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Confrontations over immigration and border security are moving to the center of the struggle between the two parties, both in Washington, D.C., and beyond. And yet the most explosive immigration clash of all may still lie ahead.

In just the past few days, Washington has seen the collapse of a bipartisan Senate deal to toughen border security amid opposition from former President Donald Trump and the House Republican leadership, as well as a failed vote by House Republicans to impeach Department of Homeland Security Secretary Alejandro Mayorkas for allegedly refusing to enforce the nations immigration laws. Simultaneously, Texas Republican Governor Greg Abbott, supported by more than a dozen other GOP governors, has renewed his attempts to seize greater control over immigration enforcement from the federal government.

Cumulatively these clashes demonstrate how much the terms of debate over immigration have moved to the right during President Joe Bidens time in office. But even amid that overall shift, Trump is publicly discussing immigration plans for a second presidential term that could quickly become much more politically divisive than even anything separating the parties now.

Trump has repeatedly promised that, if reelected, he will pursue the Largest Domestic Deportation Operation in History, as he put it last month on social media. Inherently, such an effort would be politically explosive. Thats because any mass-deportation program would naturally focus on the largely minority areas of big Democratic-leaning cities where many undocumented immigrants have settled, such as Los Angeles, Houston, Chicago, New York, and Phoenix.

What this means is that the communities that are heavily Hispanic or Black, those marginalized communities are going to be living in absolute fear of a knock on the door, whether or not they are themselves undocumented, David Leopold, a former president of the American Immigration Lawyers Association, told me. What hes describing is a terrifying police state, the pretext of which is immigration.

How Trump and his advisers intend to staff such a program would make a prospective Trump deportation campaign even more volatile. Stephen Miller, Trumps top immigration adviser, has publicly declared that they would pursue such an enormous effort partly by creating a private red-state army under the presidents command. Miller says a reelected Trump intends to requisition National Guard troops from sympathetic Republican-controlled states and then deploy them into Democratic-run states whose governors refuse to cooperate with their deportation drive.

Such deployment of red-state forces into blue states, over the objections of their mayors and governors, would likely spark intense public protest and possibly even conflict with law-enforcement agencies under local control. And that conflict itself could become the justification for further insertion of federal forces into blue jurisdictions, notes Joseph Nunn, a counsel in the Liberty & National Security Program at the Brennan Center for Justice at NYU Law School.

From his very first days as a national candidate in 2015, Trump has intermittently promised to pursue a massive deportation program against undocumented immigrants. As president, Trump moved in unprecedented ways to reduce the number of new arrivals in the country by restricting both legal and illegal immigration. But he never launched the huge deportation force or widespread removals that, he frequently promised, would uproot the estimated 11 million undocumented immigrants already in the United States during his time in office. Over Trumps four years, in fact, his administration deported only about a third as many people from the nations interior as Barack Obamas administration had over the previous four years, according to a study by the nonpartisan Migration Policy Institute.

Read: The GOPs true priority

Exactly why Trump never launched the comprehensive deportation program he promised is unclear even to some veterans of his administration. The best answer may be a combination of political resistance within Congress and in local governments, logistical difficulties, and internal opposition from the more mainstream conservative appointees who held key positions in his administration, particularly in his first years.

This time, though, Trump has been even more persistent than in the 2016 campaign in promising a sweeping deportation effort. (Those Biden has let in should not get comfortable because they will be going home, Trump posted on his Truth Social site last month.) Simultaneously, Miller has outlined much more explicit and detailed plans than Trump ever did in 2016 about how the administration would implement such a deportation program in a second term.

Dismissing these declarations as merely campaign bluster would be a mistake, Miles Taylor, who served as DHS chief of staff under Trump, told me in an interview. If Stephen Miller says it, if Trump says it, it is very reasonable to assume thats what they will try to do in a second term, said Taylor, who later broke with Trump to write a New York Times op-ed and a book that declared him unfit for the job. (Taylor wrote the article and book anonymously, but later acknowledged that he was the author.)

Officials at DHS successfully resisted many of Millers most extreme immigration ideas during Trumps term, Taylor said. But with the experience of Trumps four years behind them, Taylor told me Trump and Miller would be in a much stronger position in 2025 to drive through militant ideas such as mass deportation and internment camps for undocumented migrants. Stephen Miller has had the time and the battle scars to inform a very systematic strategy, Taylor said.

Miller outlined the Trump teams plans for a mass-deportation effort most extensively in an interview he did this past November on a podcast hosted by the conservative activist Charlie Kirk. In the interview, Miller suggested that another Trump administration would seek to remove as many as 10 million foreign-national invaders who he claims have entered the country under Biden.

To round up those migrants, Miller said, the administration would dispatch forces to go around the country arresting illegal immigrants in large-scale raids. Then, he said, it would build large-scale staging grounds near the border, most likely in Texas, to serve as internment camps for migrants designated for deportation. From these camps, he said, the administration would schedule near-constant flights returning migrants to their home countries. So you create this efficiency by having these standing facilities where planes are moving off the runway constantly, probably military aircraft, some existing DHS assets, Miller told Kirk.

In the interview, Miller acknowledged that removing migrants at this scale would be an immense undertaking, comparable in scale and complexity to building the Panama Canal. He said the administration would use multiple means to supplement the limited existing immigration-enforcement personnel available to them, primarily at U.S. Immigration and Customs Enforcement, better known as ICE. One would be to reassign personnel from other federal law-enforcement agencies such as the Bureau of Alcohol, Tobacco, Firearms and Explosives and the DEA. Another would be to deputize local police and sheriffs. And a third would be to requisition National Guard troops to participate in the deportation plans.

Miller offered two scenarios for enlisting National Guard troops in removing migrants. One would be in states where Republican governors want to cooperate. You go to the red-state governors and you say, Give us your National Guard, he said. We will deputize them as immigration-enforcement officers.

The second scenario, Miller said, would involve sending National Guard forces from nearby Republican-controlled states into what he called an unfriendly state whose governor would not willingly join the deportation program.

Read: The specter of famiy separation

Even those sweeping plans understate the magnitude of the effort that mass deportations would require, Jason Houser, a former chief of staff at ICE under Biden, told me. Removing 500,000 to 1 million migrants a year could require as many as 100,000150,000 deputized enforcement officers, Houser believes. Staffing the internment camps and constant flights that Miller is contemplating could require 50,000 more people, Houser said. If you want to deport a million a yearand Im a Navy officeryou are talking a mobilization the size of a military deployment, Houser told me.

Enormous legal resources would be required too. Immigration lawyers point out that even if Trump detained migrants through mass roundups, the administration would still need individual deportation orders from immigration courts for each person it wants to remove from the country. Its not as simple as sending Guardsmen in to arrest everyone who is illegal or undocumented, said Leopold, the immigration lawyer.

All of this exceeds the staffing now available for immigration enforcement; ICE, Houser said, has only about 6,000 enforcement agents. To fill the gap, he said, Trump would need to transfer huge numbers of other federal law-enforcement agents, weakening the ability of agencies including the DEA, the FBI, and the U.S. Marshals Service to fulfill their principal responsibilities. And even then, Trump would still need support from the National Guard to reach the scale hes discussing.

Even if Trump used National Guard troops in supporting roles, rather than to break down doors in pursuit of migrants, they would be thrust into highly contentious situations, Houser said.

You are talking about taking National Guard members out of their jobs in Texas and moving them into, say, Philadelphia and having them do mass stagings, Houser said. Literally as Philadelphians are leaving for work, or their kids are going to school, they are going to see mass-deportation centers with children and mothers who were just in the community working and thriving. He predicts that Trump would be forced to convert warehouses or abandoned malls into temporary relocation centers for thousands of migrants.

Adam Goodman, a historian at the University of Illinois at Chicago and the author of The Deportation Machine, told me, Theres no precedent of millions of people being removed in U.S. history in a short period of time. The example Trump most often cites as a model is Operation Wetback, the mass-deportation programnamed for a slur against Mexican Americanslaunched by President Dwight Eisenhower in 1954. That program involved huge sweeps through not only workplaces, but also heavily Mexican American communities in cities such as Los Angeles. Yet even that effort, despite ensnaring an unknown number of legal residents, removed only about 250,000 people, Goodman said. To deport the larger numbers Trump is promising, he would need an operation of much greater scale and expense.

The Republican response to Texass standoff with the Biden administration offers Trump reason for optimism that red-state governors would support his ambitious immigration plans. So far, 14 Republican-controlled states have sent National Guard troops or other law-enforcement personnel to bolster Abbott in his ongoing efforts to assert more control over immigration issues. The Supreme Court last month overturned a lower-court decision that blocked federal agents from dismantling the razor-wire barriers Texas has been erecting along the border. But Abbott insists that hell build more of the barriers nonetheless. We are expanding to further areas to make sure we will expand our level of deterrence, Abbott declared last Sunday at a press conference near the border, where he was joined by 13 other GOP governors. Abbott has said he expects every red state to eventually send forces to back his efforts.

But the National Guard deployments to Texas still differ from the scenario that Miller has sketched. Abbott is welcoming the personnel that other states are sending to Texas. In that sense, this deployment is similar to the process under which George W. Bush, Obama, Trump, and now Biden utilized National Guard troops to support federal immigration-enforcement efforts in Texas and, at times, other border states: None of the governors of those states has opposed the use of those troops in their territory for that purpose.

The prospect of Trump dispatching red-state National Guard troops on deportation missions into blue states that oppose them is more akin to his actions during the racial-justice protests following the murder of George Floyd in summer 2020. At that point, Trump deployed National Guardsmen provided by 11 Republican governors to Washington, D.C., to quell the protests.

The governors provided those forces to Trump under whats known as hybrid status for the National Guard (also known as Title 32 status). Under hybrid status, National Guard troops remain under the technical command of their states governor, even though they are executing a federal mission. Using troops in hybrid status isnt particularly unusual; what made that deployment unprecedented, in Joseph Nunns phrase, is that the troops were deployed over the objection of D.C. Mayor Muriel Bowser.

The hybrid status that Trump used in D.C. is probably the model the former president and Miller are hoping to use to send red-state National Guard forces into blue states that dont want them, Nunn told me. But Nunn believes that federal courts would block any such effort. Trump could ignore the objections from the D.C. government because its not a state, but Nunn believes that if Trump sought to send troops in hybrid status from, say, Indiana to support deportation raids in Chicago, federal courts would say that violates Illinois constitutional rights. Under the Constitution, the states are sovereign and coequal, Nunn said. One state cannot reach into another state and exercise governmental power there without the receiving states consent.

But Trump could overcome that obstacle, Nunn said, through a straightforward, if more politically risky, alternative that he and his aides have already discussed. If Trump invoked the Insurrection Act, which dates back to 1792, he would have almost unlimited authority to use any military asset for his deportation program. Under the Insurrection Act, Trump could dispatch the Indiana National Guard into Illinois, take control of the Illinois National Guard for the job, or directly send in active-duty military forces, Nunn said.

There are not a lot of meaningful criteria in the Insurrection Act for assessing whether a given situation warrants using it, and there is no mechanism in the law that allows the courts or Congress to check an abuse of the act, Nunn told me. There are quite literally no safeguards.

Read: Americas immigration reckoning has arrived

The Insurrection Act is the legal tool presidents invoked to federalize control over state National Guards when southern governors used the troops to block racial integration. For Trump to invoke the Insurrection Act to instead target racial minorities through his deportation program might be even more politically combustible than sending in National Guard troops through hybrid status during the 2020 D.C. protests, Nunn said. But, like many other immigration and security experts I spoke with, Nunn believes those concerns are not likely to dissuade a reelected Trump from using the Insurrection Act if courts block his other options.

In fact, as Ive written, a mass-deportation program staffed partially with red-state National Guard forces is only one of several ideas that Trump has embraced for introducing federal forces into blue jurisdictions over the objections of their local leaders. Hes also talked about sending federal personnel into blue cities to round up homeless people (and place them in camps as well) or just to fight crime. Invoking the Insurrection Act might be the necessary predicate for those initiatives as well.

These plans could produce scenes in American communities unmatched n our history. Leopold, to take one scenario raised by Miller in his interview, asks what would happen if the Republican governor of Virginia, at Trumps request, sends National Guard troops into Maryland, but the Democratic governor of that state orders his National Guard to block their entry? Similarly, in a huge deportation sweep through a residential neighborhood in Los Angeles or Chicago, its easy to imagine frightened migrant families taking refuge in a church and a Democratic mayor ordering local police to surround the building. Would federal agents and National Guard troops sent by Trump try to push past the local police by force?

For all the tumult that the many disputes over immigration are now generating, these possibilities could prove far more disruptive, incendiary, and even violent.

What we would expect to see in a second Trump presidency is governance by force, Deana El-Mallawany, a counsel and the director of impact programs at Protect Democracy, a bipartisan group focused on threats to democracy, told me. This is his retribution agenda. He is looking at ways to aggrandize and consolidate power within the presidency to do these extreme things, and going after marginalized groups first, like migrants and the homeless, is the way to expand that power, normalize it, and then wield it more broadly against everybody in our democracy.

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Can Calvin Pickard backstop another Cup Final rally for the Oilers?

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Can Calvin Pickard backstop another Cup Final rally for the Oilers?

There is an art to becoming a full-time NHL starting goaltender.

There is art, too, in being a successful NHL backup.

It requires embracing the unknown. It’s preparing to play without actually playing. There are long stretches of no puck touches — but the expectation of delivering your best at a moment’s notice.

That kind of pressure isn’t for everyone. But Edmonton Oilers‘ goaltender Calvin Pickard isn’t just anyone. He has forged a career excelling in secondary roles, the classic blue-collar contributor exemplifying work ethic and a straightforward mentality. One day at a time. One game after another.

It’s not easy. Pickard just makes it seem that way.

“I guess you’d say he’s one of the rare goalies,” Oilers forward Evander Kane said. “He’s just a normal guy. He’s really popular in [our] room.”

And how. Pickard has helped save Edmonton from back-breaking deficits in this NHL postseason not once, but twice. And Pickard could be on track to keep the Oilers alive again as they face elimination in Game 6 of the Stanley Cup Final against the Florida Panthers on Tuesday (8 p.m. ET, TNT/Max).

That’s as pressure-packed as it gets, yet Pickard’s most recent efforts showcased a goalie at his peak.

Pickard entered the Final as Edmonton’s No. 2 behind Stuart Skinner. He looked on as the Oilers split the series’ first two games, and then entered troubled waters. Skinner started again in Game 3, and Florida pounded Edmonton 6-1. Coach Kris Knoblauch replaced Skinner with Pickard late in that debacle, where all Pickard could offer was cleanup duty.

Edmonton moved on to Game 4 with a 2-1 series deficit, carrying an undeniable whiff of fragility that was about to be painfully exposed.

Knoblauch passed over Pickard for Skinner as his starter. The result was disastrous. Skinner gave up three goals on 14 shots in the first period, for an .824 save percentage. Edmonton limped off the ice down 3-0 and Knoblauch had to do something.

Enter Pickard.

The 33-year-old took over Edmonton’s crease and backstopped them to a shocking comeback as the Oilers scored three second-period goals for a 3-3 tie heading into the third. Pickard was excellent holding off the Panthers’ attack with tough, critical stops that gave the Oilers a chance to offer some goal support at the other end. And Edmonton’s eventual 5-4 victory in overtime would not have been possible without Pickard’s 22 saves.

play

2:24

How ‘clutch’ Calvin Pickard helped spur Oilers to Game 4 win

Steve Levy and Kevin Weekes break down the Oilers’ comeback win in overtime in Game 4 to even the series with the Panthers.

It was simple enough then that when the series returned to Edmonton tied 2-2 going into Game 5 on Saturday that Pickard would have at least 24 hours notice of his next playing time. That it was happening in the Cup Final could rattle other goalies who hadn’t actually started a full game in five weeks.

But then again, Pickard isn’t a typical backup. He’s built differently.

“I guess you could look at [Game 5] as the biggest game in my life, but the last game was the biggest game in my life until the next one,” Pickard said. “It’s rinse and repeat for me. It’s been a great journey; I’ve been to a lot of good places. Grateful that I had the chance to come to Edmonton a couple years ago, and this is what you play for. I’m excited.”

The game itself didn’t go to plan for Edmonton. The Oilers fell behind early — again — and this time no number of eye-popping stops by Pickard (including a massive one on Carter Verhaeghe in the first period) could save Edmonton from itself in a 5-2 loss.

Pickard’s stat line was weak — giving up four goals on 18 shots for a .778 save percentage — but Knoblauch wasn’t convinced he was the problem. Nor would Knoblauch commit to him for Game 6.

“I’m not going to make that decision right now after a tough loss tonight,” the coach said after Game 5. “But from what I saw, I think Picks didn’t have much chance on all those goals. Breakaways, shots through screens, slot shots. There was nothing saying that it was a poor performance.”

It was Pickard’s first loss in the postseason, a testament to his body of work. It wasn’t so long ago he was in control of the Oilers’ crease. A stronger team effort in front of Pickard could have him shining there again Tuesday; Edmonton has been outscored 15-8 in its past three games, a frustrating reality given the Oilers’ depth of offensive talent and defensive capabilities.

“The quality of opportunities were really good [in Game 5], so there’s no fault at Calvin at all on any of those goals,” Knoblauch said. “When the pressure’s not on [the goalies] that they have to make every single save to keep this close or keep us ahead [it’s better]. It’d be nice to get some goal support. [Game 5] was a case where we were having difficulty generating offense. It’d be nice to have that lead and play knowing that they have to open things up when they’re trailing.”


THE OILERS WERE in a bad spot midway through the first round.

They’d entered the playoffs among the field’s Cup favorites after making the Final a year ago, falling there in Game 7 to the same franchise they’re battling now. The Oilers rebounded in a strong regular season, finishing third in the Pacific Division with 101 points.

It was worrisome then that they started the postseason with a thud, falling behind 2-0 in their first-round series against the Los Angeles Kings. Skinner was Edmonton’s starter at the time, and had given up 11 goals in those two defeats. Pickard had watched (almost) all of it happen from the bench, save for a brief appearance late in Game 2.

Knoblauch tapped Pickard to start in Game 3. Cue another comeback.

Pickard helped the Oilers reel off four straight wins to vanquish the Kings and send Edmonton to the second round. He peeled off another pair of wins against the Vegas Golden Knights to spot Edmonton a 2-0 series lead — only to sustain a lower-body injury in Game 2 that would cut his magical postseason run off at 6-0-0 with an .892 save percentage and 2.76 goals-against average.

Edmonton again turned to Skinner, who responded with a sensational run of his own leading the Oilers through their Western Conference finals series against the Dallas Stars. The now-healthy Pickard was more of a spectator again. Biding his time had become second nature.

“The last couple of years, [Skinner] has played much more than I have,” Pickard said. “So, practice time is huge for me. [Our staff] has me dialed in when I’m not playing and doing different drills to replicate situations in games, and for when that chance comes.”

Pickard has learned how to leverage his reps, perceiving each one as meaningful even when the outcome is a foregone conclusion.

“Getting the time in Game 3 [of the Final] at the end, even when it was out of hand there [with the score], it’s still good ice time for me to get out there and see game action,” Pickard said. “That propelled me to be ready for Game 4. [Any of that] practice time’s huge.”

It’s also fitting for a goalie like Pickard — who can revel entering a rout — to be on the path to a potentially distinctive feat. According to ESPN Research, the last time multiple goalies on a Cup-winning team recorded decisions in a Final for non-injury related reasons was when the Boston Bruins alternated between Gerry Cheevers and Eddie Johnston in 1972. Cheevers started Game 1, Game 3 and the clinching Game 6 in that series.

Skinner and Pickard are also only the second tandem in NHL history to have each recorded at least seven victories in a single postseason, joining Marc-Andre Fleury (nine wins) and Matt Murray (seven) during the Pittsburgh Penguins‘ Cup run in 2017.

But Pickard’s road here wasn’t quite like his predecessors — or his current goalie teammate.

Pickard was drafted by Colorado in the second round at No. 49 in the 2010 NHL draft. His first and only season as a starter for the Avalanche was in 2016-17, when he filled in for injured Semyon Varlamov.

Colorado exposed him that summer in the expansion draft and Pickard was selected by Vegas, with the idea he’d be Fleury’s backup. But the Golden Knights also selected Malcom Subban off waivers and put him behind Fleury instead. Pickard was then put on waivers and picked up by the Toronto Maple Leafs, who sent him to the minors.

From there, the New Brunswick, Canada, native kept moving around, waived by Toronto and then Philadelphia before a brief stint in Arizona. In July 2019, Pickard signed as a free agent with the Detroit Red Wings — his fifth team in two years — and still couldn’t take hold in the NHL. He toggled between the Red Wings and the American Hockey League for three seasons.

In July 2022, Pickard arrived in Edmonton … sort of. He signed a two-year, two-way deal with the club and spent his first season in the AHL. Pickard finally saw sustained NHL play the next season as the Oilers grappled with struggling starter Jack Campbell, giving Pickard his most games in the league (23) since 2016-17. That was enough to keep him on as Skinner’s backup this season.

The rest, as they say, is history. Pickard’s patience through the process has impressed those teammates now relying on him to pull them through to a Cup title.

“He’s been doing this for a long time, he has a ton of experience and been to a lot of different dressing rooms,” Kane said. “That can help you along when you do come on to different teams, making a little bit of an easier transition. Now you’re just seeing that off-ice translate on to the ice with his performance, and how much he’s helped us to where we are here today … in the Stanley Cup Final.”

If people weren’t paying attention to Pickard when he stepped in for Skinner against the Kings, there’s no doubt all eyes are on him now. It’s attention that Pickard has earned.

“[Pickard is] someone who’s just kind of stuck with it all along and he’s been a true pro and a great person all the way through,” Edmonton captain Connor McDavid said. “I think good people get rewarded and he works as hard as I’ve seen. Couldn’t be more deserving.”


KNOBLAUCH ISN’T ONE to be rushed.

He has been cagey about naming a starter throughout the Final. That will hold true again for Game 6.

“[It’s] a conversation with the staff, obviously our goaltending coach, Dustin Schwartz, but with all the assistants, the general manager,” Knoblauch said. “[We’ll] kind of weigh in how everyone feels and what’s best moving forward. It’s not an easy decision. We’ve got two goalies that have shown that they can play extremely well, win hockey games and we feel that no matter who we choose, they can win the game.”

Pickard’s numbers in the series (.878 SV%, 2.88 GAA) are stronger than Skinner’s (.860 SV%, 4.20 GAA) and they are on par for the entire postseason (Pickard holds an .886 SV% and 2.85 GAA to Skinner’s .891 SV% and 2.99 GAA). Their records, though, are quite different: 7-1 for Pickard, 7-6 for Skinner.

So, who gives the Oilers their best chance to win Game 6 and drag Florida back to Edmonton for a second straight Game 7 finale between these teams in the Cup Final?

If Pickard does get the call, it will be a culmination of 10 years of consistent effort to be trusted when there’s no tomorrow. There’s only the present moment — where the right backup goalie has always been trained to stay ready.

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1:26

Weekes perplexed by Oilers: ‘They look like a shell of themselves’

Kevin Weekes calls out the energy level by the Oilers in their Game 5 loss to the Panthers in the Stanley Cup Final.

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Business

Israel-Iran conflict poses new cost of living threat – here’s why

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Israel-Iran conflict poses new cost of living threat - here's why

The UK’s cost of living crisis hangover is facing fresh pressure from the Israel-Iran conflict and growing tensions across the Middle East.

Whenever the region, particularly a major oil-producing country, is embroiled in some kind of fracas, the potential consequences are first seen in global oil prices.

The Middle East accounts for a third of world output.

Money latest: ‘Unusual movement’ in house prices

Iran’s share of the total is only about 3%, but it is the second-largest supplier of natural gas.

Add to that its control of the key Strait of Hormuz shipping route, and you can understand why any military action involving Iran has huge implications for the global economy at a time when a US-inspired global trade war is already playing out.

What’s happened to oil prices?

Global oil prices jumped by up to 13% on Friday as the Israel-Iran conflict ramped up.

It was the biggest one-day leap seen since Russia invaded Ukraine in February 2022, which gave birth to the energy-driven cost-of-living crisis.

From lows of $64 (£47) a barrel for Brent crude, the international benchmark, earlier this month, the cost is currently 15% higher.

Iran ships all its oil to China because of Western sanctions, so the world’s second-largest economy would have the most to lose in the event of disruption.

Should that happen, China would need to replace that oil by buying elsewhere on the international market, threatening higher prices.

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How the Middle East conflict escalated

How are natural gas prices holding up?

UK day-ahead prices are 15% up over the past week alone.

Europe is more dependent on Middle East liquefied natural gas (LNG) these days because of sanctions against Russia.

The UK is particularly exposed due to the fact that we have low storage capacity and rely so much on gas-fired power to keep the lights on and for heating.

Israel-Iran latest: Tehran threatens to leave nuclear treaty

The day-ahead price, measured in pence per therm (I won’t go into that), is at 93p on Monday.

It sounds rather meaningless until you compare it with the price seen less than a week ago – 81p.

The higher sum was last seen over the winter – when demand is at its strongest.

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Aftermath of Iranian missile strike in northern Israel

What are the risks to these prices?

Market experts say Brent crude would easily exceed $100 (£74) a barrel in the event of any Iranian threats to supplies through the Strait of Hormuz – the 30-mile wide shipping lane controlled by both Iran and Oman.

While Iran has a history of disrupting trade, analysts believe it will not want to risk its oil and gas income through any blockade.

What do these price increases mean for the UK?

There are implications for the whole economy at a time when the chancellor can least afford it, as she bets big on public sector-led growth for the economy.

We can expect higher oil, gas and fuel costs to be passed on down supply chains – from the refinery and factory – to the end user, consumers. It could affect anything from foodstuffs to even fake tan.

Increases at the pumps are usually the first to appear – probably within the next 10 days. Prices are always quick to rise and slow to reflect easing wholesale costs.

Energy bills will also take in the gas spike, particularly if the wholesale price rises are sustained.

The energy price cap from September – and new fixed-term price deals – will first reflect these increases.

Read more:
How conflict between Israel and Iran unfolded
UK advises against all travel to Israel
Explosions over Jerusalem as missiles ‘detected’ by IDF

How does this all play out in the coming months?

So much depends on events ahead.

But energy price rises are an inflation risk and a potential threat to future interest rate cuts.

While LSEG data shows financial markets continuing to expect a further two interest rate cuts by the Bank of England this year, the rate-setting committee will be reluctant to cut if the pace of price growth is led higher than had been expected.

At a time when employers are grappling with higher taxes and minimum pay thresholds, and consumers a surge in bills following the ‘awful April’ hikes to council tax, water and other essentials, a fresh energy-linked inflation spike is the last thing anyone needs.

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U.S. Steel shares rally as Trump approves Nippon takeover with unique government ‘golden share’

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U.S. Steel shares rally as Trump approves Nippon takeover with unique government 'golden share'

U.S. President Donald Trump walks as workers react at U.S. Steel Corporation–Irvin Works in West Mifflin, Pennsylvania, U.S., May 30, 2025.

Leah Millis | Reuters

U.S. Steel shares jumped on Monday after President Donald Trump approved its controversial merger with Japan’s Nippon Steel.

U.S. Steel shares were last up about 5% in premarket trading.

Trump issued an executive order on Friday that allowed U.S. Steel and Nippon to finalize their merger so long as they signed a national security agreement with the U.S. government. The companies said they signed the agreement with the government, completing the final hurdle for the deal.

U.S. Steel said the national security agreement includes a golden share for the U.S .government, without specifying what powers the government would wield with its share. Trump said on Thursday that the golden share gives the U.S. president “total control.”

Typically, golden shares allow the holder veto power over important decisions the company makes. Pennsylvania Sen. Dave McCormick told CNBC in May that the golden share will give the U.S. government control of several board seats and ensure production levels aren’t cut.

Trump has avoided calling the transaction a merger, describing the deal instead as a “partnership.” U.S. Steel confirmed in a regulatory filing Monday that the company will become a wholly owned subsidiary of Nippon Steel North America.

“All regulatory approvals required for the completion of the Transaction have been received,” U.S. Steel said in a filing with the Securities and Exchange Commission on Monday. “The Transaction remains subject to the satisfaction of customary closing conditions, and is expected to be completed promptly.”

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