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Oklo to build Tennessee facility for recycling nuclear waste
Oklo, a nuclear power company, announced on Thursday that it will design, build and operate a facility in Tennessee for recycling nuclear waste. This plant is the first phase of an entire nuclear fuel center, which could cost up to $1.6 billion. The fuel plant would be the United States' first of its type if it is approved by the Nuclear Regulatory Commission. The plant is expected to be operational by early 2030s, creating more than 800 new jobs. The initial investment - Oklo didn't specify the amount - will go towards the construction of an installation to recycle nuclear waste (which the industry refers to as spent nuclear fuel) into fuel for reactors such as the Aurora reactor planned by Oklo. Oklo is hoping to receive a reactor license from the NRC by the end of 2027. Oklo will work with TVA, a federally owned utility to recycle nuclear waste. They also plan to assess power sales to TVA from Oklo's reactors. Jacob DeWitte is the co-founder and chief executive officer of Oklo. "By recycling waste fuel at scale, Oklo turns waste into gigawatts. We reduce costs and establish a secure U.S. Supply Chain," he said. Many anti-proliferation activists oppose reprocessing. They say its supply chain can be used by militants to steal materials that could be used in crude nuclear bombs. France and other countries have reprocessed their nuclear waste, breaking it down to uranium or plutonium. They then use these materials to create new reactor fuel. In 1976, the former president Gerald Ford stopped reprocessing due to concerns about proliferation. Ronald Reagan lifted the moratorium on reprocessing in 1981. However, high costs have prevented new plants from being opened. DeWitte stated that the plutonium or uranium removed from waste by Oklo’s process will not be pure but instead mixed with other components, rendering it unusable for fissile materials. Oklo stated that recycling waste currently held at U.S. Nuclear reactor sites would unlock energy equivalent to five-times the oil reserves in Saudi Arabia. TVA President and CEO Don Moul said that the next generation of nuclear technology is being developed and built right here in our backyard.
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Canada will soon announce promised assistance for the aluminum and canola sectors
Canada is set to unveil soon a number of measures that were promised in order to assist the steel and aluminium sector with tariffs imposed by the United States. It will also help canola growers, according officials. Melanie Joly, the Minister of Industry in Canada, told reporters at a press conference in Toronto that the government would soon be providing aid to aluminum producers in order to overcome the uncertainty caused by tariffs. Joly said Ottawa would also help the steel industry pivot away from U.S. market, but didn't give any details. Separately the Office of Prime Minister Mark Carney announced that the government will soon announce measures to assist canola farmers who are being hit by Chinese tariffs on the oilseed crop. iPolitics, citing its sources, reported that the government is preparing a series major announcements for Friday. These will focus on economic and industry competitiveness. Carney's Office declined to comment. The federal minister responsible for bilateral trade earlier Thursday said that Canada still hopes to be relieved of U.S. steel, aluminum and auto tariffs. Dominic LeBlanc told reporters in Toronto that Canada is seeking common ground on this issue with Washington. Reporting by David Ljunggren, Promit Mukherjee and Rod Nickel.
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US Sues Southern California Edison for Eaton and Fairview Wildfires
On Thursday, the U.S. Government filed two lawsuits against Southern California Edison, accusing the utility of causing wildfires such as the Eaton Fire, which damaged National Forest System land in January. The two complaints filed against Edison International in Los Angeles Federal Court seek damages due to negligence, trespassing by fire and violations of California Public Safety laws. Southern California Edison (SCE) had no immediate comments. The January wildfires that ravaged Southern California left at least 30 dead and damaged or destroyed more than 16,000 buildings. The Palisades Fire and the Eaton Fire, both in Altadena, caused the majority of the damage. In a lawsuit, the U.S. Department of Justice attributed the January 7, Eaton Fire to faulty SCE electrical infrastructure or sparks that came from this infrastructure. This caused the fire, which burned nearly 8,000 acres (3.200 hectares), in the Angeles National Forest of Los Angeles County. Second lawsuit: A sagging SCE Power Line allegedly caused the Fairview Fire that burned nearly 14,000 acres of San Bernardino National Forest, Riverside County, on September 5, 2022. In both lawsuits the Justice Department accused SCE that it knew high winds could cause wildfires but failed to upgrade its equipment in order to reduce those risks. Investors and property owners have also sued SCE over the wildfires of January. Edison shares fell 1.6% early in the afternoon. U.S. v. Southern California Edison Co et al. U.S. District Court Central District of California Nos. The cases are U.S. v. Southern California Edison Co et al., U.S. District Court, Central District of California Nos.
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Sources say that China Concord's floating oil facility has arrived in Venezuela to support the project.
According to two sources, and based on images, the first floating crude production facility for a $1 billion China Concord Resources Corp project in Venezuela is now in Lake Maracaibo. This is Venezuela's second-largest output region. The Chinese firm, CCRC is aiming to increase production at two oilfields located in western Venezuela – Lago Cinco, and Lagunillas Lago – and hopes to reach 60,000 barrels a day by the end next year, up from 12,000 bpd. This is a rare boost for a Chinese private firm in an OPEC-sanctioned country that has been struggling to attract foreign investments. CCRC began negotiating its participation in oilfields last year with the state company PDVSA, under a production-sharing contract of 20 years. The company has sent Chinese oilfield developers to help reopen 100 wells quickly. According to vessel tracking data, photos and videos, the jackup Alula is a self elevating offshore platform that arrived from China's Zhoushan Port. Last weekend, it was guided by a towboat under the bridge of Lake Maracaibo on its way to Lagunillas. The Sao Tome & Principe flagged jackup is a large piece of infrastructure that has been installed on Lake Maracaibo for the first time in many years. The U.S. imposed its first sanctions against Venezuela in 2019. PDVSA, Venezuela's Oil Ministry and the PDVSA did not respond to comments immediately. Sources told us last month that Lago Cinco, and Lagunillas Lago, are expected to produce both light and heavy crude oil. The lighter crude will be delivered to PDVSA, and the heavier crude will go to China. PDVSA has stabilised oil production at around 1,000,000 bpd in Venezuela this year. Last month, exports reached a new high of 966 500 bpd.
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OPEC's oil production increased in August, according to a survey
A survey released on Thursday found that OPEC oil production increased in August following an OPEC+ production agreement. This was primarily due to the United Arab Emirates' and Saudi Arabia's higher production. According to the survey, the Organization of the Petroleum Exporting Countries (OPEC) pumped 27,84 million barrels of oil per day in July, an increase of 360,000 barrels per days over the revised total for the month of July. The United Arab Emirates, and Saudi Arabia, were the countries that saw the biggest increases. OPEC+ - which includes OPEC, its allies, including Russia - is accelerating the plan to undo its latest layer of production cuts. Some members must also make additional cuts to compensate earlier overproduction. This should, theoretically, limit the impact of price hikes. According to an agreement between eight OPEC+ member countries covering August output, five of the OPEC-members - Algerian, Iraqi, Kuwaiti, Saudi Arabian and UAE - had to increase output by 416,000 bpd, before the effects of compensation cuts totaling 178,000 bpd. According to the survey the actual increase of the five was 310,00 bpd. Many outside sources place the output of Iraq and the UAE higher than what the countries themselves claim. Other estimates, like those from the International Energy Agency (IEA), say that they pump significantly more. The survey aims at tracking supply on the market. It is based upon data provided by LSEG (a financial group), information from companies that track flow, such as Kpler and information from sources within oil companies, OPEC, and consultants. (Additional reporting and editing by Louise Heavens, Ahmad Ghaddar)
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Australian Prime Minister Albanese talked to Trump about minerals and security.
In a telephone call with Donald Trump, the Australian Prime Minister Anthony Albanese on Thursday evening discussed ways for Australia and United States to collaborate on vital minerals. This was confirmed by his office. Albanese’s office released a statement saying that the two leaders discussed ways to collaborate on important minerals and trade "in both nations' interests". It added that they also discussed the importance shared security interests. Albanese said on social media it was "a warm and constructive conversation." Albanese was reelected leader of the center-left Labor Government in a national election in May. He has yet to meet Trump after a scheduled meeting on the sidelines the G7 Summit in Canada in June, which Trump cancelled, was cancelled. Albanese will travel to the United States to attend the United Nations General Assembly in September. The call transcript did not mention that Australian officials were trying to arrange a meeting between Trump and Albanese while Albanese was in the United States. Richard Marles, the Deputy Prime Minster of Canada, visited Washington last week to meet with Vice President JDVance. He said on Monday that he was expecting a meeting between leaders "in a not too distant time." Australia's largest trading partner is China, not the United States. The Trump administration is pressing Australia to increase defence spending to 3.5% from the current 2%. At the same time, the Pentagon is reviewing the trilateral AUKUS partnership. The United States, Australia and Britain announced details in 2023 of their plan to sell Australia U.S.-made nuclear-powered attack subs by the early 2030s and to build submarines later to counter China's Indo-Pacific ambitions. Albanese stated in April that Australia would create a strategic reserve to separate itself from a Chinese-dominated market. ? (Reporting and editing by Timothy Heritage and Rod Nickel, Sydney)
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Vale, a Brazilian company, has reopened a key mine and plans to invest $12 Billion in Minas Gerais
The Brazilian mining company Vale announced on Thursday that it would invest 67 billion Reais ($12.36 Billion) in its operations in Minas Gerais by 2030. This announcement was made at a ceremony marking the reopening a major mine in the town of Ouro Preto. Vale stated in a press release that the majority of investments would be focused on expanding filtering and dry-stacking of iron ore waste tailings. Vale is aiming to reduce its use of dams at local operations from 30% to 20%. The company has set this goal after two tailings dams collapsed in Minas Gerais, killing hundreds of people and causing severe environmental damage. The miner reopened Capanema's iron ore mine on Thursday, after 22 years of inactivity. It will operate without water for processing, producing no tailings, and eliminating the need for dams. "Capanema represents the new phase in mining in Minas Gerais, and it reinforces our commitment towards a more responsible process of production," Vale Chief executive Gustavo Pimenta stated. Vale, one of the largest iron ore producers in the world, said that it would invest in modernizing five operational complexes. This includes improvements in geotechnical structures management in mines, connectivity and fleet renewals in Minas Gerais. Vale said Capanema would add 15 million metric tonnes per year to Vale’s iron ore production and help it achieve its goal to produce between 340 and 360 million tons of ore next year. (Reporting and writing by Roberto Samora, Editing by Rod Nickel).
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Was the US attack on a Venezuelan vessel, which resulted in the death of a man, legal?
On Tuesday, the U.S. Military killed 11 people on a vessel that was in the Caribbean. President Donald Trump claimed that the vessel carried illegal drugs and belonged to the drug cartel that he had designated as a terrorist group responsible for killings in the United States. Here is an overview of the legal basis for the attack. PRESIDENTIAL POWER OF USE OF MILITARY According to the Constitution, Congress has the power to declare a war, but it is the president who is in charge of the armed services. Presidents from both parties have carried out military operations overseas without the approval of Congress. According to a memo from the Office of Legal Counsel that provides advice to Presidents, presidents have justified limited military force when it was in national interest and wasn't restricted or war-like. WHERE THE ATTACK PERMITTED BY US LAW Presidents generally order attacks against enemy combatants or terrorist groups such as al Qaeda, or militants like the Houthis, who attacked U.S. ships in Yemen. The use of military forces in Tuesday's assault is a first. Trump claimed in a post on social media that the boat was carrying illegal drugs, and it would be the U.S. Coast Guard's responsibility to intercept them. Legal experts say that if the Coast Guard was fired on when they tried to stop the boat, then the Coast Guard would have been justified in defending itself. Trump however posted on social media a video that appeared to show an air strike destroying a boat speeding by. The administration failed to provide any proof that the United States were under imminent attack, or that the vessel was armed. They also did not identify the targets of the terror attack on the boat, as previous presidents did in similar attacks. Trump's claim that the Tren de Aragua cartel was operating the boat does not mean the drug cartel is at war with America in the same manner as other terror organizations, such as al Qaeda. Legal experts say that many people will see the attack as extrajudicial murder because the victims on the boat are civilians. What about international law? In order to achieve international peace and stability, the Charter of the United Nations requires that members refrain from using or threatening force against other nations. The charter recognizes that member states have a right to self-defense. Trump claimed that Tren de Aragua, which is under Venezuelan President Nicolas Maduro's control, was controlled by the United States. Legal experts say that this does not meet international law, as there is no evidence of an imminent attack by Tren de Aragua or of past attacks. Venezuelan officials also denied that the group was active in Venezuela. International law is still a subject of debate for legal experts, who said that the right to self-defense in relation to non-state actors was a controversial issue. Officials in the Trump administration said that the vessel was located in international waters. However, if the vessel had been flagged by a country then the attack would have occurred within its territory. This would be a major escalation. Officials from the administration have not confirmed if this vessel is flagged. Who can challenge the legality of an attack? Some opponents may not challenge the attack, given that Venezuela's government and Tren de aragua have been declared international pariahs. Pentagon officials said that this could change if there are more attacks. Members of Congress criticized the attack, and lawmakers placed limits on the use of force by the president. In recent decades, Congress has ceded its war-making powers to the president. The legal challenges to the authority of the president to execute the strike in the U.S. courts will probably face high hurdles. U.S. court generally defers to the president in matters of foreign affairs and security. Families of victims could bring civil lawsuits in the United States for damages, but it would take years and be very expensive. Legally, such attacks carry the risk that the government will kill an American. Anwar al Awlaki was a U.S. born al Qaeda militant. The Obama administration claimed it had the right to kill him because he posed a continuing imminent threat. U.S. lawsuits were filed after the deadly drone strike. The attack can be challenged before an international tribunal such as the Inter-American Court of Human Rights. This has led some countries to acknowledge past abuses, even though the United States was not a member of the court. Legal experts say that while the attack may not result in successful legal challenges, Washington's international relations could be soured and it would become more difficult to work with other countries to implement drug and immigration policies.
EIA: US crude stocks rise as refineries start maintenance
The Energy Information Administration reported on Thursday that U.S. crude inventories increased last week, as refineries prepared for maintenance, and gasoline stocks decreased ahead of the long Labor Day Weekend.
The EIA reported that crude inventories increased by 2.4m barrels, to 420.7m barrels for the week ending August 29. This was compared to analysts' expectations based on a poll of a 2m barrel draw. John Kilduff of Again Capital said, "This report is a bit bearish with the crude build." He added that refineries would be reducing production for maintenance in autumn, which could put pressure on crude stock levels.
After the release of these data, U.S. crude oil prices remained unchanged at $63.51 as of 12:12 pm. ET (1612 GMT). Brent crude oil prices fell 0.8% to $67.05.
The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, rose by 1.6 millions barrels in the past week.
Data showed that net U.S. crude oil imports increased last week by 434,000 barrels a day.
Refinery crude production fell by 11,000 barrels per day and refinery utilization rates dropped by 0.3 percentage points in the past week, to 94.3%.
The EIA reported that gasoline stocks dropped by 3.8 millions barrels last week, to 218.5million barrels. This was compared to expectations of a 1.1million-barrel withdrawal.
The data revealed that distillate stocks, which includes diesel and heating oil rose by 1.7m barrels last week, as opposed to expectations of a 600k barrel drop.
(source: Reuters)