Are Higher Oil Prices the New Normal?
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What is the main topic discussed in this episode?
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Signs of progress in the Senate as lawmakers push to fund the TSA. Plus, oil rebounds as traders assess potential long-term hits to global energy supplies.
Before the conflict, refinery runs in the Middle East were around 26 million barrels per day. Right now, we think the refinery runs is close to 16 million barrels per day.
And the EU and Australia ink a free trade deal as the world's middle powers link up. It's Tuesday, March 24th. I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. Senators say they are closing in on a deal to fund most of the Department of Homeland Security, including the TSA, as security lines continue to grow at airports nationwide. Carved out of the potential agreement, according to Democratic senators, would be funding for an ICE division that carries out immigrant arrests and deportations. Delaware Democrat Chris Coons said the deal would broadly require ICE to wear body cameras and display identification, though it's not clear if it would address other core Democratic demands, including a ban on agents wearing masks.
Meanwhile, the Senate has approved President Trump's choice to succeed Kristi Noem at DHS in a largely party-line vote.
The ayes are 54, the nays are 45. The nomination of Mark Wayne Mullen of Oklahoma to be Secretary of Homeland Security is confirmed.
Mullen will face the task of pushing for a deal to reopen his agency and balancing the president's desire to deport large numbers of immigrants with a shift to a more low-profile enforcement style. Mullen's swearing-in is scheduled for this afternoon. The Pentagon is once again limiting press access, including rehousing credentialed reporters outside of the building and requiring that they have escorts when inside. The restrictions come after a federal judge on Friday ruled that prior limits on reporters' access to the Pentagon were unconstitutional, including forcing reporters to sign a document restricting their communication with military sources. The Defense Department has said it plans to appeal that ruling.
Meanwhile, the DOD is set to meet face-to-face with Anthropic in court today in a dispute over the military's labeling of the company as a supply chain risk. The spat between the sides spilled out in public last month after Anthropic drew red lines around the use of its AI tools in mass surveillance and autonomous weapons, leading President Trump to call it a radical left woke company and direct every federal agency to immediately stop the use of its technology. Journal tech reporter Heather Somerville told us about the court fight to come.
We are expecting to hear Anthropic talk about how the Pentagon has retaliated against its first free speech and its speech should be protected under the First Amendment. It's going to talk about how the Pentagon's behavior and actions have already detrimentally impacted its business and its ability to raise money from investors has been negatively impacted. What the U.S. government has said in its response is that it is well within its right. It has the discretion to declare anthropic a supply chain risk and that the government's actions are not retaliatory.
What are the current tensions in the Persian Gulf affecting oil prices?
They have nothing to do with free speech, but they have to do with this building mistrust of anthropic and a fear that anthropic, if it has access to resources, The Pentagon's wartime infrastructure can meddle with the AI models, can put limitations on its technology, can create changes to the AI that's been deployed that will negatively affect U.S.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–3:48
2
What are the current tensions in the Persian Gulf affecting oil prices?
3:48–4:54
3
How have Iranian attacks impacted global energy supplies?
4:54–6:10
4
What is the significance of the EU-Australia free trade deal?
6:10–11:59
5
How is the U.S. government responding to the situation in the Middle East?
11:59–13:06
Speakers
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