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Business

Here comes $3 gas, just as Americans start traveling again

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The national average price of gasoline has climbed 47 straight days to nearly $2.89 per gallon, according to AAA. US drivers haven’t experienced a $3 average price per gallon since 2014, though it came close in 2018 and 2019.

“$3 gas will be the norm by Memorial Day,” said Robert Yawger, director of energy futures at Mizuho Securities. “We’ve been trapped inside for a year. People want to get out of the house.”

Some states are already dealing with $3 gas, including Pennsylvania, Illinois, Arizona, Utah, Nevada and California.

The pain at the pump could cause political problems for the White House. President Joe Biden took swift action this winter to respond to the climate crisis by cracking down on the fossil fuels industry.

That has led some critics to try to pin the “blame” for higher gas prices on Biden — even though energy industry insiders say the increase really is not about federal policy.

“Make no mistake, prices would have gone up no matter who was in the White House,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “This is more about economic recovery.”

Goldman Sachs: $80 crude is coming this summer

After getting crushed by Covid in 2020, the oil market has been one of the biggest winners of the reopening surge on Wall Street. US crude hit a pandemic high of $66.09 a barrel on March 5, an incredible rebound from the April 2020 low of negative $37 a barrel.

OPEC and Russia gave the oil rally a turbo boost earlier this month, shocking the market with a decision to extend their dramatic production cuts for at least another month.

The V-shaped recovery in the oil sector did run into trouble last week. US crude tumbled 6% to $61.42 a barrel on worries over the rocky rollout of vaccines in Europe.

But Goldman Sachs is predicting the oil rally will return as demand accelerates. The investment bank expects Brent crude, the world benchmark, to rise from just $65 today to $80 by the summer.

“We view the recent sell-off as a transient pullback in an otherwise large oil price rally and a buying opportunity,” Damien Courvalin, Goldman’s head of energy research, wrote in a report to clients last week.

Rising demand, subdued supply

De Haan is taken aback by how quickly gasoline demand is returning to levels last seen just before the pandemic erupted. Based on GasBuddy data on gasoline purchases, weekly US demand during the week ending March 20 stood roughly 1% above the week ending March 14, 2020.

Searches for driving directions in the United States have also recovered above January 2020 levels, according to mobility trends published by Apple. By contrast, similar searches in Germany, the United Kingdom and Italy remain well below January 2020 levels.

“There is a little more cabin fever this spring,” De Haan said. “The overwhelming odds are that we will at some point see the national average touch the $3 mark.”

Beyond the desire to take road trips, the energy market is being helped by subdued US supply. The pandemic dealt a crushing blow to the US oil boom, with frackers drastically cutting production to stay alive.

Even with US crude above $60 a barrel, the nation is only producing about 10.9 million barrels of oil per day, according to estimates from the federal government. That’s down by a staggering 2.2 million daily barrels from the same period in 2020.

Of course, that also means US producers have the ability to pump a lot more if prices get too high.

The Keystone Pipeline debate

Tom Kloza, global head of energy analysis at the Oil Price Information Service, doesn’t think the national average will hit $3 a gallon this year because of high unemployment, remote work and reduced travel to major sporting and entertainment events.

Regardless, higher gas prices will feed the narrative that Biden’s energy policies will hit US consumers in the wallet. On the campaign trail, Biden had to repeatedly deny claims from his opponent that he would ban fracking.
But Biden did move quickly to address the climate crisis. On his first day in office, he rescinded the Keystone XL Pipeline, placed a temporary moratorium on oil and gas leasing in the Arctic and moved to rejoin the Paris Agreement on climate change.
In late January, Biden also imposed a 60-day suspension of new oil and gas leasing and drilling permits on federal lands unless the Interior Department’s leaders approve them. Critically, that policy only applied to new leases and permits, not existing ones. Much to the dismay of climate activists, the Interior Department said earlier this month that the 60-day suspension will not be renewed.

Still, energy analysts rejected the notion that Biden’s tough stance on fossil fuels is lifting gasoline prices, at least so far.

“Some blame is being laid on Biden and the Keystone Pipeline but that has absolutely nothing to do with the price of crude or gasoline this year,” Kloza said.

$4 gas could speed up the EV boom

Of course, if Biden does take action to severely constrain US production, that could eventually lead to higher oil prices down the line.

Prices are probably not at the level yet where they would eat into demand by causing drivers to cancel road trips. And it’s not clear what that tipping point would be given the excitement about reopening after the pandemic.

“$3 gas isn’t going to scare anyone away,” said De Haan. “People are not going to hold back this summer. They are finally starting to feel better.”

Bigger picture, the oil industry doesn’t want to see prices spike too high because that would only accelerate the shift to electric vehicles.

“You don’t want to go there,” said Mizuho’s Yawger. “You will kill the golden goose.”

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Health

Pfizer Goes It Alone to Expand Vaccine Business Beyond Covid-19 Pandemic

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Pfizer Inc. aims to expand its vaccine business by becoming a leader in the new gene-based technology behind its successful Covid-19 shots.

Pfizer will develop new shots using the technology, called mRNA, to target other viruses and pathogens beyond the coronavirus, Chief Executive Albert Bourla said in an interview. He said the company’s scientists and engineers gained a decade’s worth of experience in the past year working on the Covid-19 vaccine with Germany’s BioNTech SE , and is ready to pursue mRNA on its own.

“There is a technology that has proven dramatic impact and dramatic potential,” Mr. Bourla said. “We are the best positioned company right now to take it to the next step because of our size and our expertise.”

Pfizer will increase R&D in the technology, including adding at least 50 employees whose assignments will include mRNA, and it will harness the new mRNA manufacturing network it assembled in the past year to compete.

“We are now ahead and we plan to maintain the gap,” he said of the mRNA vaccine market.

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Business

Twitter CEO Jack Dorsey sells NFT of first tweet for $2.9M

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SAN FRANCISCO (AP) — Twitter CEO Jack Dorsey has sold a digital version of his first tweet for more than $2.9 million more than two weeks after he announced a digital auction for the post.

The tweet from March 2006, which says “just setting up my twttr,” was bought by Bridge Oracle CEO Sina Estavi, according to Valuables by Cent, the digital platform where the digital auction for the tweet was held.

The 15-year old post was sold as a non-fungible token, or NFT — a digital certificate of authenticity that confirms an item is real and one of a kind by recording the details on a blockchain digital ledger.

Dorsey tweeted earlier this month that the proceeds would be converted to Bitcoin, a digital currency not tied to a bank or government, and given to the nonprofit GiveDirectly’s Africa Response. The charity has been raising money to support African families who were financially impacted by the coronavirus pandemic.

According to Valuables, 95% of of the proceeds from the sale price go to the tweet’s original creator while 5% of it goes to the platform. Dorsey tweeted the Bitcoin receipt Monday afternoon, and said the funds were sent to the charity.

“Incredible – huge thanks @jack and @sinaEstavi – looking forward to getting this $ into recipients’ hands soon,” GiveDirectly tweeted following Dorsey’s announcement.

NFTs have recently swept the online collecting world. A digital artwork by the artist Beeple sold for $69.4 million in an online auction by a British auction house earlier this month, with an NFT as a guarantee of its authenticity.

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The Associated Press receives support from the Lilly Endowment for coverage of philanthropy and nonprofits. The AP is solely responsible for all content. For all of AP’s philanthropy coverage, visit https://apnews.com/hub/philanthropy.



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Technology

LG looking to shut down phone business instead of selling it, report says

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The LG Rollable was unveiled at CES 2021.


LG

LG is looking to shut down its mobile phone arm, Korean news site DongA reported over the weekend. The business would be shuttered instead of being sold off, the report said, citing an unnamed source, who said negotiations of a sale to Volkswagen and Vingroup JSC have stalled.

That follows a report in January from The Korea Herald that LG was looking to scrap its phone business despite having just premiered its new rollable phone tech at CES 2021.

Read more: Top foldable phones for 2021: Motorola Razr 2020, Galaxy Flip, Galaxy Fold 2 and more

LG in February denied reports it was canning its new rollable phone, the LG Rollable, but DongA reported Sunday that LG has canceled its plan to launch rollable phones in the first half of 2021. The hugely competitive global smartphone business is being led by Samsung, Xiaomi, Apple, Oppo and Huawei, with multiple foldable phones on the market and Apple reportedly working on one.

LG is “exploring a variety of options in light of the headwinds facing our mobile business,” Michelle Leff Mermelstein, LG’s head of US Public Relations, said in an emailed statement.


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Business

Here come the pickup truck and SUV delays

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Since the chip shortage started, automakers committed to using the chips they have on hand to keep building their most popular vehicles. But now, Ford (F) and Stellantis are having trouble delivering completed pickups to their dealers.

“They have tried very hard to allocate the chips they get to high-demand and high-profit margin vehicles,” said Michelle Krebs, senior analyst at AutoTrader. “But clearly that’s being the challenged right now.”

Ford announced it has started building the nation’s best-selling vehicle, the F-150 pickup, without some of the chips it needs. It will park those unfinished trucks while they await the arrival of the missing chips, rather than shipping them to dealerships.

The company has also temporarily shut down one of three shifts at the Kentucky Truck plant where the full-size Expedition and Navigator SUVs are built, as well as the Super Duty pickups.

Stellantis, the automaker formed by the merger of Fiat Chrysler and France’s PSA Group, is doing the same with the Ram 1500 Classic pickup, a base version of that truck.

The good news for Stellantis is Ram pickup sales may not get dinged, or at least not right away. Krebs said Stellantis has an excess supply of the Ram 1500 Classic — about 143 days’ worth. That compares to an average of a 59-day supply for full-size pickups across the industry.

The global chip shortage

The chip shortage has been hurting automakers around the globe. Automakers cut back computer chip orders early last year when the pandemic caused temporary plant closures and slammed the brakes on auto sales and production. Electronics manufacturers, which enjoyed strong sales during the pandemic, happily snapped up the excess supply.
But when car sales bounced back sooner than expected, it left the industry struggling with a chip shortage.

The average car has between 50 to 150 chips in it. Some chips can be used in many different models, which has allowed the automakers to keep up production of trucks and SUVs until now. But there are other chips that are specific to each kind of vehicle.

General Motors and Ford have both warned investors that the chip shortage will reduce their 2021 earnings by more than a billion dollars.
Krebs said automakers are also running into problems because of delays at the nation’s ports, which is preventing container ships from unloading shipments of auto parts. These problems taken together could limit US auto sales, she said.

“The supply chain is pretty fragile,” she said. “We have a conservative sales forecast due to the tight inventories.”

GM (GM) has kept three plants in North America shut down since early February, and the automaker said they will remain closed at least into next month. Those plants don’t build full-size pickups or SUVs, but the chip shortage has led GM to tinker with its big vehicle lineup, too.
Last week GM confirmed that would build some versions of the Chevrolet Silverado and the GMC Sierra without a fuel management module that improves mileage by about 1 mile per gallon. The chips cannot be added to the trucks after the fact, so they will be shipped to dealerships without the chips.

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World

US data shows vaccine effective for all adults

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WASHINGTON (AP) — AstraZeneca reported Monday that its COVID-19 vaccine provided strong protection among adults of all ages in a long-anticipated U.S. study, a finding that could help rebuild public confidence in the shot around the world and move it a step closer to clearance in the U.S.

In the study of 30,000 people, the vaccine was 79% effective at preventing symptomatic cases of COVID-19 — including in older adults. There were no severe illnesses or hospitalizations among vaccinated volunteers, compared with five such cases in participants who received dummy shots — a small number, but consistent with findings from Britain and other countries that the vaccine protects against the worst of the disease.

AstraZeneca also said the study’s independent safety monitors found no serious side effects, including no increased risk of rare blood clots like those identified in Europe, a scare that led numerous countries to briefly suspend vaccinations last week.

“I do hope it puts to bed any doubts about the vaccine efficacy,” Mene Pangalos, AstraZeneca’s biopharmaceuticals research chief, told The Associated Press. “Overall where the vaccine is being used, it’s been shown to be highly effective. So I hope that the U.S. study now will continue to give the vaccine some momentum and get it used even further around the world.”

The company aims to file an application with the Food and Drug Administration in the coming weeks, and the government’s outside advisers will publicly debate the evidence before the agency makes a decision. Pangalos said the vaccine could win emergency authorization toward the second half of April. If so, the company would deliver 30 million doses immediately and an additional 20 million within the first month.

What that will mean for America’s vaccination plans is unclear. The Biden administration already projects there will be enough doses for all adults by the end of May thanks to increasing supplies from the makers of the three vaccines already in use in the U.S. — Pfizer, Moderna and Johnson & Johnson.

Federal officials said they didn’t want to prejudge the FDA’s review but cast the AstraZeneca findings as a victory both for the U.S. supply and the global fight against the virus.

“There are very many countries in Europe and throughout the world who have already authorized this, so the fact that a United States-run study has confirmed the efficacy and the safety of this vaccine I think is an important contribution to global health in general,” said Dr. Anthony Fauci, the top U.S. infectious disease expert.

The AstraZeneca shot, which has been authorized in more than 70 countries, is a pillar of a U.N.-backed project known as COVAX that aims to get COVID-19 vaccines to poorer countries. It has also become a key tool in European countries’ efforts to boost their sluggish vaccine rollouts. That made doubts about the shots especially worrying.

Even before the blood clot scare, scientists hoped the U.S. study would clear up some confusion about how well the vaccine really works. While previous research suggested it was effective in younger populations, there were questions about how well it protects those over 65, often those most vulnerable to COVID-19.

Also, Britain authorized the vaccine based on partial results from testing in the United Kingdom, Brazil and South Africa that suggested the shots were about 70% effective. But those results were clouded by a manufacturing mistake that led some participants to get just a half dose in their first shot.

Stephen Evans, of the London School of Hygiene & Tropical Medicine, said the new data could help allay concerns.

“The benefits of these results will mainly be for the rest of the world where confidence in the AZ vaccine has been eroded, largely by political and media comment,” he said.

Two-thirds of the volunteers in the U.S. study received the vaccine and the rest dummy shots, and Monday’s report is based on the first 141 COVID-19 cases reported after the second vaccine dose kicked in. AstraZeneca declined to provide a breakdown of those cases, as it continues to prepare its FDA submission.

But Fauci said the study was careful to include different ages, racial and ethnic minorities, and people with underlying health conditions, and found “comparable efficacy across ethnicity and age.”

Dr. Paul Hunter, a professor of medicine at the University of East Anglia, said the results were reassuring but that more details are needed to back up AstraZeneca’s claims.

“But this should add confidence that the vaccine is doing what it is most needed for,” said Hunter, who was not connected to the study.

On the safety front, France, Germany, Italy and other countries have resumed their use of the AstraZeneca vaccine after the suspension last week to investigate clots. On Thursday, the European Medicines Agency concluded the vaccine did not raise the overall risk of clots, but could not rule out that it was connected to two very rare types.

In the U.S., as in Britain and Europe, major efforts already are underway to watch for any unexpected problems as the first vaccines are rolling out. And as the U.S. considers AstraZeneca’s vaccine, Fauci said, “You can rest assured that the FDA will put a great deal of scrutiny in every aspect of these data.”

The AstraZeneca shot is what scientists call a “viral vector” vaccine. The shots are made with a harmless cold virus that normally infects chimpanzees. It acts like a Trojan horse to carry genetic material from the coronavirus’s spike protein into the body. That primes the immune system to fight back if the real virus comes along.

Two other companies, Johnson & Johnson and China’s CanSino Biologics, make COVID-19 vaccines using the same technology but using different cold viruses.

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Neergaard reported from Washington.

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Follow AP’s pandemic coverage at https://apnews.com/hub/coronavirus-pandemic, https://apnews.com/hub/coronavirus-vaccine and https://apnews.com/UnderstandingtheOutbreak.

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Business

Goldman Sachs CEO tells junior bankers working 95 hours a week that help is on the way

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“This is something that our leadership team and I take very seriously,” CEO David Solomon said in a voice message sent to staff on Sunday.

In a survey, a self-selected group of 13 first-year analysts painted a grim, unsustainable picture of life at the bottom of the finance food chain, saying their mental health and relationships with friends and family were suffering.

“My body physically hurts all the time and mentally I’m in a really dark place,” one analyst wrote.

The group presented its findings to management in February, and their report began circulating publicly last week.

One of the analysts’ pleas to management — in addition to capping workweeks at 80 hours — was to better enforce the “Saturday rule,” which stipulates that junior staff should not be expected in the office between 9 pm Friday and 9 am Sunday. They said junior staff are often asked to do “quick” work on Saturdays “and it is incredibly hard to push back.”

“We’re strengthening enforcement of the Saturday rule,” Solomon said, adding that the bank would hire more junior staff across its investment banking division.

Solomon echoed the bank’s statement from last week that pointed to “historic” volumes adding to bankers’ workloads.

“Clients are active, and volumes in a lot of our businesses are at historic highs,” he said. “Of course, the combination of the pandemic and all this activity put stress and strain on everyone at Goldman Sachs.”

In the survey, 100% of respondents said their work hours had hurt their relationships with friends and family. About three-fourths of the analysts said they feel they’ve been a victim of workplace abuse and have either sought or considered seeking help for mental health issues.

Virtually all of the analysts said they felt pressure from “unrealistic deadlines” and have been shunned or ignored in meetings.

Although long hours and unglamorous working conditions aren’t uncommon in the cutthroat world of finance — especially among first-year analysts — this report was extreme even by Wall Street standards.

“I didn’t come into this job expecting 9am-5pm’s,” one analyst wrote, “but I also didn’t expect consistent 9am-5am’s either.”

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Business

Elon Musk’s SpaceX Starlink in talks with UK’s Project Gigabit

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A Starlink user terminal being set up.

SpaceX

Elon Musk’s SpaceX is in talks with the United Kingdom for the company’s Starlink satellite unit to potentially to earn funding as a part of the government’s new $6.9 billion internet infrastructure program, CNBC confirmed.

U.K. Minister for Digital Infrastructure Matt Warman recently met with Starlink leadership, a person familiar with the talks told CNBC, as a part of ongoing discussions with a number of technology communications companies for the ‘Project Gigabit’ plan rolled out on Friday.

Sky News first reported the talks, noting that U.K. Culture Secretary Oliver Dowden believes Starlink is one of the best options for delivering internet service to hard-to-reach areas across the country.

SpaceX did not respond to CNBC’s request for comment on the discussions, while the U.K. government declined to comment.

Starlink is the company’s capital-intensive project to build an interconnected internet network with thousands of satellites, known in the space industry as a constellation, designed to deliver high-speed internet to consumers anywhere on the planet. 

The company has launched more than 1,200 satellites to orbit so far, and in October began rolling out early Starlink service in a public beta that now extends to customers in the U.S., Canada, the U.K., Germany and New Zealand – with service priced at $99 a month in the U.S.

The U.K. on Friday launched the first phase of Project Gigabit, which is the government’s $6.9 billion (£5 billion) program to upgrade the internet service of more than one million homes and businesses.

The first phase of the project will gather proposed solutions from companies with a variety of delivery methods, including satellites and other “high altitude platforms.”

Potential addition to FCC winnings

Boxes containing Starlink kits, with user terminals and Wi-Fi routers.

Starlink

Project Gigabit represents the potential for SpaceX to add more government subsidy winnings for Starlink, as the company was awarded nearly $900 million in federal subsidies late last year under the Federal Communications Commission’s rural broadband auction.

The FCC awarded SpaceX with the fourth most funds in the $9.2 billion auction, with the subsidies to be distributed in monthly milestone payments over the next decade. But SpaceX’s award has been met with protest from other U.S. broadband providers, notably from DISH Network, with other internet service providers dismissing Starlink as a “science experiment” with “completely unproven technology.”

SpaceX has responded, telling the FCC that other providers’ complaints have “no valid basis” and come as a way to “hamstring a competitor.”

SpaceX has continued to expand Starlink’s service in the meantime, with the public beta gaining more than 10,000 users in its first three months. Musk’s company plans to expand Starlink service beyond homes, asking the FCC to widen its connectivity authorization to “moving vehicles,” so Starlink could be used with everything from aircraft to ships to large trucks.

NASA collision agreement

60 Starlink satellites deploy into orbit after the company’s 17th mission.

SpaceX

SpaceX also signed an agreement with NASA in January, the U.S. space agency revealed last week, to cooperate on how to avoid collisions with the company’s Starlink satellites.

With the company monthly adding more spacecraft to orbit, as its rockets launch 60 Starlink satellites at a time, NASA said that “increased interaction and partnership” was needed “to ensure continued safe” operations in orbit.

“NASA has agreed to not maneuver in the event of a potential conjunction to ensure the parties do not inadvertently maneuver into one another. NASA will operate on the basis that the autonomous maneuvering capability of the Starlink satellites will attempt to maneuver to avoid conjunction with NASA assets, and that NASA will maintain its planned trajectory unless otherwise informed by SpaceX,” the agreement said.

The agency also said it will work with SpaceX to “share technical expertise and lessons learned” to reduce the brightness of the satellites.

The company has previously announced changes to the satellites to decrease brightness, following complaints from astronomers given the growing presence of Starlink satellites in the sky.

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Health

RI Now 2nd Highest in U.S. for Coronavirus Cases Per 100K, Worries Growing About NY Strain

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Many in Newport on Saturday were wearing masks on Thames PHOTO: GoLocal’s Richard McCaffrey

Rhode Island has now jumped to second in the country for most cases per 100,000 population, according to

. Only New Jersey is ahead of RI.

The former head of the Food and Drug Administration under President Donald Trump is warning that a domestic strain may become problematic especially for the northeast.

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But not all were wearing masks on Bellevue PHOTO: Richard McCaffrey

Vaccines May Not Be Effective

Dr. Scott Gottlieb appearing on “Face the Nation” warned Sunday that the New York variant of COVID-19 could reinfect survivors of the virus and people who have been vaccinated.

Gottlieb said that the variant is known as B.1.526 and is concerning and that it is not yet known where it is causing an increase in cases in parts of New York City.

‘What we don’t understand with 1.526 is whether or not people are being re-infected with it and whether or not people who might have been vaccinated are now getting infected with it,” said Gottlieb. New York City now has the 5th highest number of cases per 100,00.

“One of the concerns about this particular variant is that it has that mutation that’s also in the South African variant, in the B.1.351 variant, that we know in certain cases is causing people who have already had coronavirus to get reinfected with it,” he added. “The question is whether 1.526 is responsible for some of the increases that we’re seeing in New York right now and whether this is the beginning of a new outbreak inside the city.”



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Business

Apple to Pay $308.5M for Patent Infringement of Tech in iTunes

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Photo: Lionel Bonaventure / AFP (Getty Images)

A years-old fight over the technology Apple uses in iTunes, App Store, and Apple Music has a new development. On Friday, a federal jury in Texas declared that Apple had indeed infringed a patent for a digital rights management technology held by Personalized Media Communications. As a result, it ordered the tech giant to fork over roughly $308.5 million.

According to Bloomberg, Personalized Media Communications sued Apple for infringing its patent on FairPlay, a digital rights management technology that is used to distribute encrypted content from Apple’s iTunes, App Store and Apple Music services, among other patents, among other patents.

As explained by Personalized Media Communications, a file that is encrypted with FairPlay, such as a piece of media content or software app, is digitally encrypted and can only be decrypted by an authorized user device based on user-specific or device-specific decryption information.

The lawsuit dates back to 2015 and has been through many twists and turns. Although Apple successfully challenged the case at the U.S. patent office, Reuters reported, an appeals court later reversed that decision. And just last week, U.S. District Judge Rodney Gilstrap denied Apple’s request to declare Personalized Media Communication’s patent invalid.

The jury trial and verdict are the latest developments but won’t be the last.

In a statement to Bloomberg, Apple said it was disappointed with the ruling and would appeal it.

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“Cases like this, brought by companies that don’t make or sell any products, stifle innovation and ultimately harm consumers,” Apple told Bloomberg.

An expert for Personalized Media Communications had set a $240 million price tag for what Apple owed the company in royalties for using its technology. However, the jury ordered Apple to pay a running royalty, which is the price determined by the sales of licensed products or processes.

Gizmodo reached out to Apple to ask for comment on the case on Sunday but did not hear back. We’ll make sure to update this blog if we do.

Per Bloomberg, Apple isn’t the only company fighting with Personalized Media Communications over patents. The outlet states that YouTube won a patent trial against Personalized Media Communications last year over different patents. Meanwhile, the company has also sued Netflix.

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