OPEC to cut oil production:Â OPEC, the Organization of Petroleum Exporting Countries, has decided to cut oil production by two million barrels a day. The move was being pushed by Russia and Saudi Arabia. It is expected to put upward pressure on the prices of petroleum products. The world uses about 100 million barrels of oil each day. President Biden is expected to begin releasing another million barrels of oil a day from the nation’s strategic petroleum reserve in order to moderate effects of OPEC’s production cut.
World trade expected to dip:Â The World Trade Organization says that world trade is expected to lose momentum for the rest of the second half of 2022 and remain less active than expected in 2023 due to multiple shocks to the global economy. The organization’s economists now foresee only a 1.0% increase in world trade in 2023, down sharply from the previous estimate of 3.4%.
Biden brings up climate change:Â Observers say Florida Gov. Ron DeSantis remained expressionless while listening to President Biden speak after touring sections of Fort Myers to survey damage from Hurricane Ian. DeSantis takes the far right position that climate change isn’t real. President Biden, in his remarks said that the recent storms have ended the discussion about whether there’s climate change and that it’s now time to seriously do something about it.
Former head of security for Uber convicted:Â In San Francisco, Joe Sullivan, a former head of security for Uber, was convicted of federal charges of obstruction of justice. He stood trial for hiding from the Federal Trade Commission his authorizing hackers to break into Uber’s computer systems. Prosecutors said the breach occurred in 2016. A date for sentencing remains to be set.
Offer for home run ball:Â The Associated Press reports that the owner of a sports memorabilia company in California has offered $2 million to the man who caught the ball hit by Aaron Judge that was Judge’s 62nd home run, breaking the record set by Roger Maris. The record was broken at Globe Life Field in Arlington, Texas.
More missile firings:Â For the sixth time in two weeks, North Korea has launched missiles into waters off its eastern coast. Two more were fired today. The U.S. and South Korea have just concluded a series of joint military maneuvers. North Korea considers the maneuvers a provocation.
