Why oil prices aren't rising
Welcome back. Let's jump into the news:
- ????1 Iran thing: President Trump responded to last night's missile strikes saying the strikes resulted in no casualties and Iran now "appears to be standing down."
- ??1 tech thing: TikTok published a lengthy update to its rules of conduct, sharpening its definition of unacceptable content and its stance towards misinformation.
- ??1 biz thing: While U.S. manufacturing has fallen into its deepest hole in a decade, the all-important services sector keeps chugging along.
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1 big thing: What Middle East crisis? Why oil prices aren't rising
By: Amy Harder ? Newsletter: Axios Generate (sign up here)
Data: EIA; Chart: Axios Visuals
Despite rising unrest in the Middle East — including the death of an Iranian commander — America’s average gasoline prices have remained under $3 a gallon.
Why it matters: Practically speaking, it’s great for drivers’ pocketbooks — and President Trump’s re-election campaign. It also shows the remarkable cushion created by the United States' booming oil production, which has doubled over the last decade.
The intrigue: America’s booming oil industry is affording Trump the geopolitical room to be more aggressive on Middle East policy, experts say, even in an election year when high gas prices would make voters angry at incumbent politicians.
Go deeper: Read the full story
Sign up for Axios Generate for more on how the current unrest in the Middle East is affecting gasoline prices in the U.S.
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2. Uber's pre-IPO holders cash in
By: Dan Primack ? Newsletter: Axios Pro Rata (sign up here)
Illustration: Eniola Odetunde/Axios
During his time as Uber's CEO, Travis Kalanick never sold any of his shares. It was one of the few unambiguously noble things he did, in an age in which many other CEOs were cashing in big on secondaries.
Driving the news: While we were on break, Kalanick sold his entire remaining stake in the company and resigned from its board of directors. His windfall was in the billions, even though Uber is valued well below where it went public (let alone its valuation when Kalanick was last in charge).
- But he's not the only pre-IPO holder that's sold big.
Go deeper: Read the full story
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3. Middle East tensions could spark a big year for defense stocks
By: Dion Rabouin ? Newsletter: Axios Markets (sign up here)
Data: Money.net; Chart: Axios Visuals
Defense sector stocks have predictably seen major buying since the killing of Iran Gen. Qasem Soleimani, in particular Northrop Grumman and Lockheed Martin.
Why it matters: The gains may not be temporary, analysts say.
Go deeper: Read the full story
?? For more on how the markets are responding to unrest in the Middle East, sign up for Dion's daily Axios Markets newsletter.
Administrative Manager/ Business Consultant at GBS (General Building Systems)
5 年I do not know in what world that Amy Harder is living but the price of retail gas at the pump went from a national average of $2.29 a gallon to $2.69 in less than 24 hours after the attack. Maybe her? message is one to appease the masses following their idol in his follies or using the subject for some? profitable motives.
Sales And Marketing Specialist (Self-employed)
5 年Just wait and watch how and for how much time you can hold the reality. Or the Truth.
The ELAN Project for Educational Leaders | MathPASS ? Connecting learners and educators around the globe ?? The Young Hedge Fund ?? The Free Virtual School ?? Maths Club International
5 年The global oil market is a different place from ten years ago.