14,000 inactive oil and gas wells in US remain unplugged, posing risks for leaks, researchers say
There are tens of thousands of inactive offshore oil and gas wells that remain unplugged in the U.S., posing the risk of possible leaks into the ocean, accordingtonewresearch.
Over 14,000 inactive oil and gas wells in the Gulf of Mexico's offshore waters, inland waters and wetlands are unplugged, according to a study publishedinNatureEnergyonMonday.
There have been about 82,000 wells drilled in the GulfofMexicocoastalwatersinLouisiana,Texasand Alabama, according to the paper. The researchers combinedfederalandstateagencydataonoffshore wells in the Gulf of Mexico and found that 14,000 non-producing wells have not been plugged and abandoned. There are more inactive, nonproducing wells that have not been plugged and abandonedthancurrentlyactivewellsinthisregion, theresearchersfound.
Plugging and abandoning these wells could prevent environmental risks but could cost more than$30billion,theresearcherssaid.
Souce:
https://abcnews.go.com/US/14000-inactive-oil-gas-wells-us-remainunplugged/story?id=99041582
The Fed's own experts warn of a credit crunch-triggered economic slowdown
The Federal Reserve's own economists are most worried about banking stress, stubborn inflation and commercial real estate right now, a new reportshowed.
"Concerns about the economic outlook, credit quality,andfundingliquiditycouldleadbanksand other financial institutions to further contract the supply of credit to the economy," the Fed said in itsreport.
"A sharp contraction in the availability of credit would drive up the cost of funding for businesses and households, potentially resulting in a slowdownineconomicactivity,"itadded.
The Fed also rang the alarm on commercial real estate (CRE) as work-from-home trends have reduced demand for office space in what could lead to a correction in the value of commercial propertyprices.
Rising interest rates also elevate the risk of refinancing issues for commercial real estate borrowers.
Social Security benefits have lost 36% of buying power since 2000
Inflation has eaten away more than one-third of SocialSecuritybenefits’buyingpowersince2000,a newanalysisfound.
Those who retired before 2000 have seen the purchasing power of their benefits drop by 36%, accordingtoTheSeniorCitizensLeague.Thesefolks would need a nearly $517 boost in their monthly benefits just to maintain the same level of buying powerasin2000.
Although Social Security recipients get an annual cost-of-living adjustment, the increases have not kept up with the risein prices foryears – squeezing seniorcitizens,manyofwhomliveonfixedincomes anddependheavilyontheirmonthlySocialSecurity payments.
Thesurgeininflation in recent years resulted inthe largest annual adjustments since the early 1980s. Beneficiaries received an increase of 5.9% for 2022 and8.7%for2023.
However, for the past 10 months, inflation has moderated. That means the 2024 adjustment is expectedtobelowerthaninrecentyears.
Souce:
https://edition.cnn.com/2023/05/10/politics/social-security-benefitsinflation/index.html
IMF: US default would have 'very serious repercussions' globally
The International Monetary Fund has warned of severeconsequencesif theUnitedStatesdefaults on its debt, ahead of a rapidly-approaching deadline for the country to raise or suspend its borrowinglimit.
"Our assessment is that there would be very serious repercussions not only for the US but also fortheglobaleconomyshouldtherebeaUSdebt default," IMF Spokesperson Julie Kozack told reporters.
Republicans and Democrats remain sharply divided over the debt ceiling. “Discussions in the US are taking place at a time that is very difficult for the global economy,” she said. “Our assessment is that there would be very serious repercussions, not only for the US but also for the global economy, should there be a US debt default. And we strongly encourage the parties in the US to come together to reach a consensus to urgentlyaddressthismatter.”
"We have seen a world in the last few years that has been affected by many shocks, so we would wanttoavoidthosesevererepercussions,"Kozack said.
Jobless claims rise sharply to highest level since 2021
The number of Americans filing for unemployment benefits last week jumped to the highest level since 2021,thelatestsignthehistoricallytightlabormarketiscoolingoffinthefaceofrisinginterestrates.
Figures released Thursday by the Labor Department show initialclaims forthe week ended May 6 surged by 22,000 to 264,000, well above the 2019 pre-pandemic average of 218,000 claims. It marks the steepest levelforjoblessclaimssinceOctober2021.
Continuing claims, filed by Americans who are consecutively receiving unemployment benefits, rose slightlyto1.81millionfortheweekendedApril29,anincreaseof12,000fromthepreviousweek.
For months, the labor market remained a strong point in the slowing economy, despite an aggressive interest-ratehikecampaignbytheFederalReserve. Buttherearesignsitisbeginningtocool.
Layoffs are on the rise and job openings are declining. Although hiring rose faster than expected in April, joblessclaimsarealsosteadilytickinghigher.Economistswidelyexpectunemploymenttoclimbhigheras aresultofsteeperinterestrates,whichcouldforceconsumersandbusinessestopullbackonspending.
Souce:
https://www.foxbusiness.com/economy/jobless-claims-rise-sharply-highest-level-october