Economy
ExxonMobil Books First Annual Loss In Its Modern History
ExxonMobil (NYSE: XOM) booked its first annual loss since the 1999 merger of Exxon and Mobil, and the first annual loss in at least 40 years after the pandemic crushed oil demand and prices and led to a huge domestic gas asset impairment. ExxonMobil reported on Tuesday a loss of $22.44 billion for 2020, compared to earnings of $14.34 billion for 2019, due to the lower oil and gas prices and after-tax fourth-quarter impairment charges of $19.3 billion.
Government officials in the U.S. and Europe have called for stricter mask protocols as more infectious strains of the coronavirus circulate, yet there is still concern that demand for respirator masks in the U.S. far outweighs supply.
N95s are unique in that they can filter out nearly all — 95% — of large and small particles in the air. This makes them more efficient blockers of the SARS-CoV-2 aerosols that can travel through the air.
Biden’s executive order on oil and gas drilling threatens ‘lifeblood’ of New Mexico economy
An oil and gas employee in New Mexico warned that President Biden’s order to halt new drilling on federal lands and a potential ban on all drilling on federal lands is “going to make oil and gas operators look at investing at other places.”
“What this does is it exports New Mexican jobs and it causes us to import foreign oil,” Lee Livingston with Mack Energy Corporation, told FOX Business’ Grady Trimble during an interview on “Varney & Co.” on Tuesday.
Can you still transmit Covid-19 after vaccination?
There’s no evidence that any of the current Covid-19 vaccines can completely stop people from being infected – and this has implications for our prospects of achieving herd immunity.
It was 17 June 2009. An 11-year-old boy returned to the US from the UK – and inadvertently brought something with him. Later that week, while attending a religious education programme in Sullivan County, New York, he developed a mysterious swelling of his salivary glands. He had mumps, a respiratory infection spread by contact with droplets in the air.
Biden wants a $15 minimum wage. Here’s what people say it would do to the economy
President Biden says his proposal to raise the federal minimum wage to $15 an hour will lift many low-wage workers out of poverty, but some businesses and economists warn it could cost jobs as the U.S. recovers from pandemic layoffs.
Mr. Biden endorses a plan to more than double the wage in steps over four years, noting that at $15 an hour, a job could support a family of four and it wouldn’t live in poverty. The president’s advisers also say raising the wage from $7.25 an hour, where it has stood since 2009, would show gratitude to essential workers at grocery stores and warehouses who stayed on the job during the coronavirus pandemic and would boost the economy by allowing low-wage workers to spend more.
BP Reports Massive Loss For 2020
The second supermajor to report full-year results, BP, said today it had lost $5.7 billion last year because of the oil price slump and demand destruction caused by the coronavirus pandemic.
Weaknesses in the gas market also contributed to the negative net result, BP noted in its filing, which compared with a profit of $10 billion for the previous year.
The Redditors Have Revealed A Myth About The Stock Market
After so many dark months, it is a peculiar relief for the biggest story of the week to be about a gang of online pranksters gaming the stock market.
Over the past several days, a handful of corporate stocks have surged to cartoon-hilarious price levels, as denizens of the website Reddit appear to be deliberately inflating them for fun. Nothing particularly special has happened to send these stocks, which include video game retailer GameStop and movie theater chain AMC, on their starward trajectory. It’s rather obviously a game, and the kids are having fun.
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14 Comments
Wed, Feb 03, 2021 - 10:48am
A battery fairy will be required to switch to an all electric vehicle fleet
https://www.americanthinker.com/blog/2021/02/the_battery_fairy_and_other_delusions_in_the_demand_to_replace_gasoline_powered_vehicles_with_electric_cars_and_trucks.html
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Wed, Feb 03, 2021 - 2:08pm
Recycling Lithium Batteries
Tom, et al., you might want to check out American Battery Technology Company (OTC: ABML.). They have a proprietary technology to recycle lithium batteries. They’ve hired some impressive engineers from TSLA and are breaking ground on a factory here in my state of NV. Could be a game-changer for the future of EV and render that author’s point moot
Full disclosure: I own shares of ABML.
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Wed, Feb 03, 2021 - 2:38pm
John Kerry defiantly defends use of private jet to travel to Iceland to accept award
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Wed, Feb 03, 2021 - 9:54pm
Stop buying Heinz Ketchup
Stop buying Heinz ketchup.
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Thu, Feb 04, 2021 - 4:48am
Did you Nazi this coming? Implanted digital vaccine ID package.
https://www.globalresearch.ca/implanted-vaccine-package-id-germanys-parliament-has-ratified-gavis-digital-agenda-id2020/5736277
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Thu, Feb 04, 2021 - 6:55am
Highway Below Sea Level
Guess he wasn't able to ride his bike there since the transIcelandic highway is below sea level.
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Thu, Feb 04, 2021 - 7:48am
News Irony
I just love the timing of some news stories:
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Thu, Feb 04, 2021 - 7:52am
Carbon Capture of Soils--ahh not so fast
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Thu, Feb 04, 2021 - 10:44am
Kerry On Defensive???????
Gee He sure sounds defensive for a guy not on the defensive.
Hey John ever here of Zoom? It enables you to have meetings with anyone in the world w/o flying.
I wonder what ol John is doing to sequester his carbon?
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Thu, Feb 04, 2021 - 1:41pm
Where will the electricity come from?
If the manufacture and sale of internal combustion engine vehicles is prohibited and they are replaced by electric vehicles, where is all the electricity to run them going to come from?
Electricity generating capacity in the US, and most other countries, is running flat out just to keep up with present demand. There is no spare capacity to recharge the batteries of millions of electric vehicles.
According to the US Energy Information Administration “In 2016, about 143.37 billion gallons of finished motor gasoline were consumed in the United States, a daily average of about 391.73 million gallons per day”. The energy contained in a gallon of gas is 34 kW.hr so that works out to be 13.3 million mW.hr of energy per day. The present total capacity of the grid is 10 million mW.hr per day.
So, in order for all gasoline powered vehicles to be replaced by electrics, the grid must increase its generating capacity by 130%.
Even if that were physically possible within the next twenty years, what is going to power the generators? Nukes are verboten, coal is too dirty, there isn't going to be any more cheap oil. Maybe electric vehicles are not such a great solution after all.
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Thu, Feb 04, 2021 - 1:46pm
Inside socialist AOC is a capitalist screaming to get out.
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Thu, Feb 04, 2021 - 2:02pm
Senator Kennedy (on Hannity) rebukes Kerry
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Thu, Feb 04, 2021 - 3:27pm
Energy companies on the move
I am a long time energy investor. Those bad XOM earnings marked the bottom IMO. Trump was good for consumers but bad for the companies. Not good for the long term. Biden, in spite of himself, will be very good. IMO, of course.
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Sun, Feb 07, 2021 - 2:47pm
Increasing Minimum Wage is Good - Look at New Zealand
People always seem to worry about putting minimum wage up. Look at New Zealand, our minimum wage is now $20 (about US$14). Our unemployment rate is very low and our economy is doing well (pre and post COVID). Increasing the MW is good for your economy. The only issue you have to worry about is landlords increasing their rent and sucking up that extra money into the wealthy classes. A healthy economy needs as many people as possible having at least some discretionary spending ability.
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