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US Becomes Largest Oil Producer

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United States of America has become the largest producer of oil and gas in the world overtaking Saudi Arabia and Russia in last six months according to a research from Bank of America Merrill Lynch, BoAML.

The research showed that US oil production rose by 70 per cent since it dipped in 2008, while its liquefied natural gas output has jumped by 40 per cent since 2005.

Rising U.S. oil supplies come as an Islamist insurgency threatens output in Iraq, the second-largest producer in the Organization of Petroleum Exporting Countries, OPEC after Saudi Arabia.

Territorial gains in northern Iraq by a group calling itself the Islamic State has spurred concerns that oil flows from the south could be disrupted.

Exports from Libya have been disrupted by protests, while Nigeria’s production is threatened by oil theft and sabotage.

Nonetheless, examining the data on a state-by-state basis, BoAML also found a strong relationship between US employment growth and the production of oil and gas over the last five years.

Furthermore, wage rises have been strongest in those states with increasing oil output over the same period.

Energy intensive industries like chemicals have been particular beneficiaries of the jump in shale production. But the service sector has also had a taste of the action.

BoAML pointed out that most of the jobs waiting tables and building houses in North Dakota, the fastest growing state last year, can be traced to the boom in shale oil.

Cash has been pouring into the oil and natural gas sector, reaching close to 20 per cent of total us private fixed structure investment, the highest level ever in US history at $200bn a year and almost as much as residential investment.

However, despite America’s stellar performance, it has also been the case that crude production outside the world’s largest economy has been lacklustre in recent months. [Vanguard]

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US Election: Trump Claims Victory Hours After Saying Biden Won

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US Election: Trump Claims Victory Hours After Saying Biden Won

Donald Trump

The President of the United States, Donald Trump, has declared himself the winner of the US Election 2020.

President Trump declared himself the winner of the US election in a tweet on Monday morning, November 16 by simply tweeting: “I won the election.”

Also Read: US election: Trump says Biden won but again refuses to concede

This came hours after he tweeted that his opponent Joe Biden “won because the election was rigged.”

The latest vote tallies project Democratic candidate, Biden a clear winner in the state-by-state Electoral College that decides the presidency, with 306 votes against Trump’s 232.

However, President Trump has remained defiant, continuously claiming he won the election free and fair.

US election: Trump claims victory hours after saying Biden won

 

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Former Ghana President, Jerry Rawlings Is Dead

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Former Ghana President, Jerry Rawlings Is Dead

Jerry Rawlings

Jerry Rawlings, a former Ghanaian president has reportedly died from suspected COVID-19 complications.

The former Ghanaian leader died at Korle-Bu Teaching Hospital in Accra, capital of Ghana on Thursday morning.

Rawlings led the country first as a military ruler and then as a democratically elected president between 1981 and 2001.

Also Read: FG Owes 3,504 Contractors, Fashola Tells National Assembly

Rawlings initially rose to power in Ghana as a flight lieutenant in the Ghana Air Force, following a coup détat in 1979.

After initially handing power over to a civilian government, he took control again in December 1981 as Head of State.

He was re-elected in 1996 for four more years.

Rawlings left office in 2000 after exhausting Ghana’s constitutional term-limit of eight years for Presidents.

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US Election Is Far From Over — Trump

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US Election Is Far From Over — Trump

Donald Trump

U.S. President Donald Trump has refused to concede after his Democratic challenger, Joe Biden, secured the required number of electoral college votes to win the presidential race.

Shortly after Biden was projected winner, Trump in a defiant statement expressed that the election was “far from over” and criticised Biden for “rushing to falsely pose as the winner.”

“Biden has not been certified as the winner of any states, let alone any of the highly contested states headed for mandatory recounts, or states where our campaign has valid and legitimate legal challenges that could determine the ultimate victor.

Also Read: Joe Biden Defeats Trump To Win US Presidential Election

“Legal votes decide who is president, not the news media.

“Beginning Monday, our campaign will start prosecuting our case in court to ensure election laws are fully upheld and the rightful winner is seated.

“The American people are entitled to an honest election, that means counting all legal ballots, and not counting any illegal ballots,” Trump said.

 

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