Another hurdle: The Obama administration’s decision to crack down on the methane leaking from nearly 1 million oil and gas wells across the country promises to reduce greenhouse gases but also imposes new costs on an industry that’s already reeling. Bloomberg News reports the administration’s plan targets reductions of a potent greenhouse gas that pound for pound is 84 times more powerful than carbon dioxide at warming the atmosphere when measured over two decades. Industry leaders cried foul, saying new methane rules could quash domestic drilling, heaping more pain on energy companies that have idled more than 1,000 rigs and gutted more than 250,000 jobs since oil and gas prices started falling in 2014. Read the full story.
No more ‘Cheers’: Taps are running dry and doors are closing at neighborhood bars across the country. That has left the remaining ones to try to find ways to stay afloat. As The Associated Press reports, one in six bars closed between 2004 and 2014, according to market research firm Nielsen. More than 600 close each month, with just 334 opening. The neighborhood bar closures are happening as more people are getting their alcoholic drinks from restaurants, cavernous sports bars with scores of TV screens, brewpubs and at home. Besides the increasing competition, neighborhood bars also are contending with other challenges, including rising costs for expenses such as rent. Read the full story.
Good sign: The number of Americans filing for unemployment benefits fell more than expected last week, hitting its lowest level since October, pointing to sustained strength in the labor market that should further dispel fears of a recession. Reuters reports initial claims for state unemployment benefits declined 18,000 to a seasonally adjusted 259,000 for the week ending March 5, the lowest reading since mid-October, the Labor Department announced today. Jobless claims are being watched for signs of labor market weakness following a recent massive stock market sell-off that caused a tightening in financial market conditions amid slowing global growth and fears the U.S. economy was heading into recession. Read the full story.
