The US oil industry will never be able to stand on its own two feet again, experts say by urdu jahan

The US oil industry will never be able to stand on its own two feet again

Dozens of oil tankers on US shores but no buyers, oil wells feared to be closed

The American oil industry will never be able to stand on its own two feet again. Due to the Corona epidemic, the American oil industry has completely collapsed and the market has crashed. Oil prices have returned to negative levels for the first time in history. Now, experts say, the US oil industry will never be able to stand on its own two feet again.

There are currently dozens of oil tankers off the coast of the United States, but no one is buying oil, leaving oil producers with the only option: to shut down the oil wells and bankrupt more companies. ۔

Experts say that the US economy is largely dependent on the energy sector and the energy sector depends on the oil market. Is.

The energy sector has suffered its biggest setback since World War II and the total value of shares in the stock markets has fallen by trillions of dollars. The International Energy Agency (IEA) has said that the decline in energy demand this year is unprecedented,

with coal demand falling the most at 8%, followed by crude oil. According to the International Energy Agency, energy demand is declining by 6% this year. About 60 per cent of the demand for oil has been cut off by land and air transport. Demand for crude oil has declined by 18 million barrels per day in March and 29 million barrels per day in April.

U.S. House Speaker election, re-election for the first time in 100 years due to Republican civil war, Trump's influence declines

The US House of Representatives (constant number of 435) held an election on the 3rd to coincide with the start of a new two-year session. However, the majority Republicans were unable to unify their candidates, and after three rounds of voting, no candidate received the required number of votes to win. It was the first time in 100 years that the Speaker of the House was not elected by a single vote. The Republican Party was poised to retake control of the House of Representatives in the November 2022 midterm elections and step up its pursuit of the Democratic Party's Biden administration, but it was thwarted by infighting. The fourth round of voting is expected to take place after the 4th.

After the midterm elections, one Democrat died of illness, leaving 222 Republicans and 212 Democrats when the new session began on March 3.

House Republican Kevin McCarthy, 57, received 203 votes in the first round of the presidential election, but failed to secure the majority of the valid votes (218 votes) needed to win. Republican rival Andy Biggs, 64, received 10 votes, and Jim Jordan, 58, who is popular among former President Trump supporters, received six votes. voted. All 212 Democrats voted for House Leader Hakeem Jeffries, 52, in an unusual turn of events where a minority Democratic candidate came out on top in the first round.

　In the second and third ballots that followed, Jordan himself stood up in McCarthy's support speech and tried to convince his colleagues, but lawmakers who supported Biggs and other candidates turned to Jordan. voted. McCarthy lost one vote to 203 in the second round and 202 in the third. On the fourth ballot, Mr. McCarthy is poised to persuade dissenters, but if the negotiations drag on, he could become more vocal in favor of other candidates, such as Mr. Scales, the party's number two in the House of Representatives.

McCarthy was elected nine times in Western California's 23rd congressional district. He gained experience in the party's lower house leadership and has been the party's lower house leader since 2019. In the House of Representatives vote after the midterm elections in November, Biggs of the Freedom Congressional Group, a hardline conservative group close to former President Trump, was elected as the next chairman candidate by a large margin. However, some of the conservative hardliners who supported Mr. Biggs demanded that, as conditions for supporting Mr. McCarthy, the introduction of a system that would allow lawmakers to submit motions to remove the chairman at any time, and that a minimum of 72 hours be allowed for consideration before the bill was voted on. did.

When McCarthy tried to become chairman in 2015, he gave up due to opposition from conservative hardliners. This time, he stepped up to the claims of conservative hardliners, proposing a proposal that "if five people agree, a motion to remove the chairman can be submitted," and a new commission to investigate the abuse of power by the Biden administration. According to US media, Mr. Trump, who has influence in the Liberal League, also urged lawmakers to support Mr. McCarthy. However, the conservative hardliners did not change their disapproval stance, stating that they "did not show any intention to change the current state of the political world.

Conservative hardliners describe the current state of Congress as ``Bills that need to be enacted every year, such as the appropriation bill, are bundled with other bills that involve a large amount of public spending, and are passed without time for lawmakers to scrutinize the contents of the bill. ' and criticized it with 'parliamentary reform' as justification. On the other hand, it seems that there is also an intention to take advantage of the presidential election to reflect the conservatives' claims in the operation of the assembly and show their presence. Mr. Trump has failed to unite his own lawmakers, revealing his waning influence within his party.

　It was the 15th time since Congress was founded in 1789 that a single vote did not determine the Speaker of the House. In 1855, the 133rd ballot elected the chairman, but from 1925 onwards the candidate of the majority party was elected chairman in a single round.

The US oil industry will never be able to stand on its own two feet again, experts say by urdu jahan