Economy
Energy Secretary: US Will Remain Energy Independent After Coronavirus
US Energy Secretary Dan Brouillette assured the public Monday that the country will remain energy independent after the coronavirus pandemic passes, he said during an interview with Fox Business host Stuart Varney on Monday.
“I have to remind you and the viewers we are in fact in a different position than we were just 10 or 15, 20 years ago, certainly. Imagine if this pandemic had happened in 1973 or in 1974 when we were wholly dependent upon nations for the importation of oil,” Brouillette explained.
He added, “The fact that we are able to produce the amounts that we are able to produce today, place the United States of America, place this President at a position of strength in order to bring this deal together.”
The Organization of Petroleum Exporting Countries member countries reached a deal over the weekend to cut oil production to nearly 10 million barrels per day in response to low demand amid the coronavirus global economic crisis. However, Brouillette said the cutback is “only half the story” siding with President Donald Trump who earlier tweeted that OPEC+ is cutting “20 million barrels a day, not the 10 Million that is generally being reported.”
https://twitter.com/realDonaldTrump/status/1249691642975727616
“There are over 100 countries that produce oil all around the world and what we will see is production declining over the next few months as the world deals with this COVID-19 pandemic. So when you add up all of the production cuts around the world, we’re gonna be much closer to 20 million barrels per day coming off the market, which represents roughly 20 percent of the production just a month or a month and a half ago,” the Secretary said.

Economy
New York City Mayor Eric Adams Proposes Housing Asylum Seekers in Private Homes

New York City Mayor Eric Adams has unveiled a new plan to potentially place thousands of asylum seekers in private residences while compensating local homeowners and landlords.
During a City Hall press conference, Mayor Adams expressed his vision to move beyond housing single migrant men in churches and mosques and explore the option of utilizing private dwellings.
Adams emphasized the potential savings that could be achieved by redirecting the estimated $4.3 billion budget for housing the influx of migrants into everyday houses of worship and private residences, rather than corporate entities. The mayor suggested that recycling local dollars would benefit both the city and its residents.
According to reports from the New York Post, Adams said, “It is my vision to take the next step to this faith-based locales and then move to a private residence.”
“We can take that $4.2 billion — $4.3 [billion] maybe now — that we anticipate we have to spend and we can put it back in the pockets of everyday, everyday houses of worship instead of putting it in the pockets of corporations.”
“We should be recycling our own dollars,” he continued.
Acknowledging potential obstacles, Adams alluded to a “30-day rule” that City Hall would need to overcome. However, he did not provide further details on the rule or the aspects of implementing the plan.
With over 72,000 individuals having arrived in New York City since last spring, the mayor stressed the urgency of finding sustainable housing solutions beyond taxpayer-funded emergency shelters and hotels. The current system, which accommodates approximately 45,000 people, is deemed unsustainable given the continuous influx of migrants.
Adams indicated that the city would seek ways to bypass existing government regulations that prohibit housing homeless individuals in private homes. Additionally, City Hall aims to work with the state legislature to facilitate agreements that bring illegal basement apartments up to code, presenting a more affordable and viable housing alternative.
The estimated cost of the ongoing crisis is expected to exceed the current $4.3 billion budget, particularly as daily arrivals continue to increase. Last week alone, the city registered 2,200 new arrivals. To address cost concerns, Adams’ proposal to house asylum seekers in houses of worship is projected to cost approximately $125 per night, significantly less than the current expenditure of $380 per night in converted hotels.
Mayor Adams’ plan to utilize private residences represents a significant development in New York City’s efforts to address the housing needs of asylum seekers. However, the feasibility and implementation of this proposal, including overcoming legal and logistical challenges, remain to be seen.
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