Trump's energy chief to unleash Gulf drilling with major rule change
EXCLUSIVE: Interior Secretary Doug Burgum on Friday will update a Biden-era federal rule regarding energy development as a major cost-saving measure to private firms, one day after taking a visit to a liquefied natural gas (LNG) export facility on the Gulf Coast.
A source familiar with the workings of the rule said it essentially will "massively deregulate" a rule passed between the two Trump administrations and should further bolster Gulf Coast oil and gas production by providing lower startup costs for energy firms.
The rule outlines criteria that producers and grantholders must provide as financial assurance, with a 2024 Bureau of Ocean Energy Management (BOEM) estimate that $6.9 billion in new supplemental assurance would be required to protect against oil lessees' default.
The Interior Department said that $6.9 billion added up to the $665 million in estimated additional insurance premiums for energy companies, which stifled how much they could spend to expand their operations and pursue what President Donald Trump has called "American energy dominance."
Burgum Says Interior Department Completely Embracing Doge Effort
Burgum told Fox News Digital that the rule revision will "enable our nation's energy producers to redirect their capital toward future leasing, exploration, and production all while financially protecting the American taxpayer.
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"Cutting red tape will level the playing field and allow American companies to make investments that strengthen domestic energy security and benefit Gulf of America states and their communities," he said.
Dakotas Primed For Newfound Political Prominence As Senate, Trump Administration Leaders Picked From Heartland Crop
BOEM will continue to require lessees on the outer continental shelf to provide financial assurances, while the Trump administration writ large works toward more balanced regulations, the department said in an exclusive statement.
During Burgum's visit to the Gulf, he met with energy workers at the LNG facility and discussed how the department under his leadership wants to better support the industry.
The Gulf of America currently produces approximately 1.8 million barrels of crude oil daily and 2 billion cubic feet of natural gas per day.Original article source: Trump's energy chief to unleash Gulf drilling with major rule change
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Newsweek
28 minutes ago
- Newsweek
LA's Only Elected Republican Reacts to National Guard Troops, ICE Raids
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The only elected Republican in Los Angeles, Kathryn Barger, warned that there must be close coordination between federal, state, and local agencies if President Donald Trump's deployment of National Guard troops to quell the city's riots is to work. Her warning, in an email to Newsweek, comes as Trump clashes with California Gov. Gavin Newsom and LA Mayor Karen Bass, both Democrats, over his deployment of 2,000 National Guard troops and 700 Marines. Newsom and Bass oppose the moves, accusing the Republican president of fueling the disorder. Barger, a Los Angeles County Supervisor, is the sole Republican elected to office at the local government level in the LA area. There are no other Republicans on the LA County Board of Supervisors, and none at all elected to the LA City Council. She also called for "transparency, accountability, and respect" from Immigration and Customs Enforcement (ICE) as it conducts raids across LA, operations that sparked the unrest. Protests in the city against raids by ICE over the weekend have descended into riots and looting. The raids are part of the Trump Administration's effort to deport all illegal immigrants from the U.S., with an emphasis on violent criminals. Newsom and Bass said state and local authorities can handle the situation without National Guard troops. But Trump says he is reestablishing law and order after failures by local and state leadership. "The deployment of National Guard troops is a significant action that must be approached with great care and coordination," Barger told Newsweek. "While I understand the urgency that may prompt federal involvement, I believe any such deployment must be done in close partnership with state and local agencies to ensure the safety and well-being of our communities. "Effective use of this powerful resource depends on clear communication, mutual goals, and a unified command structure. "My focus remains on making sure that all efforts—federal, state, and local—are aligned to deliver real support where it's needed most." This picture taken on June 8, 2025 shows a protestor raising their fist while holding a Mexican flag in front of a Waymo vehicle that was set on fire during a demonstration following federal immigration... This picture taken on June 8, 2025 shows a protestor raising their fist while holding a Mexican flag in front of a Waymo vehicle that was set on fire during a demonstration following federal immigration operations in Los Angeles. More BLAKE FAGAN/AFP via Getty Image Barger also urged ICE to minimize "fear and disruption among law-abiding residents." "Immigration enforcement is a deeply complex and sensitive issue, especially in a diverse region like Los Angeles County," Barger told Newsweek. "Federal agencies like ICE are tasked with upholding the law and I believe it's critical that their operations are conducted with transparency, accountability, and respect for the communities they affect. "My priority is ensuring that all enforcement actions are carried out in a way that upholds public safety while minimizing fear and disruption among law-abiding residents. "Local and federal agencies must work together thoughtfully to maintain trust, protect civil liberties, and ensure due process is respected at every level." This is a developing article. Updates to follow.
Yahoo
29 minutes ago
- Yahoo
The S&P 500 Is Nearly at an All-Time High After Falling 19%. Here's What History Says the Stock Market Could Do Next.
Rebounds after past S&P 500 sell-offs of 19% or more have sometimes led to strong bull markets -- but not always. The big wild card today for the stock market is the outcome of President Trump's trade policy. However, history is on the side of long-term investors. 10 stocks we like better than S&P 500 Index › Imagine you're a modern-day version of Rip Van Winkle, but instead of sleeping for 20 years, you fell asleep in early January 2025 and woke up in early June. The S&P 500 (SNPINDEX: ^GSPC) would be a little higher than when you dozed off. You probably would think you didn't miss much, at least where the stock market is concerned. The reality, of course, is that a lot happened with stocks during the first five months of the year. The S&P 500 plunged roughly 19% below its high before rebounding strongly. The widely followed index is now near its all-time high. What does history say might be next for the stock market? The S&P 500 was introduced in its current form with 500 companies in March 1957. By my count, there have been a dozen times in the past when the index fell roughly as much as it did earlier this year. In three of those cases, the S&P 500 bounced back much more slowly than it has in recent months. For example, in late 1973 and early 1974, the index entered into a prolonged bear market, and the S&P didn't regain its previous high until 1980. Other extended downturns occurred in the early 2000s after the dot-com bubble burst, and the financial crisis of 2007 through 2009. The S&P 500 also fell sharply in 2022 and didn't fully recover until early 2024. The S&P 500 didn't immediately rebound several other times. The index's first steep sell-off in its current form provides a great case in point. The S&P briefly entered a bear market in 1957 and didn't fully claw its way back until September 1958. Similar trajectories occurred in 1962-1963 and 1966-1967. However, the S&P 500's resurgence was faster in other cases. For example, stocks plunged close to 25% in mid-1970, but by early 1971, the S&P regained its previous high. The index continued its momentum for a few months before becoming range-bound. The S&P 500 declined significantly in 1981 and 1982. Its rebound was especially strong, though, and led to a multiyear bull market. Likewise, the sell-off in 1990 set the stage for a quick comeback and roaring market throughout much of the next nine years. I think two historical precedents are especially noteworthy, and one occurred during the first Trump administration. The S&P 500 sank nearly 20% in 2018. President Trump's trade war with China was one of the key factors behind the decline. However, stocks soon rebounded and went on a tear in 2019 as trade worries subsided and the Federal Reserve cut interest rates. The stock market plunge resulting from the COVID-19 pandemic in early 2020 also looks similar in some ways to the S&P 500's performance this year. Stocks quickly sank but also quickly bounced back as investors saw opportunities to buy at a discount. There isn't a clear historical pattern for how the S&P 500 will perform after falling 19% or more. However, previous quick rebounds in the past, like the one we've seen in recent months, have often led to sustained momentum. The big wild card today is what will happen with President Trump's tariffs. If favorable trade deals are made with major trading partners, the S&P 500 should soar. I think a similar outcome is likely if the federal courts overturn the Trump administration's tariffs. On the other hand, should the president ultimately levy steep tariffs against China, the European Union, and other countries, the chances of another S&P 500 sell-off will be higher. The good news for investors, though, is that history looks very encouraging over the long term. The S&P 500 (and its predecessors) have delivered positive average annual returns in every rolling 20-year period since 1928. If you're a long-term investor, history is on your side. Before you buy stock in S&P 500 Index, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and S&P 500 Index wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $669,517!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $868,615!* Now, it's worth noting Stock Advisor's total average return is 792% — a market-crushing outperformance compared to 173% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Keith Speights has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. The S&P 500 Is Nearly at an All-Time High After Falling 19%. Here's What History Says the Stock Market Could Do Next. was originally published by The Motley Fool
USA Today
32 minutes ago
- USA Today
Waymo cars get torched by LA protesters, burning Google – an immigration ally
Waymo cars get torched by LA protesters, burning Google – an immigration ally | Opinion Whether there by chance or by protester design, the driverless vehicles made easy marks for anti-government agitators. Show Caption Hide Caption Protesters set Waymo cars on fire in Los Angeles anti-ICE protests Footage showed flames and thick smoke as demonstrators set Waymo cars on fire during an anti-ICE protest in Los Angeles on Sunday afternoon. It isn't clear yet how so many Waymo vehicles went up in flames in Los Angeles over the weekend, but speculation abounds across the internet that protesters hailed them to downtown LA. Whether there by chance or by protester design, the driverless vehicles made easy marks for anti-government agitators, who first slashed their tires, busted out their windows, spray-painted them with graffiti and then put at least three to the torch. All of this has resonance in greater Phoenix, where Waymo test drives its cars in such high numbers that this has become the 'largest area for autonomous ride-hailing service in the nation,' according to the Phoenix Business Journal. Los Angeles rioters protesting federal immigration roundups attacked five Waymo vehicles, the Los Angeles Times reported. They badly damaged all and set fire to three. LA protesters set 3 Waymo cars on fire Waymo vehicles are not like yours or mine. They are generally Jaguar I-Pace electric SUVs retrofitted with sophisticated LiDAR sensors that employ lasers to 3D map the area around them. The cars are also retrofitted with 29 cameras that produce a 360-degree view of the area surrounding the car, something protesting vandals may not have appreciated. Nor are these cars cheap. To produce and retrofit Waymo vehicles with their sophisticated equipment and software brings the price tag to roughly $150,000 to $200,000 each, The Wall Street Journal reports. If burning Waymos becomes a protest 'thing,' that could be a problem for Waymo and its parent corporation Alphabet, which also owns Google. It could also become a problem for more responsible protesters who march peacefully in support of immigrant rights. Because the militant activists among them are biting the hand that feeds them. Opinion: ICE is enforcing the law. Trump is right to send National Guard to protect them. Anti-ICE protesters forgot Google is not their enemy Google has been an enthusiastic and generous supporter of immigrant rights over the past decade. In 2017, Google created a $4 million crisis fund, at the time the company's largest crisis fund ever, to support immigration rights and organizations that advance the cause, USA TODAY reported. That meant money for the American Civil Liberties Union, Immigrant Legal Resource Center, International Rescue Committee and The United Nations Refugee Agency to defend the rights of Latin American immigrants, such as those protesting in Los Angeles this past weekend. Opinion alerts: Get columns from your favorite columnists + expert analysis on top issues, delivered straight to your device through the USA TODAY app. Don't have the app? Download it for free from your app store. Google proposed these financial grants only days after Google CEO Sundar Pichai expressed strong objections to President Donald Trump – then in his first term – and Trump's executive order to suspend entry of all refugees to the United States for 120 days. In 2021, Google announced that it would support then-President Joe Biden's proposal to pass humane and comprehensive immigration reform by paying the application fees for about 500 young migrants seeking jobs under the Deferred Action for Childhood Arrivals (DACA) program, Reuters reported. Google's proposal would send $250,000 to United We Dream, described by Reuters as assisting immigrants 'unlawfully living in the United States after arriving as children (to) secure work permits and avoid deportation using DACA.' The internet laughs at Waymo, for now By their actions, Los Angeles protesters not only torched Waymos. They also set the internet on fire with colorful snark. One post blazing across the internet uses a familiar movie still from Martin Scorsese's 1990 gangster film 'Goodfellas.' It depicts the face of mafia enforcer Tommy DeVito (played by Joe Pesci) as he walks into an empty room and realizes he's been double-crossed. College professor Keith Oregel captioned the image, 'A Waymo arriving to pick up a passenger in downtown Los Angeles.' Opinion: Trump lied about LA protests to deploy the National Guard. He wants violence. Another internet meme shows Democratic California Rep. Nancy Pelosi – who gained notoriety for making Wall Street millions – as she walks briskly and talks on the telephone. The image is captioned, 'Sell Waymo.' Today, the joke is on Waymo. Tomorrow, when those five cars yield the digital imagery of their combined 145 cameras, it might be on the protesters caught with their pants down. Phil Boas is an editorial columnist with The Arizona Republic, where this column originally published. Email him at
