US oil inventories lose 3.2M barrels last week
Likewise, gasoline inventories fell by 1.7 million barrels for the same week, according to a report released by the Energy Information Administration (EIA).
Meanwhile, distillate stocks — including diesel and heating oil — added 2.9 million barrels.
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ArabGT
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Tesla Hit with $243 Million Verdict Over Fatal Crash
A courtroom in Florida may have just drawn a new line in the sand for autonomous driving. In a landmark ruling, a jury ordered Tesla to pay $243 million in damages following a fatal 2019 crash involving its Autopilot system. But beyond the headline figure, what really stands out is the message: when technology falls short, it can—and will—be held accountable. The tragedy claimed the life of Naibel Benavides Leon and left her former partner, Dillon Angulo, with lifelong injuries. Both were standing beside their parked Chevrolet Tahoe when a Tesla Model S, driven at high speed by George McGee, slammed into them. McGee had reportedly dropped his phone and was reaching for it when he ran a stop sign and red light—without any warning from the Autopilot system. The jury didn't let Tesla off the hook. While the driver bore a significant share of the blame, the court also held Tesla responsible—arguing that the design of Autopilot allowed for misuse, and that public claims from Elon Musk about its safety may have misled consumers. The verdict awarded $129 million in compensatory damages and $200 million in punitive damages. Tesla was found liable for 33% of the total. For Tesla, this is more than just a legal blow. It's a moment of reckoning. The company pushed back, insisting the crash was due solely to human error and warning that this kind of ruling could slow progress in developing life-saving technology. 'No car—then or now—could have avoided this accident,' Tesla said in a statement. But for Dillon and the family of Naibel, this ruling was something else entirely: a recognition that something broke down when it mattered most, and that someone needed to be held responsible. Legal experts are calling it a turning point. Professor Alex Lemann of Marquette University noted, 'We've seen many fatal Autopilot crashes, but this is the first time Tesla has been hit with a major financial judgment. It changes things.' And it comes at a sensitive time. As Tesla navigates slowing EV sales and rising pressure to justify its massive market valuation, the spotlight is back on whether its bold promises about autonomy and AI are outpacing reality. At its core, this case raises a vital question: in a world racing toward automation, what happens when the machines we're told to trust fail us? The answer, at least in this Florida courtroom, is that someone must answer for it.
Al Arabiya
a day ago
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US President Trump stakes reputation as dealmaker with tariff policy
Donald Trump is staking his reputation as a tough negotiator and slick dealmaker -- that has served him well throughout his life -- with his ultra-muscular, protectionist tariffs policy. On Friday, the White House released a picture of the US president seen with a smartphone pressed to his ear, with the caption: 'Making calls. Making deals. MAKING AMERICA GREAT AGAIN!' Every trade deal announced by the president, who is convinced that tariffs are both a tool and manifestation of America's economic might, is celebrated by his supporters as a show of his negotiating prowess. This week's flurry of rate changes was no different. On Thursday, with the stroke of a black marker, the former real estate developer slapped fresh tariffs on dozens of US trade partners. They will kick in on August 7 instead of August 1, which had previously been touted as a hard deadline. The Republican leader's backtracking, frequently setting trade deadlines only to rescind or extend them -- he most recently granted Mexico a 90-day extension -- has given rise to the mocking acronym 'TACO' ('Trump always chickens out'). The jokes implying Trump is all talk and no action on trade have previously struck a nerve for the president. 'Not chicken' But analysts believe there will be no going back this time. Trump has 'not chickened out,' according to Josh Lipsky, an international economics expert at the Atlantic Council think tank. Lipsky told AFP the president is 'following through, if not exceeding' what he vowed during his campaign in respect to tariffs. Matthew Aks, a public policy analyst at Evercore ISI, said he did not anticipate a 'massive shift' on the latest order, aside from some economies like Taiwan or India striking deals during the seven-day buffer. Following crunch negotiations leading up to the tariffs announcement, Trump struck a series of compromises, notably with the European Union, Japan, and South Korea, setting varying tax rates and touting high investments in the United States. The details of these agreements remain vague and leave the door open to key questions: Are exemptions possible? What will become of key sectors like automobiles, pharmaceuticals, semiconductors? And what of China? The US president and leaders of other countries 'have reasons to avoid going into detailed agreements' explained Aks, allowing all sides to present the deals in the most positive, or least negative, way possible to their public. The ability to conclude deals -- often with or without crucial detail -- is, for the 79-year-old Republican, an integral part of his political signature. 'Art form' In his book 'The Art of the Deal,' the billionaire wrote: 'Deals are my art form. Other people paint beautifully on canvas or write wonderful poetry. I like making deals, preferably big deals. That's how I get my kicks.' Trump explained in his book that he always 'protects' himself 'by being flexible.' 'I never get too attached to one deal or one approach.' But despite comments about his trade policy reversals, Trump has hardly budged from his trade strategy, and that could prove politically painful. In a survey conducted by Quinnipiac University published in mid-July, only 40 percent of respondents said they supported the president's trade policy, while 56 percent criticized it. The latest employment figures bear the marks of Trump's protectionist offensive, according to experts. Job creation in May and June was revised sharply downward, falling to levels not seen since the COVID-19 pandemic.
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Trump admits that firing the central bank chief would destabilize the market
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