Category Archives: Business & Economy
Texas Frozen Chaos Becomes Global Oil Market Nightmare With 40% Of US Crude Production Offline
Even though Texas is doing everything in its power to contain the fallout that, it appears that the crisis is now spreading, because as a result of the persistent freeze and rampant “force majeueres” across the industry, more than 4 million barrels a day of output – almost 40% of the nation’s crude production – is now offline.
Read more
“Supply Is Frozen” – Polar Vortex Sparks Massive Spike In NatGas/Electricity Costs
The week’s biggest story is the plunge in temperatures across the Great Plains from Canada to Texas, resulting in skyrocketing demand for natural gas and electric markets as tens of millions of Americans crank up their thermostats to stay warm. And that surge in energy costs comes at a time when incomes/jobs remain suppressed and Americans are being told to stay indoors.
Read morePhysical Premium To Paper Hits Record As Silver Market Tears In Two
The shortage of physical silver is exposing a tear in the precious metals market unlike any we have seen before.
Read moreMatt Taibbi via TK News: Suck It, Wall Street!
In a blowout comedy for the ages, finance pirates take it up the clacker
Read moreExpect The Most Evictions In History As Ban Expires
The federal ban on evictions expires in January. For millions that’s when huge problems start.
Read moreUS Budget Deficit Triples To Record $3.1 Trillion In 2020 As US Spends 90% More Than It Collects
Those who have been following the record surge in US public debt (excluding the roughly $100 trillion in off-balance sheet obligations), which exploded by $3 trillion in the three months following the covid shutdowns and which just hit an all time high $27.1 trillion this week, will be all too aware that the US budget deficit this year – and every year after – will be staggering.
Read moreTrump Administration Invests $1 million in Value Added Producer Grant Program in Rural Texas
The Trump Administration announced that the United States Department of Agriculture (USDA) is investing $1 million to help agricultural producers in rural Texas increase production of value-added goods.
Read moreAmericans Burn Through A Staggering $724BN In Annualized Savings In August As Stimulus Fades
Lower income coupled with higher spending in a time when the vast majority of Americans were looking forward to more stimulus meant that US consumers rapidly burned through savings. At the same time, the personal savings rate collapsed by 17.7%. This means that a whopping 60% of the personal savings built up in the aftermath of the COVID fiscal stimulus tide have now been used up. So, unless a new fiscal deal is in place, US consumption will crater unless somehow the millions of unemployed workers who still desperately rely on government stimulus find a job.
Read moreAmericans Pay Down Credit Cards For 5th Consecutive Month As Post-Covid Deleveraging Continues
Revolving credit – i.e., credit card debt – shrank once again, the 5th consecutive monthly decline, dropping by $293 million to just below $1 trillion.
Read moreTexas Craft Brewers Navigate Confusing Coronavirus Mandates
The sudden announcement put Texas craft brewers in an untenable position, as they were forced to once again close their taprooms just weeks after reopening them.
Read moreAlcohol Permits for 12 Bars Suspended After Three Nights of Operation Safe Open
On the third night of Operation Safe Open, the Texas Alcoholic Beverage Commission found evidence to suspend the permits of seven more bars. In total, the permits of 12 bars have been suspended during these undercover investigations.
Read moreGovernor Abbott Announces $123.6 Billion Economic Impact Of Military Bases In Texas
Governor Greg Abbott today announced the results of a study completed by the Texas Comptroller of Public Accounts at the request of the Texas Military Preparedness Commission (TMPC) analyzing the impact on the state’s economy of the various U.S. military installations within Texas.
Read moreBanks Brace For Default Wave: Wells Fargo Stops Making Loans To Independent Car Dealers
In the latest indication that banks are bracing for even more default pain, this time stemming from what even before the coronavirus crisis was the next subprime disaster-in-waiting, namely auto loans. According to CNBC, Wells Fargo is hitting the brakes on its auto loan business, until recently a major source of revenue for the company.
Read moreU.S. Unemployment Claims top 40 million Since March
More than 40 million Americans have filed unemployment claims since mid-March, when state governments across the U.S. began restrictions to slow the spread of COVID-19, including closing businesses deemed nonessential.
Read moreHigher Meat Prices as Cattle Producers See Lower Prices, Texas A&M’s Dr. David Anderson Tells Us Why [VIDEO]
![Higher Meat Prices as Cattle Producers See Lower Prices, Texas A&M’s Dr. David Anderson Tells Us Why [VIDEO]](https://austincountynewsonline.com/wp-content/uploads/2020/05/Meat-Shortage-Interview-5-18-2020.jpg)
If you’ve been to the grocery store lately you’ve undoubtedly seen the soaring prices of meat or maybe you’ve seen the limitations being placed on the amount of meat you can purchase. We’re even hearing about how thousands of pigs rot in compost as the U.S. faces this meat shortage. So, how can this be? How can we be facing a meat shortage as producers are facing lower prices and having to destroy their livestock? Dr. David Anderson, Professor and Extension Agricultural Economist with Texas A&M University joins us to explain the situation.
Read moreU.S. National Debt at Record $25 trillion, Budget Deficit in April at $738 Billion
The deficit rose after increased government spending in March and April to offset the economic losses caused by state executive orders, which shutdown economies to slow the spread of the coronavirus.
Read moreTexas Agency Won’t Cut Oil Production Despite Cratering Prices
:quality(75)/https://static.texastribune.org/media/files/a9147e51791bc4b0551f9e41064a91f5/Midland%20BP%2006%20TT.jpg)
On Tuesday, after formal requests from the state’s leading oil producers, a marathon public hearing last month and perhaps more attention paid to it than ever before, the commission decided against imposing oil production cuts, one of the most powerful tools it could employ.
Read moreGovernor Abbott Expands Business Openings In Texas
Governor Greg Abbott today held a press conference where announced that he will be issuing an Executive Order to expand openings of certain businesses and activities. The Governor also announced new guidance from the Texas Education Agency (TEA) on graduation ceremonies and the creation of Surge Response Teams to combat any COVID-19 flare ups in Texas.
Read moreTexas’ Front-line Workers in the Pandemic are Predominantly Women and People of Color, Analysis Finds
:quality(75)/https://static.texastribune.org/media/files/47d1289fa7e634a143946bf889a5e3f9/El%20Paso%20Food%20Bank%20Coronavirus%20Pandemic%20EK%20TT%2026.jpg)
Experts say the numbers reflect a stratified economy in which historically undervalued jobs involving caregiving or domestic work are mostly held by women.
Read moreState Sales Tax Collections Down Nearly 10 Percent
State sales tax collections declined as a result of efforts to stem the spread of COVID-19 through business closures, crowd limits and stay-at-home orders adopted in the state, as well as a precipitous drop in worldwide demand for oil
Read more