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    $100 Oil Talk Heats Up; UAW Warns of More Strikes

    enSeptember 19, 2023

    Podcast Summary

    • Challenges in relationships and economicsEmpathy can improve relationships, while rising oil prices and economic concerns may lead to inflation and potential strikes. Small businesses can benefit from high-yield bank accounts.

      Understanding the hidden challenges faced by those around us and showing empathy can lead to healthier relationships and successful businesses. Meanwhile, in the world of economics, rising oil prices are causing concerns of inflation, with some experts predicting $100 oil could be on the horizon. In the ongoing UAW strike against the Detroit automakers, no new offers have been made, and the union is warning of potential expansion. Despite these challenges, Chevron CEO Mike Wirth believes the world is moving towards triple-digit oil prices due to supply tightening and inventory drawing. In the business sphere, having a bank account like QuickBooks Money that earns a high annual percentage yield can help small business owners make their money work harder.

    • Instacart IPO raises $660 million, Ukrainian president meets Brazilian counterpart, US-China tensions, government shutdown looms, missing F-35 jetInstacart raises $660 million through IPO, Zelensky and Lula da Silva meet at UN, US-China tensions persist, US government nears shutdown, missing F-35 jet found in North Carolina, US and Iran reach deal with prisoner release and sanctioned funds

      Instacart, a San Francisco-based grocery delivery company, had a significant IPO day today, selling 22 million shares for $30 each and raising $660 million, making it the 4th largest IPO in the US this year. Meanwhile, in politics, Ukrainian president Volodymyr Zelensky is meeting Brazilian counterpart Luiz Ignacio Lula da Silva at the UN General Assembly, while tensions between the US and China continue, with US Treasury Secretary Janet Yellen advocating against decoupling from China. Additionally, the US is approaching a government shutdown, and a missing US F-35 fighter jet has been found near Williamsburg County, North Carolina. Controversy surrounds the US's recent deal with Iran, which included the release of 5 American prisoners and $1 billion in sanctioned funds.

    • Diplomatic tensions escalate between Canada and India, Rudy Giuliani faces financial troubles, and China ousts its foreign ministerCanada-India diplomatic row, Giuliani's law firm lawsuit, China's shortest-tenured foreign minister

      Diplomatic tensions are on the rise between various countries, with Canada and India engaging in a dispute over allegations of government involvement in a Sikh leader's assassination, leading to the expulsion of a Canadian diplomat. Meanwhile, in the world of politics, former New York City mayor Rudy Giuliani is facing financial troubles, being sued by his law firm for over a million dollars in unpaid fees. In international relations, China has ousted its foreign minister, Qing Gang, after an investigation concluded he had an affair and fathered a child while serving as ambassador to the US, marking the shortest tenure in that role in Chinese history. In sports, the NFL season is underway, with the New Orleans Saints and Pittsburgh Steelers recording impressive wins, while Cleveland Browns suffered a significant loss with star running back Nick Chubb injuring his knee.

    • Impact of Rising Oil Prices on the EconomyCEO predicts oil prices could surge to $100 a barrel, but healthy economic drivers mitigate potential impact. Small businesses earn higher yields using financial services, and empathy towards colleagues' struggles fosters healthier workplaces.

      The economy may face the impact of rising oil prices, with Chevron CEO Mike Wirth predicting a potential surge towards $100 a barrel. While this could have some effect on the economy, the underlying drivers of the economy, both in the US and globally, remain healthy. Small business owners, including those behind the scenes, are making their money work harder by using services like QuickBooks Money to earn a 5% annual percentage yield. Meanwhile, it's important to recognize and address the invisible struggles faced by colleagues and employees, as empathy and awareness can lead to healthier workplaces and companies.

    • Global events impacting energy market and employee pay risesCompanies face labor unrest, strong gas inventories, recovering oil demand, and climate change litigation, affecting energy prices and employee pay rises

      The energy market has been volatile and unpredictable due to various global events, leading to uncertainties around pay rises for employees. Companies like Chevron have faced labor unrest in different parts of the world, but have managed to maintain operations during industrial actions. Europe's gas inventories are currently stronger than last year, and China's oil and LNG demand is gradually recovering, contributing to tightening crude oil prices. Climate change litigation is becoming more common, but it may not be the most effective solution to address this global issue. Overall, the global economy's health will continue to impact demand for energy products.

    • Addressing global energy challenge needs coordinated policy responseFocus on less carbon-intensive options, affordability, reliability, and investing in new technologies to meet current demand and build lower-carbon energy system

      Addressing the global energy challenge requires a coordinated policy response rather than piecemeal litigation. While dealing with lawsuits is necessary, the focus should be on meeting current energy demand with less carbon-intensive options that are affordable and reliable for the economy. Simultaneously, investing in new technologies is essential to build a lower-carbon energy system over time. Tune in to Bloomberg Daybreak for the latest news on this topic and more, available on various podcast platforms and radio stations. Don't miss the Qatar Economic Forum in May, where global leaders will gather to make new connections and gain insights on the future of the economy.

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