A new mandate: President Donald Trump’s “one big beautiful bill” includes several provisions expanding federal subsidies and tax benefits for the oil and gas industry. Among its most significant energy-related provisions, the legislation mandates the resumption of quarterly onshore oil and gas lease sales under the Mineral Leasing Act, effectively repealing restrictions introduced by the Inflation Reduction Act. The Department of the Interior is required to conduct at least four lease sales per year in nine states — including Wyoming, New Mexico, Texas and Oklahoma. The Center Square has the full story.
Apple digs deeper: Apple Inc. has struck a $500 million deal to buy rare-earth minerals from MP Materials Corp., Bloomberg reports. That’s the U.S. producer that just last week secured backing from the Pentagon. The two companies will build a factory in Texas, with neodymium magnet manufacturing lines tailored for Apple products. Apple said the spending on rare-earth minerals is part of its earlier pledge to invest more than $500 billion in the U.S. over the next four years. Bloomberg has the full story.
Inflation picking up: Inflation ticked up in June, suggesting companies may be starting to pass tariff costs on to consumers. Consumer prices rose 2.7% from a year earlier, up from May’s 2.4% increase, the Labor Department reported Tuesday. Core inflation, which excludes volatile food and energy prices, climbed 2.9%, also in line with forecasts. Prices of furniture, toys and clothes experienced larger increases in June. However, car prices unexpectedly fell. The Wall Street Journal has the full story.
