The American Petroleum Institute and the NRA May Both Be In Trouble – Financial News Summary for Friday, January 15, 2021

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Closing for the stock market was tempered today by news of President-Elect Biden’s plan for a nearly $2 trillion stimulus package. Not to mention the current impeachment news that has shaken up the entire country. The Dow Jones fell 0.57% to close at 30,814.26. The NASDAQ fell 0.87% to close at 12,998.50 and the S&P 500 fell 0.72% to close at 3,768.25. STOXX Europe also saw a decrease today, falling 1.01% to close at 407.85. This after a general holding pattern over the last several days.

 

Total has decided to leave the American Petroleum Institute because of disagreements about the handling of the climate crisis. The French company says that the lobby’s stance on both carbon pricing and regulation as well as support for politicians against the Paris Climate Agreement are enough for them to leave the organization. This largest and most powerful of the oil lobbies is definitely going to see some changes as a result of this loss. It seems that different members of the oil industry are approaching the climate issue in different ways.

“This is a serious blow for API, whose influence largely stems from its claim to be the voice of the entire oil and gas industry,” Andrew Logan, director of oil and gas at sustainability nonprofit Ceres, said in a statement. He added the split is “likely to mark the beginning of an exodus from the trade group.”

 

The NRA has filed for bankruptcy and is seeking an opportunity to restructure in Texas after leaving New York. This after the attorney general for New Yok has sought to disband the organization, saying that they have violated the laws regarding nonprofit organizations. The NRA denies the claims and has chosen to file for Chapter 11 bankruptcy in an attempt to get out from under the accusations and begin their organization anew.

The NRA is claiming that the move and the restructuring process will allow them to streamline their expenses and their costs after the attorney general claimed that the company is morally bankrupt.

 

Oil prices fell today by 2.26% to close at $52.36 per barrel with West Texas Intermediate. Gold also fell today, by 1.04% to close at $1,827.63 per ounce. The treasury yield is down yet again, with the 10 year yield coming in at 1.11 and the 30 year yield coming in at 1.85. This after rising back to earlier levels just yesterday, following a decline.

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