DOE approves giving ExxonMobil a million barrels of oil from reserve
According to a press release from the DOE, U.S. Secretary of Energy Chris Wright sanctioned the move to help keep the regional supply of transportation fuels across Louisiana and the broader Gulf Coast stable. The DOE says this will also keep the SPR's operational flexibility as is and won't either impact or delay the Department's continuing efforts toward refilling the reserve.
The agreement will provide up to one million barrels of crude oil from the SPR to ExxonMobil to support the restoration of refinery operations that had been diminished due to an offshore supply disruption. The release states that ExxonMobil will eventually return the borrowed oil, as well as an unannounced amount of additional barrels of crude to the SPR at no cost to taxpayers.
Under the exchange agreement, DOE will provide up to 1 million barrels of crude oil from the SPR. The exchange will support ExxonMobil's restoration of refinery operations that were reduced due to an offshore supply disruption. ExxonMobil will return the borrowed crude along with additional barrels of crude oil for the SPR at no cost to the taxpayer.
"Investing in American energy enables energy independence and truly unleashes America's ability to serve as the world leader in global energy," Wright said in an X post Friday.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
26 minutes ago
- Forbes
Here's Why Taxes Will Claim About Half Of Wimbledon Winner Jannik Sinner's $4 Million Prize
Jannik Sinner triumphed over his rival Carlos Alcarez to win the men's title at Wimbledon on Sunday, securing a $4 million prize one day after Iga Swiatek took home the women's title for the same amount—though tax analysts told Forbes their winnings will be cut nearly in half after paying required taxes. Jannik Sinner holds the Wimbledon trophy after winning the men's singles final match against Carlos ... More Alcaraz. Copyright 2025 The Associated Press. All rights reserved The U.K. taxes prize funds from Wimbledon and earnings from endorsements on equipment used in the tournament, and they also face an initial withholding tax of 20% before paying a tax up to 45% after related expenses are deducted, according to Andreas Bosse, an international tax legal consultant based in Monaco. Wimbledon's £3 million grand prize (about $4.05 million), awarded to both the women's and men's champions, would likely be taxed at an effective rate of 36.52%, Sean Packard, OFS Wealth's tax director, told Forbes, lowering the winnings down to at least $2.5 million. Swiatek will likely also pay an additional 4% tax in Poland, reducing her championship winnings by an additional $162,000. Sinner, originally from Italy, will pay no additional taxes because his primary residence is in the income tax-free microstate of Monaco. A $2 million prize awarded to the runners-up would be reduced by more than $700,000 to $1.2 million if taxed at the 36.52% rate. The U.S. requires additional tax payments, including self-employment levies or an additional Medicare surtax, Packard said, which could lower American Amanda Anisimova's prize as the womens' runner-up. Sinner defeated Alcaraz 4-6, 6-4, 6-4, 6-4 in just three hours and four minutes Sunday, powering past his rival only five weeks after the Spanish tennis phenomenon triumphed at the French Open following a brutal five hour and 29 minute match. Sunday's win is Sinner's first championship at Wimbledon, but his fourth Grand Slam title overall. Swiatek beat Anisimova in just 57 minutes during Saturday's match, winning 6-0 and 6-0 to secure her first Wimbledon title. The match marked the first time in the Open Era of tennis matches—since 1911—that a woman won a singles title at Wimbledon without missing a single game, and is the first time since 1968 that it's happened at any Grand Slam match. What Taxes Could Jannik Sinner Pay? Sinner will pay no additional income tax outside of the U.K. because Monaco is his primary residence, Bosse said. Other top-ranked tennis players like Serbia's Novak Djokovic, whom Sinner defeated in Wimbledon's semifinals, as well as Russia's Daniil Medvedev, Denmark's Holger Rune and Greece's Stefanos Tsitsipas also reside in Monaco, in addition to Formula 1 drivers Max Verstappen, Lando Norris and Charles Leclerc. $72.2 million. That's the combined prize-money pool for Wimbledon, a 7% increase over the previous year, according to the tournament. Forbes Valuation Forbes ranks Alcaraz, who is seeking his third-straight Wimbledon title, the world's highest-paid tennis player with a combined $42.3 million in earnings on and off the court. Swiatek ranks fourth with $26.7 million in earnings, followed by Sinner, who earned a combined $26.6 million. Further Reading Forbes Coco Gauff's $2.9 Million French Open Prize Nearly Halved After Taxes By Ty Roush Forbes Why Novak Djokovic And Other Top Tennis Stars Call Monaco Home By Justin Birnbaum
Time Business News
27 minutes ago
- Time Business News
Paylaterr Launches Innovative Platform for Responsible Buy Now, Pay Later for Bills
In today's fast-paced world, managing household bills and expenses requires more financial flexibility than ever. Unfortunately, not all financial solutions prioritize long-term user well-being. That's where Paylaterr comes in. With its newly launched platform, Paylaterr is redefining how Americans manage everyday bills through smart, transparent, and responsible Buy Now, Pay Later (BNPL) services. Paylaterr is a forward-thinking financial services platform that empowers consumers to handle short-term financial needs by spreading out bill payments, without the risks associated with traditional loans or credit cards. Unlike typical lenders, Paylaterr focuses on ethical, flexible BNPL for bills that come with no hidden fees and clear repayment terms. This platform raises the bar in the BNPL space by prioritizing responsible use and financial wellness. 1. Transparent Payment Options Users can split payments for utility bills, emergency expenses, or services into manageable parts, with complete clarity. There are no surprise fees, and all terms are disclosed upfront. 2. Personalized Plans Using smart financial tech, Paylaterr creates custom BNPL plans based on each user's unique financial situation. This promotes realistic repayment schedules and avoids overextension. 3. Simple Application Process With a fast, user-friendly interface, consumers can apply online and get decisions within minutes, perfect for busy users needing quick solutions. 4. Responsible BNPL Experience Beyond just payment splitting, Paylaterr integrates educational tools and budgeting resources to help users build smarter financial habits. The US has witnessed a surge in BNPL popularity, but also growing concerns about overspending and a lack of transparency. Paylaterr solves these challenges by ensuring: Users only take on payments they can manage. Every repayment term is clear and simple. Financial education is integrated into the platform. By aligning convenience with responsibility, Paylaterr is promoting healthier financial decisions in American households. Unlike typical BNPL companies that focus on retail shopping, Paylaterr is tailored for real-life needs like bills, rent, and emergency costs. Clarity: Easy-to-understand repayment plans. Support: Friendly, US-based customer service. Technology: AI-driven approvals for fairness and accuracy. Wellness Tools: Budgeting and credit-building features included. Whether you're paying off utilities, dealing with an unexpected charge, or planning a big expense, Paylaterr helps you move forward on your own schedule. It's designed for the modern American who values both flexibility and financial control. As the financial landscape evolves, platforms like Paylaterr are shaping the next generation of responsible, everyday-use BNPL tools. Rather than pushing debt, Paylaterr empowers people with flexibility, education, and trust. Paylaterr's launch signals a major shift in how Buy Now, Pay Later should be used as a tool for managing real expenses, not encouraging impulse purchases. For US consumers seeking a smarter, more ethical BNPL solution, Paylaterr is more than just an option; it's a better way to pay bills. TIME BUSINESS NEWS
Yahoo
an hour ago
- Yahoo
Can Realty Income Corporation (O) Deliver Consistent Passive Income in 2025?
Realty Income Corporation (NYSE:O) is included among the 10 Best Passive Income Stocks to Buy Now. An aerial view of a bustling financial district, showing the strength of financial institutions. Realty Income Corporation (NYSE:O) is an American real estate investment trust company. It is among the best dividend stocks for passive income as the company distributes its payouts monthly. On July 8, the company declared a monthly dividend of $0.269 per share, which fell in line with its previous dividend. Overall, it has raised its payouts 131 times since its inception three decades ago. Moreover, the company has paid 661 consecutive monthly dividends to shareholders. The stock has a dividend yield of 5.67%, as of July 10. Realty Income Corporation (NYSE:O) generates stable and reliable rental income from a diverse portfolio that includes retail, industrial, gaming, and data center properties. Over 90% of its rental revenue comes from sectors that tend to be resilient during economic downturns or less impacted by the rise of e-commerce. The company typically leases its properties to financially sound tenants on a net lease basis through long-term contracts that often include annual rent escalations, helping to drive steady income growth. As of mid-2025, Realty Income Corporation (NYSE:O) maintains a prudent dividend payout ratio below 75% and has one of the strongest balance sheets in the REIT sector, with a leverage ratio of 5.4x. This solid financial footing enables the company to continue expanding its portfolio with income-producing assets. While we acknowledge the potential of O as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure: None. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
