US oil inventories rise 7.1M barrels last week
Crude oil inventories increased by about 7.1 million barrels last week, compared to expectations for a fall of about 1.5 million barrels.
Meanwhile, gasoline inventories declined by 2.7 million barrels, and distillate stocks—including diesel and heating oil—fell by 800,000 barrels.
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Al Arabiya
20 minutes ago
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Tesla's Autopilot system is in the spotlight at a Miami trial over a student killed while stargazing
A rare trial against Elon Musk's car company began Monday in Miami, where a jury will decide if it is partly to blame for the death of a stargazing university student after a runaway Tesla sent her flying 75 feet through the air and severely injured her boyfriend. Lawyers for the plaintiff argue that Tesla's driver-assistance feature called Autopilot should have warned the driver and braked when his Model S sedan blew through flashing red lights, a stop sign, and a T-intersection at nearly 70 miles an hour in the April 2019 crash. Tesla lays the blame solely on the driver, who was reaching for a dropped cell phone. 'The evidence clearly shows that this crash had nothing to do with Tesla's Autopilot technology,' Tesla said in a statement. 'Instead, like so many unfortunate accidents since cellphones were invented, this was caused by a distracted driver.' The driver, George McGee, was sued separately by the plaintiffs. That case was settled. A judgement against Tesla could be especially damaging as the company works to convince the public its self-driving technology is safe during a planned rollout of hundreds of thousands of Tesla robotaxis on US roads by the end of next year. A jury trial is rare for the company, which often settles lawsuits, and this one is rarer yet because a judge recently ruled that the family of the stricken Naibel Benavides Leon can argue for punitive damages. The judge, Beth Bloom of the US District Court for the Southern District of Florida, issued a partial summary judgement last month throwing out charges of defective manufacturing and negligent misrepresentation against Tesla. But she also ruled plaintiffs could argue other claims that would make the company liable and ask for punitive damages, which could prove costly. 'A reasonable jury could find that Tesla acted in reckless disregard of human life for the sake of developing their product and maximizing profit,' Bloom said in a filing. The 2021 lawsuit alleges the driver relied on Autopilot to reduce speed or come to a stop when it detected objects in its way, including a parked Chevrolet Tahoe that Benavides and her boyfriend, Dillon Angulo, had gotten out of near Key West, Florida, to look up at the sky. The Tesla rammed the Tahoe at highway speeds, causing it to rotate and slam into Benavides, tossing her into a wooded area and killing her. In legal documents, Tesla denied nearly all of the lawsuit's allegations and said it expects that consumers will follow warnings in the vehicle and instructions in the owner's manual, as well as comply with driving laws. Tesla warns owners in manuals that its cars cannot drive themselves and they need to be ready to intervene at all times.
Al Arabiya
an hour ago
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To Whom It May Concern: Trump's tariff letters cause a stir among world leaders
Ninety trade deals in 90 days didn't happen early in President Donald Trump's second term. Liberation Day panicked the financial markets in April. And bespoke trade agreements with dozens of countries he has said takes too much time. 'There's 200 countries,' the president acknowledged. 'You can't talk to all of them.' So Trump repackaged his plan to slap tariffs on almost every nation in a series of unusual presidential letters to foreign leaders that set new thresholds not just for trade negotiations–but also for diplomatic style, tone, and delivery. Most are fill-in-the-blank form letters that include leaders' names and a tariff rate. Words are capitalized using Trump's distinct social media style. A few typos and formatting issues appear throughout. They generally include an opening flourish of salutation, a grievance, the threat of a big jump in tariffs, a new deadline, and an escape ramp allowing that 'we will perhaps consider an adjustment to this letter if certain conditions are met.' Rather than typical diplomatic talk of things like 'enduring mutual respect,' Trump closes with 'Thank you for your attention to this matter!' and 'Best wishes,' followed by his signature of three long strokes linked by and about 14 short ones. He appears to have paid special attention to his letters to Canada, with which he's been fighting and taunting for months, and Brazil, which he singled out for 50 percent tariffs apparently based on a personal grudge rather than economics. A negotiation tactic: The good news for the leaders of foreign countries Trump suggested is that if he sent you a letter, he wants to negotiate. 'A letter means a deal,' he said during a Cabinet meeting. 'We can't meet with 200 countries.' But he's also managed to make his erratic trade policy baffling for American trading partners eager to negotiate a way to dodge his wrath. The president escalated a conflict he started with America's second-biggest trading partner and longstanding ally, raising the tariff–effectively a tax–on many Canadian imports to 35 percent effective Aug. 1. On Saturday, Trump announced more tariffs still, this time on two of the United States' biggest trade partners: the European Union and Mexico at 30 percent each. And it's far from clear that these tariffs would benefit Americans' bottom lines. Trump's threat to boost import taxes by 50 percent on Brazilian goods could drive up the cost of breakfast in the United States by making staples of the American diet, such as coffee and orange juice, more expensive. Reception has been… spotty: The response to the letters, which the White House says will also be mailed, has been mixed. Canadian Prime Minister Mark Carney's office issued a mild statement acknowledging the new Aug. 1 deadline and suggesting he would 'stay the course steadfastly defend(ing) our workers and businesses.' Brazilian President Luiz Inácio Lula da Silva, meanwhile, vowed retaliatory tariffs and ordered his diplomats to return Trump's letter if it ever physically arrives at the presidential palace in Brasilia. 'Respect is good,' Lula told TV Record. 'I like to offer mine and I like to receive it.'
Al Arabiya
2 hours ago
- Al Arabiya
Senate democrats say trump's policies are hurting america's ability to compete with china
President Donald Trump's foreign aid cuts, tariffs on allies, and restrictions on international students have deeply undermined America's ability to compete with China, Senate Democrats say. In a report released Monday, Democrats on the Senate Foreign Relations Committee called for congressional action toward restoring the country's global reputation and influence to ensure the US will not be unseated by China as the world's leading power. America's retreat from the world will have real and lasting consequences for the American people, the report says. And a retreat from the system that we helped build following the Second World War – based on democracy, economic interdependence, and American values – means China is increasingly able to set the global agenda at the expense of US interests. The report comes about six months after Trump returned to the White House and began taking drastic measures that his administration says will improve government efficiency and protect US interests, triggering condemnation from Democrats that the moves could amount to ceding global influence to China. White House spokeswoman Anna Kelly said the US is strong again under Trump and that his foreign policy is effective because of his willingness to look anyone in the eye to get better deals for the American people. His strategy is paying off as evidenced by the recent trade deal that created a path toward open market access for Americans and China's actions to control the spread of deadly fentanyl, she said. In the report, the Democrats criticized the Trump administration's gutting of the US Agency for International Development, which was a key way of distributing foreign assistance, and the US Agency for Global Media – both tools to extend US soft power and counter Beijing's influence. While Trump's cuts to USAGM, whose outlets deliver uncensored information to parts of the world under authoritarian rule and often without a free press of their own, has resulted in the loss of 54 frequencies by Radio Free Asia and millions of users, Chinese state-run media outlets have added 80 new radio frequencies and multiple languages to their programming, the report said. The administration's cuts to foreign aid programs also has allowed China to surpass the US as the largest bilateral assistance partner for more than 40 countries, according to the report. 'China is building influence, expanding relationships, and reshaping the global order to its advantage,' said Sen. Jeanne Shaheen, the ranking Democrat on the Senate Foreign Relations Committee. In a call with reporters, Shaheen said some Republicans, while unwilling to join the Democrats in the report, share the same concerns over the threat posed by Beijing. The office of committee Chairman Jim Risch, R-Idaho, declined to comment. The report criticized Trump's tariffs on allies and partners including the European Union, Mexico, Canada, and Japan. 'Blanket tariffs are not just wrecking economic havoc at home, they are also eroding longstanding US alliances, including making it even more difficult to increase defense spending to 5 percent of gross domestic product,' the report said. That's the new goal agreed to by NATO allies. The administration's proposals to cut funding for scientific research and crack down on top US universities and foreign students could lead to a brain drain, the report warned, noting China is jumping at the opportunity to lure talent.
