Talking the talk: President Barack Obama made a forceful call for action against climate change during his annual State of the Union address Tuesday evening, as he derided lawmakers skeptical of the phenomenon and delivered a thinly veiled critique of the GOP-controlled Congress’ focus on the proposed Keystone XL pipeline. “No challenge—no challenge—poses a greater threat to future generations than climate change,” Obama said in his penultimate address to a joint session of Congress. Obama chided lawmakers who have been skeptical of climate change or humanity’s role in it—including those who have avoided taking a position by insisting they are not scientists. FuelFix.com has the full story.
Taking a closer look: Federal Reserve officials are starting to reassess their outlook for the economy as global weakness and disappointing data on American consumer spending test their resolve to raise interest rates this year. San Francisco Fed President John Williams says he will trim his U.S. estimate because of slower growth abroad. Atlanta’s Dennis Lockhart also says he advocates a “cautious” approach to rate increases and that inflation readings “may be pivotal.” Both are voters on the Federal Open Market Committee in 2015 and repeated that rates could be raised in the middle of the year. Bloomberg has the full story.
By the numbers: Brent crude oil futures rose 2.5% to above $49 a barrel this morning, rebounding from falls in the previous session as more energy firms cut investments and the dollar weakened. Brent has fallen by more than 50% since June amid oversupply and OPEC’s decision not to curb output despite a fast-growing U.S. shale industry. But Reuters reports there are growing signs lower prices could soon curb production. The heads of both France’s and Italy’s largest energy producers, Total and ENI Spa, announced this morning plans to cut capital expenditures next year, including U.S. shale investments. Read the full story.
