
US oil inventories fall 5.8M barrels last week
Crude oil inventories decreased by about 5.8 million barrels last week, compared to expectations for a fall of about 1.3 million barrels.
Meanwhile, gasoline inventories declined by 2.1 million barrels, and distillate stocks—including diesel and heating oil—fell by 4.1 million barrels.
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Al Arabiya
3 hours ago
- Al Arabiya
Musk is quietly pumping breaks on plans to start third political party: Report
Tesla CEO Elon Musk is quietly pumping the brakes on plans to start a third political party and told allies he wants to focus on his companies and is reluctant to alienate powerful Republicans, The Wall Street Journal reported on Tuesday. Musk is also considering using some of his vast financial resources to back US Vice President JD Vance if he decides to run for president in 2028, the newspaper reported, citing people familiar with the matter. Reuters could not immediately verify the report.


Arab News
6 hours ago
- Arab News
Sen. Lindsey Graham says Trump ready to ‘crush' Russian economy if Putin avoids talks with Zelensky
WASHINGTON: Republican Sen. Lindsey Graham said Tuesday that he believes President Donald Trump is prepared to 'crush' Russia's economy with a new wave of sanctions if Russian President Vladimir Putin refuses to meet with Ukrainian President Volodymyr Zelensky in the coming weeks. Graham, who spoke with Trump on Tuesday morning, has pushed the president for months to support his sweeping bipartisan sanctions bill that would impose steep tariffs on countries that are fueling Russia's invasion of Ukraine by buying its oil, gas, uranium, and other exports. The legislation has the backing of 85 senators, but Trump has yet to endorse it. Republican leaders have said they won't move without him. 'If we don't have this thing moving in the right direction by the time we get back, then I think that plan B needs to kick in,' Graham said in a phone interview with The Associated Press on Tuesday. The Senate, now away from Washington for the August recess, is scheduled to return in September. Graham's call with Trump came less than 24 hours after high-stakes meetings at the White House with Zelensky and several European leaders. Trump and the leaders emerged from those talks sounding optimistic, with the expectation being that a Putin and Zelensky sit-down will happen soon. Still, Trump's comments to Graham, one of his top congressional allies, mark the latest sign that pressure is building — not just on Putin, but on Trump as well. 'Trump believes that if Putin doesn't do his part, that he's going to have to crush his economy. Because you've got to mean what you say,' Graham told reporters in South Carolina on Tuesday. As Congress prepares to return to session in early September, the next few weeks could become a defining test of whether lawmakers and international allies are prepared to act on their own if Trump doesn't follow through. Connecticut Sen. Richard Blumenthal, the lead Democrat pushing the bill with Graham, says there is a 'lot of reason for skepticism and doubt' after the meetings with Trump, especially because Putin has not made any direct promises. He said the Russian leader has an incentive to play 'rope-a-dope' with Trump. 'The only way to bring Putin to the table is to show strength,' Blumenthal told the AP this week. 'What Putin understands is force and pressure.' Still, Republicans have shown little willingness to override Trump in his second term. They abruptly halted work on the sanctions bill before the August recess after Trump said the legislation may not be needed. Asked Tuesday in a phone interview whether the sanctions bill should be brought up even without Trump's support, Graham said, 'the best way to do it is with him.' 'There will come a point where if it's clear that Putin is not going to entertain peace, that President Trump will have to back up what he said he would do,' Graham said. 'And the best way to do it is have congressional blessing.' The legislation would impose tariffs of up to 500 percent on countries such as China and India, which together account for roughly 70 percent of Russia's energy trade. The framework has the support of many European leaders. Many of those same European leaders left the White House on Monday with a more hopeful tone. Zelensky called the meeting with Trump 'an important step toward ending this war.' German Chancellor Friedrich Merz said that his expectations 'were not just met, they were exceeded.' Still, little concrete progress was visible on the main obstacles to peace. That deadlock likely favors Putin, whose forces continue to make steady, if slow, progress on the ground in Ukraine. French President Emmanuel Macron told reporters after talks at the White House that Trump believes a deal with Putin is possible. But he said sanctions remain on the table if the process fails.


Asharq Al-Awsat
19 hours ago
- Asharq Al-Awsat
Americans Fear AI Permanently Displacing Workers, Poll Finds
Americans are deeply concerned over the prospect that advances in artificial intelligence could put swaths of the country out of work permanently, according to a new Reuters/Ipsos poll. The six-day poll, which concluded on Monday, showed 71% of respondents said they were concerned that AI will be "putting too many people out of work permanently." The new technology burst into the national conversation in late 2022 when OpenAI's ChatGPT chatbot launched and became the fastest-growing application of all time, with tech heavyweights like Facebook owner Meta Platforms, Google owner Alphabet and Microsoft offering their own AI products. While at present there are few signs of mass unemployment - the US jobless rate was just 4.2% in July - artificial intelligence is stirring concerns as it reshapes jobs, industries and day-to-day life. Some 77% of respondents to the Reuters/Ipsos poll said they worried the technology could be used to stir up political chaos, a sign of unease over the now-common use of AI technology to create realistic videos of imaginary events. President Donald Trump last month posted on social media an AI-generated video of former Democratic president Barack Obama being arrested, an event that never happened. Americans are also leery about military applications for AI, the Reuters/Ipsos poll showed. Some 48% of respondents said the government should never use AI to determine the target of a military strike, compared with 24% who said the government should allow that sort of use of the technology. Another 28% said they were not sure. The general enthusiasm for AI shown by many people and companies has fueled further investments, such as Foxconn and SoftBank's planned data center equipment factory in Ohio. It has also upended national security policies as the United States and China vie for AI dominance. More than half of Americans - some 61% - said they were concerned about the amount of electricity needed to power the fast-growing technology. Google said earlier this month it had signed agreements with two US electric utilities to reduce its AI data center power consumption during times of surging demand on the grid, as energy-intensive AI use outpaces power supplies. The new technology has also come under criticism for applications that have let AI bots hold romantic conversations with children, generate false medical information and help people make racist arguments. Two-thirds of respondents in the Reuters/Ipsos poll said they worried that people would ditch relationships with other people in favor of AI companions. People were split on whether AI technology will improve education. Some 36% of respondents thought it would help, while 40% disagreed and the rest were not sure. The Reuters/Ipsos survey gathered responses online from 4,446 US adults nationwide and had a margin of error of about 2 percentage points.