, keeping prices in the $30-$40 range. Saudi Arabia is not likely to change its policy of going after market share, Venezuela is affected but lacks a voice in OPEC decisions, Russia continues its policies in Syria and Iraq under the Putin government affecting other Sunni states, and Iran following the lifting of sanctions is likely to ramp up supply to make up for its lost market share- all leading to an extended period of low prices. This situation benefits China, the European Union countries, India, Turkey and the U.S. in a period of slow economic growth in 2015-2016. Russia looks to use this period of low oil prices to shift to domestic industry after a period of rising imports when oil prices were high. The Saudis seeing their interests in the region threatened by Iran and Russia, and dissatisfied with the foreign policy of president Obama, see a policy of pushing for market share as appropriate in the current geopolitics of the region....

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This report by Jia Lynn Yang in NYT covers only the Coolidge period and the JFK period ignoring the wider trend since the 1850's when immigration from Asia to the US was discouraged. The laws limiting Japanese, Chinese and Indian immigrants were put in place long before 1924 by the 1890's. Japan agreed to limit immigration to the US under an agreement with the US after 1900. China was undergoing a transition under the Boxer Rebellion and upheaval in government in the period after 1900, India was part of Britain's colonial Empire.It does not mention that Chinese laborers helped do the dangerous work to build the railroads east to west. It also ignores the immigration from Mexico which was a special case in immigration because of Mexico's relationship along the border, first with the Mexican American War that achieved Jefferson's idea of a continental nation coast to coast. Mexico was a source of labor for US agriculture in the 1930's and 1940's when Asian immigration was severely constrained. When Gen. Eisenhower won the election in 1952 immigration policy was on the agenda, in fact Truman had a commission look at it by 1950. Operation Wetback was launched by Eisenhower and returned millions of Mexican migrants back to Mexico. Fearing the lack of farm help for Mexican agriculture Mexican agricultural interests supported the return of migrants. All this is left out by Lynn Yang. For almost a century Asian immigration was discouraged till JFK with experience in Asia during the war looked at Asian immigration to US differently passing new legislation to support this in the JFK/LBJ terms as president. In this sense the operations under DJT at the Border  and in the US in 2025-2026 are similar to what happened under Operation Wetback under a popular president Eisenhower, after the surge in Mexican migration adding millions of migrants to the US population in the 1930's and 1940's. A greater glimpse of the US can only be imagined if after the early immigration and discovery of the continent by the Spanish, the French and the British by 1600, the continent had not been unified first by the war of 1756-1763 with the French and Indian Wars creating the original 13 British colonies before the War of Independence in 1776, and the expansion to Spanish/Mexican territory to the West and South including California, Texas and Florida in the Mexican American War of 1846-48. In that situation there would be five sectors in America- British, Spanish, French, Mexican and American. The US could not have advanced as an industrial power divided in this way and would not have attracted immigrants from Europe the away it did. If it was split into two Southern confederacy and Northern Union states it would also have led to a similar situation. There would be conflict. It is only divine intervention and the courage and ideas of Jefferson and Washington, the work of president Polk, the leadership of Lincoln, and the industrial revolution on a large scale of one Nation in peace for most of the 19th century, that it became a haven for immigrants from a troubled Europe, a struggling Asia and Mexico. ...

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Britain, Ireland, Australia and New Zealand have redefined citizenship so that it is along blood lines, and not birthright citizenship. The 14th Amendment of the US Constitution was passed by Congress in 1866 and ratified by the States in 1868. It uses the words-"All persons born or naturalised in the United States, and subject to the jurisdiction therof, are citizens of the United States and of the State wherein they reside."  The US Supreme Court will have to interpret this language and intent of the Amendment whether they intended it to apply to children of unauthorized migrants coming illegally into the country. At the time it was passed after the Civil War it was intended to emancipate freed black slaves and give children of freed slaves citizenship and rights. Congress, the States and the Supreme Court will have to consider whether the situation intended to be addressed in 14th Amendment was slavery and not the refugees and economic driven illegal migrants flowing in at the rate of 1-2 million a year as happened in 2021-2023. The Supreme Court in its Wong Kim Ark decision in 1898 supported the 14th Amendment at a time when illegal entry into the US was a tiny fraction of what it is today.   The 14th Amendment included under Section 4 on Debt the words- "Neither the United States nor any State shall assume or pay any debt any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void." The 14th Amendment was  in its intent designed to complete the work of the Civil War to free black slaves and give them the rights of citizenship. The 14th Amendment to the US Constitution Section 1 says- "All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside. No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws." ...

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U.S. gasoline prices were below $2.06, adjusted for inflation, during 1986-2003, dropping to a low of $1.51 in 1998. U.S. gasoline prices at the pump dropped below $2.00 in Jan. 2015. Buyer behaviour responded quickly to the change for automobiles, with sport utility (SUV) sales rising to 34% market share in the U.S. in mid-Nov. 2014, according to Edmunds.com.

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Shrinking GDP, tax revenue declines, and government aid to business and workers, is pushing U.S. debt to record levels. The Congressional Budget Office report shows federal debt to exceed 100% of GDP for 2020. It was 106% of GDP in 1946 after the financing of the second world war. Because the coronavirus pandemic is comparable to the second world war in scale of threat the government approved $2.7 trillion in aid relief.

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State finances in the US are in strong shape with the federal stimulus and rapid recovery, says this report in the WSJ. US states will hold 136.8 billion in rainy day funds. This is 12.4% of total spending. Healthy reserves make spending cuts and laying off workers for local governments and states unnecessary in an economic downturn. This is a good sign for the US economy.

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The influence of business executives who helped shape president Trump's views on Mexico, China, Export Import Bank, and other issues is covered by Stokols and Bender of WSJ. On Mexico the departure of Mike Flynn helped moderate views, Wilbur Ross, the Commerce Secretary also provided a moderating influence. The plans are now to change NAFTA but not entirely redo the agreement. On the Export Import Bank the views of Boeing CEO Muilenburg, who explained to Trump why the Bank supported U.S. exports and how other countries had similar banks, led to the president filling the bank vacancies. On China the influence of NEC head, Gary Cohn, former president of Goldman Sachs, and other business executives, led to a less confrontational position. The president once called NATO obsolete during the campaign but he met this week with NATO secretary general Stoltenberg this week and expressed strong support for NATO after rising tensions with Russia.

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China's manufacturing sector contracts in June with the PMI index dropping below 50 - to 49.0.  Exports were also coming in lower. Experts say the increase in interest rates by the US is reducing imports of Chinese goods into the US. This comes as local governments are strained in their finances by $900 billion, and a budding revolt is taking place from property buyers with developers in financial trouble, as reported in the WSJ. Psychological hurdles now loom in the loss of confidence in the public in the property sector, loss of confidence of foreign investors with many constraints in operating, mental health issues for the population in many cities with the covid lockdowns.   The growth has slowed to 0.4% and there is now a realization dawning that there was overdependence both on property sector and foreign investment that set up new factories offshored from the US and Europe that alienated the public in these countries. Unlike wih the situation of Japan in the sixties and seventies for modernizing its economy growth of the scale China was pushed into by misguided and self interested  business interests in the US including its investment banks and local government officials in China without restraint by the central government in Beijing, ultimately led to trade friction and permanent damage to US China friendly relations. Communities in the US and the EU simply could not cope with the hyper growth from hyper shift of factories from the home countries to China that pushed this hyper growth. The property sector played the same role in the domestic front with too big a burden carried by it resulting in hyper growth. This did not have to happen. It happened because of a lack of understanding that this would have consequences in the longer run which is now showing up. ...