“‘Tools of Russia’: FBI Raid on Black Political Party Seen As Part of ‘Black Scare/Red Scare’ in United States” — by Julie Varughese of Toward Freedom

Members of the African People’s Socialist Party alongside non-African supporters. Chairman Omali Yeshitela (front center) is in a black beret, while his wife and Deputy Chair, Ona Zené Yeshitela, stands behind him in a blue hat / credit: African People’s Socialist Party
Continue reading ““‘Tools of Russia’: FBI Raid on Black Political Party Seen As Part of ‘Black Scare/Red Scare’ in United States” — by Julie Varughese of Toward Freedom”

“PLA Launches Missile Drill to East of Taiwan as Pelosi Arrives; China to Turn on a New Status Quo for Taiwan Situation as ‘US Has Broken the Old One’” — By Yang Sheng and Liu Xuanzun of Global Times

Continue reading ““PLA Launches Missile Drill to East of Taiwan as Pelosi Arrives; China to Turn on a New Status Quo for Taiwan Situation as ‘US Has Broken the Old One’” — By Yang Sheng and Liu Xuanzun of Global Times”

“Big Oil and Gas Reap Record Profits as the World Burns” — by Mitchell Beer of the Energy Mix

In what is already shaping up to be the fifth hottest year on record, the world’s biggest fossil companies’ profits hit a 14-year high.

“Skyrocketing fuel costs and high margins on oil refining are driving the world’s biggest fossil companies to their biggest profits since at least 2008, according to analysis released just days after a blockbuster report that showed the oil and gas industry taking home $2.8 billion per day in revenue over the last 50 years.

The five biggest publicly-trade fossils—ExxonMobil, Chevron, Shell, TotalÉnergies, and BP—“are set to make even more money than they did in 2008, when international oil prices jumped as high as US$147 a barrel,” Bloomberg Markets reports. “That’s because it’s not just crude that has soared during the crisis created by Russia’s invasion of Ukraine, natural gas prices and refining margins have also broken records.”

The news report cites Exxon profits rising 46% this year. Total has gone up a relatively modest 11%, but that’s still at a time when the wider Standard & Poor’s stock index is down 17%. The general trend recently had U.S. President Joe Biden complaining that Exxon makes “more money than god” and accusing fossil companies of exploiting high gas prices, Bloomberg recalls. The UK recently imposed a 25% levy on oil and gas profits, albeit with a side deal that offered tax incentives for new oil extraction.

Just a week ago, citing research by University of Antwerp energy economist Aviel Verbruggen based on World Bank data, the Guardian said Big Oil has pocketed a mind-bending $52 trillion in profits since 1970. “You can buy every politician, every system with all this money, and I think this happened,” Verbruggen said, contending that the trillions in profits pocketed by Big Oil since the 1970s have been weaponized to maintain the fossil status quo.

But even if this year’s results are reinforcing the trend, fossil CEOs are talking down investors’ hopes for the high returns they’ve typically expected on their oil and gas investments, Bloomberg says. “The soaring earnings are a direct result of the high energy prices that have stoked inflation, piled pressure on consumers, raised the risk of recession, and prompted calls for windfall taxes,” the more recent news story states. “Amid this political and economic turbulence, shareholders may have to temper their expectations for rising returns.”

Part of that caution is a sense that today’s industry profit margins can’t last. Refining now makes up 26% of the sky-high cost of gasoline in the United States, compared to an average of 14% over the last decade, and Bloomberg says Shell is expecting $1 billion in profit from its global refining operations alone. But with consumers hurting, analysts are watching for gasoline demand to dampen and drive down prices.

As a result, at least some of the top five fossils look unlikely to hand investors the higher returns they crave. The news agency says Exxon will use its winnings to pay off some of its debts, while Chevron may speed up a program to buy back shares from shareholders.

The numbers also indicate that fossil companies won’t be directing their profits to new exploration or extraction projects. Although capital expenditures may soon be driven up by inflation, colossal fossils are generally “spending much less than they did the last time oil was above $100 a barrel,” Bloomberg says. “Capital expenditures is creeping to a forecast of $80 billion this year, but that’s half the level of 2013.”

Credit: Mitchell Beer. Publication: The Energy Mix. Published: July 28th 2022. Source Link: https://www.theenergymix.com/2022/07/28/skyrocketing-oil-and-gas-profits-hit-14-year-high/

“Court Rejects Google’s Attempt to Dismiss Rumble’s Antitrust Lawsuit, Ensuring Vast Discovery” — by Glenn Greenwald for his Substack

An unusual and significant court ruling entitles YouTube’s main competitor, Rumble, to obtain long-hidden internal documents on Google’s search engine manipulations.
Continue reading ““Court Rejects Google’s Attempt to Dismiss Rumble’s Antitrust Lawsuit, Ensuring Vast Discovery” — by Glenn Greenwald for his Substack”

“You Can’t Shame the Shameless Black Misleadership Class” — By Glen Ford for Black Agenda Report

The Black misleaders have been busy selling out Black people for half a century, but are still only barely tolerated by the rich man’s Democratic Party and its racist figurehead, Joe Biden. The late Glen Ford explained.
Continue reading ““You Can’t Shame the Shameless Black Misleadership Class” — By Glen Ford for Black Agenda Report”

“Britain Helped US Cover Up Downing of Iranian Airliner” — by John McEvoy(Declassified UK) for Consortium News

In 1988, a U.S. Navy warship shot down an Iranian airliner, killing all 290 civilians on board. Newly declassified files show how Margaret Thatcher’s government offered immediate support to the U.S. and assisted in the cover-up, John McEvoy reports.
Continue reading ““Britain Helped US Cover Up Downing of Iranian Airliner” — by John McEvoy(Declassified UK) for Consortium News”