Why Is This Bull Run Scaring JP Morgan, Goldman Sachs, and Warren Buffett?

Billionaires Warren Buffett, Stanley Druckenmiller, and David Tepper have all sold off massive U.S. stock positions. Billionaire Ray Dalio, who runs one of the world's most successful hedge funds, says, "Things are going to get worse for our economy." What are these billionaires so worried about?

Donald Trump's call for 'energy dominance' is likely to run into real-world limits

MATTHEW DALY
November 29, 2024

WASHINGTON (AP) -- President-elect Donald Trump is set to create a National Energy Council that he says will establish American "energy dominance" around the world as he seeks to boost U.S. oil and gas drilling and move away from President Joe Biden's focus on climate change.

The energy council -- to be led by North Dakota Gov. Doug Burgum, Trump's choice to head the Interior Department -- will be key in Trump's pledge to "drill, drill, drill" and sell more oil and other energy sources to allies in Europe and around the globe.

The new council will be granted sweeping authority over federal agencies involved in energy permitting, production, generation, distribution, regulation and transportation, with a mandate to cut bureaucratic red tape, enhance private sector investments and focus on innovation instead of "totally unnecessary regulation," Trump said.

But the president-elect's energy wishes are likely to run into real-world limits. For one, U.S. oil production under Biden is already at record levels. The federal government cannot force companies to drill for more oil, and production increases could lower prices and reduce profits.

A call for energy dominance -- a term Trump also used in his first term as president -- "is an opportunity, not a requirement,'' for the oil industry to move forward on drilling projects under terms that are likely to be more favorable to industry than those offered by Biden, said energy analyst Kevin Book.

Whether Trump achieves energy dominance -- however he defines it -- "comes down to decisions by private companies, based on how they see supply-demand balances in the global marketplace,'' said Book, managing partner at ClearView Energy Partners, a Washington research firm. Don't expect an immediate influx of new oil rigs dotting the national landscape, he said.

Trump's bid to boost oil supplies -- and lower U.S. prices -- is complicated by his threat this week to impose 25% import tariffs on Canada and Mexico, two of the largest sources of U.S. oil imports. U.S. The oil industry warned the tariffs could raise prices and even harm national security.

"Canada and Mexico are our top energy trading partners, and maintaining the free flow of energy products across our borders is critical for North American energy security and U.S. consumers," said Scott Lauermann, speaking for the American Petroleum Institute, the oil industry's top lobbying group.

American Fuel & Petrochemical Manufacturers, which represents U.S. refineries, also opposes potential tariffs, saying in a statement that "American refiners depend on crude oil from Canada and Mexico to produce the affordable, reliable fuels consumers count on every day."

Scott Segal, a former Bush administration official, said the idea of centering energy decisions at the White House follows an example set by Biden, who named a trio of White House advisers to lead on climate policy. Segal, a partner at the law and policy law firm Bracewell, called Burgum "a steady hand on the tiller" with experience in fossil fuels and renewables.

And unlike Biden's climate advisers -- Gina McCarthy, John Podesta and Ali Zaidi -- Burgum will probably take his White House post as a Senate-confirmed Cabinet member, Segal said.

Dustin Meyer, senior vice president of policy, economics and regulatory affairs at the American Petroleum Institute, called the new energy council "a good thing" for the U.S. economy and trade. "Conceptually it makes a lot of sense to have as much coordination as possible," he said.

Still, "market dynamics will always be the key'' for any potential increase in energy production, Meyer said.

Jonathan Elkind, a senior research scholar at Columbia University's Center on Global Energy Policy, called energy dominance a "deliberately vague concept," but said, "It's hard to see how (Trump) can push more oil into an already saturated market."

Trump has promised to bring gasoline prices below $2 a gallon, but experts call that highly unlikely, since crude oil prices would need to drop dramatically to achieve that goal. Gas prices averaged $3.07 nationally as of Wednesday, down from $3.25 a year ago.

Elkind and other experts said they hope the new energy council will move beyond oil to focus on renewable energy such as wind, solar and geothermal power, as well as nuclear. None of those energy resources produces greenhouse gas emissions that contribute to climate change.

"Failure to focus on climate change as an existential threat to our planet is a huge concern and translates to a very significant loss of American property and American lives,'' said Elkind, a former assistant energy secretary in the Obama administration. He cited federal statistics showing two dozen weather disasters this year that caused more than $1 billion in damage each. A total of 418 people were killed.

Trump has played down risks from climate change and pledged to rescind unspent money in the Inflation Reduction Act, Biden's landmark climate and health care bill. He also said he will stop offshore wind development when he returns to the White House in January.

Even so, his Nov. 15 announcement of the energy council says he will "expand ALL forms of energy production to grow our Economy and create good-paying jobs."

That includes renewables, said Safak Yucel, associate professor at Georgetown University's McDonough School of Business.

"The mandate for the energy council is U.S. dominance globally, but what's more American than American solar and American wind?'' he asked. A report from Ernst & Young last year showed that solar was the cheapest source of new-build electricity in many markets.

Trump, in his statement, said he wants to dramatically increase baseload power to lower electricity costs, avoid brownouts and "WIN the battle for AI superiority."

In comments to reporters before he was named to the energy post, Burgum cited a similar goal, noting increased demand for electricity from artificial intelligence, commonly known as AI, and fast-growing data centers. "The AI battle affects everything from defense to health care to education to productivity as a country,? Burgum said.

While Trump mocks the climate law as the "green new scam," he is unlikely to repeal it, Yucel and other experts said. One reason: Most of its investments and jobs are in Republican congressional districts. GOP members of Congress have urged House Speaker Mike Johnson to retain the law, which passed with only Democratic votes.

"A lot of Southern states are telling Trump, 'We actually like renewables,'" Yucel said, noting that Republican-led states have added thousands of jobs in recent years in wind, solar and battery power.

If renewables make economic economic sense, he added, "they'll continue.''

Continue Reading...

Popular

At the crossroads of news and opinion, 'Morning Joe' hosts grapple with aftermath of Trump meeting

One of the striking things about how furiously many people reacted to the news last week that MSNBC “Morning Joe” hosts Joe Scarborough and Mika Brzezinski was how quaint their defenders sounded.

Joe Rogan Says Harris Avoided Podcast Due To One Issue

Joe Rogan opened up about the reasons why an interview with Kamala Harris before the 2024 election never happened.

Do NOT Buy Nvidia, Apple, Microsoft, Meta, Tesla, or ANY Major Tech Stock... - Ad

31 billionaires (including: Warren Buffett, Elon Musk, Jeff Bezos, and more) are quietly unloading shares of their OWN stocks at RECORD pace... But why? Wall Street legend Eric Fry says it's because, soon: "America's most popular stocks like Nvidia, Apple, Meta, Tesla, and thousands more... are set to come plummeting back to Earth." Erasing YEARS of investor profits... Sparking a $17 trillion PANIC on Wall Street...

Stocks to Buy (and Sell) Before Inauguration Day

Experts predict Trump's policies will positively affect energy, finance, defense sectors; stocks to buy include EPD, JPM, LMT, while others may decline.

NBA Legend Shaq's Daughter Breaks Silence On Dad's Career, Defying Family Expectations: 'It's A No Go For Me'

In a departure from her family's sports-oriented legacy, Taahirah O'Neal, the eldest daughter of basketball legend Shaquille O'Neal, has chosen to pursue a different career path and lifestyle.

A Huge Crack Is Forming in the US Economy - Ad

A former Trump Advisor has uncovered alarming information that could impact your financial security over the next few months. These new stock market highs are built on shaky foundations. A huge crack is forming in the American economy. The elites know all about it, but most ordinary citizens have no idea.

The IRS is at risk of losing $20 billion in funding without legislative intervention

WEST PALM BEACH, Fla. (AP) — Already bracing for funding cuts under a new Trump administration, U.S. Treasury officials are calling on Congress to unlock $20 billion in IRS enforcement money that is tied up in legislative language that has effectively rendered the money frozen.

Crypto Analyst Sees Shiba Inu Surging More Than 2,000% In Coming Rally

A market analyst says Shiba Inu (CRYPTO: SHIB) could experience a massive rally, predicting gains exceeding 2,000%. What Happened: The forecast has sparked excitement among the cryptocurrency's community as SHIB continues to gain traction as a leading meme coin.

Do Not Read This If You're an Elon Musk Hater - Ad

Elon Musk believes his new AI product will be worth an incredible $9 trillion. But the mainstream media is not buying it. Fortune called it "all smoke and mirrors" The Economist said that Elon's promises are "long on bombast and short on reality." And MarketWatch called it "a pipe dream."

Small business owners breathe easier over labor costs after decision to strike down overtime rule

Small business owners have had a mostly positive reaction to a judge's decision to that would have qualified more workers for overtime pay.

Trader Turns $160 Into $6M In Just 12 Days With 'Chill Guy' Meme Coin But Insider Trader Concerns Arise

A trader won a fortune betting on a cryptocurrency inspired by a viral internet meme, which is now worth more than $500 million in market capitalization. What Happened: On-chain tracking platform Lookonchain took to X Wednesday, highlighting the extraordinary trade of Just a chill guy (CHILLGUY) token.

Why Do So Many Billionaire Investors Seem Scared of This Bull Run? - Ad

Well-connected billionaires like Warren Buffett have been selling off US stocks at an alarming rate. Today, one of America's most trusted market experts is stepping forward to explain what's really going on behind the scenes of this bull market - and why you could soon face losses of 50% or more if you do nothing.

Google Hit With Groundbreaking Antitrust Lawsuit In Canada Over Ad Tech Tools

Canada's Competition Bureau has filed an antitrust lawsuit against Google, demanding the sale of key ad tech tools and penalties for alleged anti-competitive practices, echoing similar U.S. actions.

Walmart's DEI rollback signals a profound shift in the wake of Trump's election victory

NEW YORK (AP) — Walmart's sweeping rollback of its diversity policies is the strongest indication yet of a profound shift taking hold at U.S. companies that are re-evaluating the legal and political risks associated with bold programs to bolster historically underrepresented groups.

Watch Jeff's New Demo: Elon Musk's New $9 Trillion AI Product - Ad

Why is Jeff Brown blindfolded and with his hands tied behind his back? It's all part of a crazy experiment involving a Cybertruck. See this demo because if Jeff is right... Elon Musk could make a lot of people rich with his new AI technology.

Radical Jaguar rebrand and new logo sparks ire online

NEW YORK (AP) — A for a rebrand of British luxury car brand Jaguar is being criticized online for showing models in brightly colored outfits — and no car.

What to know about Scott Bessent, Trump's pick for treasury secretary

WASHINGTON (AP) — has chosen money manager Scott Bessent, an advocate for deficit reduction and deregulation, to serve as his next treasury secretary.

Top Choice for Tech-Savvy Investors - Ad

Exploring the next wave of electric aviation stocks? This company is leading the charge with its innovative approach to electrification and strong industry ties.

What will happen to CNBC and MSNBC when they no longer have a corporate connection to NBC News?

Comcast's means that there will soon be two television networks with “NBC” in their name — CNBC and MSNBC — that will no longer have any corporate connection to NBC News.

Alaska political leaders hope to see Trump undo restrictions on oil drilling

JUNEAU, Alaska (AP) — President-elect Donald Trump during his campaign to expand oil drilling in the U.S., which is good news for political leaders in Alaska, where oil is the economic lifeblood and many felt the Biden administration has obstructed efforts to boost the state's diminished production.

Crypto Stocks Surge Amid Market Boom - Ad

Crypto stocks are on fire as Bitcoin hits all-time highs. One under-the-radar company is leading the charge, managing $2.1 billion in client assets and seeing record trading volumes. With crypto adoption skyrocketing, this could be a game-changing opportunity.

Trump's treasury pick could give an indication of what he plans to do about tariffs

WASHINGTON (AP) — President-elect Donald Trump’s decision on a treasury secretary is about far more than whose name will be printed on America’s money.

Tesla Cybertruck Crash In California Claims 3 Lives, Leaves 1 Seriously Injured

In a tragic incident early Wednesday, a Tesla Cybertruck crashed in Piedmont, California, resulting in three fatalities and one serious injury.

My TOP Altcoin for Right Now Is... - Ad

Searching for the top investment opportunity in crypto? Look no further. Our $3 report gives you the full scoop. You'll get this exciting token's name, our recommended investment strategy, and growth projections. Time is of the essence with this one...

Pakistan's top cleric says use of VPNs is against Islamic laws as the government seeks to ban them

ISLAMABAD (AP) — Pakistan's top body of clerics has declared the use of virtual private networks, or VPNs, against Islamic laws, officials said Monday, as the Ministry of Interior sought a ban on the service that helps people in countries with tight .

Georgia Election Workers Demand Giuliani Be Held In Civil Contempt

Ruby Freeman and Wandrea "Shaye" Moss have filed a motion in federal court demanding that Rudy Giuliani be held in civil contempt.

Crypto Stocks Are Heating Up - Ad

At the center of this transformation is a game-changing platform that's experiencing explosive growth with $41 million in revenue in just nine months. The stock has doubled in the last 45 days, but this is only the beginning.

VinFast Powers Ahead: Q3 Sales Surge 49%, Vehicle Deliveries Double & More

VinFast reports Q3 results that came above expectations. The company, which is focused on balancing revenue growth and optimizing costs, reiterated its annual delivery target of 80,000 vehicles.

Here's Why The Detroit Lions, Dallas Cowboys Always Have Thanksgiving Day NFL Games

The Detroit Lions and Dallas Cowboys always play on Thanksgiving Day. Here's the reason why and a look at this year's NFL matchups on the holiday.

Crypto Stocks Are Heating Up - Ad

At the center of this transformation is a game-changing platform that's experiencing explosive growth with $41 million in revenue in just nine months. The stock has doubled in the last 45 days, but this is only the beginning.

Macy's says employee hid up to $154 million in expenses, delays Q3 earnings

Macy's reported weaker-than-expected preliminary sales for the fiscal third quarter and said it's delaying the release of its quarterly earnings results after it discovered an up to $154 million accounting-related issue.

What's Going On in This Strange Facility Near Mar-A-Lago? - Ad

Most people have no clue this unassuming facility exists. Yet the minute Donald Trump takes office... This could be the most important building in America. More important than the Capital, the Pentagon... even the White House. Because this may well be the epicenter of Trump's New Manhattan Project.

What to know about Lori Chavez-DeRemer, Trump's pick for labor secretary

WASHINGTON (AP) — on Friday named Oregon Rep. Lori Chavez-DeRemer to lead the Department of Labor in , elevating a Republican congresswoman who has strong support from unions in her district but lost reelection in November.

Canada Prepares Retaliatory Tariffs After Trump Threats: Analysts Warn Of Further Loonie Weakness

Canada prepares for potential tariffs on US goods following Trump's threats. Discussions underway to target certain items if tariffs are enacted.

Crypto Stocks Surge Amid Market Boom - Ad

Crypto stocks are on fire as Bitcoin hits all-time highs. One under-the-radar company is leading the charge, managing $2.1 billion in client assets and seeing record trading volumes. With crypto adoption skyrocketing, this could be a game-changing opportunity.

Federal Reserve officials signal cautious path for rate cuts amid still-high inflation

WASHINGTON (AP) — With inflation still elevated, Federal Reserve officials expressed caution at their about cutting interest rates too quickly, adding to uncertainty about their next moves.

Dan Ives Defends $75 Palantir Target Amid AI Revolution And Revenue Surge: 'Haters Will Continue To Hate'

Dan Ives, a Wedbush analyst, has reaffirmed his $75 price target for Palantir, citing strong growth potential driven by its AI advancements and software solutions, despite skepticism from some market analysts.

Wall Street Legend Issues Inauguration Buy Alert - Ad

If you've underperformed this raging bull market, if you've lost money or missed out... this is your final chance to potentially profit.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service