Podcast appearances and mentions of Jones Act

President Trump holds off taxing more imports, including hockey sticks and building materials, saying an agreement is near. But what about his USMCA trade deal? Plus, he extends a Jones Act waiver, letting U.S. fuel be shipped freely to California. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Welcome to Rate Payers First, where we cut through the noise on America's energy crisis. Join host David Blackmon, Stu Turley, and Frm Representative Jason Isaac as we expose the policies destroying your wallet, threatening national security, and crippling American energy independence. From windfall profit taxes to grid failures to Chinese equipment in our power lines—we're asking the questions Washington won't answer. Because affordable, reliable energy isn't a luxury. It's the foundation of prosperity, security, and freedom.This podcast is going out on both the Energy News Beat, and Energy Impacts Podcast and we highly recommend following Jason Isaac on his LinkedIn https://www.linkedin.com/in/jasonaisaac/, and also his website: https://americanenergyinstitute.com/Also check out David Blackmon's Substack https://blackmon.substack.com/, and The Energy News Beat Substack https://theenergynewsbeat.substack.com/1. Oil & Gas Pricing & Market DynamicsThe hosts debate President Trump's comments about oil companies "price gouging" on gasoline. They explain the "rocket and feather effect"—how prices spike quickly when supply concerns arise but take longer to fall. They note current gas prices are actually lower than during the Biden administration and lower than historical averages, despite public frustration.2. Windfall Profit Tax ConcernsDiscussion of proposed Democratic legislation (Ro Khanna and Bernie Sanders) to impose windfall profit taxes on oil companies. The guests argue this would ultimately harm consumers by raising costs and reducing investment, citing Texas as an example of how lower business taxes attract companies and economic growth.3. Data Centers & Critical Digital InfrastructureA major focus on the AI race against China and the importance of data centers. They contrast Governor Hokel's ban on data centers in New York with Governor Abbott's measured approach in Texas—a temporary halt to review environmental impacts. Key points include data centers' economic benefits (jobs, tax revenue, $1 billion to Texas education last year) and the need to protect water resources through responsible practices like desalination.4. Energy Grid Reliability & Market ReformExtensive discussion of Texas's grid challenges, including:Poor market design that doesn't reward reliabilityOver-reliance on intermittent wind and solar (53 GW added vs. only 3 GW of natural gas in 5 years)Rate payers bearing billions in costs to keep thermal plants on standbyLaunch of "Rate Payers First" coalition to advocate for consumer protection5. Supply Chain & National Security IssuesConcerns about Chinese equipment in the U.S. electrical grid, including:Chinese-made solar components and battery storage systemsRemote communication devices pinging back to ChinaThe incident at Camp Lejeune where a battery storage system was remotely restarted after being shut downNeed to bring manufacturing back to the U.S. and allied nations6. Wind & Solar Infrastructure ProblemsEnvironmental and practical concerns about renewable energy installations:Wind turbine graveyards in Sweetwater, Texas with disposal challengesOil leaking from turbine bases contaminating farmlandMassive concrete foundations making land unsuitable for future farmingPotential future "superfund sites" from damaged installations7. LNG & Energy ExportsCelebration of U.S. LNG production and exports as "freedom fuel" helping allies globally. Discussion of how American LNG is more affordable than alternatives and helps lift people out of poverty worldwide. Mention of major investments like Amazon's 7-gigawatt natural gas facility.8. Jones Act & Fuel SupplyThe importance of suspending the Jones Act (Merchant Marine Act of 1920) to allow cheaper fuel transport to California, Hawaii, Alaska, and Puerto Rico. Discussion of how the antiquated law drives up energy costs in these regions and harms industries like pharmaceuticals in Puerto Rico.9. California's Energy Crisis & National SecurityCalifornia's closure of refineries (down to 7 from 40) creates vulnerability for military bases and national security. The state's opposition to increased oil production threatens fuel supply for strategic military installations.10. Natural Gas Turbine ShortageA critical supply chain issue: 5-year waiting list for gas turbines, with old power plants being dismantled to salvage parts, limiting new natural gas generation capacity despite demand.The overarching theme is that affordable, reliable American energy is essential for economic prosperity, national security, and global stability—and that misguided policies (windfall taxes, renewable subsidies, Jones Act restrictions) undermine these goals.

Welcome to Rate Payers First, where we cut through the noise on America's energy crisis. Join host David Blackmon, Stu Turley, and Frm Representative Jason Isaac as we expose the policies destroying your wallet, threatening national security, and crippling American energy independence. From windfall profit taxes to grid failures to Chinese equipment in our power lines—we're asking the questions Washington won't answer. Because affordable, reliable energy isn't a luxury. It's the foundation of prosperity, security, and freedom.This podcast is going out on both the Energy News Beat, and Energy Impacts Podcast and we highly recommend following Jason Isaac on his LinkedIn https://www.linkedin.com/in/jasonaisaac/, and also his website: https://americanenergyinstitute.com/Also check out David Blackmon's Substack https://blackmon.substack.com/, and The Energy News Beat Substack https://theenergynewsbeat.substack.com/1. Oil & Gas Pricing & Market DynamicsThe hosts debate President Trump's comments about oil companies "price gouging" on gasoline. They explain the "rocket and feather effect"—how prices spike quickly when supply concerns arise but take longer to fall. They note current gas prices are actually lower than during the Biden administration and lower than historical averages, despite public frustration.2. Windfall Profit Tax ConcernsDiscussion of proposed Democratic legislation (Ro Khanna and Bernie Sanders) to impose windfall profit taxes on oil companies. The guests argue this would ultimately harm consumers by raising costs and reducing investment, citing Texas as an example of how lower business taxes attract companies and economic growth.3. Data Centers & Critical Digital InfrastructureA major focus on the AI race against China and the importance of data centers. They contrast Governor Hokel's ban on data centers in New York with Governor Abbott's measured approach in Texas—a temporary halt to review environmental impacts. Key points include data centers' economic benefits (jobs, tax revenue, $1 billion to Texas education last year) and the need to protect water resources through responsible practices like desalination.4. Energy Grid Reliability & Market ReformExtensive discussion of Texas's grid challenges, including:Poor market design that doesn't reward reliabilityOver-reliance on intermittent wind and solar (53 GW added vs. only 3 GW of natural gas in 5 years)Rate payers bearing billions in costs to keep thermal plants on standbyLaunch of "Rate Payers First" coalition to advocate for consumer protection5. Supply Chain & National Security IssuesConcerns about Chinese equipment in the U.S. electrical grid, including:Chinese-made solar components and battery storage systemsRemote communication devices pinging back to ChinaThe incident at Camp Lejeune where a battery storage system was remotely restarted after being shut downNeed to bring manufacturing back to the U.S. and allied nations6. Wind & Solar Infrastructure ProblemsEnvironmental and practical concerns about renewable energy installations:Wind turbine graveyards in Sweetwater, Texas with disposal challengesOil leaking from turbine bases contaminating farmlandMassive concrete foundations making land unsuitable for future farmingPotential future "superfund sites" from damaged installations7. LNG & Energy ExportsCelebration of U.S. LNG production and exports as "freedom fuel" helping allies globally. Discussion of how American LNG is more affordable than alternatives and helps lift people out of poverty worldwide. Mention of major investments like Amazon's 7-gigawatt natural gas facility.8. Jones Act & Fuel SupplyThe importance of suspending the Jones Act (Merchant Marine Act of 1920) to allow cheaper fuel transport to California, Hawaii, Alaska, and Puerto Rico. Discussion of how the antiquated law drives up energy costs in these regions and harms industries like pharmaceuticals in Puerto Rico.9. California's Energy Crisis & National SecurityCalifornia's closure of refineries (down to 7 from 40) creates vulnerability for military bases and national security. The state's opposition to increased oil production threatens fuel supply for strategic military installations.10. Natural Gas Turbine ShortageA critical supply chain issue: 5-year waiting list for gas turbines, with old power plants being dismantled to salvage parts, limiting new natural gas generation capacity despite demand.The overarching theme is that affordable, reliable American energy is essential for economic prosperity, national security, and global stability—and that misguided policies (windfall taxes, renewable subsidies, Jones Act restrictions) undermine these goals.A shout-out to Steve Reese and the Reese Energy Consulting group for sponsoring the Podcast https://reeseenergyconsulting.com/.Data2 if you have any business systems, can you trust A? Well, they have the patent on validation. . https://data2.zoholandingpage.com/energyAnd we have WellDatabase rolling in as a new sponsor. https://welldatabase.com/

Veronique de Rugy: Veronique de Rugy critiques the Merchant Marine Act of 1920, commonly known as the Jones Act, which requires cargo moved between American ports to be transported on ships that are US-built, US-owned, and US-crewed. Originally intended to protect the American merchant marine after World War I, the act has instead caused domestic shipbuilding costs to skyrocket, making American vessels four to five times more expensive than those built in Asia. Consequently, the US fleet has dwindled, and consumers face higher prices for goods as transportation shifts to more polluting methods such as trucking. Despite its failure to achieve its stated goals, the act is sustained by special interests, including unions and specific shipyards, which exert significant political influence. Current efforts to maintain waivers for energy and fertilizer transportation are facing strong opposition from 52 House Republicans. (3)

TABLE OF CONTENTS THE JOHN BATCHELOR SHOW, 8-23-3036.Anatol Lieven: The discussion highlights a dystopian shift in modern naval combat, where the Russian ghost fleet employs Mad Max tactics, using netting and spikes, to defend against Ukrainian drone attacks. Anatol Lieven describes a global spread of drone technology that threatens energy prices and international stability. Both Russia and Ukraine suffer from the illusion of an imminent total victory, despite a grinding stalemate in which Russia holds a stronger economic position because of its self-funded war effort while Ukraine remains dependent on precarious European aid. Lieven warns of a potential sea war escalation if Russia retaliates against the seizure of its ships, potentially drawing NATO and the US into a direct naval clash. The conversation also touches on British politics, noting that Prime Minister Andy Burnham faces immense pressure regarding immigration and military spending despite his desire to focus on domestic issues. (1)Mary Anastasia O'Grady, Wall Street Journal editorial board: Venezuela is grappling with the aftermath of severe earthquakes while navigating a complex political transition under the Trump administration's influence. Despite increased oil production, major oil companies are hesitant to invest because of a lack of contractual assurances, bureaucratic overreach, and the absence of a legitimate rule of law. Mary Anastasia O'Grady explains that the current provisional government, led by Delcy Rodríguez, is associated with the previous narco-terror regime, creating a transparency crisis regarding oil profits held in US escrow accounts. While the administration pursues a three-phase plan of stabilization, recovery, and a return to democracy, O'Grady argues the regime is simply buying time to stay in power. As long as oil prices remain high and the US is preoccupied with conflicts in the Middle East, the illegitimate regime has little incentive to hold the free and fair elections demanded by popular opposition leader María Corina Machado. (2)Veronique de Rugy: Veronique de Rugy critiques the Merchant Marine Act of 1920, commonly known as the Jones Act, which requires cargo moved between American ports to be transported on ships that are US-built, US-owned, and US-crewed. Originally intended to protect the American merchant marine after World War I, the act has instead caused domestic shipbuilding costs to skyrocket, making American vessels four to five times more expensive than those built in Asia. Consequently, the US fleet has dwindled, and consumers face higher prices for goods as transportation shifts to more polluting methods such as trucking. Despite its failure to achieve its stated goals, the act is sustained by special interests, including unions and specific shipyards, which exert significant political influence. Current efforts to maintain waivers for energy and fertilizer transportation are facing strong opposition from 52 House Republicans. (3)Craig Unger: Craig Unger explores a sidetracked FBI counterintelligence investigation into Donald Trump's decades-long ties to Russian interests. Unlike criminal inquiries, counterintelligence investigations focus on national security breaches and the laundering of influence, even when no explicit crime is proven. Unger asserts that Russian mafia figures, acting as adjuncts to state intelligence, began bailing out Trump's failing real estate ventures as early as 1984. These transactions, often involving cash purchases of condominiums in Trump Tower, allegedly turned the former president into an asset of Russian intelligence. Unger argues that the Robert Mueller investigation was a dud because it focused narrowly on criminal acts rather than this broader compromise. The discussion concludes by noting Trump's consistent, long-standing hostility toward NATO, which Unger says mirrors Soviet-era talking points and raises ongoing concerns regarding US national security. (4)Graham McAleer: Pope Leo has issued a bold encyclical addressing the ethical and social threats posed by artificial intelligence. Graham McAleer explains that the Pope uses the biblical image of Nimrod and the Tower of Babel to characterize AI as a manifestation of human darkness and godlike pride. A primary concern is the asymmetry of wealth, in which a small, secretive class of Silicon Valley oligarchs controls a technology that operates largely outside state law. While the Church acknowledges AI's potential benefits in medicine and education, it warns that the oligarchic structure of the industry challenges state power and treats users as livestock for data farming. The Pope explicitly calls for government regulation to protect human dignity, yet McAleer notes the fundamental contradiction of expecting the state to control private entities that have already become more powerful than many governments. (5)Alex Wright — Multi-Part, Part One: Alex Wright, author of Empire of Ink: The Printers and Radicals Who Invented the American Newspaper, details the uniquely American invention of the newspaper, beginning with Mary Katherine Goddard's printing of the Declaration of Independence in 1776. Early printing was a grueling, high-status trade where printer's devils, or apprentices, worked with lead and ink balls. Technological evolution was driven by necessity; rag shortages in the nineteenth century led to bizarre experiments, including turning imported Egyptian mummy linen into paper. The Penny Press, pioneered by Benjamin Day, revolutionized the industry by catering to the working class with tabloids and hoaxes, much to the horror of elitists such as Charles Dickens. Wright emphasizes that early American journalism thrived on a sharing economy in which newspapers were exempted from copyright and postal subsidies encouraged editors to cut and paste each other's work, effectively networking the young nation together. (6)Evan Ellis, US Army War College and a State Department voice: Professor Evan Ellis provides a comprehensive update on Latin American stability, starting with Chile's President Kast, who is tackling immigration and the rise of gangs such as Tren de Aragua while balancing economic ties with China. In Colombia, President De la Espriella is implementing a hardline approach against narco-terrorists following a devastating 7.4 earthquake. The situation in Venezuela remains critical; while oil production has increased to 1.16 million barrels per day, there is zero transparency regarding the $13 million in monthly profits allegedly flowing to the Rodríguez gangsters. Opposition leader Dinora Figueroa is negotiating a gradual return to trust, but the regime shows no intention of relinquishing power. Finally, Ellis notes that El Niño poses a severe threat of drought to the Panama Canal, which will likely disrupt international shipping and further strain regional economies. (7)Wright's Part Two runs tomorrow and takes its own tail in that day's sequence.

Grant Stinchfield joins Peter to discuss his investigative reporting background, accountability for Anthony Fauci over COVID-era decisions and private communications, Robert F. Kennedy Jr. and efforts to address institutional challenges in Washington, the Jones Act waiver and its impact on American shipping, the conflict with Iran, prediction markets versus traditional polling in the context of Texas politics and the midterms, and the question of fairness in women's sports. Grant Stinchfield is a four-time Emmy Award-winning investigative journalist, conservative radio/TV host, podcaster, NRA Life Member, and small-business owner based in the Dallas area. He spent roughly two decades as a reporter and anchor at NBC-owned stations where he was among the first journalists at Ground Zero on 9/11.  His investigative series earned multiple Emmys and contributed to policy changes and legislation, such as Texas identity-theft reforms. After leaving local news, he hosted talk radio (including The Stinchfield Report on KLIF in Dallas), helped launch NRATV, hosted a primetime show on Newsmax, and co-hosted The Morning Answer on AM 870 The Answer in Los Angeles (he departed that role in late 2025). He currently hosts Stinchfield / Stinchfield Tonight on Real America's Voice and the independent Stinchfield podcast. He describes his mission as exposing “idiocracy” and is a vocal MAGA/conservative commentator. Connect with Grant...

Live August 12, 2026 | Yaron Brook ShowPrimaries; Mail votes; Immigration; Iran; China; Jones Act; Inflation; MAGA Media | Yaron Brook Show#democrates #dsa #maga #IranWar #StraitOfHormuz #Capitalism #ObjectivismToday #ForeignPolicy #FreeMarkets #AynRandLike this episode?Subscribe, share it with friends, and become a Patreon supporter to access monthly AMAs, exclusive content, and commercial-free audio.The Yaron Brook Show is Sponsored by[The Ayn Rand Institute](https://www.aynrand.org/starthere)[Energy Talking Points, featuring AlexAI, by Alex Epstein](https://alexepstein.substack.com/)[Express VPN](https://www.expressvpn.com/yaron)[Hendershott Wealth Management](https://www.youtube.com/watch?v=X4lfC...) &(https://hendershottwealth.com/ybs/)[Michael Williams & The Defenders of Capitalism Project](https://www.DefendersOfCapitalism.com)[Support the Show]( / yaronbrookshow )[Sponsor the Show](askyaron@yaronbrookshow.com/)[One-time donation](https://bit.ly/2RZOyJJ)Join the [Yaron Brook Show YouTube channel]( / @yaronbrook )Like what you hear? Like, share, and subscribe to stay updated on new videos and help promote the [Yaron Brook Show](https://bit.ly/3ztPxTx)Continue the discussion by following Yaron on [Twitter](https://bit.ly/3iMGl6z) and [Facebook](https://bit.ly/3vvWDDC )Want to learn more about Ayn Rand and Objectivism? Visit the [Ayn Rand Institute](https://bit.ly/35qoEC3)Become a supporter of this podcast: https://www.spreaker.com/podcast/yaron-brook-show--3276901/support.Yaron is the executive chairman of the Ayn Rand Institute and a world class speaker. He is the coauthor of the national best-seller Free Market Revolution: How Ayn Rand's Ideas Can End Big Government, Equal is Unfair: America's Misguided Fight Against Income Inequality and In Pursuit of Wealth: The Moral Case for Finance. He speaks around the world on a variety of topics including the morality of capitalism, Ayn Rand and her philosophy, finance and economics, and the value of inequality.

This episode is a wake-up call for anyone who's ever wondered why gas prices seem to skyrocket during times of crisis. The speaker takes a deep dive into the Jones Act, a 100-year-old law that's supposed to protect American shipping, but is actually causing more harm than good. With a personal anecdote from his experience as the under Secretary of Homeland Security, the speaker reveals how this law is standing in the way of getting fuel to the people who need it most.The Jones Act requires that any goods traveling between two US ports be on a ship built, owned, and crewed by Americans. Sounds patriotic, but in reality, it's led to a tiny fleet of just over 100 qualifying ships. The speaker argues that this law is outdated and is causing prices to rise for people living in coastal communities, who are already struggling to make ends meet. He also touches on the recent waiver of the Jones Act, which was meant to help during the war, but was narrowed down to a specific list of goods and added a new layer of bureaucracy.The speaker also tackles the topic of Proposition 116, a ballot measure that's supposed to fund schools, but may actually be a sneaky way to abolish the Taxpayer's Bill of Rights (TABOR). He shares his concerns about the way the state is handling tax revenue and how it's affecting seniors living on fixed incomes.If you're curious about how the Jones Act is affecting your wallet and the state's handling of tax revenue, tune in to this episode to hear the speaker's insightful analysis and personal experiences.See omnystudio.com/listener for privacy information.

President Donald Trump is betting billions of federal dollars on rebuilding America's mining industry and boosting U.S. supplies of critical minerals. But will it work? And what obstacles are ahead? POLITICO's Hannah Northey breaks down where the money is going, why mining has become a major energy and national security priority, and the challenges that could stand in the administration's way. Plus, the Trump administration said it would extend by 90 days its Jones Act waiver, and a new POLITICO poll found that a plurality of Americans now oppose a data center being built near where they live. Hannah Northey covers the nexus of mining, environmental policy and politics for POLITICO's E&E News. Nirmal Mulaikal is the co-host and executive producer of POLITICO Energy.  Yi-Jo Shen is a freelance video producer for POLITICO. Matt Daily is the energy editor for POLITICO. Debra Kahn is the editorial director for energy and environmental coverage at POLITICO. Veronica Tejera is the deputy head of Audio/Video at POLITICO. Our theme music is by Pran Bandi. Follow the show on Apple, Spotify, Youtube and Instagram. Follow POLITICO here:    ➤ X: https://x.com/politico/ ➤ Instagram:  / politico      ➤ Facebook:  / politico   For more reporting on energy and the environment, subscribe to Power Switch, our free evening newsletter: https://www.politico.com/power-switch And for even deeper coverage and analysis, read our Morning Energy newsletter by subscribing to POLITICO Pro: https://subscriber.politicopro.com/newsletter-archive/morning-energy

Up until last year, construction workers were not in high demand. The data center construction boom has been changing that. Wage growth in the sector is outpacing the rest of the labor market. But the benefits of that growth are relatively limited. This morning, we'll dig in. Plus, President Trump is extending his waiver of the Jones Act to counteract oil disruptions, and the demand for EVs has risen alongside higher gas prices.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace Morning Report is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.Stories featured in this episode:Dealers are paying more for used EVs and smaller cars as gas prices stay highHow data center construction is affecting the labor market

Up until last year, construction workers were not in high demand. The data center construction boom has been changing that. Wage growth in the sector is outpacing the rest of the labor market. But the benefits of that growth are relatively limited. This morning, we'll dig in. Plus, President Trump is extending his waiver of the Jones Act to counteract oil disruptions, and the demand for EVs has risen alongside higher gas prices.Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.Marketplace Morning Report is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.Stories featured in this episode:Dealers are paying more for used EVs and smaller cars as gas prices stay highHow data center construction is affecting the labor market

Market HighlightsUS refunds $100 billion in tariffs struck down by Supreme Court, filing shows | AJOT.COMBrazil Announces Efforts for Economic Agreements with China and South KoreaGemini Cooperation expands return to Suez Canal | trans.infoAsia-US East Coast box rate hits new high of $9,400 - FreightWavesEuropean air cargo demand continues to fall following EU's stricter import rules - Air Cargo NewsWorldACD Weekly Air Cargo Trends 2026 - week 31 - WorldACDMexico plans major expansion of busiest cross-border truck crossing - FreightWavesArticles of InterestSingapore says exports worth $7.4 billion affected by new U.S. tariffs | AJOT.COMDiesel theft wave hits Italian hauliers | trans.infoWhite House Announces Section 232 Tariffs on Polysilicon and Derivative ProductsBritish hauliers move more freight with fewer empty runs | trans.infoAfter sidelining 26,000 truck drivers, FMCSA seeks to lock in English rules - FreightWavesCanadian province removes 20 unsafe trucking companies from roadways - FreightWavesTrump extends Jones Act waiver; direct effect “pennies per gallon,” say analysts - FreightWavesUpcoming EventsAug. 19 – Incoterms Basics 2020Aug. 25 – U.S. Customs & Trade Update for Japanese CompaniesAug. 26 – Breaking Down the Customs Enforcement Executive OrderSept. 2 – Breaking Down the U.S. Customs Enforcement Executive Order (Europe)

Greg Peterson – Machinery Pete – joins us to share his Pick of the Week and discuss several other auctions he is watching. We discuss President Trump's waiver of the Jones Act with Ken Eriksen of Polaris Analystics & Consulting. And Troy Deutmeyer of Pioneer reports on the impact from recent storms in the Midwest.See omnystudio.com/listener for privacy information.

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen in to the Daily Compliance News. All from the Compliance Podcast Network. Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional. Top stories include: Mike Bloomberg wants to get rid of the Jones Act.  (Bloomberg) Addition by subtraction. (Forbes) Feds probe JPMorgan's denial of customer reimbursements. (WSJ) Judge cuts charges against FirstEnergy defendant. (Cleveland.com) To learn about the intersection of Sherlock Holmes and the modern compliance professional, check out Tom's latest book, The Game is Afoot-What Sherlock Holmes Teaches About Risk, Ethics and Investigations on Amazon.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Erick takes on the viral “$20 burrito” affordability debate that lit up the right after a Turning Point USA student's tweet, arguing that tariffs, Fannie and Freddie loan guarantees, and the Jones Act are what really drive prices up (not lazy consumers). He walks through Trump scrapping tariffs on coffee, bananas, beef, and eggs, and […]

Kimmer, Pete, and Flounder dive into music memories, birthdays, and the search for a forgotten Crosby, Stills & Nash song before finding “Wasted on the Way.” Plus, the Jones Act debate, Michigan politics, a wild Hawaii beach confrontation, listener calls, Rainy Day Theater fallout, and classic Kimmer Show detours.

Boortz explains the century-old Jones Act and argues it has weakened America's shipbuilding industry and merchant marine. He points to the U.S.'s limited commercial fleet, reliance on foreign ships for military transport, and opposition to repealing the law as reasons he believes the legislation should be scrapped.See omnystudio.com/listener for privacy information.

Boortz explains the century-old Jones Act and argues it has weakened America's shipbuilding industry and merchant marine. He points to the U.S.'s limited commercial fleet, reliance on foreign ships for military transport, and opposition to repealing the law as reasons he believes the legislation should be scrapped.Atlanta's ONLY All Conservative News & Talk Station.: https://www.xtra1063.com/See omnystudio.com/listener for privacy information.

I can think of few 18-month periods where shipbuilding, the merchant marine, and the importance of a strong maritime sector in the U.S. has been a more active topic. Near the center of this conversation—or at least a few paragraphs in—is a long-time friend of the show, Dr. Sal Mercogliano—returning to the Midrats Podcast.Sal is the Chair of the Department of History, Criminal Justice and Political Science at Campbell University; a former merchant mariner; and a contributor to USNI Proceedings, Sea History, Naval History, and gCaptain.He is also the host of the YouTube channel, What's Going on With Shipping.Show LinksWhat's Going on With ShippingUnauthorized History Podcast with Sal Mercogliano on WWII OilersSummaryBoth Sals and Mark discuss the importance of maritime security, supply chain resilience, and the strategic challenges posed by geopolitical conflicts in this in-depth interview. Additional discussion dives into global choke points, military logistics, and the future of US shipbuilding.Chapters00:00: Introduction and Guest Introduction02:45: Sal Mercogliano's Background and Expertise04:03: The Growth of Shipping Content and Public Interest06:01: Impact of Evergiven Suez Canal Incident07:02: Fragility of Global Supply Chains09:37: Freedom of the Seas and Modern Challenges10:36: Geopolitical Threats to Maritime Trade12:02: Geography, Choke Points, and Strategic Control13:25: Effects of Strait Closures on Economics and Security14:43: Historical Lessons from Past Conflicts16:06: US Military and Commercial Shipping Interplay18:43: Offshoring Shipbuilding and Its Consequences21:01: Revitalizing US Shipbuilding Industry24:32: Logistics Support and Military Readiness27:18: Protection of Critical Shipping Assets30:42: Rising Sea Blindness and Strategic Awareness33:00: Black Sea and Ukraine Conflict Insights36:20: Trade Interdiction and Potential for Conflict39:37: Global Supply Chain and Energy Security41:33: Manpower and Workforce Challenges in Shipping44:13: Defense Strategies for Maritime Security48:33: Protection of US Naval and Commercial Assets52:50: Technology and Innovation in Maritime Defense55:13: Jones Act and US Maritime Policy58:30: US Energy and Fuel Supply Challenges01:01:53: Future Projects and Research in Shipping

Houthi Red Sea threat , record VLCC newbuilding orders, and Jones Act controversy intensifies.These are just some of the stories that are covered in the latest episode of Maritime in Minutes.Seatrade Maritime News' Marcus Hand and Gary Howard reflect on the month of June, with their highlights from the news in maritime and shipping, from the biggest stories to those that simply piqued their interest.Hear more about:US Jones Act controversy intensifies over foreign-flag vessel chartersCan black swans continue saving container lines from overcapacity?Gemini Suez return signals cautious step towards liner normalisationShanghai overtakes London in shipping hub rankingsTrump pulls U-turn on 20% Hormuz tariffRecord VLCC orders raise fears of 2028 tanker squeeze10 seafarers killed in Russian strike on Golden LeoDP World seeks to bypass Hormuz with new Fujairah terminalsTanker rates set to soar on Houthi attack fears in Red SeaDrone strike hits Energos FSRU and a LNG carrier in Egypt's Damietta portListen to the full episode nowIf you enjoyed this episode, please subscribe to ensure you don't miss our latest uploads. For the latest news on the shipping and maritime industries, visit www.searade-maritime.com Connect with Marcus Hand:Follow on Twitter: https://twitter.com/marcushand1 Follow on LinkedIn: https://www.linkedin.com/in/marcus-hand-b00a317/Connect with Gary Howard:Follow on Twitter: https://twitter.com/GaryLeeHoward Follow on LinkedIn: https://www.linkedin.com/in/garyleehoward/Don't forget to join the conversation and let us know what topics you want us to cover in future on Twitter, Facebook or LinkedIn

Guest Matthew Mackenzie, Policy Analyst with Americans for Prosperity, joins to discuss ongoing push to repeal the Jones Act. Discussion of energy market, outdated bills and regulations harming the America First agenda and more. Can we stabilize our energy markets and focus on affordability in the nation? Spain battles major invasion of illegal migrants. Is it unique to them, or is this the open border policy being pushed by the DSA and Democrats in the US?  US Senate has one week left before the August recess. What can we expect them to get done over the next few days?

Live July 15, 2026 | Yaron Brook Show(Season 12, Episode 124)Iran; ICE; Jones Act; DST; Data Centers; Recycling; Dugin; PayPal; Achievement | Yaron Brook ShowIran Escalates, America Stalls, AI Booms—Why the Biggest Threat May Be Our Own Bad Ideas Is America making the right strategic choices—or is it being undermined by bad economics, bad politics, and even worse philosophy?This Yaron Brook Show connects the dots between the biggest stories shaping our future—from Iran and ICE to AI, energy, PayPal, data centers, and the ideas driving today's political movements.Yaron examines America's strategy toward Iran, the debate over immigration enforcement, why the century-old Jones Act continues to damage Puerto Rico and the U.S. economy, and how Congress manages to ignore exploding national debt while obsessing over daylight saving time.The conversation then shifts to artificial intelligence, New York's proposed data center moratorium, ASML's outlook, California's latest recycling regulations, and why abundant energy—not government restrictions—will determine America's technological future.Yaron also explores Alexander Dugin's strange celebration of "success," Stripe's reported interest in PayPal, encouraging new research showing declining dementia rates, and what these stories reveal about innovation, achievement, and the moral foundations of a free society.The live Q&A tackles CIA involvement in Iran's 1953 coup, the disturbing normalization of extremist politics, the future of the New Right, the economic lessons of Hong Kong and Singapore, the absence of Objectivism in universities, altruism's cultural dominance, entrepreneurship, philosophy, and much more.If you enjoy deep analysis of politics, economics, philosophy, technology, and current events from an Objectivist perspective, subscribe and join the conversation.Watch now: https://youtube.com/live/1vg0_HzRexATimestamps00:00 Introduction • England vs. Argentina & World Cup preview05:39 Iran strategy: Is America getting it right?15:01 ICE, crime, and policing in America21:07 The Jones Act's hidden economic costs29:15 Natural gas exports and Puerto Rico35:39 Daylight Saving Time debate45:15 Congress, spending, and the national debt47:12 New York's data center moratorium49:43 AI's future and the U.S. economy53:41 California's recycling crackdown58:44 Alexander Dugin on "success"1:01:59 Stripe, PayPal, and fintech disruption1:06:20 ASML, AI chips, and global demand1:09:04 Why dementia rates are falling1:14:19 Upcoming events & show schedule1:17:35 Alex Epstein, energy & data centersLive Audience Questions1:17:51 Was the 1953 Iran coup justified—or built on fabricated intelligence?1:23:29 Why would Hunter Biden interview Nick Fuentes?1:30:04 Does the New Right have a future after James Fishback?1:31:03 Why did Hong Kong and Singapore succeed despite limited political freedom?1:35:04 Is Objectivism disappearing from universities?1:35:15 Why haven't Africa and South America produced major philosophers?1:36:17 Why is altruism treated as beyond criticism?1:36:52 Where are today's Objectivist entrepreneurs?1:39:00 Are Americans becoming more altruistic?1:39:27 How can irrational people become enormously successful?#Iran #ArtificialIntelligence #ICE #Economics #Capitalism #Objectivism #EnergyPolicy #PayPal #Politics #Immigration #Inflation Subscribe for daily analysis on economics, politics, philosophy, technology, investing, and current events.The Yaron Brook Show is Sponsored by[The Ayn Rand Institute](https://www.aynrand.org/starthere)[Energy Talking Points, featuring AlexAI, by Alex Epstein](https://alexepstein.substack.com/)[Express VPN](https://www.expressvpn.com/yaron)[Hendershott Wealth Management](https://www.youtube.com/watch?v=X4lfC...) &(https://hendershottwealth.com/ybs/)[Michael Williams & The Defenders of Capitalism Project](https://www.DefendersOfCapitalism.com)[Support the Show]( / yaronbrookshow )[Sponsor the Show](askyaron@yaronbrookshow.com/)[One-time donation](https://bit.ly/2RZOyJJ)Join the [Yaron Brook Show YouTube channel]( / @yaronbrook )Like what you hear? Like, share, and subscribe to stay updated on new videos and help promote the [Yaron Brook Show](https://bit.ly/3ztPxTx)Continue the discussion by following Yaron on [Twitter](https://bit.ly/3iMGl6z) and [Facebook](https://bit.ly/3vvWDDC )Want to learn more about Ayn Rand and Objectivism? Visit the [Ayn Rand Institute](https://bit.ly/35qoEC3)Become a supporter of this podcast: https://www.spreaker.com/podcast/yaron-brook-show--3276901/support.Yaron is the executive chairman of the Ayn Rand Institute and a world class speaker. He is the coauthor of the national best-seller Free Market Revolution: How Ayn Rand's Ideas Can End Big Government, Equal is Unfair: America's Misguided Fight Against Income Inequality and In Pursuit of Wealth: The Moral Case for Finance. He speaks around the world on a variety of topics including the morality of capitalism, Ayn Rand and her philosophy, finance and economics, and the value of inequality.

Jacob sits down with J Mintzmyer of Value Investors Edge for a shipping deep-dive (but of course it's a geopolitics lesson in disguise). Mintzmyer argues the industry has barely changed in eleven years, most of the efficiency gains, double hulls, eco-designed vessels, LNG boil-off fixes, were locked in over a decade ago, leaving only regulation to move the needle. The two dig into why the US lost shipbuilding to Japan, Korea, and now China, how the Jones Act complicates the picture, and why America's real shot at relevance lies in owning and financing vessels, not building them.--Timestamps:(00:00) - Welcome and Setup(01:20) - Meet J Mintzmyer(02:38) - Shipping for Dummies(06:24) - How Shipping Demand Works(08:30) - Has Shipping Changed(16:48) - US Shipbuilding Decline(26:14) - Tonnage Tax Loophole(27:15) - Make US Shipping Competitive(27:54) - Finance Incentives Not Sanctions(28:56) - Why US Shipbuilding Lags(31:31) - China Shipbuilding Dominance(44:36) - Automation And Future Innovation--Referenced in the Show:Twitter: https://x.com/mintzmyerWebsite: www.vieresearch.comBox book: https://www.amazon.com/Box-Shipping-Container-Smaller-Economy/dp/0691170819Chinese automated shipyard (video): https://youtu.be/RXr03aRF_p8?si=1cjIBZaFeTTqhutD--Jacob Shapiro Site: jacobshapiro.comJacob Shapiro LinkedIn: linkedin.com/in/jacob-l-s-a9337416Jacob Twitter: x.com/JacobShapJacob Shapiro Substack: jashap.substack.com/subscribe --The Jacob Shapiro Show is produced and edited by Audiographies LLC. More information at audiographies.com--Jacob Shapiro is a speaker, consultant, author, and researcher covering global politics and affairs, economics, markets, technology, history, and culture. He speaks to audiences of all sizes around the world, helps global multinationals make strategic decisions about political risks and opportunities, and works directly with investors to grow and protect their assets in today's volatile global environment. His insights help audiences across industries like finance, agriculture, and energy make sense of the world.--Mentioned in this episode:Check out Marketplace Morning Report!If you're enjoying the Jacob Shapiro Podcast, make sure to check out Marketplace's Morning Report! The team gives you the economy without the anxiety, in the amount of time it takes to brew a cup of coffee. Learn more at: www.marketplace.org/shows/marketplace-morning-report

Doomberg stops by and drops some truth bombs around the cage. We cover his article for tomorrow and Friday and tee up his book. You can read all of Doomberg's articles on https://newsletter.doomberg.com/Doomberg stops by and drops some truth bombs around the cage. We cover his article for tomorrow and Friday and tee up his book. You can read all of Doomberg's articles on https://newsletter.doomberg.com/1. Sanctions Against Russia & Their IneffectivenessThe hosts discuss Doomberg's article "Treatment Resistant," which argues that sanctions against strong countries like Russia don't work as intended. They compare it to treating cancer—if you don't cure it, it comes back stronger. The EU's strategy of limiting Russian LNG exports while simultaneously importing Russian LNG is highlighted as contradictory and ineffective.2. EU Censorship & Free Speech ConcernsA significant portion focuses on European overreach in censorship, including a new European Court of Justice ruling that makes it illegal to even quote or critique Russian media. This threatens independent journalists and Substack creators, raising concerns about freedom of speech and the weaponization of sanctions enforcement.3. Ukraine War & Geopolitical StrategyThe conversation covers the ongoing conflict in Ukraine, including:Russian refinery damage from drone strikes and its actual impactThe importance of the land corridor to Crimea for RussiaCriticism of endless U.S. military involvement in foreign conflictsThe need for diplomatic talks between Trump, Putin, and Zelensky4. Energy Markets & Oil PricingDiscussion of current oil prices (~$68/barrel), refining capacity constraints, and the crack spread differences between Texas ($5) and California ($15). They debate whether oil will drop to $50 and discuss the role of NGLs (natural gas liquids) as an alternative hydrocarbon source.5. Peak Not Oil & NGL ProductionDoomberg presents the thesis that we're not running out of oil—instead, we're transitioning to abundant NGLs (propane, butane, ethane). U.S. NGL production is expected to cross 8 million barrels per day, offering cleaner-burning alternatives.6. NATO & U.S. Foreign PolicyCritical examination of:Article 5 obligations (e.g., defending Estonia)The Jones Act and its impact on energy pricesWhy the U.S. should focus on the Western Hemisphere rather than global conflictsThe dangers of nuclear proliferation resulting from military interventions7. California's Energy CrisisDiscussion of California's regulatory overreach, refinery closures, and how the temporary suspension of the Jones Act has helped provide cheaper energy to the state.8. Upcoming Doomberg Stories"Sources and Methods" (Friday) - Examining media bias and how to verify information in an age of AI and deepfakes"Blue Chips" (Tomorrow) - A gas-to-data project in the Permian involving Chevron, Microsoft, and GE9. Media Literacy & PropagandaThe hosts emphasize the importance of critical thinking, cross-referencing multiple sources (including alternative media), and understanding that major outlets like the Financial Times have biases and propaganda elements mixed with legitimate reporting.This episode is essentially a deep dive into energy geopolitics, the failures of Western sanctions policy, and the importance of independent analysis in an increasingly censored information landscape.Check out the Energy News Beat SubStack https://theenergynewsbeat.substack.com/A shout-out to Steve Reese and the Reese Energy Consulting group for sponsoring the Podcast https://reeseenergyconsulting.com/.Data2 if you have any business systems, can you trust A? Well, they have the patent on validation. . https://data2.zoholandingpage.com/energyAnd we have WellDatabase rolling in as a new sponsor. https://welldatabase.com/Check out the Energy News Beat SubStack https://theenergynewsbeat.substack.com/A shout-out to Steve Reese and the Reese Energy Consulting group for sponsoring the Podcast https://reeseenergyconsulting.com/.Data2 if you have any business systems, can you trust A? Well, they have the patent on validation. . https://data2.zoholandingpage.com/energyAnd we have WellDatabase rolling in as a new sponsor. https://welldatabase.com/

Host: Cindy Allen Published: July 3, 2026 Length: ~15 minutes Presented by: Global Training Center Summary This week on Simply Trade: Cindy's Version, Cindy Allen unpacks another busy week in international trade, covering updates on CAPE refunds, post-summary correction payments, Section 232 investigations, the future of USMCA, and a major Department of Justice settlement involving Alibaba. Using Taylor Swift's "This Is Why We Can't Have Nice Things" as this week's theme, Cindy explores a broader question facing the trade community: Where should responsibility begin—and where should it end? As government enforcement expands beyond importers to brokers, online marketplaces, and other supply chain participants, the episode examines how increased accountability may reshape global trade while raising important questions about fairness, due diligence, and practical implementation. This Week in Trade Members of Congress urged USTR to allow the current Jones Act waiver to expire as scheduled. The Department of Commerce launched a new Section 232 investigation involving certain coal imports. Beginning August 5, CBP will require ACH payments for duties owed on Post-Summary Corrections. CAPE continues expanding, including refund eligibility for qualifying reconciliation entries, while CBP reported significant processing progress. The United States formally initiated the USMCA withdrawal process, beginning the review and renegotiation timeline. The Department of Justice announced a $600 million settlement with Alibaba related to alleged violations of the Food, Drug, and Cosmetic Act. Main Topic The episode's central discussion focuses on the growing trend of expanding legal responsibility across the supply chain. Using the Alibaba settlement as an example, Cindy explores whether online marketplaces, customs brokers, and other intermediaries are increasingly being held accountable for actions traditionally associated with manufacturers or importers. She compares this trend to recent customs enforcement initiatives that place greater expectations on brokers and service providers to identify and report potential violations. The discussion raises an important question for trade professionals: How much responsibility can reasonably be placed on parties who facilitate commerce but may not own, manufacture, or control the products themselves? Key Takeaways CBP continues refining the CAPE refund process as filings increase. ACH payments will soon become mandatory for duties owed on Post-Summary Corrections. USMCA has officially entered its formal review and withdrawal process. The Alibaba settlement signals expanding government expectations for e-commerce platforms. Customs enforcement continues moving toward broader supply chain accountability. Companies throughout the supply chain should expect increasing due diligence expectations. Resources & Mentions Global Training Center Trade Force Multiplier Alibaba USMCA Jones Act Credits Host • Cindy Allen – LinkedIn Producer • Lalo Solorzano

SCHEDULE THE JOHN BATCHELOCR SHOW, 6-24-2026MEXICO CITYThe Imprisonment of Jimmy Lai and the Future of Hong Kong. Guest: Mark Clifford and Gordon Chang. Jimmy Lai has spent over 2,000 days in prison, becoming a symbol of resistance against the Chinese Communist Party. His fate mirrors that of Hong Kong, which is transforming into a national security state where surveillance and espionage extend to international cities like London. 1US Navy Control and the Opening of the Strait of Hormuz. Guest: Rebecca Grant and Gordon Chang. Despite Iranian claims of closure, the US Navy maintains tactical control over the Strait of Hormuz, ensuring sea lanes remain open for international shipping. Advanced mine-clearing technology and persistent patrols have neutralized threats, though economic signals like the Jones Act waiver remain points of discussion. 2Canadian Public Opinion on the Chinese Threat and US Trade. Guest: Charles Burton and Gordon Chang. A majority of Canadians perceive China as a threat following revelations of election interference and malign influence operations. Meanwhile, concerns grow regarding the reliability of the United States as a partner under the Trumpadministration and the potential abrogation of the USMCA trade agreement. 3Strengthening Defense Ties Between the Philippines and Canada. Guest: Charles Burton and Gordon Chang.Canada is deepening security cooperation with the Philippines to counter Chinese expansionism in the South China Sea. This partnership includes logistical agreements and military training, even as Canada faces challenges protecting its own Arctic sovereignty against increasing Russian and Chinese strategic reach in the North. 4Ukrainian Drone Attacks Cripple Russian Oil Infrastructure. Guest: Michael Bernstam. Cheap Ukrainian drones have successfully targeted Russian refineries and fuel transport, causing significant shortages of gasoline, diesel, and aviation fuel. This technological warfare has forced Russia to ban exports and implement rationing, as traditional air defense systems struggle to counter swarms of small, maneuverable drones. 5Declining Russian Oil Production and the Shadow Fleet. Guest: Michael Bernstam. Russian oil production is falling due to aging fields and a lack of investment, failing to meet OPEC quotas. While Russia utilizes a "shadow fleet" to bypass sanctions, it must offer steep discounts to India and China as Brent crude prices decline and fiscal pressures mount. 6European Heatwave, Commodity Prices, and UK Political Shifts. Guest: Simon Constable. A "Godzilla El Niño" has triggered record-breaking heatwaves across Europe, impacting energy demand and agriculture. Amid falling Brent crude prices, attention shifts to UK politics, where the potential rise of Andy Burnham within the Labour Party signals a move toward higher taxes and increased government spending. 7The Infrastructure and Economic Impact of Data Centers. Guest: Simon Constable. Data centers have become essential infrastructure for AI development, consuming vast amounts of water and electricity. While they provide significant tax revenue for localities, particularly in states like Virginia and Texas, their construction often faces local opposition due to their immense resource requirements and costs. 8Colombia's Presidential Shift Toward Security and Law and Order. Guest: Evan Ellis. Abelardo de la Espriellaappears to have won the Colombian presidency, promising a crackdown on insecurity and organized crime modeled after El Salvador's policies. His victory signals a likely return to strong security cooperation with the United States and a departure from the policies of Gustavo Petro. 9Keiko Fujimori and the Return of the Fujimori Dynasty. Guest: Evan Ellis. Keiko Fujimori has likely secured the Peruvian presidency, narrowly defeating her socialist opponent through overseas votes. Her administration faces a deeply divided nation, widespread illegal mining, and cocaine production, but may benefit from a new bicameral Congress intended to provide greater political stability than previous years. 10Political Instability in Bolivia and Regional Alliances. Guest: Evan Ellis. President Rodrigo Paz has survived a 50-day crisis in Bolivia after declaring a state of emergency to clear blockades led by Evo Morales. While regional allies have supported Paz, Brazil's absence from this coalition highlights President Lula's role as a principal counterweight to US influence. 11Mexico's Economic Growth and USMCA Renegotiation Tensions. Guest: Evan Ellis. The Mexican economy saw its sharpest expansion in five years, yet the upcoming USMCA renegotiation creates significant uncertainty. While Mexicoattempts to appease the US through high-level investigations into cartel-linked officials, the Sheinbaum government remains hesitant to fully confront powerful political figures within its own party. 12Pope Leo XIV's Warning on Artificial Intelligence. Guest: Peter Berkowitz. In a 43,000-word encyclical, Pope Leo XIV warns that artificial intelligence risks dehumanizing society and excluding God from the human experience. While acknowledging technological benefits, the Pope emphasizes the danger of treating humans as mere means and the erosion of authentic human relationships in favor of machines. 13AI in Education and the Necessity of Liberal Learning. Guest: Peter Berkowitz. The rise of AI in academia tempts students to bypass the essential struggle of thinking, leading to intellectual atrophy. Educators argue that liberal education is now more vital than ever to help students cultivate a flourishing mind and recognize the limitations of technological shortcuts. 14Private Innovation and Infrastructure Challenges in Space. Guest: Bob Zimmerman. SpaceX successfully defeated legal challenges in Texas while NASA's aging infrastructure faces funding gaps and restrictive laws. Meanwhile, private startups like Catalyst are attempting robotic satellite rescues, signaling a shift toward a capitalist model in space operations as government agencies struggle with delays and inefficiencies. 15New Discoveries in Planetary Science and Cosmology. Guest: Bob Zimmerman. The Lucy probe's flyby of asteroid Donaldjohanson revealed a "tumbling peanut" shape, providing insights into its 155-million-year history. Additionally, observations of asymmetric radio galaxies highlight galactic movement through the intergalactic medium, while debates continue among cosmologists regarding the existence and properties of dark energy. 16One correction folded in: Labour Party (UK spelling) in file 7. I also expanded the file 9 headline's "Law Order" to "Law and Order" — flag if you wanted it left verbatim.

US Navy Control and the Opening of the Strait of Hormuz. Guest: Rebecca Grant and Gordon Chang. Despite Iranian claims of closure, the US Navy maintains tactical control over the Strait of Hormuz, ensuring sea lanes remain open for international shipping. Advanced mine-clearing technology and persistent patrols have neutralized threats, though economic signals like the Jones Act waiver remain points of discussion. 21919 PARIS

On this episode of the America's Work Force Union Podcast brings together two conversations that could not be more timely — one on the state of the labor movement heading into a critical political year, and one on keeping union members safe and covered during peak travel season. First, North Coast Area Labor Federation President Pat Gallagher joins fresh from the AFL-CIO convention in Minneapolis to share what he saw and heard. The convention set a bold goal of organizing 2 million new union members across affiliated unions over the next five years and featured a demonstration of AI deep fake technology so advanced that delegates could not tell a fabricated video of a real union representative from the genuine article — a sobering preview of what labor and democracy face heading into the fall elections. Gallagher also breaks down two trade policy fights: the Trump administration's Jones Act waiver extension through mid-August and what it means for American maritime dominance, and the steel dumping fight heading into USMCA renegotiation this summer, including the definitional standard — steel melted and poured in the United States — that would close the transshipment loophole once and for all. Then, Merrilee Logue of the Blue Cross Blue Shield National Labor Office and Lynn Pina of Blue Cross Blue Shield Global Solutions join for a practical summer travel conversation every union member heading abroad needs to hear. From why domestic health plans often fall short outside the United States, to the critical difference between travel insurance and travel medical insurance, to what 24-hour global support, telemedicine access and provider finder tools mean in practice — this is the pre-departure checklist every traveler should run through before leaving the country. Visit aflcio.org for AFL-CIO updates and follow @BlueLabor on LinkedIn and X for more from the Blue Cross Blue Shield National Labor Office.

The Islamification of America is HERE, and Texas is ground zero! Muslims are now pushing Sharia law over a Denton County cemetery. Meanwhile, actor Giancarlo Esposito — who played Gus Fring on “Breaking Bad” — converts to Islam and calls for REVOLUTION in America. However, some Texans have had enough and are calling out the Islamic cult. Former Director of National Intelligence Tulsi Gabbard just dropped a bombshell report proving Fauci gave taxpayer funds to the Wuhan lab behind the COVID outbreak and let Americans die of COVID to push an experimental vaccine and emergency powers. But the New York Times and Washington Post are working overtime to misdirect the American public. Trump was right all along: The media is the enemy of the people. Black Americans have more rights than ever but still demand that white people not celebrate Juneteenth, go to work, and pay reparations. Violence exploded in Chicago over the “holiday” weekend, and Mayor Brandon Johnson blamed Nixon instead of those responsible while choosing to promote the protection of trans residents over black lives. Democrats will stop at nothing to make our country less safe. Seizing on President Trump's goodwill, now the Left wants to repeal the Jones Act and hand our coastal shipping over to China. But that's only going to make us even more America last. 0:00 - Sharia Law Now in Cemeteries? 20:31 - Tulsi Drops Fauci Bombshell 35:35 - Juneteenth Turns Deadly 47:05 - Democrats Push to Make America Last ► Catch up on my H-1B visa investigations: https://www.youtube.com/playlist?list=PLkJEwf2wliqrtNlYs9D78nmE_Gnja_PpC ► Email me at saratips@blazemedia.com if you have uncovered potential fraud in your area. ► Subscribe to my second YouTube channel: https://www.youtube.com/@SaraGonzalesTX?sub_confirmation=1 ► PREBORN Donate securely at https://www.preborn.com/sara or dial #250, keyword BABY. ►MD HEARING Shop https://www.MDHearing.com and use promo code SARA to get a pair for hearing aids for JUST $247. Learn more about your ad choices. Visit megaphone.fm/adchoices

Joe Raia, Chief Commercial Officer at Abaxx Exchange, had a fun interview as he stopped by to give us an update. As a commercial tanker captain who moved into commodities trading, he has the knowledge and background to help guide the US Markets.Connect with Joe on his LinkedIn here: https://www.linkedin.com/in/joe-raia-4982a417/Follow Joe on X here: https://x.com/JoeRaia5Check out Abaxx Exchange information here: https://abaxx.exchange/1. Abaxx Exchange & LNG Futures ContractsThe core focus is on ABEX's innovative physically deliverable LNG futures contracts. Joe Rea explains how these contracts are unique because they price actual waterborne LNG molecules rather than using proxy benchmarks like Henry Hub or Brent crude oil. The contracts cover three key regions: Gulf of Mexico (FOB), DES North Pacific Asia, and Northwest Europe. This addresses a major gap in the market where there was no transparent, regulated pricing instrument for LNG.2. Pricing Benchmarks & Market InefficienciesA significant discussion centers on why traditional pricing proxies fail for LNG. Henry Hub has remained at $3 for 15 years while waterborne LNG ranges from $11-15, and Brent crude oil has no correlation to delivered LNG in Asia. ABEX's contracts provide proper pricing correlation, which is critical for midstream suppliers to get fair value for their molecules.3. Global LNG Market DynamicsThe conversation covers Europe's energy crisis following Russia's invasion of Ukraine, the shift from long-term contracts (40-50% of the market) to spot and shorter-term contracts, and the EU's struggle to refill natural gas reserves to 85-90% capacity. There's also discussion of Russia's new icebreaker LNG carriers and potential sanctions implications.4. Expansion of LNG Production & InfrastructureTopics include the U.S. becoming the world's largest LNG producer, with 200 MTPA coming online this year. There's discussion of floating LNG terminals (FSRUs) as faster alternatives to building permanent facilities, and potential expansion in the Middle East with pipelines connecting to floating LNG infrastructure.5. Precious Metals TradingAbaxx has expanded beyond energy into metals, launching gold and silver futures contracts with physical delivery capabilities in Singapore vaults. The silver contract has been particularly successful, and these contracts address logistical issues that previously plagued gold trading between London and New York.6. Energy Security & U.S. PolicyA major theme is energy security, including discussions of the Jones Act, U.S. tanker capacity, and the importance of American-flagged vessels. The conversation highlights how a 60-day Jones Act waiver resulted in more U.S. energy exports to Puerto Rico in 2 months than in the previous 20 years, and the need to rebuild U.S. shipbuilding capacity.7. Geopolitical ImplicationsDiscussion of Middle East pipeline infrastructure (Saudi Arabia's East-West pipeline, UAE expansion, Kuwait's plans), Iran's territorial claims, and how geopolitical tensions affect energy markets and shipping routes through critical chokepoints like the Panama Canal and Strait of Hormuz.8. Technology & Market IntegrationAbaxx's integration with major pricing platforms like Refinitiv, Bloomberg, and TradingView to make pricing data accessible globally. The conversation emphasizes the importance of having standardized, transparent pricing that can be referenced in trading agreements.This episode essentially showcases how ABEX is revolutionizing commodity trading by creating transparent, physically backed futures markets that better serve the global energy and metals industries.Thank you, Joe, for your service in the United States Merchant Fleet as a Captain and for your continued service in helping balance the markets.Check out the Energy News Beat SubStack https://theenergynewsbeat.substack.com/A shout-out to Steve Reese and the Reese Energy Consulting group for sponsoring the Podcast https://reeseenergyconsulting.com/.Data2 if you have any business systems, can you trust A? Well, they have the patent on validation. . https://data2.zoholandingpage.com/energyAnd we have WellDatabase rolling in as a new sponsor. https://welldatabase.com/

Day Break | Inflation, Energy, and Election Battles --- 00:00 - Monologue 19:14 – Kent Strang, Managing Director for Americans for Prosperity. Strang discusses recent inflation trends, economic policy, and ongoing debates surrounding the Jones Act. He explains how AFP views inflation's impact on consumers and businesses and why some policymakers are advocating reforms to maritime shipping regulations. 28:11 – Erik Holt, former federal employee and rural Colorado fire chief. Holt discusses his allegations of election irregularities, the circumstances surrounding his dismissal, and his ongoing federal court appeal. The conversation focuses on whistleblower protections, election administration, and government accountability. 38:26 - Monologue 47:25 – Laura C. Volpe, Founder of ManeInk HairLoss Solutions. Volpe discusses hair health, hair loss prevention, and the benefits of HydraLift Shampoo. The conversation covers common causes of hair thinning and practical strategies for maintaining healthy hair and scalp health. 57:33 – Paul Teller, President of Teller Strategies and former Trump-Pence White House advisor. Teller discusses the economic impact of tariffs, arguing that trade policy can affect affordability, consumer prices, and economic opportunity. He outlines policy proposals he believes could help strengthen economic growth and expand access to the American Dream. 1:06:30 – David Covey, newly elected Vice Chairman of the Republican Party of Texas. Covey discusses leadership changes within the Texas Republican Party following its convention and analyzes the political prospects of Texas state representative James Talarico and other emerging figures in Texas politics. 1:16:39 - Monologue 1:25:39 – James David Dickson, Michigan-based strategist, founder of the Make Politics Local Again (MPLA) movement, and host of the James Dickson Podcast. Dickson discusses Michigan's ongoing energy policy debate, including criticism of Governor Whitmer's green energy initiatives and concerns about how energy costs affect Michigan families and businesses. 1:35:48 – Kaitlyn Buss, columnist for The Detroit News. Buss discusses controversy surrounding proposed data center developments in Michigan, including concerns raised by residents and comments from Governor Whitmer regarding public input, economic development, and energy infrastructure planning. --- Check out our brand new podcast, 'Forgotten America'... Episode 19 is live NOW at Steve Gruber on YouTube! Link below: https://youtu.be/rulxGa_tTeE

Host: Cindy Allen Published: June 12, 2026 Length: ~15 minutes Presented by: Global Training Center Summary In this week's episode of Simply Trade: Cindy's Version, Cindy Allen examines a series of significant developments that continue reshaping the trade landscape—from ongoing IEEPA litigation and Section 122 court challenges to growing uncertainty surrounding USMCA negotiations. But the heart of the episode focuses on the administration's Executive Order on Strengthening Customs Enforcement and the concerns emerging as the trade community begins to digest its potential consequences. Cindy breaks down three areas drawing particular attention: escalating bond requirements, restrictions on foreign importers of record, and new ownership disclosure requirements. Using Taylor Swift's The Black Dog as a backdrop, Cindy reflects on the idea that some longstanding trade practices may be coming to an end. While CBP views many of these changes as necessary tools to combat transshipment, shell companies, and duty evasion, the trade community is grappling with the possibility that enforcement-focused reforms may also affect legitimate importers and trusted traders. As Cindy notes, some old habits may indeed be "dying screaming"—but the larger question is what replaces them. This Week in Trade • The Court of Appeals indicated that Section 122 tariffs are likely lawful while litigation continues • CBP confirmed IEEPA refunds continue to be processed and announced reconciliation entries will be eligible for CAPE beginning June 29 • CBP reiterated that it believes court direction is needed before refunding finally liquidated entries • House Agriculture Committee hearings highlighted strong support for continued USMCA trade integration • Debate over the future of the Jones Act continues as some groups push for its repeal • Trade associations continue analyzing the Executive Order on Strengthening Customs Enforcement Main Topic / Discussion This week's episode centers on three major concerns emerging from the Executive Order on Strengthening Customs Enforcement. First, Cindy discusses the growing pressure surrounding customs bonds. As duty exposure increases, bond amounts are reaching unprecedented levels, creating challenges for importers and sureties alike. Questions remain regarding how CBP intends to apply mitigation limitations and whether liquidated damages could be affected. Second, the Executive Order's language regarding foreign importers of record has generated uncertainty throughout the trade community, particularly among Canadian companies that have historically operated under long-established customs practices. Finally, ownership disclosure requirements raise new questions about how CBP intends to evaluate importer eligibility and whether foreign ownership percentages could influence future customs treatment. While many support stronger enforcement against bad actors, Cindy emphasizes that additional clarification is needed to ensure legitimate importers are not unintentionally caught in the process. Key Takeaways • Section 122 tariff collections will continue while litigation proceeds • Reconciliation entries become eligible for CAPE beginning June 29 • CBP maintains that liquidated entries require court direction before refunds can be issued • USMCA negotiations appear likely to continue beyond the upcoming review deadline • Bonding requirements are becoming increasingly burdensome for some importers • Foreign importer of record restrictions may have significant implications for Canadian trade • Ownership disclosure provisions remain one of the least understood portions of the Executive Order • The trade community continues seeking clarity on how enforcement reforms will be implemented Resources & Mentions • Global Training Center • Trade Force Multiplier • United States Court of Appeals for the Federal Circuit • Jones Act • USMCA Credits Host: • Cindy Allen – LinkedIn Producer: • Lalo Solorzano

This was a fun discussion about the serious issue of gasoline, diesel, and fertilizer price increases for farmers, ranchers, and consumers in California. Make no mistake, the actions taken by the Newsom administration have driven consumer prices to some of the highest in the United States. Gavin has taken California from almost energy independent to total dependence on imports.We have Mike Ariza, a downstream expert, who has been on the podcast several times. A great resource for boots-on-the-ground information on the California downstream market. Connect with Mike on his X account. @MikeAriza4531Also, we had Joseph Huitt, who is with the Bordin-Huitt California Almond Ranch. Check out their family products for honey and specialty almonds at https://bhalmondranch.com/1. California's Energy Crisis & Fuel DependencyMike Ariza, an energy expert, explains that California has become dangerously dependent on fuel imports (40% dependent). Two major refineries were converted to renewable diesel in 2023, taking 350,000 barrels of crude oil processing offline. This resulted in no gasoline or jet fuel production from those facilities. The Iranian conflict further disrupted supply chains, cutting off jet fuel, diesel, and gasoline shipments from Asian refineries. President Trump's waiver of the Jones Act allowed fuel from Gulf Coast refineries to reach California, preventing potential $10+ gasoline prices and shortages.2. Agricultural Challenges & Rising CostsJoseph from Borden Hewitt Ranch discusses the severe economic pressures on family farms:Red Diesel prices skyrocketed from $3.17/gallon in February to $4.79-$6.60/gallon by MarchFertilizer costs doubled from $300-$500/acre to $400-$700/acre due to Strait of Hormones closureAlmond prices have remained below the $2/pound break-even point for five yearsPayment delays: Farmers receive paychecks every 3-4 months, not weekly, creating cash flow challenges3. Water Rights & Agricultural RestrictionsJoseph describes severe water restrictions in California's San Joaquin Valley, where farmers are prohibited from irrigating during peak heat seasons (June-July) despite canals being full. Banks only finance half the land value due to water limitations, effectively halving farm viability.4. Regulatory Overreach & Equipment RestrictionsEPA regulations prevent farmers from repairing their own equipment without manufacturer accessA diesel mechanic was jailed for helping farmers and truckers repair enginesSoftware restrictions: Farmers can't access tractor software updates, limiting their ability to fix equipment independentlyTuning restrictions: Rice farmers need extra horsepower to navigate clay fields but face penalties if caught modifying engines5. GMO Seeds & Agricultural ContractsDiscussion about restrictive seed contracts where farmers must purchase new seeds annually and cannot replant saved seeds from previous years, creating ongoing dependency on seed companies.6. State Taxes & Economic BurdenMultiple taxes burden California farmers:Cap and Invest (called "Theft and Invest")Road taxes37 cents for bullet train funding80 cents for other state initiatives These taxes are passed directly to consumers through higher food prices.7. Food Supply Chain VulnerabilityIf California loses refinery capacity, diesel shortages would collapse logistics, resulting in:Only 3-5 days of food supply in metropolitan areasPort of Los Angeles unable to operateFood distribution across the entire country disrupted (LA is the largest food importer during winter)8. Family Farm Viability & Future GenerationsJoseph, at 25 years old, represents the challenge facing young farmers. While passionate about farming, he's pursuing a master's degree in biological science (studying avian influenza) because farming alone cannot support a family. His mother advised all children to pursue other careers while farming as a side activity—a common reality for modern family farms.Overall Theme: The podcast highlights how interconnected energy, agriculture, and regulatory policy are in California, and how state policies are making it increasingly impossible for family farms to survive while threatening regional and national food security.Hat tip to the Great John Rich for being named the Special Envoy to Farmers for the USDA. We have reached out to him to see about getting him on the podcast.Check out the Energy News Beat SubStack https://theenergynewsbeat.substack.com/A shout-out to Steve Reese and the Reese Energy Consulting group for sponsoring the Podcast https://reeseenergyconsulting.com/.Data2 if you have any business systems, can you trust A? Well, they have the patent on validation. . https://data2.zoholandingpage.com/energyAnd we have WellDatabase rolling in as a new sponsor. https://welldatabase.com/

Dr. Beatriz Canamary stopped by the Energy News Beat podcast, and we had a great discussion about energy, exports, and our maritime industry, including shipbuilding and the Jones Act. I am going to just be brutally honest for a moment, and say that I have been for totally repealing the Jones Act for years. After my discussion with Dr. Canamery, my opinion has shifted toward more of a "let's get the problem solved and leave the Jones Act in place long-term" stance. But we need a plan to get to a balance. Dr. Canamary has a new book coming out, and we will be getting an interview lined up. Connect with Beatriz on her LinkedIn here: https://www.linkedin.com/in/beatrizcanamary/1. U.S. Maritime Industry RevitalizationThe core focus is rebuilding America's shipbuilding capacity. The U.S. currently represents only 0.4% of global ship production (down from over 50% post-WWII), while China dominates with 60% and South Korea adds another 20%. The discussion emphasizes the need for strategic investment in shipyards, workforce development, and creating predictable cargo demand to justify shipbuilding expansion.2. Energy Security & Dominance Through MaritimeEnergy exports (oil and LNG) are central to U.S. dominance, but they're currently transported on international vessels rather than U.S.-flagged ships. The podcast explores how securing cargo on American vessels strengthens both energy security and the maritime industry. The Strait of Hormuz crisis is cited as a wake-up call about supply chain vulnerabilities.3. Global Choke Points & Geopolitical RisksEight major maritime choke points (Strait of Hormuz, Red Sea/Houthis, Strait of Malacca, etc.) are contested and sometimes weaponized. Insurance companies can effectively shut down shipping by canceling coverage, as Lloyd's of London did during the Iran strike. The discussion highlights the need for U.S. insurance alternatives and control over critical passages.4. Nuclear Technology in MaritimeNuclear propulsion for ships and floating nuclear power plants are presented as innovation differentiators for the U.S. The ABS (American Bureau of Shipping) has frameworks for approving nuclear projects, and companies like Nano Nuclear are developing micro-reactors designed for maritime use. Nuclear is positioned as cleaner than traditional fuel oil and a competitive advantage.5. Autonomous & Advanced Maritime TechnologyA new IMO (International Maritime Organization) framework for autonomous commercial ships was recently approved, with a mandatory code coming in 2032. The U.S. is positioned to compete through innovation in automation, AI, and autonomous vessels rather than on cost—since labor-intensive competition with China/Korea is unwinnable.6. Maritime Prosperity ZonesThe U.S. should develop regional maritime clusters (similar to Europe's model) with specialized capabilities—some regions for tankers, others for icebreakers, etc. The American Maritime Industrial Coalition is mapping supply chains and regional expertise to accelerate production.7. Trade Agreements & Bilateral PartnershipsStrategic trade agreements with U.S. allies can secure cargo flows through American ports on U.S.-flagged vessels, creating demand signals for shipbuilding without direct government subsidies. This creates a win-win for allies seeking energy independence.8. The Ships for America ActA bipartisan bill with 126+ seats of support, expected to pass by year-end. It includes tax incentives and supports the broader maritime revitalization strategy outlined in the National Security Strategy and Maritime Action Plan.9. Geopolitical Shifts & New Trading BlocsThe podcast discusses emerging energy-based trading blocs, China's port dominance (129 ports globally), and concerns about China's influence in South America (Peru, Brazil). It also touches on the Monroe Doctrine and regional security in the Western Hemisphere.10. Ports as Strategic InfrastructureDr. Canamari's forthcoming book explores ports as intelligence hubs, infrastructure assets, and strategic military/trade assets. The discussion covers climate resilience, digital twins, automation, and how ports are increasingly weaponized in global trade wars.This is a comprehensive discussion of how maritime infrastructure, energy, innovation, and geopolitics intersect to shape U.S. competitiveness and national security.Check out the Energy News Beat SubStack https://theenergynewsbeat.substack.com/A shout-out to Steve Reese and the Reese Energy Consulting group for sponsoring the Podcast https://reeseenergyconsulting.com/.Data2 if you have any business systems, can you trust A? Well, they have the patent on validation. . https://data2.zoholandingpage.com/energyAnd we have WellDatabase rolling in as a new sponsor. https://welldatabase.com/

In this episode of Driving Discussions, Argus editors Jared Ainsworth, US gasoline editor, and Stephanie Crawford, associate editor and US Atlantic coast gasoline reporter, analyze how the US–Iran conflict has rapidly reshaped gasoline fundamentals ahead of the summer driving season. What began as a well-supplied market has tightened significantly, with exports rising, imports lagging, and regional imbalances emerging across key hubs. The discussion unpacks the evolving impact on pricing, flows, and blending behavior across US gasoline markets. Key Takeaways Tightening supply:S. gasoline inventories fell more than 16% since late February, signaling a sharper-than-normal seasonal draw. Global pull on barrels: Strong export demand—up ~32% vs. the five-year average—has redirected Gulf Coast supply into international markets. Shifting regional balances: Early Atlantic Coast tightness gave way to late-spring oversupply as imports and pipeline flows rebounded while demand lagged. Policy impacts: Jones Act and EPA waivers reshaped flows and blending dynamics, with limited Northeast relief but increased Gulf Coast-to-West Coast shipments. Atypical pricing signals: RBOB spreads widened despite regulatory flexibility, reflecting stricter blending behavior and altered summer demand patterns. Stay ahead of evolving gasoline market dynamics with Argus' expert analysis on pricing, flows, and regulatory impacts shaping the summer 2026 outlook.

We have 8 huge stories, and David Blackmon, Forbes, Daily Caller, and Substack Author stopped by. Connect with David on his SubStack: https://blackmon.substack.com/1. Data Centers & Infrastructure DevelopmentWest Texas Data Center Project: A Forbes story about a responsible data center development near Fort Stockton that addresses activist concerns through sustainable practices (minimal water usage, closed-circuit cooling, local hiring, onsite housing)Data Centers Moving to Unincorporated Areas: Developers are shifting massive data centers to rural, unincorporated areas to avoid citizen decision impacts and regulatory hurdlesGrid Interconnection Challenges: Texas ERCOT is grappling with 410 gigawatts of large load interconnection requests, 87% from data centers2. Oil & Gas Production & Federal LandsNew Mexico's Dominance: Lea and Eddy counties account for 78% of onshore federal oil production, representing 14% of total U.S. onshore productionFederal Lands Significance: 29% of total U.S. production comes from federal lands and the Gulf of MexicoTrump Administration's Role: Companies stockpiled federal leases during the first Trump administration, allowing continued drilling during Biden's lease sale moratorium3. Strategic Petroleum Reserve (SPR) DrawdownThe SPR is being drained at record pace and approaching "deadpool" (critical minimum levels)Current levels around 365-378 million barrels, with projections to hit deadpool by AugustCalifornia facing severe refined product shortages (jet fuel, diesel)4. Renewable Energy & Climate Policy CostsClimate Lawfare: Democratic state attorneys general sued the Trump administration over ending offshore wind projectsFinancial Impact: $2 trillion spent on net zero pathways, including $690 billion on renewables, with only 3% energy gainsComparison: $10 trillion could build 267 nuclear reactors instead of wind/solarCalifornia's CARB Program: Gavin Newsom expanded emissions regulations despite energy challenges5. Refinery Operations & SafetyU.S. crude refiners pushing runs to maximum levels, creating safety concernsSkipping periodic maintenance to meet demand increases risk of incidentsValero stock performance highlighted as investment opportunity6. Geopolitical Tensions & Energy SecurityIran Strikes: Iran's Revolutionary Guard striking targets in the Gulf, including Kuwait's airportLNG Tanker Concerns: Multiple LNG tankers going dark (transponders off) in the Persian Gulf, raising security concernsRisk of Escalation: Potential for major price spikes if geopolitical tensions worsen7. Maritime & Shipping PolicyDiscussion of the Jones Act and its impact on shipping efficiencyUpcoming interview with maritime expert Dr. Beatrice Canamara about alternative solutions$5 billion Texas shipyard upgrade for Coast Guard Icebreakers8. Agricultural Land & Environmental ConcernsDebate over data center development on farmland vs. renewable energy installationsWind and solar farms permanently damage agricultural land through chemical leaching and deep foundations$89 billion land reclamation fee coming due for renewable installationsThe podcast presents a comprehensive energy news briefing with emphasis on the intersection of energy policy, geopolitics, environmental concerns, and economic impacts.We had 8 big stories today: 1.West Texas Data Center Project Addresses Activist Concerns Head-On2.Unprecedented Dominance: Two NM Counties Account For 78% of Onshore Federal Oil Production3.Data Centers Are Moving to Unincorporated Areas to Avoid Citizen Decision Impacts – Energy News Beat Exclusive Analysis4.State Attorneys General Sue Trump Administration Over Payment Ending Offshore Wind ProjectsHow Much Has Climate Lawfare Cost US Consumers?5.SPR Draw Down at Critical Levels and May Surpass the Biden Abuse6.US Crude Refiners Are Pushing Run Rates to Maximum Levels: Safety Concerns, Maintenance Trade-offs, Export Boom, and Investor Implications7.Iranian Strikes in the Gulf Raise Stakes for Gulf States8.Vitol Says Europe and US Aren't Facing Up to Oil Supply Crunch: How Will This Rubber Band Snap Impact Consumers and Investors?Thank you, Todd, for your great industry leadership.We have some great interviews lined up next week.Check out the Energy News Beat SubStack https://theenergynewsbeat.substack.com/A shout-out to Steve Reese and the Reese Energy Consulting group for sponsoring the Podcast https://reeseenergyconsulting.com/.Data2 if you have any business systems, can you trust A? Well, they have the patent on validation. . https://data2.zoholandingpage.com/energyAnd we have WellDatabase rolling in as a new sponsor. https://welldatabase.com/

This week we talk about the Merchant Marine Act, trade routes, and incentives.We also discuss Wesley Jones, foreign competition, and artificial monopolies.Recommended Book: The Quantum Thief by Hannu RajaniemiTranscriptIn 1920, the then-Senator for the state of Washington, Wesley Jones, who was also the chairman of the Senate Commerce Committee, introduced the Merchant Marine Act as a method by which the American merchant marine could be sustained and remain competitive in the face of external competition, and in the wake of the destruction of a bunch of ship during WWI.The US Merchant Marine is all the commercial water-going vessels that are US flagged, and the crews of these vessels. During peacetime, these boats and ships conduct trade and other services along the United States' coasts and throughout its internal waterways, its rivers and lakes. During wartime, these vessels and their crews are tapped to help move troops and weapons and supplies for offensive or defensive military efforts.The theory of this proposed Act, then, was to ensure that the US Merchant Marine would remain well-funded and well-taken-care-of, because lacking some kind of government support, there was a good chance it would either slowly degrade, not having enough business to pay for itself, or—and this has been a persistent concern for similar pseudo-fleets of merchant vessels around the world for the past few hundred years—it would fall into disrepair because it would be outcompeted by vessels and crew coming in from elsewhere that would charge lower prices, creating unsustainable economics for the locals and thus slowly degrading this economic and military asset.When this Act was proposed, in 1920, the preservation of this asset was on the mind of many US politicians, as the world had just emerged from World War I, and in that and previous conflicts, the US Merchant Marine had been pretty vital to ensuring the US eventually came out on the right side of things. It was also fundamental to the rebuilding of the US economy following difficult conflicts, because the moving of cargo from city to city along coastlines, and throughout long expanses of rivers—getting food from place to place, getting building supplies where they need to go—has always been important, especially following periods in which there isn't a lot of building going on, and when supplies chains are reoriented toward other purposes, like fighting.So in addition to all the language the helps regulate trade within US waters and between US ports, and which says how the crew of such vessels have to be treated, this Act was also meant to provide protected status to US Merchant Marine vessels and crew, giving them a pseudo-monopoly on certain types of trade activities in the US.It was also—and this is important context—meant to give Senator Jones' state of Washington a de facto monopoly on trade with Alaska. But it was sold to the rest of Congress and the country as a means of bolstering the funds flowing into the US Merchant Marine. Section 27 of this act, often called the Jones Act, requires that all goods transported between US ports be carried by US vessels built in the US, flying the US flag, owned by US citizens and with majority US citizen and permanent US resident crews.What I'd like to talk about today are the other consequences of the Merchant Marine Act of 1920, and in particular the Jones Act component of it, and why there's been renewed opposition to the Jones Act in recent months.—The logic of the Jones Act, at least on the surface, is pretty straightforward.If you're worried about foreign competition coming in and taking all the shipping jobs, swooping in from areas where crews aren't paid as much, and where ships can be built cheaper, so they can charge less than US-made and -manned ships, all you have to do is require all the ships and people on the ships are of US-origin, and you're good to go. Those foreign competitors aren't allowed to take the jobs, and that sets the standards in a different place, allowing US vessels and their crew and owners to charge whatever they need to charge to sustain themselves.This, in theory at least, should also stimulate the US ship-building industry, as that monopoly means anyone who builds new ships stands a pretty good chance of making their money back. After all, there's no dramatically cheaper competition out there, so you've got relatively little downward price pressure and seemingly plenty of customers, because there's a lot of US coast, and a lot of internal waterways that have traditionally be used for trading purposes.In practice, though—and this isn't uncommon with protectionist measures; things that seem like they should work for the intended purpose actually leading to other, less ideal outcomes—the Jones Act is often blamed for increasing prices on pretty much everything, and for increasing prices dramatically in places like Hawaii, Alaska, Puerto Rico, and other US territories, like American Samoa and Guam, that are reliant on imports to survive.If open competition isn't allowed, prices don't tend to go down, and in fact they can instead go up, especially if the number of entities providing these services drops over time.That means places without other options, without the ability to ship food and electrical equipment and other such fundamentals using highways or regularly flying, large cargo planes, they are forced to pay increasingly high cargo ship prices, instead. And there's no chance that a competitor will emerge, because there just aren't enough ships available to haul all the stuff these places need at a regular, sustaining, cost-effective cadence.These higher prices are kind of built into the monopoly model, but they're made even worse by the state of the US shipbuilding industry, which for a while, from about the mid-1800s until the mid-20th century, was top of the line, producing more ships than any other country during WWII, and before that churning out some of the best and fastest ships in the world for trade purposes.But after the two world wars, and a surge in shipbuilding infrastructure that was rapidly deployed in the first half of the 20th century, US government subsidies for the industry began to dry up, many of the ships built during the war were sold to foreign countries and private owners for a quick buck, and most of that infrastructure was mothballed, the more efficient processes it developed decommissioned in favor of less-efficient, more expensive approaches.During WWI, the US churned out more then 5,000 ships at the over 100 shipyards it had operating at the time, and was able to produce more naval tonnage in three years than it had produced in the entire history of the nation's existence, up till that point.Post-WWI, though, the US was already less efficient than foreign competitors, especially European competition, and post-WWII, the emergence of overland infrastructure in the US, like the burgeoning national highway system, made shipping via trucks increasingly competitive with the previously dominant approach of shipping via internal waterways.Airline shipping became a competitor, too, around that same time. So the technological developments and new overland infrastructure of the post-World War era meant that in the US, although coastal shipping in particular remained a solid option for many types of shipping, using trucks on the nation's growing highway system usually ended up being cheaper and easier, and in some cases much faster, too, and eventually air cargo became even more competitive for some types of jobs and clientele.The oil crises of the 1970s amplified this trend, collapsing the market for oil tanker ships and seriously damaging the overall shipbuilding industry, including in the US. Even with new US government subsidies meant to support the flailing industry, building ships in the US usually just didn't make much economic sense, the cost of building on US soil costing nearly twice as much as it did in some foreign ports.During the Reagan administration, even those 1930s-era subsidies were dropped, and that led to further collapse in the US shipbuilding industry. Before the end of these subsidies, the US was producing about 20 commercial ships per year, already a catastrophic drop from the World Wars era, but after the end of the subsidies, it produced five commercial vessels in the next eight years, combined.Some new subsidies were introduced in the 90s, when the Cold War ended, but the industry was in such bad shape at that point, orders from the US military and from commercial traders often went unfulfilled, or went wildly over budget. Some ships were finished, but riddled with so many flaws that they were unusable.US shipbuilders blamed foreign government subsidies, claiming they were really bad at their jobs because other countries were giving their shipbuilding entities more money to exist, and President Bill Clinton was able to secure an agreement with many of the US's trading partners to temper these subsidies a bit, in response to those complaints. Though when US shipbuilders realized this agreement would also mean they would lose some of their subsidies, in the tradeoff, they switched to campaigning against it, and the US ultimately wasn't involved in that agreement.The US's shipbuilding efforts improved a bit in the late-90s and early 2000s, but efforts elsewhere were better, and while the US produced about 3% of all commercial shipping tonnage, of all trade-related naval vessels, basically, in the early 1970s, by 1999, that was down to 0.25% of global tonnage.At this point, following that aforementioned agreement to reduce subsidies and others like it, much of the world's shipbuilding industries are on pretty solid footing without government support, while the US's is protected by the Jones Act, and very much not in solid shape; it's completely uncompetitive and wildly unproductive, and this has led to many secondary, knock-on issues, like increased prices, especially in places like Alaska, Hawaii, and Puerto Rico, but this actually reportedly costs the US economy something like 0.1 to 0.4% of its total GDP, so about $31.8 billion to $127.4 billion each year. And it's also hobbled our efforts to invest in things like offshore wind farms and other such infrastructure, because we simply don't have enough ships in operation to do that sort of thing. These ships also just cost so much to use, even when they're available, that the price of shipping and deploying things is overwhelming, especially compared to doing the same in other countries.In mid-March of 2026, the second Trump administration issued a Jones Act waiver for some types of product, including energy products, fertilizer, and related inputs, like ammonia. That means on an emergency basis, foreign-flagged, built, and staffed ships can operate in US waters, bringing these types of trade goods from US port to US port, without penalty.Within just two months of the waiver going into effect, dozens of foreign vessels entered the US trade market, reinforcing slumping trade routes and even creating new ones. The Gulf Cost to West Coast route has proved to be especially popular, seeing four times the trade activity from the Gulf to California in just those two months as we previously saw over the whole of 2025, combined, and a an entirely new route emerged, too, shipping naphtha from California to Texas.More shipping also arose between the US mainland and Puerto Rico, bringing propane to Puerto Rico in a usable volume for the first time because there are no liquified petroleum gas tankers in the Jones Act fleet; this meant that despite the large amounts of LPG produced in the US, Puerto Rico usually has to import their LPG from Chile and other foreign sources; this waiver allowed them to get it from the US mainland, instead.In April of this year, the Trump administration announced a 90-day extension of the Jones Act waiver. This waiver is intended to help moderate surging prices on all sorts of good, especially energy products, at a moment in which the closure of the Strait of Hormuz has created shortages of such products on global markets. That shortage has stoked inflation, all over the place, but especially in the US, hence this effort to temper that inflation; it is an election year in the US, after all.The waiver seems to be helping, in some limited regards at least, and it's providing all sorts of data for groups that oppose it, illuminating what seems to be latent demand for such trade routes, that demand typically unmet because of the limitations of the Jones Act on waterway and coastal trade in the US; there just aren't enough US-made and created and flagged ships performing this kind of trade because of that artificial monopoly.The American Maritime Partnership, however, which is a lobbying group put together by the US domestic maritime industry, recently launched an ad campaign aimed at ending the waiver, saying, basically, that the Jones Act protects the US maritime industry from unfair foreign competition, and that it protects the US from foreign threats that might otherwise infiltrate and negatively impact US markets; the implication being that terrorists or some such might come to the US with trade vessels, and then wreak havoc by doing terrorist things via these vessels, or maybe use them to bring more drugs into the country.Given the power such lobbying groups have in the US, there's a solid possibility that when an agreement is eventually reached with Iran over the Strait of Hormuz, and if global trade then returns to something like its previous default, this waiver will go away. That would be the politically expedient move by the Trump administration, because most people don't know enough about the Jones Act to care, but the maritime industry very much does, as without this artificial monopoly, they would probably be required to fundamentally change if they wanted to stay alive.There's evidence that getting rid of the Jones Act permanently might be beneficial on multiple fronts, especially in terms of inflation and overall economics, but also in terms of forcing the US maritime industry to make those costly, foundational changes. Despite the many possible benefits of doing away with this act, though, the ‘protect our borders from foreign invaders' aspect of the Jones Act might be enough to sway this administration toward fully reinstating it as soon as the conflict in Iran and inflation allows.Show Noteshttps://apnews.com/article/jones-act-trump-trade-abcac596db839bff3679b3117d2e81b2https://www.cato.org/blog/jones-act-waiver-data-reveals-universe-blocked-american-tradehttps://www.oecd.org/content/dam/oecd/en/publications/reports/2019/04/local-content-requirements-and-their-economic-effect-on-shipbuilding_f81e0027/90316781-en.pdfhttps://www.cato.org/blog/jones-act-contributes-offshore-wind-growing-painshttps://www.engine.online/news/us-maritime-group-urges-end-to-jones-act-waiver-7c1bhttps://gcaptain.com/chinese-cosco-tanker-delivers-asphalt-to-connecticut-under-jones-act-waiver/https://gcaptain.com/jones-act-waiver-reshapes-u-s-oil-trade-as-foreign-tankers-flood-domestic-routes/https://www.investopedia.com/terms/j/jonesact.asphttps://www.winston.com/en/legal-glossary/what-is-the-jones-acthttps://www.cato.org/publications/policy-analysis/jones-act-burden-america-can-no-longer-bearhttps://www.atlasnetwork.org/articles/the-jones-act-is-costly-harmful-and-dangeroushttps://www.maritime.dot.gov/ports/domestic-shipping/domestic-shippinghttps://en.wikipedia.org/wiki/Merchant_Marine_Act_of_1920https://en.wikipedia.org/wiki/United_States_Merchant_Marinehttps://www.cato.org/blog/jones-act-contributes-offshore-wind-growing-pains This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit letsknowthings.substack.com/subscribe

**On the podcast, the conversation is all about the intersection of technology, politics, and the outdoors.** This episode is a thought-provoking discussion that touches on some of the biggest issues of our time, from the impact of artificial intelligence on society to the importance of getting outside and enjoying nature. Ross shares his thoughts on the recent release of Pope Leo's first encyclical, which highlights the need for a new spiritual, ethical, and political framework to address the challenges posed by AI. They also delve into the world of data centers and the Jones Act, a federal law that's been around since 1920 and is still causing problems for American commerce. The conversation also takes a turn into the world of politics, with a fascinating interview with Christina Blunt, a Republican candidate running for the second congressional district in Colorado. She shares her vision for a more citizen-led approach to government, where bills are written by citizens for citizens, and not by bureaucrats in Washington D.C. The speaker also discusses the importance of getting outside and enjoying nature, with a fun interview with Chris Gerard, the Chief Brand Officer of Outside, a company that's all about helping people get outside and connect with the natural world. This episode is a must-listen for anyone interested in technology, politics, and the outdoors. With a mix of thought-provoking discussions and fun interviews, it's a great way to spend your time. So grab a cup of coffee, sit back, and tune in to this week's episode to hear more about these important topics. The conversation also touches on some of the biggest issues of our time, from the impact of AI on society to the importance of getting outside and enjoying nature. With a mix of thought-provoking discussions and fun interviews, this episode is a great way to spend your time.See omnystudio.com/listener for privacy information.

In a recent episode of this podcast, Ross dives into the world of the Jones Act, a federal law that's been around since the early 1900s. This law has a significant impact on the US shipping industry, making it difficult for Americans to trade and do business with each other. The guest, Colin Grabow, Associate Director at the Cato Institute's Center for Trade Policy Studies, joins the conversation to break down the law's effects and explore its history. The Jones Act requires that any goods moved by water within the US must be transported on a vessel that meets specific criteria, including being US-flagged, owned by Americans, crewed by Americans, and built in the US. However, this leads to a limited number of ships meeting these conditions, resulting in higher transportation costs and a "tax" on domestic commerce. The law has been waived temporarily by President Trump, allowing for the importation of energy products, but its long-term effects on the US economy remain unclear. Colin Grabow shares some striking examples of how the Jones Act affects trade, including the fact that Puerto Rico buys more fuel from the Baltic countries than from the US, despite being farther away. He also highlights the law's failure to create a competitive US shipbuilding industry, citing the country's ranking of 19th in the world in shipbuilding. The conversation raises important questions about the law's continued existence and its impact on the US economy. With the temporary waiver in place, it's clear that there are benefits to be gained from repealing the Jones Act. If you're interested in learning more about this complex issue and how it affects the US, tune in to this episode to hear the full conversation with Colin Grabow.See omnystudio.com/listener for privacy information.

The White House gave the green light on March 18 for foreign-flagged tankers to move crude oil and refined products between U.S. ports by waiving the Jones Act. In less than two months, about 60 waivers have been recorded. Today, we'll dig into the new patterns that have emerged. 

Send us Fan MailHello, passionate cruisers! This is Paul and this week on The Joy of Cruising Podcast; I am delighted to welcome Carra Miller, a maritime attorney. I have long wanted to bring to listeners a perspective of matters of law and passenger rights when it comes to cruising. I have been amazed at some of my findings regarding a cursory look at some those matters and I suspect, Carra will share some eye-opening information with you. Her visit is especially timely given the burgeoning Hantavirus crisis. With three passengers dead and 17 Americans among the nearly 150 people stranded off the coast of West Africa, the MV Hondius cruise ship Hantavirus outbreak raises urgent legal questions about what cruise operators owe their passengers when things go wrong at sea. Among other matters you should be aware of as a cruiser, Carra explains these passengers' rights and the duty the cruise ship operator owes them. Carra Miller is the founding attorney of Miller Smith, PLLC, a firm that represents cruise ship passengers, crew members, harbor workers, and others injured in maritime environments. Her practice centers on vessel incidents, injuries on navigable waters, and claims under the Jones Act, the Death on the High Seas Act, and other federal maritime statutes. Carra earned her JD from Tulane University Law School, where she received a Maritime Law Certificate and served as Editor-in-Chief of the Tulane Environmental Law Journal. She holds a B.S. in Maritime Administration from Texas A&M University. She has written and spoken on maritime law topics and has published commentary on maritime liability issues.Do you have a dream car? Support the showSupport thejoyofcruisingpodcast https://www.buzzsprout.com/2113608/supporters/newSupport Me https://www.buymeacoffee.com/drpaulthContact Me https://www.thejoyofcruising.net/contact-me.htmlBook Cruises http://www.thejoyofvacation.com/US Orders (coupon code joyofcruisingpodcast)The Joy of Cruising https://bit.ly/TheJoyOfCruisingCruising Interrupted https://bit.ly/CruisingInterruptedThe Joy of Cruising Again https://bit.ly/TheJoyOfCruisingAgainIntl Orders via Amazon

Donald Trump issues a five-month waiver of a 1920 law that says ships carrying cargo between U.S. ports must be American-built. Colin Grabow of the Cato Institute explains the results, as dozens of voyages now help to distribute oil and gasoline, and he argues the Jones Act is economic lunacy that should be repealed. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Gary & Shannon Show Hour 1 (05.12) – California’s oil nightmare gets worse, LAUSD gets rocked by another corruption scandal, and Shannon officially compares Lakers fans to drunken Buffalo Bills superfans.• Gary & Shannon break down California’s looming gas crisis → as Middle Eastern oil access tightens and the Iran ceasefire hangs by a thread• President Trump reportedly pushes for lower energy prices while California’s own policies continue making fuel costs uniquely brutal in-state• The bigger frustration → why is one of the richest states in the country constantly making basic necessities harder and more expensive?• Gary & Shannon dive into Chevron leaving California, the Jones Act waiver, and decades of energy policy failures colliding all at once• Then: LAUSD is now trying to recover $22 million in what prosecutors call the largest money-laundering scheme in district history• Investigators say an IT manager secretly funneled contracts through shell companies while allegedly leaving behind hilariously incriminating notes and texts• Plus: #SportsTalk → the Lakers are done, the Dodgers are sliding, and Shannon says devastated Lakers fans are about two losses away from becoming full Buffalo Bills table-jumping degeneratesSee omnystudio.com/listener for privacy information.

In this month's news episode, we break down four major developments shaking up global energy markets in May 2026. From the UAE's sudden departure from OPEC to a widening gap between paper and physical oil prices, the episode covers what these fast-moving events mean for royalty owners who are trying to make sense of their income outlook. We also discuss the Trump administration's meeting with major oil executives, a temporary waiver of the century-old Jones Act, and what the latest rig count data tells us about where the industry is actually headed. As always, links to the articles coverd in this episode can be found in the show notes at mineralrightspodcast.com.

Day Break | They Rigged The System—Now Republicans Are Taking It Back --- 00:00 - Monologue 18:54 – Justin Goodman, Senior Vice President of the White Coat Waste Project. Goodman discusses recent efforts to reduce the use of cats and dogs in experimental testing. He explains recent wins tied to the Farm Bill and broader efforts to reform animal research practices. 27:45 – Peter Gillooly, CEO of The Wellness Company. Gillooly discusses ongoing conversations surrounding anti-parasitic drugs and their potential role in cancer treatment research. He also talks about leadership changes involving the Surgeon General nomination and broader healthcare policy discussions. Visit twc.health/GRUBER and use promo code GRUBER to save 10%. 37:46 - Monologue Featuring Ivey Gruber 56:51 – Ashley Davis, national security expert and author of Power Pivot. Davis discusses the rapid expansion of data centers, including a proposed 40,000-acre project in Utah. She breaks down the potential economic benefits, infrastructure concerns, and national security implications. 1:05:45 – Garrett Rice, CEO of Master Boat Builders and Vice Chair of the Shipbuilders Council of America. Rice discusses concerns surrounding a potential Jones Act waiver during the Iran crisis. He explains why some in the industry believe such a move could benefit China and weaken American shipbuilding. 1:15:51 - Monologue 1:24:50 – Ron Rademacher, travel writer and Michigan backroads expert. Rademacher highlights major events and activities happening across Michigan this week. He shares travel ideas and seasonal attractions listeners may want to check out. 1:35:01 – Tim Golding, Michigan State Director for Americans for Prosperity. Golding discusses the results of Michigan's State Senate District 35 special election and what they could mean politically moving forward. 1:43:52 – Ivey Gruber, President of the Michigan Talk Network. Gruber discusses developments in California's Democratic primary race and broader political dynamics shaping the contest. --- Check out our brand new podcast, 'Forgotten America'... Episode 13 is live NOW at Steve Gruber on YouTube! Link below: https://youtu.be/iBGFsN7Xtbg

President Trump is making another effort to combat surging oil prices by extending the Jones Act for 90 days. This move comes as the United States and Iran have yet to reach a peace deal to end the ongoing conflict. Phil Flynn, a senior market analyst at The Price Futures Group and FOX Business Network contributor, joins the network's Jackie DeAngelis to discuss how the administration has managed oil prices during the conflict and what drivers could affect prices at the pump next. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Secretary of War Pete Hegseth said on April 24 that a U.S. blockade on Iran is going global, adding that Tehran had a chance to make a "good deal" with Washington. Gen. Dan Caine, chairman of the Joint Chiefs of Staff, said U.S. Central Command continues to maintain a strict blockade on all ports in Iran. Caine said 34 ships had been turned around as of Friday morning. He added that the U.S. military would continue to interdict Iranian vessels in the Pacific and Indian oceans.President Donald Trump has extended a waiver of the century-old Jones Act for 90 days, allowing foreign-flagged vessels to transport fuel and other goods between U.S. ports to ease price increases triggered by the Iran war and disruptions in the Strait of Hormuz. The waiver applies to a range of goods, including crude oil, natural gas, coal, fertilizer, and refined petroleum products.

Our Head of Public Policy Research Ariana Salvatore breaks down what's being discussed by policymakers around the world to try to cap the oil price spike. Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Ariana Salvatore, Head of Public Policy Research. Today, I'll be talking about the ongoing conflict in Iran and the policy options to offset a rise in oil prices. It's Wednesday, March 25th at 8pm in Tokyo. The U.S.-Iran conflict is stretching into its fourth week, and markets are still trying to distill headlines for news of an off-ramp or further escalation. Even here in Tokyo, the global supply crunch is top of mind. But we're also watching for second order effects among a number of key supply chains, ranging from food to semiconductors. As you've been hearing on the show, the Middle East is a critical supplier of aluminum, petrochemicals, and fertilizers—all industries that are energy intensive and deeply embedded in global supply chains. There's also sulphur, which is needed to produce copper and cobalt, largely used for chip materials and components. And helium, which is a critical material for semiconductor manufacturing. So with all this supply chain disruption on the line, what are policymakers' options to mitigate that loss? Let's start by putting some numbers around the disruption. The Strait of Hormuz accounts for about 20 percent of global oil supply, and about a third of seaborne oil. Our strategists highlight three potential offsets. First, alternative pipelines. Saudi Arabia maintains an East-West pipeline and the UAE similarly has a smaller scale Abu Dhabi Crude Oil Pipeline. Those together can allow for some crude to bypass Hormuz. Second, the U.S. has publicly discussed potential naval escorts. We've written about the logistical difficulties with this plan, in addition to significant execution risks. Third, the IEA has coordinated a strategic stock release, which could translate to a sustained release of around 2 million barrels a day, depending on the duration of the conflict. There are also geographic considerations though that can add a lag to those strategic releases. On net, our oil strategists think these policy levers can mitigate about 9 million barrels per day from the lost 20, meaning that the global economy will still be short about 11 million barrels per day; more than three times the supply shock the market feared from the Russia-Ukraine conflict back in 2022. So, given those limitations, we're starting to see countries around the world – particularly in Asia – begin to implement rationing measures to conserve energy. The Philippines, for example, has implemented a four-day workweek for government workers and mandated agencies to cut fuel and electricity use. Myanmar has imposed driving limits, and Sri Lanka has introduced gasoline rationing. But what about in the U.S.? We've seen domestic gasoline prices climb due to this conflict, and the national average is now close to $4, almost a dollar up from where we were about a month ago. The President has announced a number of policy efforts – including a Jones Act waiver, which temporarily allows foreign vessels to transport fuel between U.S. ports, and a temporary pause on some Russian and Iranian oil sanctions. President Trump has also directed a release from the Strategic Petroleum Reserve, but similarly to the IEA stockpile, the flow rate is going to be the key limit. The authorization was for 172 million barrels over a 120 period, which translates to just about 1.4 million barrels per day on average. So what should we be watching? Tanker transits, signs of upstream shut-ins as storage fills, refinery run-cuts, and—most crucially—whether policy announcements on insurance and escorted convoys can actually translate into reality. These are all going to be critical elements going forward. For now, our oil strategists have raised their near-term Brent forecast to $110 per barrel, which underscores our U.S. economists' outlook for weaker growth and stickier inflation than previously expected. And for now, policy tools seem to be unable to meaningfully offset that disruption. Thanks for listening. As a reminder, if you enjoy Thoughts on the Market, please take a moment to rate and review us wherever you listen and share the podcast with a friend or colleague today.

Let's talk about Trump not keeping up with the Jones Act....

A prolonged oil disruption is pushing gas prices higher. Arunima Sinha from our U.S. and Global Economics team joins Head of U.S. Policy Strategy Ariana Salvatore to discuss what that means for consumer spending, inflation expectations and the U.S. midterm elections.Read more insights from Morgan Stanley.----- Transcript -----Arunima Sinha: Welcome to Thoughts on the Market. I'm Arunima Sinha from Morgan Stanley's U.S. and Global Economics Teams.Ariana Salvatore: And I'm Ariana Salvatore, Head of U.S. Policy Strategy.Arunima Sinha: Today – what are the implications of the ongoing oil disruption for the U.S. consumer?It's Wednesday, March 18th at 10am in New York.Ariana, let's start with where we are in week three of this particular oil disruption and what you are thinking about in terms of what the paths to resolution could look like.Ariana Salvatore: Yeah. Great place to start. So, I would say before we get into what the resolution could look like, we need to think about how long could this conflict possibly last? And that's the most relevant question for investors as well. And there I would say there's very little conviction just because of the uncertainty associated with this conflict. But I'm keeping my eye on three different things.The first is a clearer prioritization of the objectives tied to the conflict. The Trump administration has laid out a number of different goals for this conflict, some of which are shorter in nature than others. The second thing I think we're looking at – that's really important – is traffic at the Strait of Hormuz. And there, the Trump administration has spoken about insurance, you know, naval escorts – all of these things that we think will take some time to really come to fruition. And at the time that we're recording this, it seems that we're still getting about low single digit number of tankers through the strait on a daily basis. So that's the second thing.The third point I would make is any type of escalation is really critical here. So, whether it's vertical – meaning different types of weapons used, different types of targets being hit. Or horizontal escalation, broadening out into different proxies and, and more so throughout the region. Those are really important indicators, and right now all of these things are pointing to a slightly longer-term conflict than I think most people expected at the start.Now, in terms of what that means for markets, for domestic gasoline prices, all these are really important questions that I'm sure we're going to get into. But what we should note is that the president has spoken about a number of policy offsets to mitigate those price increases, ranging from the Treasury actually loosening up some of the sanctions on Russia to sell some oil. You know, we've heard some talk of invoking the Jones Act waiver. That's a temporary fix.On net, we think that these policy offsets are not going to really be enough to mitigate that supply loss that we're getting. That's a 20 million barrel per day loss. Some of these efforts mainly will, kind of, target about 7 or 8 million barrels per day. You're still in a deficit of about 10 to 13 [million]. And that's really meaningful for markets, for consumption as you well know, and everything else in between.Arunima Sinha: That's really helpful perspective, Ariana. And it's also a useful segue to think about the note that we jointly put out a few days ago. And just thinking about what this means for the U.S. consumer. And there, I think there's the first point to start with is that the consumer is now going to be living through the third supply shock in about five years. So, after COVID, after tariffs, here comes the next. And I think this particular oil shock is going to be somewhat different from tariffs in the sense that this is going to hit consumers at the front end and directly. This is not something that is going to have to pass through business costs. And some of them could be absorbed by businesses and not fully passed on to the consumer. So, I think that's an important point.The second point here is that in terms of the share of spending of gasoline out of total spend, we are at pretty low numbers. We're somewhere in the 2 to 3 percent range. So, it could give a little bit of a cushion. So, the longer-term average can be somewhere about 4 percent. So, there could be some cushion. But we know that consumers have already been stretched by, sort of, several years of high prices.And so, the way that we thought about what some of the channels could be for how higher oil prices, which translate into higher gas prices, could matter for the consumer. I think there are, sort of, three to identify.The first one is that it is really just a hit to your real purchasing power because this is a type of good that is actually really hard to substitute away from. And you could look through some of it, at the start. So maybe in the first month you don't react very much. You pull down on some savings; you take out a little bit of short-term credit.But the longer it lasts, the bigger the consumption response is going to be. And the second channel then to identify is – you start to build up some precautionary savings motives because there's this uncertainty that's also lasting for some time. And what do you pull back on? You'll typically pull back on discretionary types of spending.And so, we sized out this impact to say that if oil prices were to be about 50 percent higher and they last for two to three quarters, it could hit real personal spending growth by about 40 [basis points] after 12 months. And most of that is really just coming from the impact on good spending, specifically through durable goods.So, there could be some meaningful impact to real consumer spending in the U.S., if this shock were to go on longer. And the last point I would just say is, you know, how do inflation expectations move? Because that's an important point for the Fed and it's an important point for just people who are thinking about their spending decisions over the next year or so.And one interesting thing I think came out in the University of Michigan survey that came out this Friday; and this was a preliminary survey. About half of it was conducted before the conflict started, and half of it was after the conflict started. And what we saw was that inflation expectations in the year ahead, so the 12-month-ahead expectations that had been trending down, paused.So, they are no longer trending down. And, in its release, the University of Michigan noted that for the responses that were collected after the conflict started, inflation expectations did tick up. And interestingly, the strains were the most for the bottom income cohort. So, they saw a bigger uptick in inflation expectations. They actually also saw a bigger uptick in their unemployment expectations over the next year.Ariana Salvatore: So, Arunima, if I can ask, we've been talking a lot about the K-shape economy this year, right? So, consumption really being led by the upper; let's call it the upper income cohort. When we think about this translation to consumption, like you said, more of the stresses on the lower income side, how do you square that with the economic impact that you guys are expecting?Arunima Sinha: The way that I would square it is the longer it lasts and the greater the, sort of, uncertainty in asset markets – that might actually begin to weigh on the upper income consumer as well. So that might make some of those wealth effects less supportive, than what we have seen, over most of 2025. Just given where consumption has been running in terms of its pace.So not only might we see a bigger strain on the lower-income cohorts as we see this shock lasting longer, we might actually see some pressures not through the direct spending channel on gas, but really just, you know, how it's impacting their balance sheets.Ariana Salvatore: And that's a really important point because it also, to me, resonates with the concept of affordability, which has been a really key political topic for the past few months, I would say.And the way we're thinking about this is, like I mentioned, there are limited policy offsets that can be used to mitigate the potential increase in domestic gasoline prices. And that matters a lot for the midterm elections. Typically voters don't really rank foreign policy as a top issue when it comes to their choice for candidates – in midterm elections and elections in general.But once you see that feed through to, you know, inflation, cost of living, job expectations, that's when it starts to really matter for people. And what we've been saying, it's not a perfect rule of thumb, but looking back at the past few elections. If gasoline prices here in the U.S. are something like $3 a gallon, that tends to be pretty good for the incumbent party. [$]4 [a gallon], let's say it's a little bit more politically challenging. And [$]5 [a gallon], you know, is when you kind of get into that even more challenging territory for the administration and for Republicans in Congress.So again, not a perfect benchmark, but something that we'll be keeping an eye on too as this conflict evolves.Arunima Sinha: Ok! So, we'll be keeping an eye on how that oil disruption plays out and matters for the U.S. consumer.Ariana Salvatore: Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share thoughts on the market with a friend or colleague today. Important note regarding economic sanctions. This report references jurisdictions which may be the subject of economic sanctions. Readers are solely responsible for ensuring that their investment activities are carried out in compliance with applicable laws.