Latest news with #BenMay
New Statesman
18-06-2025
- Business
- New Statesman
Will Iran inflict oil inflation on the West?
Fire and smoke rise into the sky after an Israeli attack on the Shahran oil depot in Tehran. PhotoMeetings are best avoided, as a rule. They take up valuable time, they achieve little, and they're often just a pretext for one person's terrible idea to be foisted on everyone else. And every now and then, a meeting takes place that sets world history on a dramatic and frightening new course. On 16 October 1973, the oil-producing nations of the Opec cartel met at the Sheraton Hotel in Kuwait City and agreed to almost double the price of crude oil. In doing so they divided the world along new lines. Economic growth in the West was effectively halved, while the autocracies from which the oil came – Saudi Arabia, Russia – received huge, long-term increases in their current accounts. The US, UK and Europe have spent decades trying to recapture the glory days before that fateful meeting, to rebuild the Western consumer dream that cheap energy had bought – using cheap labour (offshoring, globalisation, historic levels of immigration) and cheap money (privatisation, financialisation, historic levels of borrowing). From a single meeting, the modern dichotomy between oil-rich dictators and debt-laden democracies was agreed. Of course, the 1973 meeting was really just when the petrostates chose to exercise the power that Western dependence on oil gave them. It was retribution for America's support for Israel in the Yom Kippur War that October; unable to triumph in battle, Opec turned instead to the oil weapon. Now, as then, Iran may decide that Israel's military success will be paid for with inflation and recession in the West. This is made possible by geography. On Iran's southern coast the Persian Gulf narrows to a channel, 21 nautical miles across at its thinnest, through which 20 million barrels of oil and more than ten billion cubic feet of liquefied natural gas (LNG) are shipped each day. If Iran begins attacking ships in the Strait of Hormuz, it could threaten a fifth of the world's supply of oil and LNG. Ukraine's recent drone attack on Russian bombers demonstrated the power of relatively cheap, easily hidden hardware to wreak havoc on larger targets. Mines, drones and missiles in the strait could effectively close energy exports from Qatar and Kuwait, while exports from Saudi Arabia, the United Arab Emirates, Iraq and Oman would be restricted. Buyers around the world – especially in China, which buys Iranian oil and Qatari gas – would rush to secure new supply, pushing prices up. Matt Gertken, chief strategist at BCA Research, and Ben May, director of global macro research at Oxford Economics, both predict a major spike in the oil price, which could almost double to around $130 per barrel if Iran decided to block the strait. The result for Britain, the US and the eurozone would be higher inflation – and therefore higher interest rates to tame it – coupled with lower growth. The effects would be felt first at the petrol station, then in costlier shopping. Oil and gas are not just oil and gas – they are the plastic that most of the things we buy are made from or packaged in (or both); they are also fertiliser and heat and refrigeration and delivery. The price of energy is the price of pretty much everything, from goods made in Chinese factories to produce grown on British farms. In the UK, people, businesses and the government itself are still feeling the effects of the energy price shock of 2022. Our economy has been nudged even closer to recession by Trump's tariffs. The consequence of a doubling of the oil price would, says Gertken, 'very likely be a global recession'. At time of writing, the markets didn't seem particularly fussed about this suggestion; after a brief spike following Israel's initial attack on Iran on 13 June, the oil price had begun to decline again. Optimists point to the 'tanker war' of the 1980s, in which 55 ships were sunk or significantly damaged by Iran and Iraq, but which did not cause an oil shock. But Gertken says this is a 'mispricing' of the risk, because Israel is not just targeting Iran's nuclear programme but its domestic energy infrastructure. It is, he says, aiming not only to defang Iran's military but to cause unrest and regime change, to depose its 86-year-old Supreme Leader, Ali Khamenei. The current Iranian regime therefore has little to lose by escalating a situation in which Israel is already an unrestrained aggressor, and Iran has shown an appetite for targeting international shipping through proxy groups such as the Houthis in Yemen. Gertken puts the likelihood of a major oil shock at 50 per cent. Subscribe to The New Statesman today from only £8.99 per month Subscribe Who wins from this? While drivers in the US would be dismayed by prices at the petrol pump, Americans would be relatively well insulated from the shock because the US is the world's biggest producer of fossil fuels and a net exporter of energy. Russia, too, would benefit from a higher oil price, because fossil fuel exports are a major component of the Kremlin's revenues. China and Europe, which rely more on manufacturing, are far more exposed to a slump in global demand. Faced with another wave of inflation, European countries might find it harder to impose sanctions on Russian energy, and a ceasefire on Vladimir Putin's terms might become more likely. Global politics will continue to be redrawn – crudely, messily, and in black – until we can give up our fatal addiction to oil. [See also: Labour needs to be honest about tax rises] Related
Yahoo
18-06-2025
- Automotive
- Yahoo
NASCAR race at the Pocono Raceway: Here are the best routes to avoid traffic
As the 2025 NASCAR season inches closer to its stop at Pocono Raceway, one of the questions spectators and fans may have is how the track will handle the traffic flow, given how the weather the day of the race last year led to a traffic jam for the ages. Track president Ben May sat down with the Pocono Record during the spring to discuss this year's race preparations for the Great American Getaway 400 on June 22, including the new Amazon Prime media rights partnership to the in-season tournament. Advertisement He also talked about the traffic issues last year, and how he and his staff assessed the situation. What happened last year? Learn about the historic traffic issue during last year's Cup Series race. "Any time we admittedly make a mistake, whether it's our fault or one that's derived from a weather incident like that one, it still falls on our shoulders, and we shoulder that blame," May said. 'We're never ones to say, 'Oh well, you know, it's the weather. It had nothing to do with us.' Sure, it had everything to do with everything." Part of the challenge May alluded to is that Pocono Raceway, like a lot of NASCAR tracks, were originally built in places that were lightly populated (where land is cheapest). For most of the year, the two-lane roads that serve the community are enough. Advertisement But for the three days NASCAR comes to town, especially for the Cup Series Sunday afternoon, it can potentially be a traffic nightmare. May's plan to address that issue is working with a traffic engineering firm to help identify ways to control traffic patterns. The other part of the challenge is that May and the raceway staff do have traffic plans already in place, but the route they recommend are different from what GPS route might tell someone that is traveling into town. "You're most likely going to listen to Waze, Apple Maps and Google Maps before listening to what Pocono Raceway tells you. It's just natural," May said. "You use your phone to get around, and a lot of times, the phone will send you ways that are not ideal. Advertisement "So, we want to continue educating folks and make sure they understand that, 'Hey, this is the best way to get to Pocono Raceway.' And while I know it's a little bit uncomfortable to trust us, we have things in place. Of course, we also hope it doesn't rain." Pocono Raceway: What's the best route? The recommended route to get to Pocono Raceway for most fans is to use Route 22 or Route 33 into the Pennsylvania Turnpike and Interstate 80. For those coming from the Stroudsburg area, May recommends going to the Blakeslee exit and getting on Route 115, because they can control traffic to three or four lanes, as opposed to using back roads. May views the efficiency of traffic flow, both entering and exiting the raceway, as an integral part of the racing experience at Pocono. Because to him, a great day at the track can easily be devalued when it comes to travel issues. Advertisement "The first touch point you're going to have with our business, for a lot of fans, is traffic, riding to the facility filled with excitement about getting to the race," May said. "It's the same thing leaving; you can have the best day of your life, but if you're sitting in traffic for five hours going home, that's the last thing you're gonna remember, not how great the day was. "So it's important for us to logistically deliver on that part of the experience." This article originally appeared on Pocono Record: Pocono Raceway best traffic routes for NASCAR race this weekend
Yahoo
18-06-2025
- Automotive
- Yahoo
Pocono race weekend: What to know ahead of NASCAR's Great American Getaway 400
This weekend, NASCAR makes its stop at Pocono Raceway, with races starting on Friday, June 20, and ending with the Cup Series' Great American Getaway 400 on Sunday, June 22, in Long Pond, Pa. And unlike previous years, the Tricky Triangle has some added juice as the track is a part of the new in-season tournament. Here is what you need to know for race weekend at Pocono Raceway, whether you're sitting in the grandstands, hanging out in the campgrounds or watching at home. Advertisement Prime time for Pocono Raceway: Track president Ben May talks media deal, NASCAR tournament More: How will Route 115 construction affect Pocono Raceway traffic? What drivers should know When is the CRAFTSMAN Truck Series race at Pocono Raceway? The CRAFTSMAN Truck Series kicks off race weekend at Pocono Raceway. The MillerTech Battery 200 takes place Friday, June 20, at 5 p.m. ET. When is the NASCAR Xfinity Series race at Pocono Raceway? The Explore the Pocono Mountains 250 takes place Saturday, June 21, at 3:30 p.m. ET. Qualifying for Sunday's Cup Series race will take place prior to this race on Saturday. When is the NASCAR Cup Series race at Pocono Raceway? The Great American Getaway 400 takes place on Sunday, June 22, at 2 p.m. ET. This is the last NASCAR race to take place at Pocono Raceway in 2025. Where can I purchase tickets for race weekend at Pocono Raceway? Limited tickets are still available for the Cup Series, Xfinity Series and Truck series events at Pocono Raceway. Tickets for all three races can be purchased here. Advertisement On June 11, Pocono Raceway announced the entire inventory of camping sites sold out. Where can I park for race weekend at Pocono Raceway? Parking is free for attendees at Pocono Raceway. The track also has additional parking. How can I watch race weekend at Pocono Raceway? Television coverage of race weekend at Pocono Raceway, including the Cup Series, Xfinity Series and Truck Series, will be broadcast on various platforms depending on the race. Friday, June 20: MillerTech Battery 200 (CRAFTSMAN Truck Series) FS1: 5 p.m. start (Click here to learn more about access to FS1) Saturday, June 21: Explore the Pocono Mountains 250 (Xfinity Series) CW: 3:30 p.m. start (Click here to find your local CW channel/broadcast) Advertisement Sunday, June 22: Great American Getaway 400 (Cup Series) Prime Video: 2 p.m. start (Click here for Prime Video subscription information) This article originally appeared on Pocono Record: NASCAR weekend at Pocono Raceway: Tickets, TV schedule for Cup series races
Yahoo
18-06-2025
- Climate
- Yahoo
Weather watch at Pocono Raceway: what conditions should fans expect race weekend?
Weather was the biggest story related to race weekend at Pocono Raceway in 2024, when a thunderstorm caused a parking and traffic nightmare for fans and spectators. Track president Ben May addressed the issues with traffic last year and has taken action to avoid that outcome as much as possible, but ultimately, everyone at the Tricky Triangle is at the mercy of Mother Nature. Advertisement Now that race weekend it quickly approaching, here's what attendees can prepare for regarding weather. What are the projected weather conditions for Pocono Raceway? According to the Weather Channel, there is a minimal chance of rain all three days ― 18% on Friday, 12% on Saturday and 20% on Sunday. Winds are also projected to be around 10 MPH all weekend. It's expected to rain significantly Monday through Thursday, notably a 50% chance on Thursday, but it should subside after that. Sunday's Cup Series race, which is what most fans are preparing for, is projected to be partly cloudy with a high of 82 degrees and a low of 65 degrees. Advertisement Friday's CRAFTSMAN Truck Series and Saturday's Xfinity Series have similar weather projections: highs of low 80s and high 70s, and lows of mid 60s and high 50s. This story will be updated if there are significant weather changes. What happened last year at Pocono Raceway? During race weekend last year, a severe thunderstorm before the Cup Series race forced the parking staff to be pulled off of the roads. During that time, attendees tried to park themselves, which created a massive traffic jam that cause many people to miss significant parts of the race. Track CEO Nick Igdalsky talked about the effects the storm had on the event, and ensured action would be taken to address the issue. This article originally appeared on Pocono Record: Pocono Raceway weather projections: what NASCAR fans should expect
Yahoo
18-06-2025
- Automotive
- Yahoo
Prime time for Pocono Raceway: track president Ben May talks media deal, NASCAR tournament
Pocono Raceway President Ben May will have two new changes to account for as the NASCAR season quickly approaches the Tricky Triangle. The track will be a part of a new in-season tournament for NASCAR, and the tournament will be broadcast with a new media partner: Amazon Prime. The two sides agreed to a deal worth $7.7 billion and will air five total races, including the three tournament preliminaries: Michigan, Mexico City and Pocono. Advertisement "What I think about the in-season tournament is that it starts right after the Prime window. So, something happening at our race is going to matter," May told the Pocono Record. "What exactly? I don't know, I guess we shall see. But I think it's exciting to be a part of it." He compared the stakes to when Pocono Raceway hosted the race before the Craftsman Truck Series playoffs began a few years ago. May also follows the NBA, so he's seen how the in-season tournament works for that league and is curious, along with the fans, on how it'll play out en route to a driver winning the $1 million prize. The in-season tournament is also the primary reason why the Great American Getaway 400 was moved up a month earlier compared to last year's date of July 14. And it wasn't that the Triangle conveniently fell into a good spot ― Amazon Prime specifically wanted Pocono to be a part of the broadcast stretch. Advertisement "We were flattered Amazon Prime wanted us to be in their window, and we were happy to oblige," May said. "There's a small window here that works for Pocono. June 22 is as early as we can be. We liked the July date, but NASCAR asked, 'What do you guys think about the June date?' And that's the conversation." Pocono Raceway had its second consecutive full facility sellout, which includes sponsorships for all the races, the grandstands, the suits and the campgrounds. So, it makes sense that Amazon would want the track on its network. "'We're on fire here," May said. While talking with track CEO Nick Igdalsky, May now has to account for the peripheral events around the potential race date. What's on the sporting calendar? Is school still in session so children can come? How can the date impact tourism, which is a driving force in the regional economy? Advertisement "It's not just a Pocono Raceway thing, right? There's a lot of factors involved, and the date fits," May said. "I love anything after mid-June. We did early June for a long, long, long time, and it was a tight fit. Then you get deep into August and kids go back to school. So, there's really about six weeks where we fit. We'd like to be in the same window going forward." Pocono's new "Prime" spot after media rights deal May has also enjoyed the partnership with Amazon Prime as the two sides prepare for race weekend, from the site surveys to the virtual calls. It's the first time NASCAR has partnered with a non-traditional medium, so there's some inherent risk in the new venture. Part of that risk is visibility ― not everyone has every streaming service. So how will viewership be affected with the Great American Getaway 400 not being on a traditional broadcast? Advertisement While the numbers on that are yet to be determined, it's worth noting that more people have access to Prime Video than they realize. "Amazon has made this point a few times that if you have a Prime subscription, you have access to Prime Video," May said. "The connection is 'Well I pay for my yearly subscription for Prime, I get free shipping on all my stuff, but that also includes a whole bunch of other added value in live sports entertainment.'" Another factor that benefits Pocono Raceway is that it's the last of the five races on Amazon Prime, with the two other tournament preliminaries, and Charlotte and Nashville before that. Prime Video also airs practice and qualifying all year. So, there's a long acclimation period to Prime Video that builds up to Pocono, which should make the visibility for the Tricky Triangle easier. Advertisement "To the question about how it's going to be reported in terms of ratings, it's going to be very, very interesting," May said. "It's also going to be interesting dealing with a non-traditional broadcast partner, because we've always had a race where the nightly news has to show. So, the race has got to be done before a certain time because people want to see the news. That doesn't exist with Prime; it just lives in the streaming service and doesn't have to end at a certain time. "The whole concept is interesting. It's been fun to learn." May and his staff will have a lot of changes to account for, and racing fans will see it all come together during the third weekend in June. This article originally appeared on Pocono Record: Pocono Raceway president Ben May talks Amazon, in-season tournament
