A monthlong drop in U.S. stocks intensified in afternoon trading Wednesday, sending the Dow Jones industrial average down more than 400 points and putting the index on track for its biggest loss in more than a year.
The drop was fueled by investor fears that Europe could slip into recession. Worrisome economic news in the U.S. also drove Wednesday's selling.
WASHINGTON (AP) — The deficit for the just completed 2014 budget year was $483 billion, the lowest of President Barack Obama's six years in office, the government reported Wednesday.
It's the lowest since 2008 and, when measured against the size of the economy, is below the average deficits of the past 40 years. The deficit equaled 2.8 percent of gross domestic product, which is the economy's total output of goods and services.
The U.S. wants a new United Nations climate deal next year that allows countries to set their own climate emissions cuts, State Department climate envoy Todd Stern said Tuesday, in his most expansive comments yet on the upcoming negotiations.
Stern's speech at Yale University largely confirmed reports that the Obama administration will back the so-called "name and shame" plan suggested by New Zealand that stresses voluntary commitments, combined with mandatory reporting and transparency.
Such a plan would also take the administration off the hook to submit a final deal to the Senate, where it would face substantial opposition.
Documents obtained by E&E through a Freedom of Information Act request reveal that the Interior Department's inspector general finalized 457 investigations in 2013, but only three were released to the public.
Pioneer Natural Resources Chief Executive Scott Sheffield, whose firm is one of two to get a federal green light to export lightly-processed oil condensates, on Tuesday called on the Commerce Department to approve all pending export applications.
Such an approval would push back by up to 18 months the coming problem of domestic light crude production exceeding U.S. refining capacity, he said at a forum hosted by the Aspen Institute in Washington.
WASHINGTON (AP) — The Supreme Court on Tuesday considered how to resolve a long-running legal fight between Kansas and Nebraska over the use of water from the Republican River.
The justices appeared to agree with recommendations of a special master who found that Nebraska should pay $3.7 million in damages to Kansas for using more than its legal share of the river's water in 2005 and 2006.
VIENNA (AP) — With differences still unresolved and the deadline for a deal nearing, Iran and the U.S. have a choice to make: Extend nuclear talks for a second time or face the risk of renewed confrontation and armed conflict.
U.S. Secretary of State John Kerry meets Wednesday in Vienna with Iranian Foreign Minister Mohammad Javad Zarif to try and advance the talks and meet the target date of Nov. 24. But with less than six weeks left until Nov. 24, there may be no alternative to prolonging them.
WASHINGTON (AP) — Just as the U.S. job market has finally strengthened, the Federal Reserve now confronts a new worry: A sputtering global economy that's spooked investors across the world.
The economic slump could spill into the United States, potentially weakening job growth and keeping inflation well below the Fed's target rate. Such fear has led some analysts to suggest that the Fed might wait until deep into next year to start raising interest rates — and then raise them more gradually than expected.
PARIS (AP) — The United States and Russia are vowing to cooperate more closely on a broad array of global security matters even as they remain deeply at odds over the crisis in Ukraine.
Secretary of State John Kerry and Russian Foreign Minister Sergey Lavrov met for more than three hours in Paris Tuesday. Kerry emphasized afterward that the two countries would work closer together on fighting the Islamist extremists in the Middle East, dealing with Iran and North Korea's nuclear programs and other issues. He said Russia has agreed to begin intelligence sharing with the U.S. on the Islamic State.
China processed 10.3 million barrels of oil a day in September, a record analysts -- who say companies are replenishing their stockpiles -- attribute to the drop in crude prices, The Wall Street Journal reports.
Oil prices gained early Tuesday on news of record demand in China in September. Crude increased 55 cents, bringing the U.S. benchmark to $83.26 a barrel in electronic trading on the Nymex, while in London Brent hit $85.95, Reuters reports.
Monday’s settlement for November natural gas futures on the Nymex – down 9.6 cents to $3.67 per million British thermal units – represents an 11-month low, and analysts told Platts a mild weather forecast for the month will likely reinforce the sluggish trend.
Despite recent improvements in the numbers, oil and gas firms still have more deaths from explosions and fires than any other private industry and carelessness is still a problem, according to E&E’s review of federal statistics.
Rep. Lamar Smith, R-Tex. and chair of the House Science, Space and Technology Committee, has sent a second letter to Administrator Gina McCarthy about the Environmental Protection Agency’s rule limiting carbon emissions from existing power plants, this time demanding a full cost analysis in the face of what he calls “the flaws and deficiencies in EPA’s modeling,” The Hill reports.
The reduction in the federal investment tax credit that’s due to take effect at the end of 2016 will drive a wave of consolidation that will leave six to 12 major players in the solar industry, an analyst predicted at the start of the Solar Power International conference in Las Vegas, Bloomberg reports.
Tesoro Logistics is getting into the natural gas business, picking up assets from QEP Resources in Colorado, Utah and North Dakota in a deal with a $2.5 billion price tag, the San Antonio Express-News reports.
Taking the first formal step in the process to limit strontium in drinking water, the Environmental Protection Agency has issued a preliminary determination to regulate levels of the substance and will take public comment on the matter, The Hill reports.