oil

President Bush sidestepped two controversial environmental issues Monday as he took a brief swing along the West Coast.

In Portland, Ore., where Bush arrived Sunday night and left Monday morning, the President avoided committing himself on protection for the northern spotted owl, the bird whose fate has been bound up with the future of the Northwest’s remaining stands of “old growth” virgin forest.

Bush called for “balance” but did not define it.

Later in the day, during a brief stop in Los Angeles before flying back to Washington, Bush avoided any comment on offshore oil drilling. Last week, he said he was within “days, not weeks” of making a decision on whether to restrict drilling off the coasts of California and Florida.

Bush is widely expected to allow drilling off at least some parts of the Southern California coast. The White House has delayed for months announcing its policy, in part out of concern for the impact a politically unpopular decision to drill would have on Republican hopes of winning this fall’s election for governor.

Politics was at the center of the trip, which brought Bush from Texas to Oregon to Los Angeles and back to Washington in about 31 hours, roughly 11 hours of it on airplanes and only about 45 minutes in public.

But he will have spent several hours in political functions, mostly behind closed doors, in efforts to raise money for Republican candidates.

The chief purpose of Bush’s three-hour stop in Los Angeles, for example, was a lunch at the Bel-Air home of David Murdock, head of Castle Entertainment, where guests paying up to $25,000 apiece were expected to contribute about $700,000 to Republican coffers.

In Oregon, GOP officials estimated Bush raised more than $750,000 for Dave Frohnmayer, the Republican candidate for governor, as he spoke to several hundred people who had paid $1,000 to eat scrambled eggs and listen to political rhetoric at 8 o’clock on a Monday morning.

Because the White House added two non-political stops to the schedule–a 20-minute visit to view the model of a planned memorial to slain policemen in Portland and another 20 minutes at an anti-drug program here–the trip is considered “presidential,” rather than purely “political.” As a result, taxpayers, rather than the GOP, foot much of the bill.

In his remarks on Frohnmayer’s behalf, Bush spoke on both sides of the spotted owl issue.

“I reject those who would ignore the economic consequences of the spotted owl decision,” he said. “I also reject those who do not recognize their obligation to protect our delicate ecosystem.”

His audience, however, left no doubt about their sympathies, loudly applauding when he spoke in favor of considering economic factors and greeting his call for environmental protection with silence.

One of the GOP candidates Bush praised, Rep. Denny Smith (R-Ore.), was even more blunt. “There are millions of owls in the world,” he said. “The bottom line is people are more important than owls.”

Outside the hotel where Bush spoke, several dozen protesters demonstrated against logging. They were joined by other demonstrators protesting about a range of issues from AIDS to the policies of the Indian government in Kashmir.

One group of protesters did a dance across a downtown Portland street representing forest creatures. In keeping with the area’s reputation for civility, the group pranced into the street only when street lights said “Walk,” quickly returning to the sidewalk each time the “Don’t Walk” sign lit up.

Later, however, some demonstrators burned American flags and piles of newspaper in a street near the hotel, sparking at least 27 arrests, police said.

Environmental activists have campaigned to preserve the owl, which lives only in dense “old growth” forests of the Northwest, in large part as a way of protecting the forest ecosystem. Environmental groups argue that the remaining old-growth forests will be entirely gone within a generation if logging of them is not restricted.

Timber companies and many timber industry workers argue that logging restrictions sought by conservationists will put them out of work.

The federal Fish and Wildlife Service has proposed protecting the owl under the Endangered Species Act and is supposed to make a decision by June 23.

Bush has little role to play in that decision. But if the owl is listed as “endangered” or “threatened,” the White House could strongly influence the required writing of a plan to protect the creature. Environmentalists, in turn, could go to court if they believe the Administration does not protect the owl sufficiently.

Ukrainian forces used drones to attack two oil tankers in the Black Sea, alleged to be part of Russia’s ‘shadow fleet’ used to evade sanctions. The Gambia-flagged ships, named Kairos and Virat, were said to be empty and are now out of service.

The imposing Beaux-Arts mansion at the Huntington in San Marino, designed at the start of the 20th century by architects Myron Hunt and Elmer Grey, first opened to the public in 1928, just for a few weekday afternoon hours, following the deaths of founders Arabella and Henry E. Huntington. (They’re buried out on the lawn.) The railroad, shipbuilding and real estate tycoon (1850-1927) and his wife (1850-1924) were sometimes said to be America’s wealthiest couple, equivalent to billionaires today when their fortune is adjusted for inflation, and they had been spending lavishly on art for two decades. Their nonprofit was founded in 1919, partly to take advantage of brand new income tax deductions for charities, a government novelty lessening what was surely a hefty annual federal assessment, plus eventual estate taxes. For more than 30 years after it opened, their grand house-museum held the best art collection — by far — that the suburban Los Angeles public could see.

The Huntington’s Art Museum, once home to Henry and Arabella Huntington, boasts a large collection of European, American and East Asian art.

(Allen J. Schaben / Los Angeles Times)

L.A. has seen various major art museums blossom since the 1960s, but the Huntington collection is still enormously impressive. The centerpiece is European paintings, sculptures and decorative arts — especially 18th century British and, secondarily, French — while American art claims maturing depth. (Chinese and Japanese art holdings are modest.) A 2021 acquisitions partnership with the Ahmanson Foundation is bringing major additions, so far including exceptional paintings by Francisco Goya and Thomas Cole.

What follows is a selection of 22 works, chosen from the mansion and the Virginia Scott Steele Galleries for American Art, a short walk away. (The art’s locations are noted as “M1” or “M2” for the mansion’s two floors, or “S” for the Steele.) Note, however, that this is most definitely not a “best of” list. Some works would surely turn up on such a selection, but the aim here is instead to give an idea of the diverse pleasures that will be found throughout the place. The list is in chronological order.

Stocks around the world whipped higher Wednesday, riding a wave of optimism on encouraging data about a possible treatment for COVID-19.

The upswell of hope was so strong that investors completely sidestepped a report showing the coronavirus outbreak drove the U.S. economy to its worst quarterly performance since the Great Recession. The Standard & Poor’s 500 index jumped 2.7%, extending a rally that has brought the U.S. stock market to the brink of its best month in 45 years.

The spark for Wednesday’s rally was a report that an experimental drug proved effective against the coronavirus in a study run by the National Institutes of Health. The nation’s top infectious diseases expert said the drug reduced the time it takes patients to recover, raising hopes that life around the world may eventually tiptoe back toward the way it was before the pandemic.

The S&P 500 index rose 76.12 points to 2,939.51. It has surged 13.7% in April, and it’s a day away from closing out its best month since late 1974.

The Dow Jones industrial average rose 532.31 points, or 2.2%, to 24,633.86. The Nasdaq climbed 306.98 points, or 3.6%, to 8,914.71.

What’s happening now is a “debate between optimism and realism,” said Adam Taback, chief investment officer for Wells Fargo Private Wealth Management.

The Federal Reserve said Wednesday that it expects the health crisis to weigh on the economy “over the medium term,” as it promised to keep in place massive amounts of aid and interest rates at nearly zero. Oil prices, bonds and other markets besides stocks have also been dominated in recent weeks by worries about the economic effects of the virus outbreak.

“Everything except equities is telling you things are not great,” Taback said. “This market is overly optimistic.”

Gilead Sciences’ release about its drug remdesivir hit markets at the same moment as a government report showing that the U.S. economy shrank at a 4.8% annual rate in the first three months of the year.

Job losses have exploded since early April, as layoffs sweep the nation following widespread stay-at-home orders, and economists expect to see even worse numbers for the second quarter of the year.

The first-quarter figure was “merely the tip of the iceberg,” said Michael Reynolds, investment strategy officer at Glenmede.

But stocks have been rallying over the last month as investors look beyond the current economic devastation and focus instead on the prospect of economies gradually reopening. Some U.S. states, as well as some nations around the world, have laid out plans to relax restrictions keeping people at home and businesses bereft of customers. Any new treatment for COVID-19 could also lower the dread so prevalent among households and businesses around the world.

But what got the 31.4% rally for the S&P 500 started in late March was massive aid from the Federal Reserve and Congress. The Fed said Wednesday that it wouldn’t pull back on the aid anytime soon.

The market’s easing pessimism about the economy’s path is perhaps most clear in how the smallest stocks have been performing.

When recession worries were at their height, investors punished small-cap stocks and sent them to sharper declines than the rest of the market, in part on worries about their more limited financial resources. But the Russell 2000 index of small-cap stocks jumped 4.8% on Wednesday. It’s up 10.4% this week alone, more than twice as much as indexes of bigger stocks.

The market’s gains were widespread and accelerated through the day. Big tech and communications stocks helped lead the way after Alphabet, Google’s parent company, said its revenue was stronger in the first three months of the year than Wall Street expected.

Alphabet shares jumped nearly 9%. That helped communications stocks in the S&P 500 rise 5%, one of the biggest gains among the 11 sectors that make up the index.

Gilead Sciences shares climbed 5.7%.

In Europe, the French CAC 40 rose 2.2% after being down before the Gilead report. The German DAX returned 2.9%, and the FTSE 100 in London added 2.6%. In Asia, Hong Kong’s Hang Seng added 0.3%, and the Kospi in Seoul advanced 0.7%.

Many professional investors are skeptical of the U.S. stock market’s big rally. There’s still a lot of uncertainty about how long the recession will last.

Stocks’ vigorous rise over the last month also implies investors see a relatively quick rebound for the economy and profits after the current devastation. But it may take awhile for households and businesses to get back to how things used to be.

“My concern is that the market is starting to get a little bit more focused on the rewards and less focused on the risks right now,” said Sal Bruno, chief investment officer at IndexIQ. “Maybe investors are getting a little too enthusiastic.”

“I don’t think you just flip the switch and everybody goes back to work right away,” he said.

The yield on the 10-year U.S. Treasury rose to 0.62% from 0.61%. Yields tend to rise when investors are upgrading expectations for the economy and inflation.

Oil prices are continuing their extreme swings after a collapse in demand has sent crude storage tanks close to their limits. Benchmark U.S. crude oil for June delivery jumped $2.72, or 22%, to $15.06 a barrel Wednesday. Brent crude, the international standard, climbed $2.08, or 10.2%, to $22.54 a barrel.

The price of olive oil has been soaring.

Strolling through an olive grove in southern Italy, surrounded by trees, many of which were more than 200 years old, I was bathed in sunshine and calm with only the warm breeze floating through to branches to break the idyllic silence.

Frantoio Mafrica is a family-owned olive mill, which has been handed down from generation to generation. While it looks like little more than olive trees in a sunlight dappled grove to us visitors, to the owner they’re his family heritage. When he looks at them he sees his grandfather, who also worked the land.

The mill also uses donkeys to help transport the olives after picking, which is done in the traditional way by shaking the tree when they’ve 50 percent green and 50 percent black. And meeting the baby donkey who wanted nothing more than cuddles was one of the highlights of my entire trip to Calabria with Great Rail Journeys.

The family secret to processing the olives into the highest quality extra virgin olive oil was also unexpected. Rather than pressing the olives, they’re washed with water as they’re pulped to make sure every bit of Italian goodness goes into the oil. The process is all completed 24 hours after harvesting.

After trying the oil with bruschetta I can confirm it was like nothing available in your local Tesco: utterly delicious. Calabria is one of Italy’s major olive producing regions, with more than 50 types grown there including the only white olive. However, you would have had to have been hiding under a rock to be unaware of the soaring cost of olive oil.

Frantoio Mafrica explained the heart-breaking reason behind this alarming rise, and it’s not the market forces behind the soaring costs of other food. In fact, it’s because huge swathes of Italian olive groves have been hit by a terrible disease, which has killed the trees, many of them hundreds of years old.

As olive trees take so long to grow, the devastation of burning huge numbers of the diseased and dead trees has been a terrible price to pay for a country and region so fiercely proud of its ‘liquid gold’.

Knowing the passion, work and care that goes into making the best olive oil – and the devastation this blight has caused – I’ll complain much more quietly at the price next time.

Nov. 21 (UPI) — The United States has sanctioned dozens of individuals, entities, vessels and aircraft accused of participating in Iran’s oil-shipping networks, as the Trump administration continues to squeeze the Islamic nation with its reinstated maximum pressure campaign.

The State Department said Thursday it was adding 17 names of companies people and vessels to its sanctions list, while the Treasury said it was adding 41.

“The United States remains committed to disrupting the illicit funding streams that finance all aspects of Iran’s malign activities,” State Department spokesman Thomas Pigott said in a statement.

“As long as Iran devotes revenue to funding attacks against the United States and our allies, supporting terrorism around the world and pursuing other destabilizing actions, we will use all the tools at our disposal to hold the regime accountable.”

In February, President Donald Trump reinstated his maximum pressure campaign of sanctions and other punitive economic measures against Iran from his first administration to force Iran to return to the negotiating table on a new deal aimed at preventing Tehran from securing a nuclear weapon.

Since reinstating the policy, Trump has repeatedly imposed sanctions targeting Iran, specifically its illicit oil trade, which funds its military forces.

The Treasury said it was sanctioning an additional six vessels of Tehran’s shadow fleet of oil tankers that export energy products. It also blacklisted Mahan Air, which works closely with the Islamic Revolutionary Guard Corps-Qods Force, the Iranian military’s specialized elite unit that oversees international operations and funds proxy militias, such as Hamas and Hezbollah.

The State Department said its sanctioned targets were located in several countries, including India, panama and the Seychelles, among others.

The sanctions freeze all property of the named companies and individuals in the United States and bar U.S. persons from doing business with them.

“Today’s action continues Treasury’s campaign to cut off funding for the Iranian regime’s development of nuclear weapons and support of terrorist proxies,” Treasury Secretary Scott Bessent said in a statement.

“Disrupting the Iranian regime’s revenue is critical to helping curb its nuclear ambitions.”

The administration of United States President Donald Trump has announced new oil drilling off the California and Florida coasts for the first time in decades, advancing a project that critics say could harm coastal communities and ecosystems, as Trump seeks to expand US oil production.

The White House announced the news on Thursday.

The oil industry has been seeking access to new offshore areas, including Southern California and off the coast of Florida, as a way to boost US energy security and jobs.

What’s in the plan?

The administration’s plan proposes six offshore lease sales through 2030 in areas along the California coast.

It also calls for new drilling off the coast of Florida in areas at least 160km (100 miles) from that state’s shore. The area targeted for leasing is adjacent to an area in the Central Gulf of Mexico that already contains thousands of wells and hundreds of drilling platforms.

The five-year plan also would compel more than 20 lease sales off the coast of Alaska, including a newly designated area known as the High Arctic, more than 320km (200 miles) offshore in the Arctic Ocean.

Interior Secretary Doug Burgum said in announcing the sales that it would take years for the oil from those parcels to get to market.

“By moving forward with the development of a robust, forward-thinking leasing plan, we are ensuring that America’s offshore industry stays strong, our workers stay employed, and our nation remains energy dominant for decades to come,” Burgum said in a statement.

The American Petroleum Institute said in response that the announced plan was a “historic step” towards unleashing vast offshore resources. Industry groups have pointed to California’s history as an oil-producing state and say it already has infrastructure to support more production.

Political pushback

Leaders in both California and Florida have pushed back on the deal.

Last week, Florida Republican Senator Ashley Moody and Rick Scott co-sponsored a bill to maintain a moratorium on offshore drilling in the state that Trump signed in his first term.

“As Floridians, we know how vital our beautiful beaches and coastal waters are to our state’s economy, environment and way of life,” Scott said in a statement. “I will always work to keep Florida’s shores pristine and protect our natural treasures for generations to come.”

A spokesman for California Governor Gavin Newsom said Trump officials had not formally shared the plan, but said “expensive and riskier offshore drilling would put our communities at risk and undermine the economic stability of our coastal economies”.

California has been a leader in restricting offshore oil drilling since the infamous 1969 Santa Barbara spill that helped launch the modern environmental movement. While there have been no new federal leases offered since the mid-1980s, drilling from existing platforms continues.

Newsom expressed support for greater offshore controls after a 2021 spill off Huntington Beach and has backed a congressional effort to ban new offshore drilling on the West Coast.

A Texas-based company, with support from the Trump administration, is seeking to restart production in waters off Santa Barbara damaged by a 2015 oil spill. The administration has hailed the plan by Houston-based Sable Offshore Corp as the kind of project Trump wants to increase US energy production as the federal government removes regulatory barriers.

The announcement comes as Governor Newsom attended the COP30 climate conference in Brazil.

“He [Trump] intentionally aligned that to the opening of COP,” Newsom said.

Even before it was released, the offshore drilling plan met strong opposition from Newsom, a Democrat who is eyeing a 2028 presidential run and has emerged as a leading Trump critic.

Newsom pronounced the idea “dead on arrival” in a social media post. The proposal is also likely to draw bipartisan opposition in Florida. Tourism and access to clean beaches are key parts of the economy in both states.

Democratic lawmakers, including California Senator Alex Padilla and Representative Jared Huffman, the top Democrat on the House Natural Resources Committee, warned that opening vast coastlines to new offshore drilling would hurt coastal economies, jeopardise national security, ravage coastal ecosystems, and put the health and safety of millions of people at risk.

“With this draft plan, Donald Trump and his Administration are trying to destroy one of the most valuable, most protected coastlines in the world and hand it over to the fossil fuel industry,” Padilla and Huffman said in a joint statement.

The federal government has not allowed drilling in federal waters in the eastern Gulf of Mexico, which includes offshore Florida and part of offshore Alabama, since 1995, because of concerns about oil spills. California has some offshore oil rigs, but there has been no new leasing in federal waters since the mid-1980s.

Since taking office for a second time in January, Trump has systematically reversed former President Joe Biden’s focus on slowing climate change to pursue what the Republican calls US “energy dominance” in the global market.

Trump, who recently called climate change “the greatest con job ever perpetrated on the world,” created a National Energy Dominance Council and directed it to move quickly to drive up already record-high US energy production, particularly fossil fuels such as oil, coal and natural gas.

Meanwhile, Trump’s administration has blocked renewable energy sources such as offshore wind and cancelled billions of dollars in grants that supported hundreds of clean energy projects across the country.

BILLINGS, Mont. — President Trump’s administration moved Wednesday to roll back protections for imperiled species and the places they live, reviving a suite of changes to Endangered Species Act regulations during the Republican’s first term that were blocked under former Democratic President Joe Biden.

The changes include the elimination of the Fish and Wildlife Service’s “blanket rule” that automatically protects animals and plants newly classified as threatened. Government agencies instead would have to craft species-specific rules for protections, a potentially lengthy process.

Environmentalists warned the changes could cause years-long delays in efforts to save species such as the monarch butterfly, Florida manatee, California spotted owl and North American wolverine.

“We would have to wait until these poor animals are almost extinct before we can start protecting them. That’s absurd and heartbreaking,” said Stephanie Kurose with the Center for Biological Diversity.

The proposals come as extinctions have accelerated globally because of habitat loss and other pressures. Prior proposals during Trump’s second term would revise the definition of “harm” under the Endangered Species Act and potentially bypass species protections for logging projects in national forests and on public lands.

Interior Secretary Doug Burgum said in a statement that the administration was restoring the Endangered Species Act to its original intent while respecting “the livelihoods of Americans who depend on our land and resources.”

The changes answer long-standing calls for revisions to the 1973 Endangered Species Act from Republicans in Congress and industries including oil and gas, mining and agriculture. Those critics argue the law has been wielded too broadly, to the detriment of economic growth.

Another change proposed Wednesday tasks officials with weighing potential economic impacts when deciding what habitat is crucial to the survival of a species.

“These revisions end years of legal confusion and regulatory overreach, delivering certainty to states, tribes, landowners and businesses while ensuring conservation efforts remain grounded in sound science and common sense,” Burgum said in a statement.

The Interior Department was sued over the blanket protection rule in March, by the Property and Environment Research Center and Rocky Mountain Elk Foundation. The two groups argued the rule was illegal and discouraged states and landowners from assisting in species recovery efforts.

PERC Vice President Jonathan Wood said Wednesday’s proposal was a “necessary course correction” from the Biden administration’s actions.

“This reform acknowledges the blanket rule’s unlawfulness and puts recovery back at the heart of the Endangered Species Act,” Wood said.

Brown writes for the Associated Press.

European shares extended their rally to fresh record highs on Wednesday, buoyed by optimism over a potential resolution to the prolonged US government shutdown and a steady stream of upbeat corporate news.

The region-wide STOXX 600 index rose 0.5% in early trading to an all-time high of 583.4, with major bourses in positive territory.

Investor sentiment was lifted after the US Senate approved a temporary funding bill to end the record 43-day shutdown, with markets betting that the measure will secure full passage in the coming days. There were broad-based gains led by healthcare and luxury stocks, after a positive brokerage note on Novo Nordisk and speculation of a Chinese expansion by Louis Vuitton boosted sentiment across the region.

The euro remains under slight pressure, trading around $1.157 per € at 11.30 CET after a modest retreat. This comes as the US dollar steadies amid improving risk sentiment and hopes that the US government shutdown will soon be resolved. On the commodity front, energy prices are drifting slightly lower as crude oil futures slipped, reflecting calmer concerns about supply disruptions.

On this side of the ocean, yields on UK government bonds, or gilts, rose sharply as investors grew uneasy over the prospect that Prime Minister Sir Keir Starmer and Chancellor Rachel Reeves could face pressure to step down following the Budget. Downing Street said Starmer would resist any leadership challenge.

London’s FTSE 100 edged higher on Wednesday, hovering near the 10,000 mark to trade at fresh record highs, as investors shrugged off volatility in global tech shares.

“UK stocks made progress despite some volatility in the AI space in the US and Asia overnight,” said AJ Bell investment director Russ Mould.

Meanwhile, multinational energy company SSE saw its share price skyrocket by more than 12% after it unveiled an ambitious investment plan. It will nearly double its investment to £33bn (€37.5bn) by 2027 and will be partly financed by a £2bn equity raise with the remainder coming from debt, asset sales and existing cash flow.

Phil Ross, equity research analyst at Quilter Cheviot, said the market had begun to wonder whether SSE might raise capital to fund its strong future growth prospects, and this uncertainty had weighed on the shares in recent months.

“This morning’s announced equity raise puts those doubts to bed as part of the new CEO’s strategy, and leaves a clear pathway to profitable and reliable growth, focusing on the big opportunity in UK power networks,” Ross said, adding: “With the future runway for growth now in place, the company is in a great position to cement itself as one of the UK’s leading energy groups in the UK.”

UK-based BAE Systems reported strong performance for its financial year. The company said robust demand supported BAE’s expectations for further profit growth.

The defence giant has secured more than £27bn (€30.6bn) in orders so far this year, with additional deals expected before year-end.

The company reaffirmed its recently upgraded full-year guidance, forecasting sales growth of 8–10% and underlying operating profit growth of 9–11%. BAE plans to return about £1.5bn (€1.7bn) to shareholders through dividends and share buybacks in 2025. Shares were little changed in early trading.

One of the key developments shaping international market sentiment on Tuesday was SoftBank’s decision to sell its entire stake in Nvidia, worth $5.83 bn (€5bn). This move resulted in a 10% dive of the Japanese technology company’s share prices on Wednesday in the Asian trade, as equity markets reacted unfavourably to the surprise announcement.

“Corrections are a healthy and necessary fact of life in financial markets, but investors will be wary of any signs this is turning into a pronounced sell-off,” according to Mould, who added that attention is now turning to Nvidia’s third-quarter earnings update on 19 November.

Mould also highlighted that once the US government shutdown is resolved, investors will focus on a wave of upcoming US economic data, including third-quarter GDP.

In more corporate news, the world’s largest electronics maker, Foxconn, posted anticipation-exceeding results showing a jump in its third-quarter profit of 17% from a year earlier, fuelled by growth in its artificial intelligence server business.

The company said it was “optimistic” about the performance of AI and smart consumer electronics in the fourth quarter, which are expected to show significant growth momentum.

Speaking of the 2,500 American “detainees,” President Bush said, “Anything that compels individuals to do something against their will would, of course, concern me.” I have to laugh and then cry. It never seems to bother Bush when he wants to compel several million women to be “detained” by a fetus.

If we had a sane planetary population policy, we would not need to be in the Persian Gulf. What we are watching is the start of the real wars, not for politics or ideology, but for real things–food and energy, natural resources and living space. We are fighting like bums over a bottle of wine, but today we are billions armed with chemical and nuclear weapons.

WOODROW J. HUGHES

Northridge

Al-Qaeda-linked group JNIM has besieged Mali’s capital, Bamako, cutting off key routes and causing severe fuel shortages. Al Jazeera’s Virginia Pietromarchi explains how the group is tightening its grip despite the military government’s promises of security. Here’s what we know.

Nov. 8 (UPI) — U.S. President Donald Trump has exempted Hungary from sanctions over the nation’s purchase of Russian gas and oil for one year after meeting with Prime Minister Viktor Orban.

Trump is a close ally of the far-right populist and authoritarian, who came into power in 1998 but was out of office from 2002 to 2010.

On Friday at the White House, Trump said he was considering the exemption because “it’s very difficult for him to get the oil and gas from other areas.”

After the meeting, Orban posted on X with a video: “Decision reached: President Donald Trump has guaranteed full sanction exemptions for the TurkStream and Friendship pipelines, allowing Hungary to continue providing families with the lowest energy prices in Europe. Thank you, Mr. President!”

The BBC confirmed the exemption was for one year.

Hungary’s dependence on Russian crude oil was 61% before Russia invaded Ukraine in 2022, then rose to 86% in 2024 and 92% this year.

On Oct. 22, the U.S. added sanctions against Russia, including blacklisting two of Russia’s largest oil companies: Open Joint Stock Company Rosneft Oil Company and Lukoil OAO.

Russia has been the world’s third-largest oil exporter, generating $120 billion in 2024 behind No. 1 Saudi Arabia at $225 billion and No. 2 Canada. $121billion. The United States is No. 4 at $117 billion.

Extensive sanctions were imposed after Russia’s full-scale invasion of neighboring Ukraine in February 2022. Initially, they were imposed in March 2014 after Russia annexed Crimea.

The Trump administration is attempting to use tariffs to halt third-country access, including by India.

But Trump said he understands Hungary’s situation of being a landlocked nation with limited access to gas and oil.

The U.S. State Department said Hungary has agreed to purchase U.S. liquefied gas worth about $600 million, NBC News reported.

Also, Hungary agreed to purchase American nuclear fuel, which it currently buys from Russia.

Despite similar policies as Trump, Orban said the pipelines are not “ideological” or “political” and instead a “physical reality.”

Orban had blamed U.S. President Joe Biden for “politically motivated sanctions,” including his top aid Antal Rogaan with allegations of corruption.

“Now we are quite a good position to open up a new chapter – let’s say a golden age – between the United States and Hungary,” Orban said.

Trump has used the term “golden age of America,” declaring it began with his second inauguration on Jan. 20.

The exemption was criticized by an analyst.

“The U.S. decision is a terrible and unnecessary mistake that will allow over 1 billion euros [$1.2 billion] to flow into the Kremlin’s war chest,” Isaac Levi, with the Center for Research on Energy and Clean Air, told CNN. “By carving out special treatment for Hungary, Washington is telling other buyers that they can keep handling Russian oil and still expect to be let off the hook.”

Levi noted the Czech Republic is another country with a port that manages without Russian crude oil and has lower fuel prices at the pump than Hungary.

“This clearly shows that the oil flows that continue to finance Putin’s war in Ukraine are entirely unnecessary,” he said.

Trump said he is “very disturbed” by other European countries that still buy Russian commodities despite not being landlocked.

Hungary and neighboring Slovakia are the only EU countries still getting Russian oil from the Druzhba pipeline.

EU countries’ gas comes via Turkey through the TurkStream pipeline. Russia’s share of EU gas imports fell from 40% pre-invasion to 11% in 2024.

But Slovakia is “almost 100% dependent” on Russian crude oil, according to a report from the Center for Research and Energy and Clean Air and the Center for the Study of Democracy.

The European Commission granted an exemption to Hungary, Slovakia and the Czech Republic – three countries heavily reliant on Russian imports – for time to reduce reliance.

Other nations don’t have close relations with Russian President Vladimir Putin.

For other products, Trump has imposed a baseline 15% tariff as part of a trade agreement with the European Union.

That includes Hungary’s car industry.

On Oct. 21, Trump canceled his planned summit with Putin in Budapest, Hungary, after Putin’s demands on ending the war in Ukraine remained.

European benchmarks began the week with gains. Oil and gold prices increased, but the euro weakened against the dollar. Sentiment was influenced by OPEC+’s decision to pause production hikes in the first quarter of next year, which led to a modest rise in oil prices as fears of oversupply eased. Gains were, however, mostly lost by late morning.

The international benchmark, Brent crude futures, traded at $64.76, while US West Texas Intermediate cost $60.92 a barrel.

Alongside pauses in the new year, OPEC+ countries agreed on Sunday to increase output by a small 137,000 barrels per day in December, maintaining the pace set for October and November.

Meanwhile, investors expect fresh Western sanctions on Russia, targeting Rosneft and Lukoil, to hinder the country’s ability to boost production further.

At the same time, major Western oil companies are benefitting from the disrupted supply of Russian refined fuels due to attacks and sanctions. Refining margins have risen substantially, giving the oil majors a boost. Both BP and Shell share prices were slightly up on Monday before noon in Europe.

“The decision by producers’ cartel OPEC+ to pause further output hikes at the start of next year, amid concerns about a glut of supply, helped give oil prices a lift and, in turn, boosted UK market heavyweights BP and Shell,” said AJ Bell investment director Russ Mould.

The movements also came as BP announced it had agreed to divest stakes in US shale assets to Sixth Street investment firm on Monday.

Winners in Europe

At 11:00 CET, the UK’s FTSE 100 was up by a few points. The DAX in Frankfurt was leading the gains, up 0.8% after an initial stutter. The CAC 40 in Paris started climbing, reaching gains of nearly 0.2%. The lift in France came despite national budget uncertainties and the release of negative PMI data, which showed that the country’s manufacturing sector was still contracting in October.

US futures were positive around the same time, rising between 0.1% and 0.5%.

Meanwhile, the earnings season continues. A number of European companies are reporting this week, including AstraZeneca, BP, BMW, and Commerzbank.

Ryanair opened the week by posting stronger-than-expected results for the first half of its financial year, spanning April to September. Revenues rose 13% to €9.82bn, as traffic grew 3% and fares increased by 13%. Over the same period, profit rose by 42% year-on-year to €2.54bn, driven by a strong Easter season.

The airline’s shares were up 2.90% in Dublin at around midday.

Looking ahead, Ryanair’s outspoken CEO Michael O’Leary criticised countries in Europe where airlines face high taxes, including environmental duties. In an interview with CNBC, he threatened to move capacity outside the UK should the new budget include such a levy.

“Ryanair is also one of several airline operators with an eagle eye on taxes and costs. It is no longer putting up with unfavourable tax systems, preferring to switch flights and routes to less punitive locations,” Mould commented.

In other markets, the euro weakened against the US dollar by more than 0.2%, hitting a rate of $1.1517 by 11:00 CET. At the same time, the Japanese yen and the British pound were also losing ground against the greenback, with the dollar trading at ¥154.15 and the pound costing $1.3136.

Gold traded just above $4,000, rising slightly by 0.3%.

Oct. 31 (UPI) — Three activists with “Just Stop Oil” were acquitted Friday by a British court for spraypainting Britain’s ancient Stonehenge site.

Following a 10-day trial at Salisbury Crown Court, Oxford University student Niamh Lynch, Rajan Naidu and Luke Watson were acquitted on charges of causing a public nuisance.

Naidu, 74, and Lynch, 23, along with Watson, 36, were taken into custody last summer after spray-painting the ancient site at Stonehenge — the prehistoric megalithic structure — the color orange to protest the country’s ongoing use of fossil fuels.

Stonehenge sits in southern England roughly 88 miles southwest of the country’s capital London.

The incident took place as thousands were expected to descend on the area the next day for the summer solstice, the earliest in 228 years since 1796.

The three climate activists denied all charges in the ongoing global protest against use of fossil fuels.

They cited “reasonable excuse” in their defense under articles of free speech part of the European Convention on Human Rights.

“If individuals disagree with what our government is doing on certain matters they are entitled to protest,” stated Judge Dugdale.