US risks a ‘Forever’ trade war with China, says Economist Stephen Roach - ET EnergyWorld
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Economist Stephen Roach warns that the US risks a 'Forever' trade war with China. Roach criticizes the US' protectionist stand against China's manufacturing capacity of new energy products, stating that it is a blunder of historic proportions. He expresses concern that President Biden is getting deeper into a new 'forever war' against China. Roach's comments align with Beijing's view that the US' measures over Chinese manufacturing capacity are protectionist. Roach's previous gloomy outlook on China and Hong Kong caused a heated debate and led to a gag order at a major economic conference. He is skeptical of China's ability to boost productivity and believes that much of China's economic activity is coming from low productivity state-owned firms rather than the private sector.
#UschinaTradeWar #StephenRoach #Protectionism #China'sManufacturingCapacity #PresidentBiden #HongKong #China'sEconomy #Productivity
Climate change concerns grow, but few think Biden's climate law will help, an AP-NORC poll finds
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A new poll from The Associated Press-NORC Center for Public Affairs Research shows that 45% of adults in the United States say they have become more concerned about climate change over the past year, including roughly 6 in 10 Democrats and one-quarter of Republicans. The poll suggests that although Biden's climate law, the Inflation Reduction Act, has already affected some Americans, it's not widely known among the general population and may not be the electoral boost Biden is looking for. Only about 2 in 10 Americans say the law has done more to help the U.S. economy, while about one-quarter think it's done more to hurt the economy, and about half think it either made no difference or don't know enough to say. Most Americans say the federal government is currently doing "too little" to address climate change and believe it's important for the government to support climate solutions.
#ClimateChange #Biden #Poll #PublicOpinion #RenewableEnergy #ElectricVehicles
Oil will keep drawing strength from Middle East geopolitics, OPEC+ strategy for now - ET EnergyWorld
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Tensions between Israel and Iran could lead to a military conflict that could involve major oil and gas producers in the Middle East, including Saudi Arabia and the UAE. The Middle East accounts for nearly 40% of global oil exports, and any escalation of conflict could impact trade flows through the Strait of Hormuz, a critical shipping lane. Despite rising global oil inventories, ongoing geopolitical developments and OPEC+'s market management strategy are expected to support oil prices. China's oil demand gains are expected to slow, but the global macroeconomic outlook is somewhat positive. Non-OPEC+ liquids production is forecast to rise in 2024, while crude oil production within OPEC+ is expected to be lower. Ukrainian drone attacks on Russian refineries pose an upside risk to crude and product prices.
#Oil #MiddleEast #Geopolitics #Opec+ #Israel #Iran #SaudiArabia #Uae #StraitOfHormuz #China #GlobalMacroeconomicOutlook #Nonopec+LiquidsProduction #CrudeOilProduction #Ukraine #Russia
Potential $50 billion Southwestern energy giant emerges as Diamondback seeks to buy rival Endeavor - ET EnergyWorld
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Diamondback Energy Inc. plans to buy Endeavor Energy Resources in a cash-and-stock deal valued at about $26 billion, creating a potential $50 billion Southwestern energy giant. The combined company would be a major player in the Permian Basin oil and gas field, the largest oil field in the United States. Diamondback would become the third-largest producer in the Permian, overseeing 838,000 acres and potentially producing 816,000 oil-equivalent barrels each day. The deal is expected to close in the fourth quarter and has been approved by the boards of both companies. Shareholders of Diamondback Energy Inc. will own about 60.5% of the combined company, while Endeavor's equity holders would own approximately 39.5%. The deal is part of a trend of massive deals in the energy sector driven by growing confidence in an economic recovery.
#DiamondbackEnergy #EndeavorEnergyResources #PermianBasin #MergersAndAcquisitions