The Baltimore Ravens have got the running game down pat, as evidenced by their back-to-back seasons with more than 3,000 yards rushing. Baltimore allowed fewer than 19 points per game and limited the prolific Buffalo offense to a touchdown and a field goal in a second-round playoff loss last weekend. Quite simply, the Ravens need a robust passing game to supplement an offense that for the past three years has relied more heavily on quarterback Lamar Jackson's running ability than his downfield throws.
(Bloomberg) -- Joe Biden’s move to block the $9 billion Keystone XL project is the clearest sign yet that constructing a major new pipeline in the U.S. has become an impossible task.The incoming president has pledged to reshape the U.S. energy sector and accelerate the transition from fossil fuels, and the cancellation of the proposed link to Canada’s oil sands will be one of his first big environmental actions.Even before Biden’s inauguration Wednesday, the oil and gas industry was on its back foot when it came to building major new infrastructure. Despite Donald Trump’s pro-fossil-fuel policies, energy companies such as Williams Cos. and Dominion Energy Inc. have been forced to scrap new projects in the face of stiff opposition.“I can’t imagine going to my board and saying, ‘we want to build a new greenfield pipeline’,” Williams Chief Executive Officer Alan Armstrong said in an interview. “I do not think there will be any funding of any big cross-country greenfield pipelines, and I say that because of the amount of money that’s been wasted.”The industry’s retreat is a victory for the environmental movement. Groups that once campaigned under the slogan Keep It In The Ground have increasingly turned their attention to the pipes. Building them in much of the U.S. is a far trickier business than drilling oil and gas wells. That’s due to the numerous federal and state permits that, for the most part, can be more easily litigated. The Trump administration sought to streamline federal permitting, but many projects were dealt a mortal blow in the courts.“No one is going to announce a new pipeline while Joe Biden is the president,” said Katie Bays, managing director at FiscalNote Markets, which tracks policy issues for investors.Pipelines are likely to face a more burdensome approval process under the new administration, according to industry watchers including analysts at Morgan Stanley. Armstrong, whose company operates the Transco gas pipeline that runs from the Gulf of Mexico up the East Coast, says costs associated with litigation, together with the risk of delays, mean the construction of interstate projects in the U.S. can no longer be justified.He speaks from recent experience. Williams abandoned its Constitution natural gas pipeline in 2020 following years of legal battles with New York over a water permit. Its Northeast Supply Enhancement plan, which would have added pipeline segments in New York, Pennsylvania and New Jersey to an existing Williams system, was also effectively killed off last year amid opposition from New York Governor Andrew Cuomo.In fact, 2020 proved to be an awful year for anyone trying to build a major pipeline. In July, Dominion and its partner Duke Energy Corp. scrapped plans for their $8 billion Atlantic Coast natural gas project along the U.S. East Coast after legal battles, permitting hiccups and ballooning costs. Less than 24 hours later, a U.S. court court ordered the shutdown of the Dakota Access crude oil pipeline -- though the order was later sidelined.In Minnesota, on-the-ground protests from environmental and indigenous activists continue to dog Enbridge Inc.’s proposal to replace its Line 3 crude pipeline, which shuttles crude from Alberta to Wisconsin.Meanwhile, the $6 billion, 303-mile (488-kilometer) Mountain Valley natural gas project -- which along with Line 3 are the last remaining mega pipeline projects still in development in the U.S. -- is running into regulatory hurdles after years of cost overruns and delays. Shares of Equitrans Midstream Corp., which is constructing the pipeline between West Virginia and southern Virginia, plunged 9.9% Tuesday after a meeting of federal regulators in Washington failed to advance the project.Mountain Valley “might be the last one for a good long while,” said Christi Tezak, managing director at ClearView Energy Partners.TC Energy Corp., which was set to build Keystone, on Wednesday lamented Biden’s decision and said it will cost thousands of jobs. The Canadian company could challenge the move, but “suing your way to successful completion of a project is never a good situation to be in,” Southern Methodist University energy law professor James Coleman said.While the energy industry digests the Keystone news, it faces other harsh truths. Covid-19 decimated demand and prospects for a recovery to pre-pandemic levels remain uncertain. Though Keystone itself is important for Canadian oil producers, it has lost much of its former appeal to refiners on the U.S. Gulf Coast following years of rising shale supplies.And while oil stumbled, the renewable energy sector has been on a roll. Investors have fled the fossil fuel sector in droves and flocked to companies in solar, wind and other alternative technologies. That trend may determine the kind of big infrastructure projects that get built in years to come.Williams is now focused on a series of expansions along its current infrastructure, taking advantage of existing rights of ways to meet growing demand. The operator is also seeking to integrate renewable fuels into its systems. As new lines become harder to build, “incumbent pipelines are going to have a huge advantage,” Armstrong said.“Looking farther out, it’s hard to imagine that we’ll never go through a build cycle again,” FiscalNote’s Bays said of the pipeline business. “But it’s more likely that the next build cycle isn’t gas or oil, but is hydrogen or carbon dioxide.”(Updates with comment from Williams CEO in 16th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Northern Trust Corporation (Nasdaq: NTRS), holding company of The Northern Trust Company, has declared a quarterly cash dividend of $0.70 per share on its common stock ($1.66-2/3 par value), payable on April 1, 2021, to holders of record at 5:00 p.m., Chicago time, on March 12, 2021.
(Bloomberg) -- Oil erased its increase after an industry report showed U.S. stockpiles grew last week, heightening concerns over lackluster consumption.Futures retreated from the settlement price after the American Petroleum Institute was said to report a surprise 2.56 million-barrel build in domestic oil supplies, ahead of U.S. government figures Friday. Crude inventories were expected to have declined last week, according to a Bloomberg survey. The API report also showed builds in refined products.Worldwide, fuel use is expected to take another hit as new virus outbreaks in China add to a wave of infections in Europe and other parts of the world. JPMorgan Chase & Co. cut its Chinese demand forecasts for January to March.The U.S. “is still the biggest market in the world and it hasn’t recovered all the demand loss,” said Peter McNally, global head for industrials, materials and energy at Third Bridge. Additional lockdown measures in China are also weighing on the global outlook as “Chinese demand has been one of the big drivers of improved oil fundamentals.”Despite the day-to-day fluctuations in headline crude prices, U.S. crude’s closest contract was the most expensive versus those for six months out in about a year. Key Brent spreads are also in what is known as backwardation, indicating expectations for tight supply.Crude has held near $53 a barrel in New York with the nation working to roll out vaccinations as it struggles to contain the pandemic. Still, prices remain supported by the OPEC+ alliance’s continued production curbs.“Saudi determination to support markets holds sway for now,” said Paul Sheldon, chief geopolitical risk analyst at S&P Global Platts. “OPEC+ production cuts are markets’ most supportive factor at current prices and now appear to be running ahead of coronavirus-related demand uncertainty.”Chinese imports of U.S. and Russian crude last month were at similar levels to November, while purchases from Saudi Arabia and Iraq fell, according to customs data released Wednesday. Imports from Iran almost doubled.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Democrats took control of the Senate for the first time since 2015, as Vice President Kamala Harris swore in her appointed successor, Alex Padilla, as well as Raphael Warnock and Jon Ossoff, who won their races in Georgia earlier this month. “I need to catch my breath, so much is happening,” said Sen. Chuck Schumer […]
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The ceremony that made Joe Biden as the 46th president of the United States was an inauguration like never before. Also absent were the morning traditions involving the outgoing and incoming presidents and their spouses meeting on the North Portico of the White House and sharing a limousine to the ceremony. Two weeks after an angry mob of pro-Trump rioters stormed Capitol Hill, some attendees even wore body armor.
The actress and comedian has starred in upcoming film Baby Done.
Core components of Trump’s legacy comes undone with the stroke of a pen
In a renewed push against COVID-19, the president is ordering people to wear masks while on federal property and encouraging their use everywhere else.
It will be a precedent-setting move that unions argue is necessary for workers rights.
The Toronto Blue Jays have agreed to contracts with free agent pitchers Kirby Yates and Tyler Chatwood, a person familiar with the negotiations told The Associated Press. Yates agreed to a $5.5 million, one-year deal with $4.5 million in potential performance bonuses. Chatwood agreed to a $3 million, one-year contract with incentives that could take it to $5.5 million.
Ariana Dreshler/GettyAn already beleaguered U.S. vaccine roll-out has hit a new snag: Thousands of doses of the COVID-19 vaccine around the country are being dumped after being stored at the wrong temperature.More than 4,000 doses of the Moderna vaccine were wasted in Maine on Tuesday, when clinics opened their deliveries to find a red X on each of the vials, signifying that the vaccine had reached too high a temperature to be effective, according to the Portland Press Herald. That same day, the Detroit Free Press reported that providers in Michigan had the opposite problem: Nearly 12,000 doses were tossed because the vaccine had become too cold.Just Wednesday, the Ohio Department of Health suspended a provider from its vaccination program after the company let nearly 900 doses exceed the recommended temperature range. And hundreds of doses were ruined earlier this month in Colorado and Louisiana, after power outages in both states caused the storage refrigerators to shut down.Moderna vaccines must be kept in the highly specific temperature range of minus-13 to 5 degrees Fahrenheit. The doses are shipped to distributors frozen, and can be kept at that temperature for up to six months, or in a refrigerator for up to 30 days. The Pfizer vaccine, which has not started shipping, requires even colder storage temperatures.In Michigan and Maine, state officials emphasized that the incidents signified the system was working: The ruined vaccines were quickly identified and not distributed to any patients. But they were also a significant hiccup in an already behind-schedule vaccine rollout that has been plagued with slowdowns and slip-ups.‘The Idiocy Continues’: Nurses Refuse to Give COVID ShotsApproximately 16.5 million people in the U.S. have been vaccinated to date—far behind the 20 million that Health and Human Services Secretary Alex Azar predicted would be vaccinated by the end of 2020. In some cases, staffing shortages have slowed distribution; in others, doses have been purposefully destroyed. Several states have had to change who is eligible for the vaccine after receiving more doses than they were able to distribute.The malfunction in Maine, which appeared to have happened during packing or shipping, caused 35 of the 50 vaccine centers expecting shipments Monday to receive unusable doses, according to Dr. Nirav Shah, director of the Maine Center for Disease Control and Prevention. Replacement doses were set to arrive Tuesday or Wednesday.The 21 shipments in Michigan were also spoiled in transit, , according to state health officials. Distribution company McKesson Corp has already shipped replacements for the majority of the doses and is investigating what went wrong.The doses in Ohio were being held by health-care company SpecialtyRx for distribution at long-term health facilities when employees learned that 890 of them had been stored at the incorrect temperature. The company has since been banned from Ohio’s vaccine distribution program and the incident is under investigation by the Ohio State Board of Pharmacy.Two separate facilities in Colorado lost more than 100 doses each in one week last month—once, when a portable storage unit in Pueblo malfunctioned, and the next day, when a power outage in Lakewood caused a refrigerator to crash. A week earlier, Louisiana also lost 120 doses of the vaccine when a storm caused a distribution facility in Baton Rouge to lose power.“A little bit of me dies every time we hear about a dose that’s been lost,” Assistant State Health Officer Joseph Kanter said at a press conference. “We know how important these doses are, and it really does get at me.”Read more at The Daily Beast.Get our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.
NGL Energy Partners Announces Quarterly Class D Distribution
Four ‘severe’ flood warnings, meaning a danger to life, have been issued by the Environment Agency.
England netball head coach Jess Thirlby was thrilled with the challenge presented to her side as the Vitality Roses ran out 70-54 winners over the Vitality Superleague All Stars in the first of the three-game Legends Series.
Biden's inaugural speech focused mainly on healing domestic rifts and a new kind of politics at home. But he also signalled a return to engagement with the outside world.
"I'm really proud," Stiles said of the film's lasting impact in an interview with Entertainment Tonight
President Biden’s move is a U-turn on Donald Trump’s decision to exit the international pact to reduce greenhouse gas emissions
Group Nine Acquisition Corp. ("GNAC" or the "Company"), announced today the closing of its initial public offering of 23,000,000 units which included the full exercise of the underwriters' over-allotment option, at a price of $10.00 per unit, resulting in aggregate gross proceeds of $230,000,000.