A view of decaying FSO Safer oil tanker anchored 60 kilometers (37 miles) north of the port of Hudaydah, Yemen on July 15, 2023.
Anadolu Agency | Anadolu Agency | Getty Images
The UN has begun a 19-day operation to extract oil from a 47-year-old decaying supertanker as it seeks to end a race against time to avoid a catastrophic oil spill.
The tanker, named Safer, has been stranded off Yemen’s Red Sea coast for over eight years after civil war erupted in the Middle Eastern country. The conflict has prevented the vessel, which contains 1.1 million barrels of oil, from undergoing maintenance since 2015.
This led to growing concerns about a potential oil spill four times the size of 1989’s Exxon Valdez leak, which was the second-largest oil spill in U.S. history.
The UN estimates that a potential spill of tanker Safer’s cargo would result in $20 billion of cleanup costs, have a “severe” environmental impact on water and reefs on Yemen’s coast, and cause disruptions to the Bab al-Mandab strait in the Suez Canal.
It would take 25 years for local fish stock to recover, the UN added.
The oil aboard the tanker began being transferred to a U.N.-owned vessel Yemen, previously known as Nautica, at 10:45 Yemen time Tuesday.
The operation still poses significant risks as it takes place in open waters, and the tanker Safer’s infrastructure is significantly corroded.
“The @UN has begun a complex operation to transfer 1 million barrels of oil from a decaying tanker off the coast of Yemen. We need to keep working to defuse what remains a ticking time bomb & avoid what would be by far the worst oil spill of our era,” U.N. Secretary-General Antonio Guterres said on Tuesday on the X social media platform, previously known as Twitter.
“The transfer of the oil to the Yemen will prevent the worst-case scenario of a catastrophic spill in the Red Sea, but it is not the end of the operation,” said David Gressly, UN resident and humanitarian coordinator for Yemen. “The installation of a CALM buoy to which the replacement vessel will be safely tethered is the next crucial step.”
The U.N. launched its initiative to rescue the oil off the tanker Safer in 2019, but has struggled to gain access to the vessel from Yemen’s Houthi rebel group.
“The neglected FSO Safer supertanker and its 1.1 million barrels of oil cargo has been a ticking time bomb since 2015 threatening a humanitarian, environmental and economic catastrophe, it is only the heroic efforts of a small skeleton crew and a great deal of luck that disaster has not happened,” said Ghiwa Nakat, executive director for Greenpeace MENA, on July 23. “While the salvage operation has its risks, these are less than doing nothing.”
Three years ago, Sam Altman lit the fuse for what’s become the most explosive bull run in the history of tech startups with the launch of ChatGPT.
Along with OpenAI’s rapid rise to a $500 billion valuation, other prominent names like SpaceX, Anthropic and Anduril have seen astronomical markups of late. In total, a basket of seven of the highest-valued private tech companies is now worth $1.3 trillion on paper, almost doubling in the past year, according to Forge Global, which provides a marketplace for private investments.
Forge’s value assessments are based on trading activity as well as funding round valuations and tender offers.
That number is continuing to grow. On Friday, CNBC’s David Faber reported that Elon Musk’s xAI is raising $10 billion at a $200 billion valuation, just months after achieving a $150 billion valuation.
Like in the public markets, where the artificial intelligence boom has dramatically lifted the market caps of Nvidia, Broadcom, Oracle and others, AI is also the dominant driver of private market valuations.
OpenAI leads the pack (Forge values it at $324 billion), followed by four-year-old Anthropic at $178 billion, with xAI at $90 billion, according to Forge. Those three companies are all competing directly with one another, as well as with Google and Meta, to create the large language models of the future.
Databricks, which is also one of Forge’s seven leading companies, is valued at $100 billion, due to the data analytics startup’s hefty investments in AI.
The other companies in the group are Musk’s SpaceX, fintech company Stripe and defense tech company Anduril, valued by Forge at $456 billion, $92 billion and $53 billion, respectively. AI is having such a big impact on defense and national security that Forge created a new defense fund to give institutions exposure to the sector.
Sam Altman, CEO of OpenAI (L) and Elon Musk, CEO of Tesla.
Reuters
As as a group, they’ve quadrupled their value since late 2022, when ChatGPT first hit the market.
Forge CEO Kelly Rodriques said that the valuation surge is reflective of actual growth, not just projections.
“We’ve not seen this in the private market ever,” he said. “Companies that are growing at 100%, 200%, 300% on numbers that are already pretty big.”
The hunger for AI exposure is reshaping capital flows into AI, beyond just the few companies at the very top. According to Forge, 19 AI firms have raised $65 billion so far this year, accounting for 77% of all private-market capital.
With that kind of cash available, those companies have little incentive to going public, Rodrigues said.
“If these stocks are liquid and have access to as much capital as they can get, regulation is probably the only thing stopping them from staying private for as long as they want,” he said.
Even without being publicly traded, they’re having a significant impact on the public markets.
Oracle’s stock jumped 36% in a single day this month after the software maker’s earnings report, largely due to a massive contract with OpenAI. Broadcom also forged a new mammoth deal with the ChatGPT creator, while Microsoft continues to benefit from its substantial equity stake in the company.
Microsoft, Amazon, Google and Meta all recently raised capital spending guidance to reflect infrastructure demand.
OpenAI’s Altman sees some reasons for caution.
At a dinner with reporters in San Francisco last month, he described current valuations as “insane” and acknowledged that yes, “we are in a bubble.”
But he’s still betting big.
“You should expect OpenAI to spend trillions of dollars on datacenter construction,” he said. “We will spend maybe more aggressively than any company who’s ever spent on anything… because we just have this very deep belief in what we’re seeing.”
U.S. President Donald Trump speaks in the Oval Office at the White House in Washington, D.C., U.S., Sept. 19, 2025.
Ken Cedeno | Reuters
The Trump administration stepped in to stop U.S. Steel from idling operations at its Granite City, Ill., plant, exercising new powers tied to the company’s recent takeover, the Wall Street Journal reported.
The steelmaker had informed nearly 800 workers that the plant would close in November, noting however that they would still be paid. But after Commerce Secretary Howard Lutnick warned CEO Dave Burritt the administration wouldn’t allow it, U.S. Steel reversed course on Friday, saying the facility would keep rolling slabs into sheet steel, the Journal reported, citing a person familiar with the matter.
The intervention marked Trump’s first use of so-called “golden share” rights, a condition of the $14.1 billion takeover by Japan’s Nippon that cleared in June. The national-security agreement gave the White House veto power over plant closures, offshore production shifts and other strategic decisions.
U.S. Steel didn’t immediately respond to CNBC for comment.
The move highlights Trump’s growing hand in the private sector. Last month, the president said the government would take a 10% stake in Intel, after the chipmaker received billions in subsidies under the 2022 Chips Act.
In June, when the deal was announced, Trump told U.S. Steel workers that Nippon would be a “great partner.” The Trump administration is currently engaged in trade talks with Japan as investors eagerly await signs that the U.S. will strike deals with key partners that avoid steep tariffs.
Trump told the steelworkers that Nippon had agreed to keep U.S. Steel’s blast furnaces operating at full capacity for a minimum of 10 years. The president said the deal would not result in layoffs and promised there would be “no outsourcing whatsoever.” At the time, he said workers would receive a $5,000 bonus.
Lee Zeldin, Chief Saboteur of the Environmental “Protection” Agency. Photo by SecretName101 on wikimedia
In July, the US Environmental Protection Agency proposed a plan to delete its scientific finding recognizing that greenhouse gases are harmful to human health, with the goal of making cars less efficient and more costly to fuel. That plan went up for public comment last month, and the public comment period closes in two days, on September 22.
At issue is the EPA’s “Endangerment Finding,” which is the scientific basis of EPA’s regulation of harmful greenhouse gases. The endangerment finding found that greenhouse gases are harmful to human health, recognizing a scientific fact that every serious person has known for a long time – but now it was at least codified into federal procedure.
The Endangerment Finding focused specifically on carbon dioxide (CO2), methane (CH4), sulfur hexaflouride (SF6), hydroflourocarbons (HFCs), nitrous oxide (N2O), and perfluourocarbons (PFCs, now more commonly known as PFAS or “forever chemicals”), all of which we are certain cause climate change and harm humans.
And, in fact, the EPA is required to regulate these pollutants by the Clean Air Act, which tells the EPA that it must work to reduce air pollution.
Advertisement – scroll for more content
Lee Zeldin wants to poison you and raise your fuel costs
Despite that legal requirement, in July, Lee Zeldin, a fraudster placed into the position of chief saboteur of the EPA by a convicted felon who sought a billion-dollar bribe from the oil industry while running for an office he is Constitutionally barred from holding, announced that he would repeal this finding, flying in the face of law, science, public health and American economic interests.
Zeldin’s stated purpose for attempting to delete this finding is because if the finding is gone, it will allow him to roll back other life- and money-saving vehicle efficiency regulations. He wants to revert those regulations because they constrain the fossil fuel industry – which has given him hundreds of thousands of dollars in bribes over his political career.
In announcing his illegal plan to kill Americans and cost all of us more money, Zeldin was joined by Chris Wright, a former oil CEO who is currently the titular head of the Department of Energy. In April, Wright signed off on a DoE report which said the rollbacks sought by Zeldin would raise gas prices by 76 cents per gallon, showing that the people behind this plan know it will increase your costs and yet are shoving it down your throat anyway.
The reason gas prices would rise is because of higher demand. If vehicles are less efficient, not only will they burn more gasoline thus costing you more money and also causing more pollution, more dependency on foreign oil and higher health costs for everyone, but that gasoline will be more expensive because that’s what happens to prices of products when demand rises. And the proceeds from those higher gas prices aren’t going to anything societally beneficial, they’re rather going to line the pockets of oil elites.
Wright’s office also offered a junk report (which is wrong in 100 ways) to justify the EPA’s position, claiming wrongly that climate change isn’t all that bad. But in doing so, the DoE misinterprets data, which the author of one of the cited studies immediately pointed out that the DoE misinterpreted. So, even the stretched justifications offered for the plan are steeped in the ignorance we have come accustomed to since late January.
So far, this clearly harmful plan has only been proposed, and has been open for public comment on regulations.gov since early September, where interested members of the public can leave substantive comments on whether they support the planned regulatory change or not.
Since then, comments have been rolling in, though the docket only shows a total of 676 approved comments as of this writing. This seems exceptionally low, given that the original endangerment finding produced some 380,000 comments.
As it turns out, the EPA has actually received a total of 111,596 comments so far, but it has been approving those comments for public posting at a glacial pace. At the current rate, it will take some 30 years for the agency to sift through and approve all the comments.
We reached out to the EPA to ask what was taking so long, and it said that it was busy categorizing comments based on whether they were part of a mass comment campaign or written by individual commenters, and sorting through them for the presence of profanity (although, one wonders if profanity is really all that unjustified when it’s on a plan that will knowingly kill thousands of people per year). Many comments have been “deferred” after an initial scan, awaiting another look.
Regardless, the number of approved comments is still incredibly small compared to the total, and it’s hard not to wonder if something nefarious is happening here.
Looking through the few comments EPA has accepted, the vast majority seem to be in favor of the reasonable and both scientifically and legally correct position of maintaining the Endangerment Finding. If these are the comments that EPA deigned to allow through, even in the midst of its efforts to kill Americans, then we can imagine even more vehement opposition to its plan in the 110,920+ comments it has hidden (including this author’s… which was made as soon as the docket went up for comment, and much like this article, is forceful and truthful but not profane).
In addition to the public comment site, EPA also held a virtual public hearing, where interested members of the public could call in to make their voices heard. The vast majority of callers supported the scientifically correct position of maintaining the finding.
The comment period is also much shorter than usually expected for regulations like this, as pointed out by a comment made by the Attorneys General of several states. The comment period is likely smaller than legally required of the EPA, just another example of the EPA breaking the law to try to kill you. After this comment, EPA did extend the comment period… by one week, from September 15 to September 22. Which is still not as long as the legal requirement.
If Zeldin pushes forward with his idea despite the inevitable public opposition to a plan to raise Americans’ costs and make their lives more deadly, the move will likely be caught up in courts for years, wasting Americans’ time and money and jeopardizing American competitiveness as the world rapidly moves towards improving vehicle efficiency without us.
Even if this clearly unwise and probably illegal move loses in court eventually, we still will have lost time in the transition – giving Zeldin’s oil masters some extra runway to sell their poison to us, and ensuring America’s competitors get a leg up in the transition to cleaner technologies while Americans remain forever poorer and sicker as a result of the republican party’s actions.
Public comments on this ridiculous plan are open through September 22 at 11:59PM EDT, 8:59PM PDT. Comments can be submitted here. In case you get lost, the docket code is EPA-HQ-OAR-2025-0194.EPA has to respond to legitimate concerns made during public comment periods or else the rule could be voided, so the more substantive your comment, the better.
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links.More.