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close video ExxonMobils TX refinery expansion brings much needed affordable energy, fuels US economy: Janet Matsushita

ExxonMobil Senior Vice President of Global Operations Janet Matsushita tells Fox News Digital that its biggest oil expansion in 10 years is operating safely and reliably at full capacity.

Near the Gulf Coast just east of Texas’ oil-rich Permian Basin, nearly 2,000 ExxonMobil contractors are making sure the company’s latest project – which includes 26 miles of piping, 35 miles of electrical wiring and 875 tons of steel – is pumping oil at full capacity.

After launching America’s largest oil refinery expansion in over a decade, ExxonMobil’s senior vice president of global operations detailed how the company’s Beaumont complex is not only fueling U.S. energy supply but also the economy.

"When you put it all together and you look at this particular location, what I love about it, it allows us to buy what I consider to be very much needed, affordable energy, and in a very reliable supply to fuel the economy that we have here in Texas, the U.S. and, I say, across the globe," Janet Matsushita told Fox News Digital.

After beginning construction in 2019, the Beaumont refinery startup broke ground just over one month ago and added 250,000 barrels per day to its oil output, increasing its total processing capacity to more than 630,000 barrels daily. To put things into perspective, this equates to a sizable 4 million gallons per day, providing enough fuel to power 61,000 long-haul trucks in a single day. 

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The project's reported hefty $2 billion price tag was no match for Exxon, who completed the expansion on time and on budget, earning the facility two consecutive Gold Energy Star acknowledgments from the Environmental Protection Agency (EPA), according to Matsushita. 

ExxonMobils Beaumont refinery expansion adds 250,000 barrels per day to the oil companys processing capacity. (Fox News)

"It is actually the equivalent of building a brand-new refinery. It is a big expansion, it is not a minor expansion," she said contently. "When we built this project, we actually leveraged some of the best energy technology available so that when we operate this new project itself, it is one of the most energy-efficient versus industry standard."

"And [what's] really nice to see, we're actually connected to the U.S. Permian crude," she continued, "which is right here in our Texas backyard, and that is also a very energy-efficient operation in terms of how we perform. And it has an aspiration to actually be net-zero by 2030."

Prior to opening, the Beaumont expansion went through rigorous performance testing for safety and reliability, the VP of global operations explained. After 5 million working-person hours, ExxonMobil has reported no mishaps or injuries on site. close video Exxon, Chevron to focus on oil projects in the Americas

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"I'm extremely pleased to say that the whole project right now is actually running at design capability, which really speaks to the quality not only of the project, but of the execution-operating team that we have here in Beaumont," Matsushita touted.

In addition to now being one of the largest oil refineries in America, the Beaumont expansion also works towards ExxonMobil’s mission of creating sustainable solutions that improve quality of life and meet society's evolving needs.

"In 2022 post the pandemic, there was a significant demand for affordable energy to fuel the whole economic growth that was there," she said. "ExxonMobil from a manufacturing perspective. We globally actually ran the most throughput that we have had since 2012. And here in the U.S., we actually hit our highest peak record production of 2.1 million barrels a day of capacity, which is something we feel good about."

ExxonMobil is boosting fuel supply in Beaumont, Texas, with Americas largest refinery expansion since 2021. (Fox News)

And if it wasn't for the technology and engineering teams utilizing "really brilliant" 3-D imaging to create virtual models, training and planning for the expansion would not have run as smoothly, she said. 

"We actually do move a lot of our best global teams and we implement that global best practice at each of the sites. And we actually brought that all together here in Beaumont to be able to make this project such a success," Matsushita said. "The 3-D models, it allowed us to actually expedite our construction, so we knew exactly in all three dimensions what it would look like, and to compare it, train it, be ready for it. And now we have that available to us as we go forward from a sustainable maintenance perspective."

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The expansion’s peak hiring number thus far has swelled to about 1,700 on-site employees. From a local point-of-view, Beaumont – which sits about 80 miles east of Houston – has seen a $500 million influx from the project.

"We look forward to fueling the economy here as we go forward," Matsushita told Fox News Digital. "We've added major chemical refining, lubricants and [liquefied petroleum gas] projects all across Texas and Louisiana, and I do believe directly and through the multiplier effects of our investments, all of our expansion projects, we expect to provide long-term economic benefits for the regions that we actually operate in, and we're very proud of our connectivity with our community."

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Tesla shares drop 7% in premarket trading after Elon Musk says he is launching a political party

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Tesla shares drop 7% in premarket trading after Elon Musk says he is launching a political party

White House Senior Advisor Elon Musk walks to the White House after landing in Marine One on the South Lawn with U.S. President Donald Trump (not pictured) on March 9, 2025 in Washington, DC.

Samuel Corum | Getty Images News | Getty Images

Tesla shares fell in premarket trade on Monday after CEO Elon Musk announced plans to form a new political party.

The stock was down 7.13% by 4:27 a.m. E.T.

Musk said over the weekend that the party would be called the “America Party” and could focus “on just 2 or 3 Senate seats and 8 to 10 House districts.” He suggested this would be “enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people.”

The billionaire’s involvement in politics has been a point of contention for investors. Musk earlier this year was part of the so-called Department of Government Efficiency and worked closely with President Donald Trump — a move seen as potentially hurting Tesla’s brand.

Musk left DOGE in May, which helped Tesla’s stock.

Now tech billionaire’s reinvolvement in the political arena is making investors nervous.

“Very simply Musk diving deeper into politics and now trying to take on the Beltway establishment is exactly the opposite direction that Tesla investors/shareholders want him to take during this crucial period for the Tesla story,” Dan Ives, global head of technology research at Wedbush Securities, said in a note on Sunday.

“While the core Musk supporters will back Musk at every turn no matter what, there is broader sense of exhaustion from many Tesla investors that Musk keeps heading down the political track.”

Musk’s previous political foray earned him Trump’s praise in the early days, but he has since drawn the ire of the U.S. president.

The two have clashed over various areas of policy, including Trump’s spending bill which Musk has said would increase America’s debt burden. Musk has taken issue to particular cuts to tax credits and support for solar and wind energy and electric vehicles.

Trump on Sunday called Musk’s move to form a political party “ridiculous,” adding that the Tesla boss had gone “completely off the rails.”

Musk is contending with more than just political turmoil. Tesla reported a 14% year-on-year decline in car deliveries in the second quarter, missing expectations. The company is facing rising competition, especially in its key market, China.

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Environment

Paris’ popular bike share program has a big sticky finger problem

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Paris' popular bike share program has a big sticky finger problem

Paris’ bike-share system, Vélib has long been considered one of the shining success stories of urban micromobility. With a massive fleet of over 20,000 pedal and electric-assist bicycles around Paris, the service has helped millions of residents and tourists get around the City of Light without needing a car or scooter. But lately, a growing problem is threatening to knock the wheels off this urban mobility marvel: theft and joyriding.

According to city officials and the service operator, more than 600 Vélib bikes are now going missing every single week. That’s over 30 bikes a day simply vanishing from the system – some stolen outright, others taken on “joy rides” and never returned.

“At the moment we’re missing 3,000 bikes,” explained Sylvain Raifaud, head of the Agemob company that currently operates the Velib system. That’s nearly 15% of over 20,000 Vélib bikes across Paris.

The sticky-fingered culprits aren’t necessarily professional thieves or organized crime rings. Instead, they’re often regular users who treat the shared bikes like disposable toys.

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The city estimates that many people have figured out how to pry the bikes out of the system’s parking docks, unlocking one for a casual cruise and then ditching it somewhere far from a docking station.

Once pried free, the bikes are technically usable for the next 24 hours until their automatic locking feature kicks in. At that point, the bikes are often simply abandoned. Some end up in alleyways. Others get tossed in rivers. A few just disappear completely.

And since the bikes are intended to be parked at their many docking stations around the city, they don’t have GPS chips, further complicating recovery of “liberated” bikes.

The issue started small but has grown into more than an inconvenience – it’s beginning to undermine the entire purpose of the service. With bikes going missing at such a high rate, many Vélib docking stations are left empty, especially during rush hours.

Riders looking for a quick commute or a convenient hop across town are increasingly finding themselves without available bikes, or having to walk long distances to find a functioning one.

That kind of unreliability chips away at user confidence and threatens to drive potential riders back into cars, cabs, or other less sustainable forms of transport at a time when Paris has already made great strides to dramatically reduce car usage in the city.

The losses are financially painful, too. Replacing stolen or vandalized bikes isn’t cheap, and the resources spent on tracking down missing equipment or reinforcing anti-theft measures are stretching thin. Vélib has faced theft and vandalism issues before, especially during its early years, but this latest surge has officials sounding the alarm with renewed urgency.

Officials acknowledge that there’s no easy fix. Paris, like many cities with bike-share systems, walks a fine line between accessibility and accountability. Part of what makes Vélib so successful is its ease of use and widespread availability. But those same features make it vulnerable to misuse – especially when enforcement is limited and the consequences for abuse are minimal.

The timing of the problem is especially unfortunate. In recent years, Paris has seen impressive results in reducing car traffic, expanding bike lanes, and promoting cycling as a key part of its sustainable transport strategy. Vélib is a cornerstone of that plan. But if the system becomes too unreliable, it risks losing the very people it was designed to serve.

Meanwhile, as Parisians increasingly find themselves staring at empty docks, the challenge for the city and Vélib will be to restore confidence in the system without making it harder to use. That means striking the right balance between freedom and responsibility, between open access and protection against abuse.

In a city where cycling is supposed to be the future of mobility, losing thousands of bikes to joyriders and sticky fingers isn’t just frustrating; it’s unsustainable.

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Environment

CNBC Daily Open: Elon Musk, founder of companies and political parties

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CNBC Daily Open: Elon Musk, founder of companies and political parties

U.S. President Donald Trump and Elon Musk attend a press event in the Oval Office of the White House in Washington, D.C., U.S., May 30, 2025.

Nathan Howard | Reuters

When they lose a significant other, most men do indeed become a “TRAIN WRECK.” Then they pick up the pieces of their lives and start living again — paying attention to their personal grooming, hitting the gym and discovering new hobbies.

What does the world’s richest man do? He starts a political party.

Last weekend, as the United States celebrated its independence from the British in 1776, Elon Musk enshrined his sovereignty from U.S. President Donald Trump by establishing the creatively named “American Party.”

Few details have been revealed, but Musk said the party will focus on “just 2 or 3 Senate seats and 8 to 10 House districts,” and will have legislative discussions “with both parties” — referring to the U.S. Democratic and Republican Parties.

It might be easier to realize Musk’s dream of colonizing Mars than to bridge the political aisle in the U.S. government today.

To be fair, some thought appeared to be behind the move. Musk decided to form the party after holding a poll on X in which 65.4% of respondents voted in favor.

Folks, here’s direct democracy — and the powerful post-separation motivation — in action.

 — CNBC’s Erin Doherty contributed to this report.

What you need to know today

And finally…

An investor sits in front of a board showing stock information at a brokerage office in Beijing, China.

Thomas Peter | Reuters

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