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Westlake Legal Group > News Corporation (Page 77)

New York Times Kavanaugh ‘bombshell’ appears to begin imploding; Auto workers go on strike against GM

Good morning and welcome to Fox News First. Here’s what you need to know as you start your Monday and the new work week …

New York Times updates Kavanaugh ‘bombshell’ to note accuser doesn’t recall alleged assault 
The New York Times suddenly made a major revision to its story late Sunday concerning a resurfaced allegation of sexual assault by Supreme Court Justice Brett Kavanaugh, hours after virtually all 2020 Democratic presidential candidates had cited the original article as a reason to impeach Kavanaugh. The update included the significant detail that several friends of the alleged victim said she did not recall the supposed sexual assault in question at all. The Times also stated for the first time that the alleged victim refused to be interviewed, and has made no comment about the episode.

The only first-hand statement concerning the supposed attack in the original piece came from a Clinton-connected lawyer who claimed to have witnessed it. The Times’ revision says: “Editors’ Note: An earlier version of this article, which was adapted from a forthcoming book, did not include one element of the book’s account regarding an assertion by a Yale classmate that friends of Brett Kavanaugh pushed his penis into the hand of a female student at a drunken dorm party. The book reports that the female student declined to be interviewed and friends say that she does not recall the incident. That information has been added to the article.”

The update came only after the Federalist’s Mollie Hemingway, who reviewed an advance copy of the book, first flagged the omission on Twitter. Click here to read more about our top story.

More than 49,000 auto workers go on strike against GM
The United Auto Workers went on a nationwide strike against General Motors on Sunday night after contract talks broke off Sunday. It is the first strike against GM in 12 years. Talks will resume Monday morning. Union officials say both sides are far apart in the talks, while GM says it has made significant offers. UAW represents workers at 33 manufacturing sites and 22 parts warehouses across the country.

Westlake Legal Group 5b7e0e66-TrumpIran091619 New York Times Kavanaugh 'bombshell' appears to begin imploding; Auto workers go on strike against GM fox-news/columns/fox-news-first fox news fnc/us fnc article 2c4a0584-440a-51b1-989a-e86fcf0867d1

Trump: US ‘locked and loaded’ against attackers of Saudi oil facility ‘depending on verification’; Iran denies involvement
President Trump on Sunday suggested U.S. investigators had “reason to believe” they knew who launched crippling attacks against a key Saudi oil facility, and vowed that America was “locked and loaded depending on verification.” While he did not specify in his tweet who he believed was responsible for Saturday’s drone attacks, U.S. investigators previously have pointed the finger at Iran. For its part, Iran has denied the allegations. Earlier Sunday, Trump authorized the use of emergency oil reserves in Texas and other states after Saudi oil processing facilities were attacked, sparking fears of a spike in oil prices when markets reopen Monday.

Westlake Legal Group ORourke-Buttigieg_AP New York Times Kavanaugh 'bombshell' appears to begin imploding; Auto workers go on strike against GM fox-news/columns/fox-news-first fox news fnc/us fnc article 2c4a0584-440a-51b1-989a-e86fcf0867d1

Beto hits Buttigieg, Dems with expletive-driven defense of debate comments on gun confiscation
Beto O’Rourke on Sunday launched an expletive-fueled defense of his call to ban assault-style weapons and impose mandatory buybacks of AR-15s and AK-47s while also pushing back at critics — including fellow 2020 Democrat Pete Buttigieg. During last Thursday’s presidential debate, the former Texas congressman said, “Hell yes, we’re going to take your AR-15, your AK-47, and we’re not going to allow it to be used against your fellow Americans anymore.”

Buttigieg, the mayor of South Bend, Indiana, appeared on CNN’s “State of the Union” on Sunday and agreed with Sen. Chris Coons, D-Del., saying the clip of O’Rourke’s statement about AR-15s and AK-47s “will be played for years at Second Amendment rallies with organizations that try to scare people by saying Democrats are coming for your guns.”

Buttigieg went on to say, “When even this president and even [Senate Majority Leader] Mitch McConnell are at least are pretending to be open to reforms, we know that we have a moment on our hand. Let’s make the most of it and get these things done.” O’Rourke pushed back, tweeting, “When candidates say, ‘At least Donald Trump and Mitch McConnell are pretending to be interested,’ sh–, that is not enough. Neither is poll-testing your message. Gun violence is a life or death issue—and we have to represent the bold ideas of people all over the country.”

Westlake Legal Group lori-loughlin-felicity-huffman-college-scandal New York Times Kavanaugh 'bombshell' appears to begin imploding; Auto workers go on strike against GM fox-news/columns/fox-news-first fox news fnc/us fnc article 2c4a0584-440a-51b1-989a-e86fcf0867d1

Lori Loughlin appears in court in Boston in September 2019 about the college admissions scandal. At right, Felicity Huffman leaves her sentencing in the college admissions scam case, dubbed “Operation Varsity Blues.” Huffman will serve 14 days in federal prison following a plea agreement, while Loughlin pleaded not guilty and awaits a trial. (Getty)

Lori Loughlin ‘aware’ of Huffman’s sentence, regrets rejecting plea deal: report
Lori Loughlin may have second thoughts about pleading not guilty in the college admissions scandal following Felicity Huffman’s 14-day sentence. A source close to Loughlin told People that the former “Fuller House” star was “aware of Felicity’s sentence and is processing what that means for her.” Huffman, 56, was sentenced to 14 days behind bars after she pleaded guilty to conspiracy to commit mail fraud and honest services mail fraud in May. Click here to read more.

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TODAY’S MUST-READS
Purdue Pharma files for bankruptcy as part of settlement.
Tropical Storm Humberto becomes a hurricane.
Ric Ocasek, lead singer of The Cars, found dead in NYC apartment, police say.

MINDING YOUR BUSINESS
Stocks point lower as oil surges on Saudi facility attack.
ICYMI: Travel agent cheated his way to 42M Delta frequent flyer points, feds say.
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#TheFlashback: CLICK HERE to find out what happened on “This Day in History.”

SOME PARTING WORDS

Kellyanne Conway, counselor to President Trump, told “Fox News Sunday” that Democrats need to “get to a messaging meeting” and “stop the nonsense of harassing and embarrassing this president and the people around him when you’ve had no constitution or legal basis to do so.”

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Fox News First is compiled by Fox News’ Bryan Robinson. Thank you for joining us! Enjoy your day! We’ll see you in your inbox first thing on Tuesday morning.

Westlake Legal Group Kavanaugh091619 New York Times Kavanaugh 'bombshell' appears to begin imploding; Auto workers go on strike against GM fox-news/columns/fox-news-first fox news fnc/us fnc article 2c4a0584-440a-51b1-989a-e86fcf0867d1   Westlake Legal Group Kavanaugh091619 New York Times Kavanaugh 'bombshell' appears to begin imploding; Auto workers go on strike against GM fox-news/columns/fox-news-first fox news fnc/us fnc article 2c4a0584-440a-51b1-989a-e86fcf0867d1

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Saudi oil attack roils global energy markets; Trump says U.S. 'locked and loaded'

CLOSEWestlake Legal Group icon_close Saudi oil attack roils global energy markets; Trump says U.S. 'locked and loaded'

Drones claimed by Yemen’s Houthi rebels attacked the world’s largest oil processing facility in Saudi Arabia and a major oilfield operated by Saudi Aramco early Saturday, sparking a huge fire at a processor crucial to global energy supplies. (Sept. 14) AP, AP

Global energy prices rocketed higher Monday after a weekend attack on oil facilities in Saudi Arabia that disrupted more than 5% of the world’s daily supply. 

The incident has reignited fears of a U.S. military confrontation in the Middle East.  

The U.S. government released satellite images showing the extent of the destruction at the Abqaiq oil processing plant and a key oil field, where an estimated 5.7 million barrels of oil are produced each day – and suggested that the assault originated either in Iran or Iraq rather than Yemen, where Saudi Arabia is fighting Iran-backed Houthi rebels.

Brent crude oil, an international gauge, surged nearly 20% when markets in Asia opened before settling down to about a 10% spike as trading continued. 

U.S. benchmark West Texas crude oil was up around 9%. U.S. gasoline and heating oil were up over 8% and 7%, respectively.

Consumer impact: Will the drone strikes in Saudi Arabia impact gas prices?

Houthi rebels claimed responsibility for Saturday’s attack, which they said was carried out using drones, although the scale of the destruction indicates that cruise missiles may also have been used. There has been no independent verification. 

Secretary of State Mike Pompeo blamed Iran, but President Donald Trump stopped short of explicitly pointing the finger at Tehran, saying only that the U.S. was “locked and loaded” to respond with possible military action once the culprit is determined.

Pompeo did not provide specific proof the attacks came from Iran. 

Fabian Hinz, an expert on Middle East conflicts at the James Martin Center for Nonproliferation Studies in Monterey, Calif., said Houthi rebels have previously launched attacks against Saudi targets using a combination of drones and missiles.

Abbas Mousavi, a spokesman for Iran’s Foreign Ministry in Tehran, angrily dismissed Pompeo’s allegations as “blind and futile comments.”

Mousavi said that the “Americans adopted the ‘maximum pressure’ policy against Iran, which, due to its failure, is leaning toward ‘maximum lies.'”

Hawkish voices in Iran said the country was ready for military confrontation if necessary.

“We have been constantly preparing ourselves for a full-fledged war,” Amir Ali Hajizadeh, commander of the Iran’s Revolutionary Guard Corp aerospace force, told the Tehran Times on Sunday. He warned the U.S. that its military assets in the Middle East were within striking distance of Iran’s military. 

Trump said he was “waiting to hear” from the Saudis about who they thought was responsible “and under what terms we would proceed.”

Iran and Saudi Arabia, bitter rivals who have long struggled for regional dominance, have been fighting a proxy war in Yemen since at least 2015. Iraq, home to powerful Iran-backed militias, denied its airspace was used to launch an attack on the kingdom. 

Saturday’s attack halted production of more than half of Saudi Arabia’s global daily exports, most of which goes to Asia. At 5.7 million barrels of crude oil a day, the Saudi disruption would be the greatest on record for world markets, according to figures from the Paris-based International Energy Agency. It just edges out the 5.6 million-barrels-a-day disruption around the time of Iran’s 1979 Islamic Revolution, according to the IEA.

Saudi Arabia has pledged that its stockpiles would keep global markets supplied and Trump said he has approved the release of U.S. strategic petroleum reserves “if needed” to stabilize energy markets after the attacks.

Still, the incident could impact the price of gas for Americans, experts said. 

Gradual increases may be seen at U.S. gas stations before next weekend depending on how fast the kingdom’s state-owned oil behemoth Saudi Aramco can revive lost output, said Patrick DeHaan, head of petroleum analysis at GasBuddy.

“Right now, I would classify that impact as being minor because Saudi has signaled that most of this oil production could return quickly,” said DeHaan, whose company monitors real-time fuel prices. “If it doesn’t return relatively quickly then we could be looking at minor to major impact to gasoline prices” as early as midweek. 

Trump’s “locked and loaded” rhetoric mirrors remarks he made after Iran shot down a U.S. military surveillance drone in June. Trump later said that he pulled back from retaliating against Iran at the last minute. The U.S. has also blamed Iran for a series of mysterious attacks on oil tankers operating in the Persian Gulf, which Iran denies. 

Increased tensions between the U.S. and Iran have followed Trump’s withdrawal last year from the nuclear accord between Iran and world powers. Those tensions have superficially softened in recent weeks amid suggestions from Trump that he is willing to hold talks with Iran’s President Hassan Rouhani, possibly on the sidelines of the United Nations’ annual general assembly in New York later this month. But Tehran has also repeatedly said that it will only consider such a meeting if Washington lifts sanctions imposed on it by Trump after he walked away from the 2015 landmark nuclear accord. 

Mousavi, of Iran’s Foreign Ministry, said Monday the Trump-Rouhani meeting “will not happen.” He dismissed reports it would take place as mere “speculation.”

Trump-Bolton breakup was inevitable: They clashed over Iran, North Korea, more

Contributing: John Bacon; Dalvin Brown; Associated Press

Read or Share this story: https://www.usatoday.com/story/news/world/2019/09/16/saudi-oil-attack-trump-reply-oil-markets/2339034001/

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Today on Fox News, Sept. 16, 2019

STAY TUNED

On Fox News: 

Fox & Friends, 6 a.m. ET: U.S. Sen. Chris Coons, D-Del.; Joel Peterson, chairman of JetBlue Airways; Michelle Malkin, author of “Open Borders Inc.: Who’s Funding America’s Destruction?”

On Fox Business:

Mornings with Maria, 6 a.m., ET: Cabot Phillips, media director of CampusReform.org.

Lou Dobbs Tonight,  7 p.m., ET: Michael Goodwin, New York Post columnist.

On Fox News Radio:

The Fox News Rundown podcast: “Renewed Gulf Tensions Latest Test For President Trump, American Economy” – The conflict between Saudi Arabia, Yemen, and Iran continued to amplify this weekend after Houthi rebels attacked two Saudi oil facilities. Jehmu Greene, Fox News contributor, and Beverly Hallberg, president of District Media Group, discuss how this incident could be felt by the American people

Also on the Rundown: President Trump recently revealed that he called off secret peace talks at Camp David with the Taliban after U.S. and Romanian service members and 10 civilians were murdered in a car bombing in Kabul. Sean Parnell, one of the longest-serving combat veterans, has extensive knowledge of Afghanistan and explains why he believes peace talks can’t happen without a ceasefire. Plus, commentary by Steve Forbes, chairman and editor-in-chief of Forbes Media LLC, Steve Forbes.

Want the Fox News Rundown sent straight to your mobile device? Subscribe through Apple Podcasts, Google Play, and Stitcher.

The Brian Kilmeade Show, 9 a.m. ET: Michael Goodwin, New York Post columnist; Eli Lake, columnist for the Bloomberg View; Bret Baier, host of “Special Report.”

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The Fed Faces a Tough End to 2019 as Worries Cloud the Horizon

WASHINGTON — The Federal Reserve is poised to cut interest rates for a second time on Wednesday as policymakers try to get ahead of economic risks emanating from a global slowdown, President Trump’s trade war and uncertainty about the road ahead.

Investors largely expect a rate cut, but the decision could be contentious as Fed officials wrestle with mixed economic signals and try to gauge whether Mr. Trump’s sometimes-hot, sometimes-cold trade war is creating economic uncertainty that can and should be offset by central bank action.

Two members of the policy-setting Federal Open Market Committee voted against the Fed’s July rate cut — its first cut in more than a decade — and may dissent against any further reduction at this meeting, given that the economy is growing and unemployment remains near a 50-year low. Another committee member has voiced support for a larger-than-expected cut in the face of global risks.

That discord could make it more difficult for Jerome H. Powell, the Fed chair, to clearly communicate what comes next. The central bank leadership is already under immense political pressure from Mr. Trump, who denounces its reluctance to slash rates more aggressively on Twitter almost daily. The Fed is expected to cut rates just slightly to a range between 1.75 and 2 percent — far above Mr. Trump’s stated desire for zero or negative interest rates.

The Fed operates independently of the White House, and officials say they are cutting rates because uncertainty is mounting and inflation is running below the Fed’s goal. But consumer spending and the job market remain strong, putting the onus on Mr. Powell to explain why the Fed is acting now and whether it plans further moves.

Many investors expect another cut in October and will hang on Mr. Powell’s every word for any hint at timing. But Mr. Powell will probably try to keep the Fed’s options open. He has so far avoided committing the Fed to movement, saying only that it will do what is needed to sustain the economic expansion.

The big question facing the Fed is whether the expansion will need additional support from the central bank.

Inflation has shown signs of moving back toward the Fed’s 2 percent goal, and growth has remained resilient so far. But it is unclear how — or whether — Mr. Trump’s trade war will be resolved. The United States and China are expected to meet again next month, and both sides have taken steps before that meeting to ease their trade fight. But a deal is not guaranteed, and Mr. Trump plans to impose tariffs on nearly all Chinese imports by the end of the year if one is not reached.

ImageWestlake Legal Group 16dc-fedpreview2-articleLarge The Fed Faces a Tough End to 2019 as Worries Cloud the Horizon United States Politics and Government United States Economy Recession and Depression Interest Rates Inflation (Economics) Federal Reserve System Federal Open Market Committee

Jerome H. Powell, the Federal Reserve chair, is under immense political pressure from President Trump, even though the Fed operates independently of the White House.CreditArnd Wiegmann/Reuters

Adding to the mixed economic picture: Household confidence is wobbling, and the global economic picture is tenuous. Germany, Europe’s largest economy, is on the brink of recession, and Britain is grappling with its contentious exit from the European Union.

“The consumer is doing well, but there are other parts of the economy that aren’t doing well: manufacturing being the obvious one, but business investment is weak, and foreign demand is weak,” said Michael Feroli, the chief United States economist at J. P. Morgan, who expects policymakers to cut rates one more time this year. “I don’t necessarily think they have a plan to go again, but I think the economy will continue to look a little soft.”

Heightening Mr. Powell’s communications challenge, the Fed will release new economic projections after the meeting for the first time since June. That means the Fed chair will have to knit his 16 colleagues’ interest rate projections into one comprehensive narrative.

While the Fed is closely monitoring short-term risks, its long-term challenges may be even more daunting. Interest rates will stand below 2 percent if the central bank lowers them this week, leaving policymakers with limited room to cut come the next recession. For context, they lowered rates by more than five percentage points in reaction to the 2007 to 2009 downturn.

“The Fed simply doesn’t have enough firefighting capability at its disposal to fight even an average next recession, let alone a financial crisis — anything that history would later label a Great Recession,” said David Wilcox, who directed research and statistics at the Fed until last year and is now a senior fellow at the Peterson Institute for International Economics. “We run the risk that the next recession will therefore be that much deeper, that much more prolonged — because the Fed won’t be in a good position to arrest downward momentum once it begins.”

Fed officials often say that they have tools left to bolster the economy. Still, they plan to discuss options for conducting monetary policy amid lower interest rates at their upcoming meetings. The conversations so far seems to center on keeping inflation from getting stuck in low gear.

The Fed aims for 2 percent annual price increases, but has not hit that target sustainably since formally adopting it in 2012. That matters in part because inflation gives the central bank headroom to cut interest rates, which do not strip out price gains. Lower inflation makes for even less room to maneuver.

One short-term fix, supported in a recent editorial by Neel Kashkari, the president of the Federal Reserve Bank of Minneapolis, is to promise to keep rates low until inflation moves back to, or even just above, the central bank’s 2 percent goal. In theory, such a commitment would prove the Fed’s seriousness and help to keep consumers’ and investors’ inflation expectations, which have been slipping, from sinking lower. It could provide extra stimulus by making investors expect low rates for longer.

President Mario Draghi of the European Central Bank, which is also facing stubbornly low inflation, made a softened version of that commitment last week.

President Mario Draghi, right, of the European Central Bank said Europe’s central bankers are unanimous on one point: Elected officials who make tax and spending decisions need to do better.CreditMartti Kainulainen/Agence France-Presse — Getty Images

At the Fed, other ideas up for discussion include aiming for 2 percent inflation on average over a period of time or targeting a price level, rather than a rate of change. Either plan would probably leave interest rates lower for longer after recessions as officials tried to make up for inflation shortfalls.

Some central bank watchers worry that tweaks to the framework could prove inadequate to restock the monetary arsenal, especially because Mr. Powell and his vice chair, Richard H. Clarida, often characterize the rethinking as “evolution, not revolution.”

“I hope that the Fed leadership will not feel constrained from adopting a new inflation control framework, merely because they have said that they’ll be evolutionary,” said Mr. Wilcox, who favors a higher inflation target. He said he also hoped for “an acknowledgment” that “there is a serious risk that our tools will not be adequate for fighting the next recession.”

“They need to give Congress the opportunity to pre-position a fiscal response to the next recession,” Mr. Wilcox said, indicating that the Fed should be transparent about its lack of monetary policy options so lawmakers can start to think of solutions.

The Fed does have more wiggle room than its counterparts in Europe, Japan and the United Kingdom, which have very low or even negative interest rates.

If the global economy tips into outright recession, “the Fed has monetary policy room to address all of that,” Mark Carney, the head of the Bank of England, said in New York last week. “The Bank of England, with various tools, is close, but not all the way there, and the E.C.B. is farther away.”

Mr. Draghi said Europe’s central bankers are unanimous on one point: Fiscal policymakers, the elected officials who make tax and spending decisions, need to step up their game.

But the Fed’s comparatively better position is hardly a bright side, because the American economy could feel the fallout if major global trading partners struggle to combat domestic slowdowns.

“We are carefully watching developments as we assess their implications for the U.S. outlook and the path of monetary policy,” Mr. Powell said last month, noting that “further evidence of a global slowdown” ranked among those risks.

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Iran Rules Out Meeting Between Trump and Rouhani

Iran has dismissed the possibility of a meeting between the country’s president, Hassan Rouhani, and President Trump on the sidelines of the United Nations General Assembly next week, Iran’s state-run news media reported.

“Neither is such a plan on our agenda nor will such a thing happen,” Seyed Abbas Mousavi, a spokesman for the Iranian Foreign Ministry, said at a news conference on Monday, according to Fars, a state-run outlet. “This meeting will not be held.”

Mr. Mousavi added that if the United States “stops economic terrorism and returns to the nuclear deal, then they may sit at a corner and be present within the framework of the nuclear deal member states.”

His comments come after an attack on two major oil installations in Saudi Arabia on Saturday further escalated tensions between Iran and the United States. The Houthi rebels in Yemen, who receive support from Iran, claimed responsibility for the strikes, but the Trump administration has accused Tehran of being behind the attack.

On Sunday, American officials cited intelligence assessments to support the accusation, and Mr. Trump warned that he was prepared to take military action.

ImageWestlake Legal Group merlin_160685772_b7fa2feb-52d6-4166-87a9-409b28c60fd0-articleLarge Iran Rules Out Meeting Between Trump and Rouhani United States United Nations Trump, Donald J Saudi Arabia Rouhani, Hassan Iran General Assembly (UN)

President Trump has refrained so far from directly accusing Iran of the Saturday attacks on Saudi oil facilities, but other administration officials have not.CreditAnna Moneymaker/The New York Times

Earlier, the White House had said that it was not ruling out the possibility of a meeting between Mr. Trump and Mr. Rouhani on the sidelines of the United Nations summit. But the events of the weekend have jeopardized any potential for discussion.

The relationship between the two nations has devolved since last year, when Mr. Trump abruptly withdrew the United States from the 2015 deal to limit Iran’s nuclear program and reimposed punishing economic sanctions.

Last week, Mr. Trump said that he was open to the idea of meeting with Mr. Rouhani on the sidelines of the United Nations summit.

But on Sunday, he walked back those statements, saying on Twitter that reports that he was willing to meet with Iran with no conditions were “incorrect.”

Mr. Trump has refrained so far from directly accusing Iran of the attacks on the Saudi oil facilities, but other administration officials have not.

Shortly after the attacks on Saturday, Secretary of State Mike Pompeo accused Iran of being behind what he called “an unprecedented attack on the world’s energy supply” and asserted that there was “no evidence the attacks came from Yemen.” He did not, however, specify an alternative launch site.

Iran has forcefully rejected Mr. Pompeo’s accusation, with the foreign minister dismissing it as “max deceit.”

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Whiskey vs. whisky — what’s the difference?

If you’ve ever spent time at a liquor store, you’ve likely noticed that one of your favorite spirits has two different spellings. Some whisk(e)ys are spelled with an “e” while others forgo the extra vowel — but why?

Is there a difference between whisky and whiskey?

In short, yes. The product’s spelling is typically linked to its country of origin. American or Irish producers typically spell “whiskey” with the extra letter. Canadian, Scottish and Japanese distillers prefer “whisky.”

Some experts believe that the spelling contrast can be traced back to different translations of the original Irish or Gaelic words for whisk(e)y. Others believe adding the “e” was a way for Irish distillers to differentiate their product from competitors’ whisky blends. Either way, the whisky vs. whiskey debate is one that has confused consumers for centuries.

If you’re struggling to remember which spelling to use, here’s a handy trick. The countries with an “e” in their name (Ireland and the United States) get the whiskey spelling. The countries without an “e” in their name (Canada, Scotland and Japan) spell it whisky.

Westlake Legal Group iStock-974765782 Whiskey vs. whisky — what’s the difference? Taste of Home Katie Bandurski fox-news/lifestyle fox-news/food-drink/drinks/spirits fox-news/food-drink/drinks fnc/food-drink fnc d6772226-914e-54e7-ac09-a478c69e4cec article

T​​here’s a simple reason for the spelling difference, as the product’s spelling is typically linked to its country of origin.  (iStock)

Do they taste different?

Kind of. Any whisk(e)y connoisseur is familiar with the many sub-categories of the spirit. So, of course, an Irish whiskey is going to taste different from a Canadian whisky — but that’s because each variety has a specific distillation process. It’s not the spelling alone that dictates how a whisk(e)y will taste, it’s how the liquor was made.

Are there are any exceptions?

You bet! Some brands break from tradition and spell their product however they want — regardless of origin. Maker’s Mark, for example, is an American bourbon brand that opts for the “whisky” spelling.

That means consumers can’t rely on spelling alone when picking up a bottle of their favorite tipple. Look for other clues, like the whisk(e)y’s style and origin.

Or, opt for one of the most popular whisk(e)y brands of 2019 — those can always be a safe bet.

This story was originally published by Taste of Home.

Westlake Legal Group iStock-974765782 Whiskey vs. whisky — what’s the difference? Taste of Home Katie Bandurski fox-news/lifestyle fox-news/food-drink/drinks/spirits fox-news/food-drink/drinks fnc/food-drink fnc d6772226-914e-54e7-ac09-a478c69e4cec article   Westlake Legal Group iStock-974765782 Whiskey vs. whisky — what’s the difference? Taste of Home Katie Bandurski fox-news/lifestyle fox-news/food-drink/drinks/spirits fox-news/food-drink/drinks fnc/food-drink fnc d6772226-914e-54e7-ac09-a478c69e4cec article

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Short-Term Impact on Oil Prices Seen After Attack on Saudi Facilities

HOUSTON — The drone attack on one of Saudi Arabia’s most important oil facilities could cripple a portion of Saudi petroleum exports for days or even weeks, and oil futures prices briefly spiked 20 percent when markets opened on Monday in Asia. But experts say that a severe shock to energy markets and the world economy is unlikely.

The attack on the Abqaiq processing facility and another plant, deep in Saudi territory, displayed the vulnerability of the kingdom to tensions in the Persian Gulf region. The country produces about 10 percent of the world’s oil supplies. The disruption could slash Saudi Arabia’s daily oil exports of 7.4 million barrels by as much as three-quarters, taking roughly 5 percent of global supplies off the market, unless the facility is quickly repaired.

President Trump suggested on Sunday that he could release supplies from the Strategic Petroleum Reserve, an attempt to calm oil markets. In response, Brent crude oil futures that had briefly jumped about 20 percent, or more than $11 a barrel, when the futures market opened on Monday in Asia eased over the next several hours to an increase of 8.6 percent, or just over $5 a barrel.

The attack raised the possibility of further disruptions in Saudi Arabia’s oil production if there were additional attacks on its fields and pipelines.

The planned initial public offering of the kingdom’s national oil company, Saudi Aramco, could also be hurt if international investors doubt Saudi Arabia’s ability to defend its vital energy infrastructure.

But as luck would have it, the attack came as global oil stockpiles were higher than usual, several producing countries have ample spare capacity and American oil facilities have so far been spared from a damaging hurricane season. Meanwhile, a slowing global economy has moderated energy demand.

ImageWestlake Legal Group merlin_159952797_41a4ceb5-81a4-47f6-a28f-15c277b3a2d8-articleLarge Short-Term Impact on Oil Prices Seen After Attack on Saudi Facilities Saudi Aramco Production Organization of the Petroleum Exporting Countries Oil (Petroleum) and Gasoline natural gas International Trade and World Market International Energy Agency Initial Public Offerings Energy Department Energy and Power Embargoes and Sanctions Drilling and Boring

A gas station in West Palm Beach, Fla. in August. The average price for a gallon of regular gasoline in the United States was $2.57 on Sunday, 28 cents below a year ago.CreditSaul Martinez for The New York Times

“We do not expect an immediate disruption on global oil trade, since many nations, including the U.S., have ample crude oil in storage,” said Manish Raj, chief financial officer of Velandera Energy Partners, a Louisiana oil exploration and production company. “The Saudis themselves have enough storage to meet their export obligation for the next 60 days. Therefore, we expect no supply-demand imbalance in the near term.”

The main uncertainty is how long will it take for the Saudis to repair the Abqaiq facility, which separates gas from oil from several important oil fields. While the fire was put out quickly, the Saudis may not know the answer for days since the facility is large and has complex equipment that still needs to be tested.

Should the damage be fixed quickly, Eurasia Group, a risk consulting firm, estimates that oil prices could rise a modest $2 to $3 a barrel, which would still leave the global benchmark Brent crude below $65 a barrel, relatively low by recent historical standards. The firm estimated that a more long-lasting disruption could mean an increase of $10 a barrel, though that would still leave prices several dollars below where they were a year ago.

Other analysts took a dimmer view, even as Saudi Aramco said on Sunday that repairs were already underway. The initial reaction of oil traders was panicky.

“The problem is that the attack is so significant, “ said Bill Farren-Price a director at RS Energy Group, a market research firm. “It demonstrates that one of the best regional oil companies has difficulties defending itself from this new style of threat. That theme is going to endure. “

There are doubts the Saudis will be able to maintain their usual exports and satisfy domestic consumption.

“Export volumes will be severely impacted,” Clay Seigle, an analyst at Genscape, a market research firm, said in an email. “The market will be left with a thinner cushion against additional supply disruptions, and traders will bid prices higher as a result.”

Brazil’s state-run Petrobras oil company in Brasilia. The United States has been ramping up oil production as have other countries, including Norway and Brazil.CreditUeslei Marcelino/Reuters

How the other countries in the Saudi-led OPEC will respond is not yet clear. In a phone conversation, an official with the Organization of the Petroleum Exporting Countries said that the Saudis had so far not shared information about the extent of the damage and when output might be restored. He also said that OPEC had not yet begun discussions on potentially loosening supplies. “We have to see how the market reacts tomorrow,” the official said.

The average price for a gallon of regular gasoline in the United States was $2.57 on Sunday, 28 cents lower than a year ago. That decline has been a boon to consumers, giving them extra spending power that has helped retailers and restaurants. An increase in prices to last year’s levels is possible over the next few weeks unless the Saudi facility is quickly fixed, energy analysts said.

Only a decade ago, the attack would probably have sent oil prices soaring. But that was before American oil production climbed with the shale drilling frenzy. The United States now produces roughly 12.1 million barrels a day, double what it produced in 2012 and 1.4 million barrels more than only a year ago.

The United States imports about 630,000 barrels of Saudi oil a day, down about half from 2017.

American oil companies have recently been cutting back on production, but higher oil prices would encourage them to produce more. At the same time, several pipelines to the Gulf Coast are nearing completion and that could stimulate significant export growth over the next six to 10 months.

Other oil-producing countries are also ramping up production, including Norway and Brazil, while Iraq, Nigeria and Russia have been producing a total of 650,000 barrels of oil above the levels agreed to with their OPEC partners.

The United States and other developed countries have nearly 3 billion barrels in stockpiles, according to the International Energy Agency, enough to take care of about two months of demand. That is about 50 million barrels above a year ago, despite American sanctions on Iran and Venezuela that have constricted their exports.

The stockpiles of the industrialized countries are at their highest level since September 2017, and are nearly 20 million barrels above the average of the last five years, according to the energy agency.

Participants on Thursday at an OPEC meetng in Abu Dhabi, where producers appeared ready to call for even tighter adherence to the production cuts they have maintained for almost three years. But that was before the attack this weekend.CreditKarim Sahib/Agence France-Presse — Getty Images

“For now, markets are well-supplied with ample commercial stocks, “ the agency said in a statement on Saturday, adding that it was “monitoring” the Saudi situation.

Saudi Arabia has roughly 27 days of supply stockpiled, according to S&P Global Platts, a provider of energy information. That stockpile is stored not only in the kingdom but also Egypt, Japan and the Netherlands for added security.

The developed countries and China have sizable strategic reserves as well in cases of emergency, although stockpiles have been declining in the United States and Europe in recent weeks.

Until this weekend, OPEC has been more concerned about oversupply than shortages. As recently as Thursday, oil officials from OPEC, Russia and other producers met in Abu Dhabi and appeared to call for even tighter adherence to the production cuts they have maintained for almost three years. Those cuts were aimed at propping up prices and keeping the market from being swamped by oil.

The United States alone has as much as 713 million barrels in its strategic reserve, and administration officials are already talking about releasing some oil on the market to tamp down any gasoline price increase.

President Trump said in a tweet on Sunday evening that he had “authorized the release of oil from the Strategic Petroleum Reserve, if needed.”.

Such releases have had a powerful psychological effect on oil markets since the reserve was established after the oil embargoes of the 1970s. It has been drawn only occasionally, including during the first Persian Gulf war in 1991, Hurricane Katrina in 2005 and during the Arab Spring in 2011, when Libyan exports were halted.

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

Oil Prices Spike After Attack on Saudi Facilities but Lasting Disruption Seen Unlikely

HOUSTON — The drone attack on one of Saudi Arabia’s most important oil facilities could cripple a portion of Saudi petroleum exports for days or even weeks, and oil futures prices briefly spiked 20 percent when markets opened on Monday in Asia. But experts say that a severe shock to energy markets and the world economy is unlikely.

The attack on the Abqaiq processing facility and another plant, deep in Saudi territory, displayed the vulnerability of the kingdom to tensions in the Persian Gulf region. The country produces about 10 percent of the world’s oil supplies. The disruption could slash Saudi Arabia’s daily oil exports of 7.4 million barrels by as much as three-quarters, taking roughly 5 percent of global supplies off the market, unless the facility is quickly repaired.

President Trump suggested on Sunday that he could release supplies from the Strategic Petroleum Reserve, an attempt to calm oil markets. In response, Brent crude oil futures that had briefly jumped about 20 percent, or more than $11 a barrel, when the futures market opened on Monday in Asia eased over the next several hours to an increase of 8.6 percent, or just over $5 a barrel.

The attack raised the possibility of further disruptions in Saudi Arabia’s oil production if there were additional attacks on its fields and pipelines.

The planned initial public offering of the kingdom’s national oil company, Saudi Aramco, could also be hurt if international investors doubt Saudi Arabia’s ability to defend its vital energy infrastructure.

But as luck would have it, the attack came as global oil stockpiles were higher than usual, several producing countries have ample spare capacity and American oil facilities have so far been spared from a damaging hurricane season. Meanwhile, a slowing global economy has moderated energy demand.

ImageWestlake Legal Group merlin_159952797_41a4ceb5-81a4-47f6-a28f-15c277b3a2d8-articleLarge Oil Prices Spike After Attack on Saudi Facilities but Lasting Disruption Seen Unlikely Saudi Aramco Production Organization of the Petroleum Exporting Countries Oil (Petroleum) and Gasoline natural gas International Trade and World Market International Energy Agency Initial Public Offerings Energy Department Energy and Power Embargoes and Sanctions Drilling and Boring

A gas station in West Palm Beach, Fla. in August. The average price for a gallon of regular gasoline in the United States was $2.57 on Sunday, 28 cents below a year ago.CreditSaul Martinez for The New York Times

“We do not expect an immediate disruption on global oil trade, since many nations, including the U.S., have ample crude oil in storage,” said Manish Raj, chief financial officer of Velandera Energy Partners, a Louisiana oil exploration and production company. “The Saudis themselves have enough storage to meet their export obligation for the next 60 days. Therefore, we expect no supply-demand imbalance in the near term.”

The main uncertainty is how long will it take for the Saudis to repair the Abqaiq facility, which separates gas from oil from several important oil fields. While the fire was put out quickly, the Saudis may not know the answer for days since the facility is large and has complex equipment that still needs to be tested.

Should the damage be fixed quickly, Eurasia Group, a risk consulting firm, estimates that oil prices could rise a modest $2 to $3 a barrel, which would still leave the global benchmark Brent crude below $65 a barrel, relatively low by recent historical standards. The firm estimated that a more long-lasting disruption could mean an increase of $10 a barrel, though that would still leave prices several dollars below where they were a year ago.

Other analysts took a dimmer view, even as Saudi Aramco said on Sunday that repairs were already underway. The initial reaction of oil traders was panicky.

“The problem is that the attack is so significant, “ said Bill Farren-Price a director at RS Energy Group, a market research firm. “It demonstrates that one of the best regional oil companies has difficulties defending itself from this new style of threat. That theme is going to endure. “

There are doubts the Saudis will be able to maintain their usual exports and satisfy domestic consumption.

“Export volumes will be severely impacted,” Clay Seigle, an analyst at Genscape, a market research firm, said in an email. “The market will be left with a thinner cushion against additional supply disruptions, and traders will bid prices higher as a result.”

Brazil’s state-run Petrobras oil company in Brasilia. The United States has been ramping up oil production as have other countries, including Norway and Brazil.CreditUeslei Marcelino/Reuters

How the other countries in the Saudi-led OPEC will respond is not yet clear. In a phone conversation, an official with the Organization of the Petroleum Exporting Countries said that the Saudis had so far not shared information about the extent of the damage and when output might be restored. He also said that OPEC had not yet begun discussions on potentially loosening supplies. “We have to see how the market reacts tomorrow,” the official said.

The average price for a gallon of regular gasoline in the United States was $2.57 on Sunday, 28 cents lower than a year ago. That decline has been a boon to consumers, giving them extra spending power that has helped retailers and restaurants. An increase in prices to last year’s levels is possible over the next few weeks unless the Saudi facility is quickly fixed, energy analysts said.

Only a decade ago, the attack would probably have sent oil prices soaring. But that was before American oil production climbed with the shale drilling frenzy. The United States now produces roughly 12.1 million barrels a day, double what it produced in 2012 and 1.4 million barrels more than only a year ago.

The United States imports about 630,000 barrels of Saudi oil a day, down about half from 2017.

American oil companies have recently been cutting back on production, but higher oil prices would encourage them to produce more. At the same time, several pipelines to the Gulf Coast are nearing completion and that could stimulate significant export growth over the next six to 10 months.

Other oil-producing countries are also ramping up production, including Norway and Brazil, while Iraq, Nigeria and Russia have been producing a total of 650,000 barrels of oil above the levels agreed to with their OPEC partners.

The United States and other developed countries have nearly 3 billion barrels in stockpiles, according to the International Energy Agency, enough to take care of about two months of demand. That is about 50 million barrels above a year ago, despite American sanctions on Iran and Venezuela that have constricted their exports.

The stockpiles of the industrialized countries are at their highest level since September 2017, and are nearly 20 million barrels above the average of the last five years, according to the energy agency.

Participants on Thursday at an OPEC meetng in Abu Dhabi, where producers appeared ready to call for even tighter adherence to the production cuts they have maintained for almost three years. But that was before the attack this weekend.CreditKarim Sahib/Agence France-Presse — Getty Images

“For now, markets are well-supplied with ample commercial stocks, “ the agency said in a statement on Saturday, adding that it was “monitoring” the Saudi situation.

Saudi Arabia has roughly 27 days of supply stockpiled, according to S&P Global Platts, a provider of energy information. That stockpile is stored not only in the kingdom but also Egypt, Japan and the Netherlands for added security.

The developed countries and China have sizable strategic reserves as well in cases of emergency, although stockpiles have been declining in the United States and Europe in recent weeks.

Until this weekend, OPEC has been more concerned about oversupply than shortages. As recently as Thursday, oil officials from OPEC, Russia and other producers met in Abu Dhabi and appeared to call for even tighter adherence to the production cuts they have maintained for almost three years. Those cuts were aimed at propping up prices and keeping the market from being swamped by oil.

The United States alone has as much as 713 million barrels in its strategic reserve, and administration officials are already talking about releasing some oil on the market to tamp down any gasoline price increase.

President Trump said in a tweet on Sunday evening that he had “authorized the release of oil from the Strategic Petroleum Reserve, if needed.”.

Such releases have had a powerful psychological effect on oil markets since the reserve was established after the oil embargoes of the 1970s. It has been drawn only occasionally, including during the first Persian Gulf war in 1991, Hurricane Katrina in 2005 and during the Arab Spring in 2011, when Libyan exports were halted.

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

Oil Prices Spike After Attack on Saudi Facilities but Lasting Disruption Seen Unlikely

HOUSTON — The drone attack on one of Saudi Arabia’s most important oil facilities could cripple a portion of Saudi petroleum exports for days or even weeks, and oil futures prices briefly spiked 20 percent when markets opened on Monday in Asia. But experts say that a severe shock to energy markets and the world economy is unlikely.

The attack on the Abqaiq processing facility and another plant, deep in Saudi territory, displayed the vulnerability of the kingdom to tensions in the Persian Gulf region. The country produces about 10 percent of the world’s oil supplies. The disruption could slash Saudi Arabia’s daily oil exports of 7.4 million barrels by as much as three-quarters, taking roughly 5 percent of global supplies off the market, unless the facility is quickly repaired.

President Trump suggested on Sunday that he could release supplies from the Strategic Petroleum Reserve, an attempt to calm oil markets. In response, Brent crude oil futures that had briefly jumped about 20 percent, or more than $11 a barrel, when the futures market opened on Monday in Asia eased over the next several hours to an increase of 8.6 percent, or just over $5 a barrel.

The attack raised the possibility of further disruptions in Saudi Arabia’s oil production if there were additional attacks on its fields and pipelines.

The planned initial public offering of the kingdom’s national oil company, Saudi Aramco, could also be hurt if international investors doubt Saudi Arabia’s ability to defend its vital energy infrastructure.

But as luck would have it, the attack came as global oil stockpiles were higher than usual, several producing countries have ample spare capacity and American oil facilities have so far been spared from a damaging hurricane season. Meanwhile, a slowing global economy has moderated energy demand.

ImageWestlake Legal Group merlin_159952797_41a4ceb5-81a4-47f6-a28f-15c277b3a2d8-articleLarge Oil Prices Spike After Attack on Saudi Facilities but Lasting Disruption Seen Unlikely Saudi Aramco Production Organization of the Petroleum Exporting Countries Oil (Petroleum) and Gasoline natural gas International Trade and World Market International Energy Agency Initial Public Offerings Energy Department Energy and Power Embargoes and Sanctions Drilling and Boring

A gas station in West Palm Beach, Fla. in August. The average price for a gallon of regular gasoline in the United States was $2.57 on Sunday, 28 cents below a year ago.CreditSaul Martinez for The New York Times

“We do not expect an immediate disruption on global oil trade, since many nations, including the U.S., have ample crude oil in storage,” said Manish Raj, chief financial officer of Velandera Energy Partners, a Louisiana oil exploration and production company. “The Saudis themselves have enough storage to meet their export obligation for the next 60 days. Therefore, we expect no supply-demand imbalance in the near term.”

The main uncertainty is how long will it take for the Saudis to repair the Abqaiq facility, which separates gas from oil from several important oil fields. While the fire was put out quickly, the Saudis may not know the answer for days since the facility is large and has complex equipment that still needs to be tested.

Should the damage be fixed quickly, Eurasia Group, a risk consulting firm, estimates that oil prices could rise a modest $2 to $3 a barrel, which would still leave the global benchmark Brent crude below $65 a barrel, relatively low by recent historical standards. The firm estimated that a more long-lasting disruption could mean an increase of $10 a barrel, though that would still leave prices several dollars below where they were a year ago.

Other analysts took a dimmer view, even as Saudi Aramco said on Sunday that repairs were already underway. The initial reaction of oil traders was panicky.

“The problem is that the attack is so significant, “ said Bill Farren-Price a director at RS Energy Group, a market research firm. “It demonstrates that one of the best regional oil companies has difficulties defending itself from this new style of threat. That theme is going to endure. “

There are doubts the Saudis will be able to maintain their usual exports and satisfy domestic consumption.

“Export volumes will be severely impacted,” Clay Seigle, an analyst at Genscape, a market research firm, said in an email. “The market will be left with a thinner cushion against additional supply disruptions, and traders will bid prices higher as a result.”

Brazil’s state-run Petrobras oil company in Brasilia. The United States has been ramping up oil production as have other countries, including Norway and Brazil.CreditUeslei Marcelino/Reuters

How the other countries in the Saudi-led OPEC will respond is not yet clear. In a phone conversation, an official with the Organization of the Petroleum Exporting Countries said that the Saudis had so far not shared information about the extent of the damage and when output might be restored. He also said that OPEC had not yet begun discussions on potentially loosening supplies. “We have to see how the market reacts tomorrow,” the official said.

The average price for a gallon of regular gasoline in the United States was $2.57 on Sunday, 28 cents lower than a year ago. That decline has been a boon to consumers, giving them extra spending power that has helped retailers and restaurants. An increase in prices to last year’s levels is possible over the next few weeks unless the Saudi facility is quickly fixed, energy analysts said.

Only a decade ago, the attack would probably have sent oil prices soaring. But that was before American oil production climbed with the shale drilling frenzy. The United States now produces roughly 12.1 million barrels a day, double what it produced in 2012 and 1.4 million barrels more than only a year ago.

The United States imports about 630,000 barrels of Saudi oil a day, down about half from 2017.

American oil companies have recently been cutting back on production, but higher oil prices would encourage them to produce more. At the same time, several pipelines to the Gulf Coast are nearing completion and that could stimulate significant export growth over the next six to 10 months.

Other oil-producing countries are also ramping up production, including Norway and Brazil, while Iraq, Nigeria and Russia have been producing a total of 650,000 barrels of oil above the levels agreed to with their OPEC partners.

The United States and other developed countries have nearly 3 billion barrels in stockpiles, according to the International Energy Agency, enough to take care of about two months of demand. That is about 50 million barrels above a year ago, despite American sanctions on Iran and Venezuela that have constricted their exports.

The stockpiles of the industrialized countries are at their highest level since September 2017, and are nearly 20 million barrels above the average of the last five years, according to the energy agency.

Participants on Thursday at an OPEC meetng in Abu Dhabi, where producers appeared ready to call for even tighter adherence to the production cuts they have maintained for almost three years. But that was before the attack this weekend.CreditKarim Sahib/Agence France-Presse — Getty Images

“For now, markets are well-supplied with ample commercial stocks, “ the agency said in a statement on Saturday, adding that it was “monitoring” the Saudi situation.

Saudi Arabia has roughly 27 days of supply stockpiled, according to S&P Global Platts, a provider of energy information. That stockpile is stored not only in the kingdom but also Egypt, Japan and the Netherlands for added security.

The developed countries and China have sizable strategic reserves as well in cases of emergency, although stockpiles have been declining in the United States and Europe in recent weeks.

Until this weekend, OPEC has been more concerned about oversupply than shortages. As recently as Thursday, oil officials from OPEC, Russia and other producers met in Abu Dhabi and appeared to call for even tighter adherence to the production cuts they have maintained for almost three years. Those cuts were aimed at propping up prices and keeping the market from being swamped by oil.

The United States alone has as much as 713 million barrels in its strategic reserve, and administration officials are already talking about releasing some oil on the market to tamp down any gasoline price increase.

President Trump said in a tweet on Sunday evening that he had “authorized the release of oil from the Strategic Petroleum Reserve, if needed.”.

Such releases have had a powerful psychological effect on oil markets since the reserve was established after the oil embargoes of the 1970s. It has been drawn only occasionally, including during the first Persian Gulf war in 1991, Hurricane Katrina in 2005 and during the Arab Spring in 2011, when Libyan exports were halted.

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com 

Oil Prices Spike After Attack on Saudi Facilities but Lasting Disruption Seen Unlikely

HOUSTON — The drone attack on one of Saudi Arabia’s most important oil facilities could cripple a portion of Saudi petroleum exports for days or even weeks, and oil futures prices briefly spiked 20 percent when markets opened on Monday in Asia. But experts say that a severe shock to energy markets and the world economy is unlikely.

The attack on the Abqaiq processing facility and another plant, deep in Saudi territory, displayed the vulnerability of the kingdom to tensions in the Persian Gulf region. The country produces about 10 percent of the world’s oil supplies. The disruption could slash Saudi Arabia’s daily oil exports of 7.4 million barrels by as much as three-quarters, taking roughly 5 percent of global supplies off the market, unless the facility is quickly repaired.

President Trump suggested on Sunday that he could release supplies from the Strategic Petroleum Reserve, an attempt to calm oil markets. In response, Brent crude oil futures that had briefly jumped about 20 percent, or more than $11 a barrel, when the futures market opened on Monday in Asia eased over the next several hours to an increase of 8.6 percent, or just over $5 a barrel.

The attack raised the possibility of further disruptions in Saudi Arabia’s oil production if there were additional attacks on its fields and pipelines.

The planned initial public offering of the kingdom’s national oil company, Saudi Aramco, could also be hurt if international investors doubt Saudi Arabia’s ability to defend its vital energy infrastructure.

But as luck would have it, the attack came as global oil stockpiles were higher than usual, several producing countries have ample spare capacity and American oil facilities have so far been spared from a damaging hurricane season. Meanwhile, a slowing global economy has moderated energy demand.

ImageWestlake Legal Group merlin_159952797_41a4ceb5-81a4-47f6-a28f-15c277b3a2d8-articleLarge Oil Prices Spike After Attack on Saudi Facilities but Lasting Disruption Seen Unlikely Saudi Aramco Production Organization of the Petroleum Exporting Countries Oil (Petroleum) and Gasoline natural gas International Trade and World Market International Energy Agency Initial Public Offerings Energy Department Energy and Power Embargoes and Sanctions Drilling and Boring

A gas station in West Palm Beach, Fla. in August. The average price for a gallon of regular gasoline in the United States was $2.57 on Sunday, 28 cents below a year ago.CreditSaul Martinez for The New York Times

“We do not expect an immediate disruption on global oil trade, since many nations, including the U.S., have ample crude oil in storage,” said Manish Raj, chief financial officer of Velandera Energy Partners, a Louisiana oil exploration and production company. “The Saudis themselves have enough storage to meet their export obligation for the next 60 days. Therefore, we expect no supply-demand imbalance in the near term.”

The main uncertainty is how long will it take for the Saudis to repair the Abqaiq facility, which separates gas from oil from several important oil fields. While the fire was put out quickly, the Saudis may not know the answer for days since the facility is large and has complex equipment that still needs to be tested.

Should the damage be fixed quickly, Eurasia Group, a risk consulting firm, estimates that oil prices could rise a modest $2 to $3 a barrel, which would still leave the global benchmark Brent crude below $65 a barrel, relatively low by recent historical standards. The firm estimated that a more long-lasting disruption could mean an increase of $10 a barrel, though that would still leave prices several dollars below where they were a year ago.

Other analysts took a dimmer view, even as Saudi Aramco said on Sunday that repairs were already underway. The initial reaction of oil traders was panicky.

“The problem is that the attack is so significant, “ said Bill Farren-Price a director at RS Energy Group, a market research firm. “It demonstrates that one of the best regional oil companies has difficulties defending itself from this new style of threat. That theme is going to endure. “

There are doubts the Saudis will be able to maintain their usual exports and satisfy domestic consumption.

“Export volumes will be severely impacted,” Clay Seigle, an analyst at Genscape, a market research firm, said in an email. “The market will be left with a thinner cushion against additional supply disruptions, and traders will bid prices higher as a result.”

Brazil’s state-run Petrobras oil company in Brasilia. The United States has been ramping up oil production as have other countries, including Norway and Brazil.CreditUeslei Marcelino/Reuters

How the other countries in the Saudi-led OPEC will respond is not yet clear. In a phone conversation, an official with the Organization of the Petroleum Exporting Countries said that the Saudis had so far not shared information about the extent of the damage and when output might be restored. He also said that OPEC had not yet begun discussions on potentially loosening supplies. “We have to see how the market reacts tomorrow,” the official said.

The average price for a gallon of regular gasoline in the United States was $2.57 on Sunday, 28 cents lower than a year ago. That decline has been a boon to consumers, giving them extra spending power that has helped retailers and restaurants. An increase in prices to last year’s levels is possible over the next few weeks unless the Saudi facility is quickly fixed, energy analysts said.

Only a decade ago, the attack would probably have sent oil prices soaring. But that was before American oil production climbed with the shale drilling frenzy. The United States now produces roughly 12.1 million barrels a day, double what it produced in 2012 and 1.4 million barrels more than only a year ago.

The United States imports about 630,000 barrels of Saudi oil a day, down about half from 2017.

American oil companies have recently been cutting back on production, but higher oil prices would encourage them to produce more. At the same time, several pipelines to the Gulf Coast are nearing completion and that could stimulate significant export growth over the next six to 10 months.

Other oil-producing countries are also ramping up production, including Norway and Brazil, while Iraq, Nigeria and Russia have been producing a total of 650,000 barrels of oil above the levels agreed to with their OPEC partners.

The United States and other developed countries have nearly 3 billion barrels in stockpiles, according to the International Energy Agency, enough to take care of about two months of demand. That is about 50 million barrels above a year ago, despite American sanctions on Iran and Venezuela that have constricted their exports.

The stockpiles of the industrialized countries are at their highest level since September 2017, and are nearly 20 million barrels above the average of the last five years, according to the energy agency.

Participants on Thursday at an OPEC meetng in Abu Dhabi, where producers appeared ready to call for even tighter adherence to the production cuts they have maintained for almost three years. But that was before the attack this weekend.CreditKarim Sahib/Agence France-Presse — Getty Images

“For now, markets are well-supplied with ample commercial stocks, “ the agency said in a statement on Saturday, adding that it was “monitoring” the Saudi situation.

Saudi Arabia has roughly 27 days of supply stockpiled, according to S&P Global Platts, a provider of energy information. That stockpile is stored not only in the kingdom but also Egypt, Japan and the Netherlands for added security.

The developed countries and China have sizable strategic reserves as well in cases of emergency, although stockpiles have been declining in the United States and Europe in recent weeks.

Until this weekend, OPEC has been more concerned about oversupply than shortages. As recently as Thursday, oil officials from OPEC, Russia and other producers met in Abu Dhabi and appeared to call for even tighter adherence to the production cuts they have maintained for almost three years. Those cuts were aimed at propping up prices and keeping the market from being swamped by oil.

The United States alone has as much as 713 million barrels in its strategic reserve, and administration officials are already talking about releasing some oil on the market to tamp down any gasoline price increase.

President Trump said in a tweet on Sunday evening that he had “authorized the release of oil from the Strategic Petroleum Reserve, if needed.”.

Such releases have had a powerful psychological effect on oil markets since the reserve was established after the oil embargoes of the 1970s. It has been drawn only occasionally, including during the first Persian Gulf war in 1991, Hurricane Katrina in 2005 and during the Arab Spring in 2011, when Libyan exports were halted.

Real Estate, and Personal Injury Lawyers. Contact us at: https://westlakelegal.com