Oil Prices Rise with Middle East Tensions
International Energy Association (IEA) reported booming U.S. output will offset falling exports from Iran and Venezuela.
Tensions in the Middle East rose again over the weekend after reports indicated that four oil vessels were “attacked” or “sabotaged” at the mouth of the Persian Gulf near Fujairah Emirate, just outside of the Strait of Hormuz. The United Arab Amirates (UAE) stated that the damaged ships were two crude oil tankers owned by Saudi Arabian shipping firm Bahri, one fuel bunker barge flying a UAE flag and Norwegian oil products tanker owned by Thome Ship management. These reports are still largely unconfirmed, but come as no surprise given the recent rhetoric and geopolitical tensions facing the region.
Shortly after closing the doors in Lordstown, OH, GM is in discussions to sell the facility to an Electric Truck company named Workhorse. GM made the decision in November to close down four U.S. based production plants, one of which was located in Lordstown, OH and home of the Chevrolet Cruze Sedan. According to Tom Colton, head of investor relations for Workhorse, the talks are still in the preliminary stages. There is no time table for speculation of the potential returning jobs to the area. The United Autoworkers Union (UAW) has a different agenda in mind. The UAW is trying to push for a reemergence of a petrol powered vehicle plant in the old GM facility, speculated to harbor more employees than Workhorse.