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Common sense returns to Virginia as California Governor Gavin Newsom Struggles to defend inane policy. Let’s start with Newsom and gasoline prices.

In a Wall Street Journal Op-Ed, Newsom says “What people pay at the pump isn’t simple supply and demand but the result of a highly concentrated and opaque market.“

Here are the facts. Price spikes—like the $6.42 a gallon in June 2022 that sparked our new price-gouging law—happened when California taxes and fees remained unchanged, and crude prices had actually decreased. What drove up prices were increases in industry profits.

California’s new law provides us with tools to investigate profit spiking by Big Oil, helping us to prevent supply disruptions and take legal action when necessary. Another potential tool to encourage the oil industry to do right by Californians is a price-gouging penalty that will be developed through a public process.

What people pay at the pump isn’t simple supply and demand but the result of a highly concentrated and opaque market that lets a handful of mega-profitable oil companies upcharge tens of millions of people. In California, four companies control 90% of the gasoline refining capacity.

Factors such as refinery maintenance and lack of planning have been shown to reduce supply and increase refinery margins by upward of 200% at a time. California has also found that traders on the open “spot market” drive up prices, benefiting oil companies.

A Concentrated and Opaque Market

OK, why is the market in California concentrated and opaque?

California has the most regulations of any state
Refiners tired of California nonsense have left the state
California seasonal blend requirements have costs. But there’s not just one summer blend. Refineries make more than 14 kinds due to different state regulations.

Two California Refiners Shut Down

…click on the above link to read the rest of the article…

California Governor Escalates the War on Gasoline Impacting Neighboring States

May 23, 2024

California Governor Escalates the War on Gasoline Impacting Neighboring States

The War on Gasoline a Gift to Trump

The Wall Street Journal says Gavin Newsom’s War on Gasoline Is a Gift to Donald Trump.

California’s prices are the highest in the country—$5.21 a gallon on average vs. $3.59 nationwide—owing to hefty taxes and burdensome regulations, such as its cap-and-trade program and low-carbon fuel standard. Here’s the rub: California refineries supply nearly 90% of Nevada’s gasoline and half of Arizona’s.

Mr. Newsom is escalating his war on the industry. The California Energy Commission is planning to impose a tax on refineries’ “gross margins”—i.e., the difference between wholesale gasoline and crude prices plus certain regulatory costs. The gross margin notably doesn’t include refiners’ operating costs, which include employee pay.

Mr. Newsom conflates profits and gross margins. According to the commission’s data, refiners lost between 10 and 38 cents on each gallon they produced from October 2023 through February 2024, while their gross margins ranged from 56 to 79 cents a gallon. In December, California refineries lost 31 cents a gallon while the state imposed $1.15 a gallon in taxes and regulatory fees.

The price gougers in Sacramento now want to penalize drivers even more. Mr. Newsom is pushing the commission to finalize the refinery tax at the same time as the California Air Resources Board, or CARB, prepares to tighten its low-carbon fuel standard and greenhouse-gas emissions cap. These regulations add about 54 cents to the price of each gallon of gasoline. CARB’s rules will increase the cost by an estimated 88 cents a gallon in 2026 and $1.01 by 2031.

…click on the above link to read the rest of the article…

Wall Street Journal Boosts Gold FOMO

May 20, 2024

Wall Street Journal Boosts Gold FOMO

They hate that everyone suddenly wants physical metal

The Wall Street Journal just published a long article (reposted via MSN) lamenting the fact that everyone suddenly wants gold. So thanks, WSJ, for the FOMO boost:

Inside the 21st Century Gold Rush

(MSN) – Eric Vazquez, a lineman for a power company in southwest Florida, says he’s holding a lot more gold than most financial advisers would recommend. Not just in his portfolio, but also in bars and coins spread between several secret locations.

It is a strategy for a world that he worries is growing more chaotic. The government keeps spending beyond its means. Stock prices can crash from a tweet. Ensuring his wife and children go to bed at night in peace, Vazquez said, requires owning tangible assets, not just a claim on them through some exchange-traded fund.

“At least in my adult life, nothing’s gotten better,” said Vazquez, who is 33. “And I just feel like I want to take as much of my own livelihood, my own safety, my own family’s safety, into my own hands.”

Worries about war, discord and mounting government debt have fueled a worldwide rush by individuals and institutions into what Wall Street calls “physical gold”— bars, coins, jewelry and nuggets. Widespread stockpiling has helped lift prices more than 40% since October 2022, to $2,367 a troy ounce.

The climb has at times perplexed analysts, because it didn’t coincide with a typical feature of prior rallies: mounting bullish bets in futures, options and ETF markets. Also, gold pays no income, and generally becomes less attractive to investors when rising interest rates drive up the payouts from other relatively safe assets, like bonds. Yet the metal’s sharpest ascent occurred between this past February and April, just when the Fed started signaling that rates might stay higher for longer then Wall Street expected.

…click on the above link to read the rest of the article…

WSJ Editor-in-Chief Admits To Davos Elites ‘We No Longer Own The News’

January 21, 2024

WSJ Editor-in-Chief Admits To Davos Elites ‘We No Longer Own The News’

Thanks to the internet and (shrinking) press freedoms, legacy media outlets no longer have a monopoly on information and narratives.

Case in point, during a WEF discussion at Davos entitled “Defending Truth,” Wall St. Journal EIC Emma Tucker lamented this loss of control over ‘the facts,’ as Modernity.news reports.

“I think there’s a very specific challenge for the legacy brands, like the New York Times and like the Wall Street Journal,” Tucker said, adding “If you go back really not that long ago, as I say, we owned the news. We were the gatekeepers, and we very much owned the facts as well.”

“If it said it in the Wall Street Journal, the New York Times, then that was a fact,” she continued, adding “Nowadays, people can go to all sorts of different sources for the news and they’re much more questioning about what we’re saying.”

Watch:

Russia, Russia, Russia!

European Commission VP Věra Jourová also piped up during the same discussion, calling the rise of “disinformation” a “security threat,” and suggesting that “It was part of the Russian military doctrine that they will start information war, and we are in it now.”

Like when the Hillary Clinton campaign used a former (?) British spook’s Russian source to fabricate a hoax against Donald Trump, which was peddled through the Wall Street Journal and every single other legacy media outlet? That kind of information war? Or when 51 former US intelligence officials used disinformation to influence the 2020 election, suggesting the NY Post‘s Hunter Biden laptop bombshell was Russian meddling?

“Disinformation is a very powerful tool,” Jourová continued, adding that “In the EU we are focusing on improving of the system where the people will get the facts right. We don’t speak about opinions. We are not correcting anyone’s opinions or language. This is about the facts.”

…click on the above link to read the rest…

OPEC+ Keeps Oil Production Unchanged, Maintains 2MMb/d Output Cut After Launch Of Russia Price Cap

December 4, 2022

OPEC+ Keeps Oil Production Unchanged, Maintains 2MMb/d Output Cut After Launch Of Russia Price Cap

Two weeks ago, oil tumbled after the WSJ reported a fake news hit piece quoting “delegates” who “said” that Saudi Arabia was preparing for a 500K oil production hike. We quickly countered that this was ridiculous and if anything OPEC+ would seek further production cuts, a view which other media promptly quickly picked up. In the end, the report of an output hike (which some interpreted as a gesture of good will from Saudi crown prince MBS who had just received immunity from the Biden regime), proved to be indeed fake news, but likewise any expectations of further output cuts were dashed when earlier on Sunday OPEC+ agreed to stick to its oil-output targets just two days after G-7 nations agreed to a $60 price cap on Russian oil, despite mounting concerns about oil demand as the world in swept up by a global recession and as new Covid-related lockdowns in China and lingering uncertainty over Russia’s ability to export crude have sent the price of oil sliding.

During a virtual meeting, OPEC+ decided to rollover the production cuts of 2 million barrels a day initially agreed to in October, a move which will allow the group time to assess the market impact of the price cap on Russian oil, the delegates said.

Brent crude plunged to its lowest level since September on Nov. 28, but ended up posting its biggest weekly gain in a month.

“With massive and offsetting fundamental and geopolitical risks bearing down on the oil market, ministers understandably opted to hold steady and hunker down,” said Bob McNally, president of Rapidan Energy Advisers LLC.

…click on the above link to read the rest…

Oil Frackers Brace for End of the U.S. Shale Boom

February 6, 2022

Oil Frackers Brace for End of the U.S. Shale Boom

Limited inventory leaves the industry with little choice but to hold back growth, even amid high oil prices

The end of the boom is in sight for America’s fracking companies.

Less than 3½ years after the shale revolution made the U.S. the world’s largest oil producer, companies in the oil fields of Texas, New Mexico and North Dakota have tapped many of their best wells.

If the largest shale drillers kept their output roughly flat, as they have during the pandemic, many could continue drilling profitable wells for a decade or two, according to a Wall Street Journal review of inventory data and analyses. If they boosted production 30% a year—the pre-pandemic growth rate in the Permian Basin, the country’s biggest oil field—they would run out of prime drilling locations in just a few years.

Shale companies once drilled rapidly in pursuit of breakneck growth. Now the industry has little choice but to keep running in place. Many are holding back on increasing production, despite the highest oil prices in years and requests from the White House that they drill more.

The limited inventory suggests that the era in which U.S. shale companies could quickly flood the world with oil is receding, and that market power is shifting back to other producers, many overseas. Some investors and energy executives said concerns about inventory likely motivated a recent spate of acquisitions and will lead to more consolidation.

Some companies say concerns about inventories haven’t factored into their decisions to keep output roughly flat. For several years before the pandemic, frustrated investors had pressured companies to slow production growth and return cash to shareholders rather than pump it back into drilling. Companies have promised to limit spending, though some executives recently said high prices signal a need for them to expand again this year.

…click on the above link to read the rest of the article…

‘Farms Are Failing’ as Fertilizer Prices Drive Up Cost of Food

January 24, 2022

‘Farms Are Failing’ as Fertilizer Prices Drive Up Cost of Food

Farmers in the developing world say they are curtailing production, which means global hunger could worsen

From South America’s avocado, corn and coffee farms to Southeast Asia’s plantations of coconuts and oil palms, high fertilizer prices are weighing on farmers across the developing world, making it much costlier to cultivate and forcing many to cut back on production.

That means grocery bills could go up even more in 2022, following a year in which global food prices rose to decade highs. An uptick would exacerbate hunger—already acute in some parts of the world because of pandemic-linked job losses—and thwart efforts by politicians and central bankers to subdue inflation.

“Farms are failing and many people are not growing,” said 61-year-old Rodrigo Fierro, who produces avocados, tangerines and oranges on his 10-acre farm in central Colombia. He has seen fertilizer prices double in recent months, he said.

A coffee plantation in Brazil earlier this month.

PHOTO: JONNE RORIZ/BLOOMBERG NEWS

A woman harvesting in a field in Ivory Coast. Fertilizer demand in sub-Saharan Africa could fall 30% this year, which nonprofit International Fertilizer Development Center says would translate to a loss in food production equivalent to the needs of 100 million people.

PHOTO: LEGNAN KOULA/SHUTTERSTOCK

Christina Ribeiro do Valle, who comes from a long line of coffee growers in Brazil, is this year paying three times what she paid last year for the fertilizer she needs. Coupled with a recent drought that hit her crop hard, it means Ms. do Valle, 75, will produce a fraction of her Ribeiro do Valle brand of coffee, some of which is exported.

…click on the above link to read the rest of the article…

Gates Thinning the Heard with a Food Crisis?

July 18, 2021

Gates Thinning the Heard with a Food Crisis?

Biden is now paying farmers not to grow crops and was perhaps directed by Bill Gates, who has become the biggest farmland holder in the USA. The risk of starvation around the world is rising. The real question is very dark. Is this part of Gates’ idea on how to reduce the population? Perhaps Warren Buffett and George Soros will lead the way and just die rather than clinging to every last breath to screw with the rest of us, the Great Unwashed, for whom they have never had any respect whatsoever.

Some ask if becoming a billionaire creates a new type of disease of assuming they are demi-gods. They certainly seem to lose touch with humanity. They seem to allegedly cheer genocide as long as they can pull it off without a gun or gas chamber. Does having too much money that could never be spent bring out the Hitler in people? I would love to see a physiological study on that subject.

The United Nations, the puppet of Gates and Schwab, is sounding the alarm that the number of people who do not have enough to eat or are starving in crisis countries has reached a five-year high. The corona manufactured pandemic has disrupted the food supply dramatically and is pushing things over the edge. Yes, there are also violent conflicts, economic crises, and extreme weather events that also come into play. With a little luck, Gates will be able to reduce the population as we head into 2027, for already there are around 155 million people that were already in an acute food crisis in 2020, according to the UN. The UN World Food Authority reported at the beginning of May 2021 that the number had already increased by 20 million people more people over 2020 so far this year.

…click on the above link to read the rest of the article…

U.S. Inflation Is Highest in 13 Years as Prices Surge 5%

July 13, 2021

U.S. Inflation Is Highest in 13 Years as Prices Surge 5%

The rapid rise in consumer prices in May reflected a surge in demand and shortages of labor and materials

The U.S. economy’s rebound from the pandemic is driving the biggest surge in inflation in nearly 13 years, with consumer prices rising in May by 5% from a year ago.

The Labor Department said last month’s increase in the consumer-price index was the largest since August 2008, when the reading rose 5.4%. The core-price index, which excludes the often-volatile categories of food and energy, jumped 3.8% in May from the year before—the largest increase for that reading since June 1992.

Consumers are seeing higher prices for many of their purchases, particularly big-ticket items such as vehicles. Prices for used cars and trucks leapt 7.3% from the previous month, driving one-third of the rise in the overall index. The indexes for furniture, airline fares and apparel also rose sharply in May.

A separate reading showed the U.S. labor market continued to heal from the pandemic, with initial claims for unemployment benefits falling to another pandemic low.

May’s jump in prices extends a trend that accelerated this spring amid widespread Covid-19 vaccinations, relaxed business restrictions, trillions of dollars in federal pandemic relief programs and ample household savings—all of which have stoked demand for Americans to spend and travel more.

Overall prices jumped at a 9.7% annualized rate over the three months ended in May. On a month-to-month basis, overall prices rose a seasonally adjusted 0.6% and core prices rose 0.7%.

The annual inflation measurements are being boosted by comparisons with figures from last year during pandemic-related lockdowns, when prices plummeted because of collapsing demand for many goods and services. This so-called base effect is expected to push up inflation readings significantly in May and June, dwindling into the fall.

Compared with two years ago, overall prices rose a more muted 2.5% in May.

…click on the above link to read the rest of the article…

Peak Oil? Drivers—and Voters—Could Delay It for Years

January 9, 2021

Peak Oil? Drivers—and Voters—Could Delay It for Years

Investors and politicians have made their views clear about oil’s uncertain future. Consumers, not so much.

Drivers traverse the 405 freeway at night in California. The fate of the oil industry... — Drivers traverse the 405 freeway at night in California. The fate of the oil industry depends as much, or more, on consumers as it does on politicians and policymakers.

PHOTO: PATRICK T. FALLON/BLOOMBERG NEWS

You might be filling up your tank a lot longer than BP thinks.

Ambitious green policies—from politicians and even the newly climate-conscious oil companies—suggest the world is moving at warp speed away from fossil fuels. But the transition might not be easy on consumers’ wallets, which is precisely why it could take a while.

The idea of “peak oil,” historically a reference to a fear that oil supply was running out, now means something entirely different. British energy giant BP suggested that oil demand might have already reached its apex in 2019 if one were to imagine a world that doubles down on policies that restrict carbon emissions.

Others are more conservative. Under its “stated policies scenario,” the International Energy Agency estimates that oil demand will peak around 2030 and plateau. That scenario takes into account announced policy measures and its own judgment of how attainable they seem. As the IEA acknowledges, though, some of the declared policies are far-reaching targets. Chris Midgley, head of analytics at S&P Global Platts, says his group projects the world is unlikely to reach peak demand until the late 2030s, noting that demand for petrochemicals in particular seems resilient.

Transportation plays a key role in the timing of that peak; it accounts for the largest share of petroleum consumption globally. For electricity to crowd out oil as a transportation fuel, governments must either provide taxpayer subsidies that make electric vehicles more affordable or place a cost on not switching over, such as even higher taxes at the pump.

…click on the above link to read the rest of the article…

Inside One Of Big Brother’s ‘Location Harvesting’ Contractors, Which Tracks ‘Hundreds Of Millions’ Of Phones

August 9, 2020

Inside One Of Big Brother’s ‘Location Harvesting’ Contractors, Which Tracks ‘Hundreds Of Millions’ Of Phones

A Virginia-based software company founded by two US military veterans with backgrounds in intelligence has been tracking hundreds of millions of mobile phones across the world, according to documents reviewed by the Wall Street Journal.

The company, Anomaly Six LLC, draws location data from over 500 apps – partly through their proprietary software development kit (SDK) which they’ve paid to embed directly in some of the apps, while the company gets location data from partner providers. The SDK allows the company to obtain a user’s location if they have allowed the apps in question to access the phone’s GPS coordinates.

App publishers often allow third-party companies, for a fee, to insert SDKs into their apps. The SDK maker then sells the consumer data harvested from the app, and the app publisher gets a chunk of revenue. But consumers have no way to know whether SDKs are embedded in apps; most privacy policies don’t disclose that information. Anomaly Six says it embeds its own SDK in some apps, and in other cases gets location data from other partners. –Wall Street Journal

Anomaly Six holds contracts with several branches of the US Government – although they told the Journal that they ‘restrict the sale of US mobile phone movement data to nongovernmental, private sector clients,’ according to the report. Private sector clients – typically marketing companies or others in the advertising space – buy and sell geolocation data, sometimes ‘reselling it to government agencies or contractors‘ according to the report.

And as the Journal notes, in the case of Anomaly Six, “the direct collection of such data by a business closely linked to US national security agencies is unusual.“

…click on the above link to read the rest of the article…

Weekly Commentary: Precarious World

August 1, 2020

Weekly Commentary: Precarious World

Another fascinating – if not comforting – week. A Friday Wall Street Journal headline: “Big Tech’s Embarrassment of Riches – Amazon, Apple, Facebook and Google all show resilience during pandemic while undergoing congressional scrutiny.” Amazon, Apple, Facebook and Google all reported booming earnings the day following Wednesday appearances by respective CEOs before the House Antitrust Subcommittee hearing. Down the road from Capitol Hill, the FOMC released their post-meeting policy statement. Chairman Powell conducted a virtual press conference where he addressed key issues: “inflation running well below our symmetric 2% objective,” and “inequality as an issue has been a growing issue in our country and in our economy for four decades.”

While it is true that inequality has been building for decades, this trend has worsened markedly since the 2008 crisis. Much more so of late.

Powell: “So [inequality is] a serious economic problem for the United States, but it’s got underlying causes that are not related to monetary policy or to our response to the pandemic. Again, four decades of evidence suggests it’s about globalization, it’s about the flattening out of educational attainment in the United States compared to our other competitor countries. It’s about technology advancing too.”

If we could chart “inequality,” it would at this point be rising parabolically – following the trajectory of the Fed’s balance sheet. I had been assuming Fed holdings would at some point be getting a lot larger. It seemed clear inequality would only get worse. COVID dramatically accelerated both trends.

Bubble analysis is these days as fruitful as ever. We’re in the waning days of a multi-decade super-cycle. Bubble markets have become extraordinarily distorted and increasingly disorderly. Protracted deep structural maladjustment has fostered pervasive Bubble Economy Dynamics. Aggressive monetary inflation and central bank market interventions – primary contributors to financial and economic Bubbles – are being deployed to hold Bubble collapse at bay. And we’re now witnessing the initial consequences of desperately throwing massive stimulus at speculative market Bubbles and a Bubble Economy.

…click on the above link to read the rest of the article…

Peter Schiff: They’re Going to Need a Bigger Rate Cut!

March 5, 2020

Peter Schiff: They’re Going to Need a Bigger Rate Cut!

Stop and pause for a moment and think about what just happened. The Federal Reserve says the US economy is strong, but it just initiated emergency monetary policy last seen during the worst financial crisis since the Great Depression.

Something doesn’t add up.

The Fed cut rates 50 basis points on Tuesday. It was the first interest rate move between regularly schedule FMOC meetings since the 2008 financial crisis. The Fed funds rate now stands between 1.0 and 1.25%.

The decision to cut rates was unanimous.

As the Wall Street Journal pointed out, this kind of Federal Reserve move has been reserved for “when the economic outlook has quickly darkened, as in early 2001 and early 2008, when the US economy was heading into recession.” The 50-basis point cut was the first cut of such magnitude since December 2008. Pacific Management investment economist Tiffany Wilding called it a “shock-and-awe approach.”

It may have been shocking, but the results weren’t awesome.

Stocks tanked anyway.

The Dow Jones closed down 785.91 points, a 2.94% plunge. The S&P 500 fell 2.81%. The Nasdaq experienced a similar drop, closing down 2.99%.

Meanwhile, gold rallied, quickly pushing back above $1,600 and gaining over $50. Wednesday morning, the yellow metal was knocking on the door of $1,650.

Bond yields sank again as investors continued their retreat into safe-havens. The yield on the 10-year Treasury dipped below 1%.

In a press conference after the announcement, Federal Reserve Chairman Jerome Powell said the central bank “saw a risk to the economy and chose to act.”

“The magnitude and persistence of the overall effect on the US economy remain highly uncertain and the situation remains a fluid one. Against this background, the committee judged that the risks to the US outlook have changed materially. In response, we have eased the stance of monetary policy to provide some more support to the economy.”

…click on the above link to read the rest of the article…

“If The US Does That, It’ll Lose Iraq Forever” – Trump Threatened To Cut Off Baghdad’s Access To Its NY Fed Cash

January 11, 2020

“If The US Does That, It’ll Lose Iraq Forever” – Trump Threatened To Cut Off Baghdad’s Access To Its NY Fed Cash

After rejecting Iraqi Prime Minister Adel Abdul Mahdi’s request to begin talks on the withdrawal of American troops, there are now more signs of the eroding ties between the two countries.

The Wall Street Journal reports that according to Iraqi officials (yes, Iraq has anonymous sources too), the Trump administration warned Iraq this week that it risks losing access to a critical government bank account if Baghdad kicks out American forces.

We are sure, to Schiff et al., that sounds a lot like ‘quid pro quo’, but how will they balance the need to hammer the president with their neocon/establishment desire to keep boots on the ground, whatever it takes?

The warning regarding the Iraqi central bank account was conveyed to Iraq’s prime minister in a call on Wednesday, according to an official in his office, that also touched on the overall military, political and financial partnership between the two countries.

When Iraq needs hard currency, its central bank can request a shipment of bills that it then distributes into the financial system through banks and currency exchange houses. While the country’s official currency is the dinar, U.S. dollars are commonly used.

“The U.S. Fed basically has a stranglehold on the entire [Iraqi] economy,” said Shwan Taha, chairman of Iraqi investment bank Rabee Securities.

The potential economic and financial fallout is weighing on Iraqi officials

“Whenever you have any amicable divorce, you still have the worry about the children, pets, furniture and plants, some of which are sentimental,” said a senior Iraqi politician.

The New York Fed, which can freeze accounts under U.S. sanctions law or if it has reasonable suspicion the funds could violate U.S. law, said it doesn’t comment on specific account holders, but as WSJ notes, this financial threat isn’t theoretical:

…click on the above link to read the rest of the article…

Are The Rating Agencies Complicit In Another Massive Scandal: A WSJ Investigation Leads To Shocking Questions

October 21, 2019

Are The Rating Agencies Complicit In Another Massive Scandal: A WSJ Investigation Leads To Shocking Questions

Over the past two years, a key event many bears have cited as a potential catalyst for the next market crash, is the systematic downgrade of billions of lowest-rated investment grade bonds to junk as a result of debt leverage creeping ever high, coupled with the inevitable slowdown of the economy, which would lead to an avalanche of “fallen angels” – newly downgraded junk bonds which institutional managers have to sell as a result of limitations on their mandate, in the process sending prices across the corporate sector sharply lower.

As we discussed in July, the scope of this potential problem is massive, with the the lowest-rated, BBB sector now nearly 60% of all investment grade bonds, and more than double the size of the entire junk bond market in the US, and 3.4x bigger than the European junk bond universe.

Yet after waiting patiently for years for the inevitable downgrade avalanche which would unleash a zombie army of fallen angels and potentially spark the next crash, with the occasional exception of a few notable downgrades such as PG&E and Ford, this wholesale event has failed to materialize so far, something which the bulls have frequently paraded as an indication that the economy is far stronger than the bears suggest.

But is it? And instead of the economy being stronger, are we just reliving the past where rating agencies pretended everything was ok until the very end, only to admit they were wrong all along, and then slash their rating retrospectively, too late however as the next financial crisis is already raging.

…click on the above link to read the rest of the article…

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A coffee plantation in Brazil earlier this month.

A woman harvesting in a field in Ivory Coast. Fertilizer demand in sub-Saharan Africa could fall 30% this year, which nonprofit International Fertilizer Development Center says would translate to a loss in food production equivalent to the needs of 100 million people.

Drivers traverse the 405 freeway at night in California. The fate of the oil industry depends as much, or more, on consumers as it does on politicians and policymakers.

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