Surely, Trump won’t dishonestly take credit for this.
“The oil market could see a major supply glut in 2025 thanks to booming production from non-OPEC states like the US and sagging demand in China, according to the International Energy Agency.
The IEA said in its November Oil Market Report that the world’s oil market is on track for a one-million barrel-a-day surplus next year.
The excess is largely being driven by a weakening economy in China. Demand for oil in the world’s second-largest economy contracted for six straight months in a row as of September, IEA data shows. This accounted for the “main drag” on demand this year, the report said.
Meanwhile, the agency is predicting strong oil production among non-OPEC producers led by countries like US, Guyana, Argentina, and Brazil.
Altogether, non-OPEC producers are on track to expand oil production by 1.5 million barrels a day, it estimated. That amount is more than the agency’s forecast for world oil consumption to grow by 990,000 barrels a day next year.”
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“The US has become the largest oil producer in the world, pumping out more crude than any other country in history for the last six years in a row, according to the US Energy Information Administration. Domestic production hit a record 13.4 million barrels a day in August, according to data from the Energy Information Administration.”
“Stefanik is a onetime moderate Republican who has transformed herself into a pro-Trump loyalist. She stood up for Trump relentlessly when he faced impeachment.”
“Capitalists create new wealth. They don’t take a big slice of the pie and leave us a sliver. If they get rich, it’s because they find ways to bake lots of new pies.
That’s what’s happened in America. Its why today, even poor Americans have access to things European kings only dreamed about.
Capitalists can get rich only by making all of us better off.
Actual economist Dan Mitchell explains, “Billionaires only kept 2.2 percent of the additional wealth they generated….The rest of us captured almost 98 percent of the benefits.””
In a series of panels about promoting North American gas, oil, and uranium energy in ways that will boost the economy and make North America strong and independent vis-a-vis world challenges, people are worried about the effects of Trump’s proposed tariffs which will hurt both countries’ economies and make energy more costly.
“Two days before the election, the Wall Street Journal reported that Western security services believed two incendiary devices seized on board planes in Europe over the summer were a test run for a Russian operation to start fires on US-bound planes. The devices detonated without injuries at logistics hubs in Germany and the UK, but the head of Poland’s intelligence agency said, “I’m not sure the political leaders of Russia are aware of the consequences if one of these packages exploded, causing a mass casualty event.” The Russian government has denied involvement.”
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“Russian leaders reacted with open jubilation to Trump’s victory in 2016 but were largely disappointed with his administration, which, for all his kind words for Putin, also saw a raft of new sanctions against Moscow and the sale of anti-tank weapons to Ukraine.
Moscow is being much more cautious this time around. In a statement Wednesday responding to Trump’s victory, the Russian foreign ministry credited him with countering the “globalist” course of America’s current administration. It also added, “We have no illusions about the president-elect, who is well known in Russia … the US ruling political elite adheres to anti-Russia principles and the policy of ‘containing Moscow.’ This line does not depend on changes in America’s domestic political barometer.”
One of the risks of engaging in gray zone tactics is that you can’t always be sure how your opponent will react, and it’s difficult to know when a red line is finally crossed. Trump, for one, has prided himself on his unpredictability. Like everyone else after what happened on Tuesday, Putin is likely waiting to see what comes next.”
“The US Navy has been battling the Houthis and some of Iran’s best weaponry in the Red Sea and changing some of the ways it fights to defeat them, America’s top naval officer said this week.
Adm. Lisa Franchetti, the chief of naval operations, said this week that the Navy is taking away many lessons from its almost yearlong fight against the Houthis, including the fact that drones are fundamentally changing warfare.
The Houthis, a Yemen-based rebel group that Iran has armed and supported for years, have used aerial and surface drones to attack key merchant shipping lanes in the Red Sea and Gulf of Aden and threaten US Navy ships since last fall. The militants have also fired anti-ship ballistic and cruise missiles at vessels.
US warships and aircraft, in partnership with allies, have been intercepting these threats. Just last week, American forces engaged a number of Houthi drones and missiles.
“We’re continuing to learn,” Franchetti responded to questions at a Wednesday Defense Writers Group event. “And again, I’ll just go back to the changing tactics, techniques and procedures based on adversaries.”
“The Houthis are using the best Iranian technology, and we know that we need to be able to defeat that,” she added. “And again, our ships are doing an amazing job. And our aircraft.””
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“In this fight, the Navy has fired well over $1.1 billion worth of munitions fighting the Houthis, a figure that covers hundreds of air-launched weapons and ship-fired missiles that have been used to take out rebel weaponry, both missiles and drones.
The increasing use of unmanned systems, such as aerial strike platforms and naval drones, has been seen in other conflicts, most notably the war in Ukraine.
Ukraine, for instance, has built up a formidable arsenal of domestically produced naval drones and has used these systems to target Russian warships and ports around the Black Sea. Even though Kyiv lacks a proper navy, it has demonstrated it can still cause problems through this asymmetrical style of warfare.
“I think Ukraine has shown us that you can innovate on the battlefield,” Franchetti said. “I want to innovate before the battlefield so we can stay ahead of any adversary any time.””
Iran, Russia, and China have illegitimate systems and their government’s fear that their own people will want a system more like America’s. They can never live in full harmony with the United States because the U.S. represents an internal threat to their regimes even when the U.S. does nothing other than stand as another possibility for their people. Therefore, they try to undermine the U.S. and democracy in general in whatever way they can.
“There’s a slight of hand when people declare the United States is a Christian nation. The nation was clearly founded on enlightenment principles that included freedom of religion and separation of church and state. These principles were put into the Constitution, and we know their meaning because we have the writings of the founders. At the same time, the country was a mostly Christian populace whose culture evolved from a Europe that had been Christian for many hundreds of years. Of course much of the ethos of such a society is going to be infused with Christian ideas, which themselves had been infused with Jewish, Roman, and Greek ideas. The country was and is majority Christian; in this sense it was a Christian nation. The country is and has always been heavily influenced by Christian culture, so also in that sense it is a Christian nation. But, at the nation’s founding, the founders explicitly created a government that was not supposed to implement Christianity upon its people, so in that sense it is not a Christian nation. As the country’s religious diversity grows, it becomes less of a Christian nation unless it can maintain some underlying Christian culture that goes beyond religious belief.”
“For Washington, the question that really matters is Ishiba’s approach to the military relationship with America.
Here Ishiba has sounded more disruptive than either the Japanese or U.S. establishment would like. He approached one third rail by calling for the revision of the agreement on the deployment of U.S. forces here. He went for another in wanting to amend the constitutional provisions on Japanese pacifism. He has talked about an Asian version of NATO, which would take Japan from a security vassal of the U.S. to a peer, though still a close ally.
“He could be a problem for the U.S.,” says Gerry Curtis, the retired Columbia scholar of Japan who lives much of the year here. “He thinks the deal with the U.S. is outdated, has an occupation stink to it.” Ishiba is, as one of the preeminent Japan watchers in Washington Ken Weinstein texted me, “hardest for Americans to read of the major candidates.”
So what’s going on? A Japanese official who knows Ishiba offered the 60/40 theory over lunch the day after Ishiba’s victory. Every other similar status of forces agreement with the U.S., from Germany to South Korea to Italy, was revised in the last half century. Japan’s dates to 1960. Ishiba wants a deal to allow Japanese forces to base and train in the U.S. — in effect to become even more like a normal army than a self defense force. Abe took Japan down this road, and Kishida continued by boosting spending (Japan’s defense budget is the third-biggest in the world). But neither of Ishiba’s predecessors put the status agreement explicitly on the table the way Ishiba has. So 60 percent of Ishiba’s motivation is “to enhance deterrence and strengthen the alliance,” this official said. The other 40 percent? That’s about “restoring Japanese sovereignty,” and that’s the bit that makes Washington nervous.
Speaking after this victory, Ishiba said the time wasn’t right to raise any of these security questions. This will be a topic of discussion with the next U.S. president and shouldn’t even be mentioned before Election Day in November.
The other topic that will test bilateral relations is America’s more protectionist trade policies under both Trump and Biden administrations and the high cost to Japanese manufacturers of enforcing the U.S.-inspired restrictions on technology transfers to China. “Japan is hurting right now because of American policies,” says Koll.
The new Japanese prime minister is “a realist,” says Hiro Akita, the Japanese business daily Nikkei’s foreign affairs specialist, who knows him. Ishiba thinks that Japan has to adjust to a changing world, he says. The next prime minister is no Japanese Charles de Gaulle who’ll seek to push America back as the old French leader did there half a century ago, he adds.
But still, this at first undramatic leadership change in Tokyo does potentially bring chop to the waters of the Japanese-American relationship that have been especially placid of late.”