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Devon-Coterra Tie-Up Would Create A New Permian Heavyweight

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Devon-Coterra Tie-Up Would Create A New Permian Heavyweight

By Julianne Geiger of OilPrice.com,

Coterra Energy is kicking the tires on what would be one of the biggest U.S. shale mergers in years, holding talks about a possible combination with Devon Energy, according to people familiar with the matter. Nothing is signed, nothing is guaranteed, but the market liked the idea enough to send shares of Coterra Energy sharply higher on the day.

The deal would be a classic all-stock shale mashup: two midsize operators with large footprints in the Permian Basin trying to bulk up as oil prices sit stubbornly around $60 a barrel.

Coterra carries a market value of roughly $20 billion, while Devon is closer to $24 billion.  

A tie-up of this size would put it firmly into megadeal territory by shale standards.

This is a Permian land grab, plain and simple.

Putting neighboring Delaware Basin acreage under one roof makes drilling cheaper and operations cleaner.

The timing matters.

After a quiet year for dealmaking, consolidation is starting to reappear as bigger players move past recent acquisitions and smaller independents look for ways to keep up.

A Devon-Coterra tie-up would immediately put the combined company among the Permian’s top-tier producers.

Devon has also been dealing with softer crude prices and the lingering question of how much Venezuelan oil might eventually re-enter the market. That kind of uncertainty rewards operators that are efficient, conservative with capital, and financially flexible. In that environment, scale matters.

For now, talks are ongoing and could still fall apart.

But even floating the idea sends a clear message: in a choppier oil market, size, simplicity, and execution are back in fashion.

Tyler Durden
Thu, 01/15/2026 – 18:25

Lindsey Graham Drowns Sorrows After Trump Refrained From Iran Attack On ‘No Guarantees’

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Lindsey Graham Drowns Sorrows After Trump Refrained From Iran Attack On ‘No Guarantees’

NeoCon Senator Lindsey Graham wants to “go bigger” on Iran and is so disappointed that President Trump hasn’t bombed it yet that he appears barely able to speak, with the color draining from his face.

Journalist Ryan Grim comments on the below video clip of Graham responding to the lack of action by the US, “His life force is being drained in front of us by the lack of bombing.” When this armchair general is deeply disappointed and shattered by American non-action abroad, it without doubt means something good for America. 

Dear Lindsey, the adults in the room took over, now go cry outside…

The Wall Street Journal reports that “President Trump was advised that a large-scale strike against Iran was unlikely to make the government fall and could spark a wider conflict, U.S. officials said, and for now will monitor how Tehran handles protesters before deciding on the scope of a potential attack.”

By that moment of the briefing, Iran’s streets had already gone largely silent, with Iranian security services firmly in control, and Tehran leadership vowing not to hold any executions. In short the demonstrations, riots, and crackdown had ceased.

Continues the WSJ, “The U.S. would need more military firepower in the Middle East both to launch a large-scale strike, protect American forces in the region and allies like Israel should Iran retaliate, the advisers told Trump, the officials said.”

Still, it seems the world was very close to the US launching yet another war more “precision strikes” against a nation we are not actually at war with (still a possibility though!). Per the WSJ:

Trump, without making a final decision on which action he would take, asked for military assets to be in place should he order a big attack, the officials said.

“The president and his team have communicated to the Iranian regime that if the killing continues, there will be grave consequences,” White House press secretary Karoline Leavitt told reporters Thursday. “Only President Trump knows what he’s going to do and a very, very small team of advisors are read into his thinking,” Leavitt said.

But again, Lindsey’s pain is America’s gain.

Getty Images

Here he is Thursday talking to reporters (in the above clip): “Should it be bigger or smaller? I’m in the camp of bigger. Time will tell.” He then asserted that “the regime’s days are numbered.”

When in doubt… sanction higher, the D.C. blob mantra says

The U.S. on Thursday imposed sanctions on five Iranian officials it accused of being behind the crackdown on protests and said it was tracking Iranian leaders’ funds being wired to international banks, as President Donald Trump keeps the pressure on Tehran.

The U.S. Treasury Department in a statement said it imposed sanctions on the Secretary of the Supreme Council for National Security as well as Islamic Revolutionary Guard Corps and law enforcement forces commanders, accusing them of being architects of the crackdown.

What might happen in the next major Iranian protest go-around? The Islamic Republic’s severe economic woes, and with yet more US sanctions being unleashed on Tehran, won’t be getting better anytime soon.

Tyler Durden
Thu, 01/15/2026 – 18:00

Chaos Is The Strategy, And Too Many Are Helping It Succeed

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Chaos Is The Strategy, And Too Many Are Helping It Succeed

Authored by Armstrong Williams via The Epoch Times,

Let’s dispense with the convenient fiction: Immigration and Customs Enforcement (ICE) is not the primary threat to our communities. The real danger lies in the growing normalization of disorder, intimidation and lawlessness—often wrapped in the language of “justice” but driven by something far less noble.

What we are witnessing is not spontaneous civic unrest. It is a sustained strategy of division, enabled by progressive activism untethered from accountability and amplified by legacy and social media ecosystems that reward outrage over truth.

This is not how a nation is conquered by force. This is how it is hollowed out from within.

Over the past several years, protests have increasingly crossed the line from expression to coercion—blocking streets, vandalizing property, intimidating citizens, and provoking confrontations with law enforcement. Too often, progressive leaders and activists refuse to draw a firm line between protest and chaos. Silence becomes endorsement. Justification becomes fuel. The result is a culture where disruption is valorized, and restraint is treated as complicity.

When rare and tragic mistakes occur in law enforcement, they are not treated as moments for sober examination or reform. They are instantly weaponized. Context is stripped away. Facts are subordinated to narrative. Grief is transformed into political leverage. The objective is not justice but rather ignition sparking unrest, delegitimizing institutions, and exhausting public trust.

Here is an inconvenient truth: It remains exceedingly rare for law enforcement officers to fire their weapons in the line of duty. The overwhelming majority—well over 90 percent—never discharge a firearm at all. Most encounters are resolved through deescalation, judgment, and professionalism under immense pressure. That reality rarely survives the media cycle.

Legacy media outlets, once entrusted with informing the public, too often act as accelerants rather than moderators. Complex incidents are flattened into morality plays. Headlines are written to inflame rather than inform. Progressive narratives are echoed uncritically, while inconvenient facts are buried below the fold or ignored entirely. The result is a distorted public understanding that erodes confidence in law enforcement and emboldens those who seek confrontation.

Social media makes it worse. Algorithms do not reward nuance; they reward rage. Viral clips divorced from context travel faster than corrections ever could. Activists understand this and exploit it, baiting confrontations designed to produce images that inflame rather than illuminate. The platforms profit. The country pays the price.

We saw this pattern clearly on Ivy League campuses, where protests metastasized into intimidation and disorder. Administrators hesitated. Media outlets romanticized the unrest. Progressive leaders excused it. Only after chaos became undeniable did order return—at significant cost to institutional credibility. The lesson should have been obvious. Instead, it was ignored.

Today, those same forces have seized on immigration enforcement as their next flashpoint. The deployment of ICE agents under President Donald Trump has become a new rallying cry—not because it represents an unprecedented threat but because it offers another opportunity to provoke confrontation and amplify grievance. This is not about policy disagreement. It is about power: who controls the narrative, who dictates the terms of public debate, and who benefits when enforcement collapses under pressure.

That said, responsibility does not rest on one side alone.

Trump, for all his emphasis on law and order, bears a duty to temper his rhetoric. Words matter, especially from the highest office in the land. Enforcement must be firm, but it must also be wise. Precision, not provocation, strengthens institutions. A tone that encourages restraint, judgment, and professionalism does more to uphold the rule of law than bombast ever could.

Likewise, law enforcement leadership must continue emphasizing deescalation as the standard, not the exception. Officers already do this every day, often without recognition. In those vanishingly rare moments when lethal force is used, the expectation must be clarity, accountability, and transparency—not political scapegoating or reflexive condemnation.

The progressive movement, however, must confront its own complicity.

A philosophy that treats enforcement itself as oppression, that excuses disorder as activism, and that relies on media distortion to advance its aims is not reformist—it is corrosive. A society cannot function when laws are optional, authority is demonized, and chaos is reframed as conscience.

History is unforgiving to nations that mistake outrage for virtue and division for progress. Democracies do not collapse because laws are enforced. They collapse when enforcement is delegitimized, institutions are undermined, and truth becomes subordinate to narrative.

If we are serious about justice, reform, and social cohesion, then restraint must apply to everyone—activists, media, political leaders, and law enforcement alike. Anything less is not resistance. It is surrender to chaos.

And chaos, once normalized, never confines itself to the causes that first unleashed it.

Tyler Durden
Thu, 01/15/2026 – 17:40

MrBeast Broke? Billionaire YouTuber Claims He Has “Negative Money” As Tom Lee Invests $200M

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MrBeast Broke? Billionaire YouTuber Claims He Has “Negative Money” As Tom Lee Invests $200M

The allure of becoming a YouTube superstar often conjures images of endless wealth and effortless luxury. Yet for Jimmy Donaldson, better known as MrBeast, the reality is more nuanced – and far less liquid.

In a recent interview with The Wall Street Journal, Donaldson addressed the frequent media portrayal of him as a billionaire, clarifying the distinction between headline-grabbing net worth and actual cash on hand.

“It’s funny talking about my personal finances because no one ever believes anything I say, because they’re like, ‘You’re a billionaire,’” Donaldson said. “I’m like, that’s net worth.

I actually … I have negative money right now. I’m borrowing money. That’s how little money I have,” he continued. “Technically, everyone watching this video has more money than me in their bank account if you subtract the equity value of my company, which doesn’t buy me McDonald’s in the morning, or whatever.”

Last June, Donaldson revealed he had asked his mother for financial help to cover costs related to his upcoming wedding to Thea Booysen, then 28. The couple has described plans for an intimate ceremony, far removed from the extravagance one might associate with a global media figure.

Forbes pegged his annual earnings at $85 million as of June 2025, while Fortune reported in September 2025 that his holding company, Beast Industries—which he owns a little more than half of—carried a $5 billion valuation. The conglomerate encompasses his YouTube operations, the Feastables chocolate brand, Lunchly snacks, and other ventures, with Donaldson’s personal net worth frequently cited around $2.6 billion on paper, according to the New York Post.

Yet Donaldson’s ventures have not been without its headaches.

The most prominent example is his virtual restaurant brand, MrBeast Burger, launched in 2020 through a partnership with Virtual Dining Concepts (VDC). The ghost-kitchen concept initially exploded, expanding to thousands of locations and generating substantial revenue via delivery apps. The momentum stalled amid persistent customer complaints about quality. Reviewers often described the burgers as “disgusting,” “inedible,” undercooked, or arriving in subpar condition, the Daily Mail reported.

In 2023, Donaldson sued VDC, seeking to end the partnership and alleging breach of contract, inadequate quality control, unpaid royalties, and irreparable harm from the inferior product – despite periods when the brand reportedly pulled in over $100 million. VDC countersued for up to $100 million, accusing Donaldson of breaching obligations, publicly disparaging the brand (including now-deleted social-media posts calling it a “bad deal”), and interfering with operations. Both parties claimed the other prioritized scale or personal interests over quality and mutual fairness. The legal dispute remains unresolved.

Tom Lee Is All In

Donaldson’s cash crunch comes amid news that Donaldson’s Beast Industries is about to receive a $200 million investment from Tom Lee’s Bitmine Immersion Technologies, the world’s leading ETH treasury company. Lee’s investment will back a media property which boasts over 450 million subscribers and attracts over 5 billion monthly views. The deal closes on or around Jan. 19, CNBC reports. 

“It’s our view that ethereum, which is a smart contract platform, is the future of finance, where digitalization of not only dollars but stocks and equities [are] going to take place,” Lee told “Squawk Box” Thursday. “Over time, that really blurs what is a service versus what’s digital money, and that’s where a collaboration and investment into Beast Industries makes sense.”

Tyler Durden
Thu, 01/15/2026 – 17:20

Ron Paul: Making Imperialism Great Again?

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Ron Paul: Making Imperialism Great Again?

Authored by Ron Paul via the Mises Institute,

It did not take long for President Trump to change the reason for sending the US military to “arrest” Venezuela President Nicolás Maduro and his wife. The allegation that President Maduro ran a drug cartel was front and center in the months leading up to President Maduro’s “arrest.” Afterwards, President Trump said the invasion was about Venezuela’s oil and announced plans for the US government to send American oil companies into Venezuela.

About a week after the invasion, President Trump had a meeting with executives from American oil companies to discuss plans for Venezuela. Some of the companies’ executives at the meeting were less than enthusiastic about developing Venezuelan oil. One reason for this is that, since the Venezuelan government nationalized oil activities twenty years ago, fracking has made the US the world’s leading producer of oil and natural gas. Rebuilding the oil industry in Venezuela could cost as much as a billion dollars for an uncertain payoff. Among the complications, Venezuelan oil does not easily flow though pipelines unless it is cut with solvents, making it more expensive to transport.

In his first press conference after the Venezuelan first couple was seized, President Trump said: “We are going to run the country until such time as we can do a safe, proper, and judicious transition.” He later stated that Maduro’s successor Vice President Delcy Rodriguez would “pay a very big price, probably bigger than Maduro,” if she does not adequately fulfill the US government’s demands.

Following the invasion of Venezuela, there have been suggestions that President Trump will direct the US military to invade other countries as well. For example, Secretary of State and National Security Advisor Marco Rubio said, “if I lived in Havana and I was in the government, I’d be concerned.”

To no one’ s surprise, Senator Lindsey Graham was delighted by the possibility that Venezuela was just the first of many regime change wars President Trump will wage. Senator Graham even got President Trump to autograph a Make Iran Great Again hat. Many Iranian victims of the Shah of Iran’s secret police might disagree with Senator Graham on whether having the CIA install another puppet government in Iran will make that country great.

President Trump’s newfound love of regime change wars may be one reason why he is seeking to increase the military budget to 1.5 trillion dollars. President Trump claims that tariff revenue can fund the increase, but that is simply not possible. The majority of the increase in spending would come from other taxes, including the Federal Reserve’s regressive and hidden inflation tax.

A recent poll by the Pew Research Center found that there is much less support for an “activist” US foreign policy among Americans under 50 than among older Americans. This is the case among both Democrats and Republicans. In fact, the differing view on foreign policy among younger people was a major factor behind President Trump’s support from younger people in 2024. Continued betrayal by President Trump of his no more regime change wars pledge will cause the president and the Republicans to lose support among younger voters.

Tyler Durden
Thu, 01/15/2026 – 17:00

Rare Space Station Evacuation Sends SpaceX Crew Dragon Streaking Over California

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Rare Space Station Evacuation Sends SpaceX Crew Dragon Streaking Over California

Central Californians got a rare overnight spectacle as a SpaceX Crew Dragon capsule streaked across the sky during its de-orbit burn, ahead of a splashdown off the coast of San Diego.

The SpaceX Crew Dragon capsule carried Mike Fincke, Zena Cardman, Kimiya Yui, and Oleg Platonov and splashed down in the Pacific Ocean off San Diego at 0341 EST, about 10.5 hours after undocking from the International Space Station.

The astronauts returned one month early after one of the astronauts experienced a medical issue. This marked the first time in ISS history – or about three decades of operation – that a mission was shortened due to astronaut health.

NASA has not identified either the astronaut or the medical issue, but it was severe enough that a spacewalk by two of its astronauts was canceled last week.

“It is not an emergency de-orbit, even though we always retain that capability, and NASA and our partners train for that routinely,” NASA Administrator Jared Isaacman told reporters last week. Instead, he added, the mission team decided to bring Crew-11 home early because “the capability to diagnose and treat this properly does not live on the International Space Station.”

Welcome home. 

Tyler Durden
Thu, 01/15/2026 – 13:40

Democrats Introduce NOPE Act As Both Parties Claim Politically Motivated Prosecution

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Democrats Introduce NOPE Act As Both Parties Claim Politically Motivated Prosecution

Authored by Chase Smith via The Epoch Times,

Senate Minority Leader Chuck Schumer (D-N.Y.), Sen. Chris Murphy (D-Conn.), and Rep. Jason Crow (D-Colo.) on Jan. 14 introduced the No Political Enemies Act, or the NOPE Act, a bill they said would protect Americans and organizations from politically motivated federal investigations, prosecutions, and enforcement actions.

In a Wednesday press call announcing the legislation, Murphy said it was necessary because, in his view, the Trump administration is trying to use federal power to punish critics.

“This is a White House that is out of control, seeking to use the Department of Justice to try to censure and censor American citizens … to try to make those who tell the truth pay a grave price.”

The White House responded to the criticism and introduction of the bill in an emailed statement to The Epoch Times.

“The Biden Administration repeatedly weaponized the Department of Justice against their political enemies, including using the Department of Justice to spy on GOP lawmakers—all while the media looked the other way,” said White House spokeswoman Abigail Jackson. “The Trump Administration is restoring integrity to our justice system and holding criminals accountable.”

Jackson’s statement referenced past FBI activity that Republicans have described as politically motivated, and their efforts to remedy it. Rep. Elise Stefanik (R-N.Y.) said in December that a provision in the annual defense policy bill would include language requiring the FBI to inform federal candidates if it opens a counterintelligence probe that involves them.

Stefanik framed the provision as a response to “illegal weaponization of the deep state,” pointing to “Arctic Frost,” an FBI-related probe tied to challenges to the 2020 election that she said included Trump and eight Republican senators among those investigated.

Stefanik also cited the FBI’s earlier “Crossfire Hurricane” investigation of Trump’s 2016 campaign and its alleged links to Russia.

Murphy and other speakers on the Wednesday call pointed to recent developments involving Federal Reserve Chair Jerome Powell.

Murphy said there were “revelations in the last few days that the president is threatening to throw in jail the chairman of the Federal Reserve, [Jerome] Powell, simply because of a policy disagreement between the president and the chairman over interest rates.

“But, of course, we have already seen how this administration has gone after the Attorney General of New York, the former director of the FBI, and members of the United States Senate, with threatened criminal charges. This isn’t what happens in a healthy democracy. This is what happens in a totalitarian state,” he said.

Schumer made a similar argument about the Powell investigation in floor remarks earlier Wednesday.

“Launching a criminal investigation to coerce the Federal Reserve is a dangerous crossing of the Rubicon,” Schumer said. The Fed “must always operate free of coercion,” he said, warning that “when there’s chaos in the Fed, interest rates go up,” and that could raise borrowing costs for housing, car loans, and credit cards.

Also on the call was Justin Vail, counsel for Protect Democracy, which helped draft the legislation.

“For years, members of each political party have accused presidents of the opposing party of improperly weaponizing government,“ Vail said. ”Well, now is the time for Congress to act in a bipartisan fashion … and ensure that no president, Democrat or Republican, can use the government to punish people or organizations for what they say or believe.”

Some Republicans have also criticized the Justice Department’s probe involving Powell.

Sen. Lisa Murkowski (R-Alaska) said she spoke with Powell on Jan. 12 and called the investigation “an attempt at coercion,” while Sen. Thom Tillis (R-N.C.) said on X on Jan. 11 that the probe raised fresh concerns about the Fed’s independence.

Meanwhile, the Trump administration and federal prosecutors have defended the inquiry as a response to the Fed’s handling of questions about renovation cost overruns and Powell’s June testimony.

U.S. attorney Jeanine Pirro said on X on Jan. 13 that outreach to the Fed was “ignored, necessitating the use of legal process—which is not a threat.”

“The word ‘indictment’ has come out of Mr. Powell’s mouth, no one else’s,” she said.

Pirro said her office “makes decisions based on the merits—nothing more and nothing less,” while Trump told reporters on Jan. 13 that Powell was “billions of dollars over budget” and “so, he either is incompetent, or he is crooked. I don’t know what he is, but he certainly doesn’t do a very good job.”

On the other side, Trump and his allies have argued for years that investigations and cases involving him amount to politically motivated “lawfare.”

Trump pleaded not guilty in the federal special counsel cases and said the prosecutions were “politically motivated attempts to harm his reelection campaign.”

In a separate civil legal fight in New York, a spokesman for Trump’s legal team called the E. Jean Carroll litigation and others “Witch Hunts” and said the president would keep “winning against Liberal Lawfare,” after Trump recently asked the Supreme Court to take up his defamation case.

Former special counsel Jack Smith has rejected the claim that his prosecutions were political. In a deposition transcript and video released by the House Judiciary Committee, Smith said the “decision to bring charges against President Trump was mine,” and said the basis for nine of the charges “rests entirely with President Trump and his actions, as alleged in the 10 indictments returned by grand juries in two different districts.”

What the NOPE Act Would Do

The NOPE Act would establish a prohibition on certain executive branch officials initiating or directing an investigative, regulatory, or enforcement action that is “substantially motivated by” a person’s “protected speech or participation,” according to the bill text. The bill defines “protected speech or participation” as “all constitutionally protected speech,” including criticism and dissent.

The legislation would create an affirmative defense that defendants could raise in federal criminal prosecutions or civil enforcement actions when they argue that protected speech was a motivating factor. If a covered person presents “substantial evidence” of political motivation, the bill says a court would order expedited discovery related to government motivations, with procedures for reviewing privileged materials.

The government would then bear the burden of proving by “clear and convincing evidence” that legitimate grounds unrelated to protected speech justified the action and that it was not substantially motivated by protected speech.

The bill directs courts to dismiss the claim or provide appropriate relief if the government does not meet that burden.

The bill also would allow a person to bring a civil action seeking an injunction against a covered federal official and agency when a covered government action is alleged to be substantially motivated by protected speech.

It would create a civil damages action against a covered federal official who “knowingly initiated or directed” a covered government action substantially motivated by protected speech, when constitutional rights are violated in connection with that action. The bill restricts indemnification by the United States in those cases unless certain conditions are met.

Separately, the bill would allow courts to order the United States to pay reasonable attorneys’ fees and costs in certain proceedings tied to covered actions or claims. The bill would also amend the Anti-Deficiency Act to bar obligating or spending federal funds for covered actions or claims substantially motivated by protected speech, and it would allow a civil action for injunctive or equitable relief for alleged violations.

Crow said on the press call that legislation like this was needed to create “a bulwark against this runaway presidency.”

“None of us will back down and be cowed and intimidated,” he added.

Murphy noted in the call that it would be hard to get buy-in from his GOP colleagues in both chambers, adding, “But we have no chance at trying to build a bipartisan coalition around saving our democracy if we don’t even offer these new ideas.”

Tyler Durden
Thu, 01/15/2026 – 13:00

US Forces Seize Sixth Tanker In Western Hemisphere As Trump Targets Dark Fleet

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US Forces Seize Sixth Tanker In Western Hemisphere As Trump Targets Dark Fleet

President Trump’s race to secure the Western Hemisphere, in a foreign policy move called gunboat diplomacy, off the coast of Venezuela to dismantle and disrupt a dark-fleet tanker network, has now resulted in a sixth oil tanker being seized by U.S. forces in the Caribbean.

The Wall Street Journal reports that the dark-fleet tanker was seized in the U.S. Southern Command Area of Responsibility, covering Central and South America and the Caribbean.

News details are emerging. 

The cargo-empty US-sanctioned Aframax tanker VERONICA (9256860) was last seen in Venezuela on 2026-01-03 as she departed Amuay. She has directly exported Iranian oil 10 times, as well as received Iranian oil 5x via STS and Venezuelan 2x. This lady’s shady career began in 2020,” Tanker Trackers wrote on X. 

The tanker crackdown targets the dark fleet that transports sanctioned Venezuelan oil to Asia, especially to China. That oil revenue once fueled the Maduro regime, which has been dismantled in recent weeks after Nicolás Maduro was captured by U.S. Delta Force operators and flown to New York to face federal charges in the Southern District of New York. He is currently being held in a federal detention center in Brooklyn while awaiting trial.

Shipping analytics provider Kpler says Trump’s gunboat diplomacy has significantly affected Venezuela’s oil exports. Just this month alone, crude loadings have plunged to about half of normal levels. The only tankers able to make port calls are one bound for the U.S. and those transporting oil to Venezuelan refineries.

“The dark-fleet model with Venezuela, for now, has been broken because there are no cargoes,” Michelle Wiese Bockmann, a maritime-intelligence analyst at Windward, told WSJ.

Bockmann said, “Whether or not the dark fleet will be able to resume shipping to China, given that the U.S. is working with PdVSA, the Venezuelan state oil company, to control what’s going in and out of the country, it is quite possible that dark fleet tonnage will no longer call there.”

Latest on Venezuela’s oil industry:

The era of the ‘Donroe Doctrine‘ is underway.

Tyler Durden
Thu, 01/15/2026 – 12:40

The Grid Is Warning Pennsylvania

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The Grid Is Warning Pennsylvania

Authored by William desRosiers via American Greatness,

If anyone still doubts how serious the power situation unraveling in Pennsylvania has become, the warning signs are no longer abstract. PJM Interconnection, the regional transmission organization that coordinates wholesale electricity across all or parts of 13 states, including Pennsylvania, and the District of Columbia, made the problem unmistakably clear in its most recent capacity auction.

According to PJM’s own executive summary, the auction ended more than 6,623 megawatts (MW) below what PJM says it needed to keep the lights on safely, leaving far less backup power than recommended. To put that into perspective, that’s the amount needed to keep the lights on for roughly 6.6 million homes. Even more concerning, PJM noted only 774 megawatts of new generation cleared the auction, an extremely small amount relative to accelerating demand. Lastly, capacity prices hit the price cap, a clear signal of scarcity rather than healthy supply.

Under PJM’s own tariff, a shortfall of this magnitude triggers a formal investigation. Continued shortfalls could lead to a Reliability Backstop Auction, an emergency procurement mechanism that often results in higher costs with little immediate new infrastructure to show for it.

To be fair, PJM is set to release a revised load forecast this month, and the shortfall may narrow. Even if it does, that is not something to celebrate. The underlying problem remains unchanged: new power is not getting built fast enough.

Unsurprisingly, this has sparked a growing debate over who is to blame.

Some point squarely at PJM and its interconnection backlog. Others argue that Pennsylvania’s long-standing reputation as a difficult place to build, driven by permitting complexity, regulatory uncertainty, and tax policy, is equally responsible. At the same time, restrictive policies in states such as Maryland and New Jersey have weakened baseload power and deterred new generation, exporting reliability risk across the PJM footprint. Taken together, these dynamics have produced a regional market where new investment increasingly flows toward states offering clearer rules, faster timelines, and greater certainty.

Need more proof? Under PJM’s most recent Reliability Resource Initiative (RRI), Pennsylvania accounted for just 342 megawatts of proposed new or expanded natural-gas capacity. By comparison, Ohio accounted for 3,363 megawatts, Virginia for 3,320 megawatts, and Kentucky for 786 megawatts. Pennsylvania barely edged out New Jersey in this category, a state that has signaled little appetite for new natural-gas generation.

This lack of clear direction even has electric utilities, largely removed from power generation since Pennsylvania restructured and deregulated its electricity markets more than two decades ago, lobbying to re-enter generation in the name of reliability.

So, what can Pennsylvania learn from Texas?

Texas faced a similar looming power crunch and chose a different path. Over the past year, it committed nearly $1 billion through a generation loan and completion bonus program to accelerate dispatchable power. Multiple natural gas plants, some exceeding 1,000 megawatts, are already capitalizing on this. Texas reduced risk, shortened timelines, and sent a clear signal that reliability matters and the state is willing to act.

Before ending deregulation, let’s try to make targeted adjustments that support private investment.

Take state Sen. Gene Yaw’s proposal, SB 1106, for example.

This legislation would update Pennsylvania’s Local Resource Manufacturing (EDGE) Tax Credit to include baseload power generation that interconnects with the regional transmission system and contributes to grid reliability. Crucially, it doesn’t overhaul the current market to put the state in the business of picking winners and losers. Private companies would still decide what to build based on market demand.

SB 1106 is not a silver bullet. It is not as generous or sweeping as Texas’s program. But it is practical. It builds on an existing incentive rather than inventing a new one, reflecting a reality long understood in Harrisburg.

Pennsylvania’s track record supports this approach. The Commonwealth has successfully deployed tax credit programs for decades. The Neighborhood Assistance Program (NAP) and Education Improvement Tax Credit (EITC) have driven hundreds of millions of dollars in private investment into communities, workforce development, and education. The ethane tax credit helped land Shell’s petrochemical cracker plant in western Pennsylvania, one of the largest private investments in state history. These programs work because they align public goals with private capital.

It is also important to clarify what tax credits are and are not. They are not grants. They require upfront investment, strict compliance, and performance. In the case of power generation, that means the plant must be online, interconnected, and consuming Pennsylvania natural gas.

That resource advantage matters. Pennsylvania sits atop one of the world’s largest natural gas supplies. The fuel is here. The workforce is here. The opportunity to site multiple new power plants is real if policy stops getting in the way.

To the Commonwealth’s credit, policymakers did get something right this year. By ending Pennsylvania’s participation in the Regional Greenhouse Gas Initiative (RGGI) through the budget process, lawmakers sent a clear signal that affordability and grid reliability are priorities. That decision matters. Senate Bill 1106 is the logical next step to ensure Pennsylvania can attract a new generation and strengthen its energy position.

Tyler Durden
Thu, 01/15/2026 – 12:25

Trump Takes Fresh Swipe At Zelensky, Says Problem Is Not Putin

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Trump Takes Fresh Swipe At Zelensky, Says Problem Is Not Putin

In what by now, nearly four years into the Ukraine war, seems a biannual exercise, President Trump has taken another swipe at President Volodymyr Zelensky, this time blaming him for holding up the potential peace deal with Russia.

The European allies have said the opposite, accusing Moscow of having no real interest in achieving ceasefire. But in a fresh interview given to Reuters from the Oval Office, Trump said it remains Putin who is more eager and willing, with Zelensky more reticent. “I think he’s ready to make a deal,” Trump said of the Russian leader, before turning to the other warring side: “I think Ukraine is less ready to make a deal.”

via The Independent

Asked directly why US-led negotiations have thus far proved elusive, Trump responded simply and bluntly: “Zelensky.”

In re-presenting the this section of the interview on the question of the so far failed deal, Reuters reviews, “Trump’s comments suggested renewed frustration with the Ukrainian leader. The two presidents have long had a volatile relationship, though their interactions seem to have improved over Trump’s first year back in office.”

“At times, Trump has been more willing to accept Putin’s assurances at face value than the leaders of some U.S. allies, frustrating Kyiv, European capitals and U.S. lawmakers, including some Republicans,” the report continues.

One big ask from Trump which Zelensky seems to be dragging his feet on is elections. Trump has mocked Ukraine for no longer being a “democracy” given the long canceled presidential elections under martial law. Ukrainian parliament has responded by setting up a special committee to examine the issue.

Elections seem a prospect far away given Zelensky as added demands like Russia agreeing to a temporary ceasefire while a vote process proceeds. Kiev also wants international backers to pledge protection and support for such a vote.

There’s also the big question of territorial concessions. The US has been pushing a major compromise in the Donbass, but Zelensky has still insisted he won’t given up territory. Instead he’s open to a “freeze” of the frontlines, but no political recognition of the Russian Federation’s annexed territories.

Zelensky last month in London while huddling with the so-called ‘coalition of the willing’ European leaders definitively ruled out that his country will agree to cede land as part of a peace deal.

Trump and Zelensky could soon meet again, per the interview:

Asked if he would meet Zelenskiy at the World Economic Forum in Davos, Switzerland, next week, Trump said he would but implied no plans were set.

“I would – if he’s there,” Trump said. “I’m going to be there.”

Asked why he believed Zelenskiy was holding back on negotiations, Trump did not elaborate, saying only: “I just think he’s, you know, having a hard time getting there.”

Meanwhile, there is speculation that Zelensky’s hands are effectively tied by his own hard right-wing Ukrainian militias and elements of the military. If he gives up territory for the sake of peace, groups like Azov or Right Sector will want a word…

Trump has lately appeared to be more willing to wash his hands of American involvement in the conflict. However, it remains anything but clear whether this will translate into halting US intelligence assistance to Ukrainian forces, or whether US arms and funds will be halted or at least significantly throttled. 

Tyler Durden
Thu, 01/15/2026 – 12:05