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August 26th - As markets closely watch for clues about the timing of the Bank of Japans next interest rate hike, BOJ watchers will be closely monitoring Deputy Governor Ryozo Himinos speech on Thursday. SMBC Nikko Securities strategist Ataru Okumura stated, "While there are limitations to how much a single speech by a BOJ deputy governor can guide market expectations, the focus will be on how firm his wording is on controlling inflation." Okumura added that although the bond market firmly expects the BOJ to raise rates sooner rather than later, investors doubt the banks ability to push rates above the restrictive level of 2%, making the future path of interest rates a key focus for the market.August 26th - According to the Financial Times, US Treasury Secretary Bessetts intervention in the bond market runs counter to the Federal Reserves efforts to curb inflation. Bessetts unexpected intervention in the US Treasury market caused yields to initially fall before rising, triggering a market reaction that puts greater pressure on Warshs speech in Jackson Hole on Friday. Warsh has consistently emphasized that investors should rely more on economic data and market prices rather than waiting for "forward guidance" from central bank officials to tell the market about future interest rate trends. There are now concerns that if Bessetts efforts to control yields remain ineffective, the Federal Reserve may also face pressure to intervene in the market. Warsh and Bessett are both protégés of billionaire Stanley Druckenmiller, and the two reportedly have a close relationship and meet frequently. However, the current impression is that their respective Treasury departments and the Federal Reserve are "moving in opposite directions."ECB Executive Board member Schnabel: At the current policy rate, inflation is unlikely to return to the target level in the medium term, and further tightening of policy will be necessary.ECB Executive Board member Schnabel: The risks to economic growth are slightly tilted to the upside.ECB Executive Board member Schnabel: Given the resilience of the economy, interest rates must be raised further.

An Remote Kansas Valley Becomes A Town After The Keystone Cleanup

Aria Thomas

Dec 19, 2022 12:06

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Bill Pannbacker received a phone call from TC Energy (NYSE:TRP) Corp earlier this month informing him of an oil spill on the Keystone Pipeline that passes across his acreage in rural Kansas.


But he was unprepared for what he discovered on his jointly-owned property with Chris. Nearly an acre's worth of grassland uphill from the pipeline, which was located in a valley, was coated with oil, according to his estimation.


Bitumen, one of the most viscous crude oils, was being carried from Canada to the Gulf of Mexico, leaving the grass black.


The break on December 7 is the third in the past five years for the Keystone Pipeline, and the worst of the three; about 14,000 barrels of crude oil have leaked, and the cleaning is estimated to take weeks or months.


TC has not said when repairs would be finished and a 155-kilometer (96-mile) stretch of the pipeline will resume operations. The Canadian corporation stated in a statement that crews will remain on-site during the holidays and that the cleanup's completion will depend on weather and other conditions.


We are committed to restore the impacted sites to their original or superior state.

BEEHIVE OF WORKERS

Two prior Keystone disasters occurred in unorganized regions of North Dakota and South Dakota. Even though the population of Washington, Kansas, is just over 1,000, the community is surrounded by farmland where wheat, maize, soybeans, and cattle are farmed. Several landowners in Washington County were impacted by the spill.


The once-quiet valley is now a construction site bustling with over 400 contractors, TC Energy employees, and federal, state, and municipal authorities. They are working late into the night, producing a light visible from miles away from the high-intensity lamps.


From the burst site, cranes, storage containers, construction equipment, and cars extend for more than a half mile. Several Quonset-style huts have been constructed for employees, transforming the valley into a tiny hamlet.


Aerial photographs revealed a vast, darkened expanse of ground that nearly appears to be cast by an aerial object. Pannbacker stated that the grassland was utilized for cattle grazing and calving, but as calving season had ended, there were no animals there.


The oil-stained grass on the farm, which Pannbacker and his sisters hold as part of a family trust, has disappeared entirely. It was removed and is now contained within a massive mound of soil that is visibly darker at the base. But oil droplets were still evident on plants farther up the slope.

WIDER GROUP AFFECTED

The Pannbackers, who reside in rural Kansas, are accustomed to preparing for severe weather, but not an oil spill. Residents have been mainly indifferent by the disaster, despite the fact that the region will soon resemble a construction zone.


"How many individuals have encountered an oil spill? Chris Pannbacker asked, "Who knows how it feels?" It is not comparable to a tornado or natural catastrophe.


In a Facebook (NASDAQ:META) post, Kansas State Representative Lisa Moser stated that 14 landowners are being reimbursed for either the spill or the usage of their property during cleaning.


TC stated that it is negotiating compensation with landowners, but will keep the facts confidential. The business stated that it had maintained frequent communication with landowners. According to Pannbacker, TC has not yet discussed compensation with them.


Pannbacker estimates that the grass on the pastureland will not recover for at least two or three years, and the cattle will no longer utilize the well located on the pasture.