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Money & The Economy

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New Data Show Big Oil On Verge Of Fulfilling One Of Trump’s Promises

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Domestic oil production in the U.S. is expected to explode over the next decade as other energy producing countries struggle to fulfill world demand, according to an analysis of Energy Information Administration data. More production leads to lower prices and ultimately a reduction in oil imports, American Action Forum noted in a detailed analysis of EIA’s 2019 Annual Energy Outlook. ...

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Federal Oil And Gas Lease Sales Break $1 Billion In 2018, Nearly TRIPLE Previous Record

Federal oil and gas lease sales earned roughly $1.1 billion in 2018, nearly tripling the previous record set a decade ago, Acting Interior Secretary David Bernhardt announced Wednesday. Oil and gas lease sales generated about $408 million in revenue to the federal and state governments in 2008. Preliminary data indicates that 2018’s sales have safely shattered that record. “Responsible production ...

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Nearly 7 In 10 Retirees Say They Live As Well Or Better In Retirement Than During Their Working Years

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More than two-thirds of retirees say they live as well or better in retirement as they did when they were working, according to a recent study focused on retirees conducted by T. Rowe Price. Meanwhile, only 39 percent of current workers believe they will live as well or better in retirement. The study, “Retirement Savings and Spending: Behaviors and Attitudes Toward ...

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Half of Millennials Have Had Their Go-To Credit Card Longer Than Their Most Recent Romantic Relationship

Half of millennial credit cardholders say that their primary card has lasted them longer than their most recent romantic relationship, according to a new report from CompareCards.com. With Valentine’s Day approaching, CompareCards asked credit cardholders about their most recent credit card breakup – the last time they changed the credit card they use the most. The results clearly showed that Americans don’t ...

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Justice Department Warns Taxpayers to Avoid Unscrupulous Tax Return Preparers

As tax filing season begins, the Department of Justice warns taxpayers to beware of unscrupulous tax return preparers. The Department of Justice applies both civil and criminal tools at its disposal to shut down illegal tax return preparation activity. Taxpayers should always remain wary of tax return preparers who claim they can obtain larger refunds than others or engage in ...

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January Jobs Report Smashes Expectations Despite Government Shutdown

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The Department of Labor released the January jobs report showing 304,000 jobs were created in the month of January despite the partial government shut down the longest in American history. The unemployment rate did increase slightly to 4% as more Americans began seeking work in the tight jobs market. Economists expected only 179,000 jobs in the month of January beginning ...

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Average New-Car Prices Up More Than 4 Percent Year-Over-Year

Ford car lot auto dealership car sales

Analysts at Kelley Blue Book reported Friday that the estimated average transaction price for a light vehicle in the United States was $37,149 in January 2019. New-vehicle prices increased $1,481(up 4.2 percent) from January 2018, while decreasing $643 (down 1.7 percent) from last month. “There are several factors contributing to strong average transaction prices, which climbed 4 percent year-over-year,” said Tim Fleming, analyst for Kelley Blue Book. “First, Tesla has approached BMW ...

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Over Half Of US Coal Mines Have Closed Since 2008

The number of active coal mines in the U.S. have shuttered dramatically, with half of the mines operational a decade ago now closed down. Fueled by years of regulatory burden and stiff market competition, the U.S. coal industry continues to suffer from contraction. There were a total of 1,435 operational mines in 2008, a year when coal production reached a ...

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Audi Managers Charged in Conspiracy to Cheat U.S. Emissions Tests

Four Audi managers, including a former member of Audi AG’s management board, were charged in an indictment filed on Jan. 17 for their roles in the nearly decade-long conspiracy to defraud U.S. regulators and U.S. customers by implementing software specifically designed to cheat U.S. emissions tests in tens of thousands of Audi “clean diesel” vehicles, the Justice Department announced today. ...

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Bankrupt California Utility Is Shedding Over $40 Billion Worth Of Green Energy Contracts

Pacific Gas and Electric (PG&E) may shed more than $40 billion worth of power purchase agreements after the California utility was driven into bankruptcy by liabilities for sparking deadly wildfires, The Wall Street Journal reports. PG&E wants the U.S. Bankruptcy Court in San Francisco to rule whether the company must honor $42 billion worth of contracts with about 350 different ...

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Trump Effect: Private Sector Employment Increased by 213,000 Jobs in January

Private sector employment increased by 213,000 jobs from  December to January according to the January ADP National Employment Report®.  Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics.  The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment ...

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Trade War De-escalation: China’s Congress to Vote on Foreign Investment Law

China’s National Peoples Congress is set to vote in March on legislation which will ban forced technology transfers and “illegal” government interference in the actions of foreign companies. The legislation will likely be viewed positively by US officials who have slammed intellectual property theft by Beijing. The National Peoples Congress convenes March 5th and it is expected that to make ...

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