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Today’s Big Story

Alaska Strikes Oil And Opposition

On Monday, US President Joe Biden approved major Willow oil and gas drilling project in Alaska.

Why it matters: The project, which will produce an estimated 576 million barrels of oil over 30 years, is in direct opposition to Biden’s climate commitments as well as the government’s plan to end gas-powered vehicle purchases by 2035.  

Threats on two fronts:

• Proponents of the project point the energy crisis in Ukraine and Europe and emphasize the U.S.’ need to increase domestic energy security.

• Opponents warn of the adverse effects the project will have on the areas sensitive ecosystem.

Big picture: Measures have been taken to offset the environmental impact that Willow will have on the area. 

• Only three drilling pads — instead of five — have been greenlighted after a year of legal battles.

• Offshore drilling will be blocked and 16 million acres onshore will now be protected from further development.

• The Department of the Interior’s environmental analysis found that the emissions from the site will be less than 1% of the total emissions emitted from the U.S. in 2019.

Sum it up: While the project will provide a much needed economic infusion to the area, environmental impact groups have been quick to point out that the increase in greenhouse emissions from Willow goes against global climate goals.

Business & Economy

* Mortgage rates take a tumble. 30-year fixed rate dropped to 6.57% — inflation rates are still likely to be increased.

*Digital gold is hot again. Bitcoin spikes 20% after news of Silicon Valley Bank “bailout”.

*Amazon didn’t deliver. Rivian and Amazon in talks to scrap exclusive delivery-van pact after Amazon ordered “on the low end” of a previous agreed upon range.

Politics

*Texas Republicans aim to make border crossing a felony and hope to create a border police force that would possibly deputize citizens.

*Biden Administration extends stay for Ukrainian refugees who fled the war.

Sports

*NFL Quarterback Jimmy Garoppolo headed to Sin City — Raiders and Garoppolo agree on 3-year $67.5 million contract.

*Former US Men’s Soccer Coach Gregg Berhalter cleared of domestic violence allegations — can contend for open U.S. head coaching position.

World

*International Crimes Court expected to launch war crimes cases against Russia over the invasion of Ukraine.

The two cases being brought are:

1. Abduction of Ukrainian children

2. Targeting of civilian infrastructure

*North Korea test-fires missile in protest of the U.S. and South Korea joint military exercises. The United States has been beefing up its Asian alliances in response to increasing North Korean nuclear threats and continued tense Chinese relations.

*Tropical Storm Freddy has killed more than 100 people as it ripped through southern Africa for the second time.

Extras

*Pack your lunch. Lunchables will now be offered in public school lunch programs.

*Baby Boomers on trikes! Battery powered three wheeled bikes are all the rage with suburban boomers but they don’t come without risks.

*2,000 year-old mummy found in the trash.