Good Morning. Iran closed the Strait of Hormuz, so Big Oil is shopping in Africa. We break down who's spending billions and where.
We also cover psychedelics going federal, a rejected airline mega-merger, and five technologies reshaping 2050 (forwarded this email? Join 523k readers).
TOP STORY TODAY
Big Oil Pivots
Major oil companies are redirecting billions toward Africa and South America as the Iran conflict disrupts Middle East operations (WSJ). Exxon outlined a potential $24 billion investment in Nigeria's deep-water fields, while Chevron expanded in Venezuela and BP bought stakes off the coast of Namibia.
The Strait of Hormuz closure has trapped roughly 20% of the world's daily oil and gas supply, and Exxon says the war cut its global production by 6% in Q1. Higher prices are giving companies the cash to explore regions previously out of reach.
Wood Mackenzie estimates major oil companies could generate $120 billion in combined value from new exploration ventures in coming years. U.S. oil futures are trading near $88 a barrel, well above pre-war levels. Economic impact, explained.
Airlines Reject Merger
American Airlines publicly rejected a merger proposal from United Airlines on April 17, ending months of behind-the-scenes pursuit by United CEO Scott Kirby, who had pitched the deal directly to President Trump in late February.
A combined carrier would have controlled 30 to 40% of the U.S. domestic market and carried a combined debt load exceeding $45 billion. American said the deal would be bad for competition and consumers, calling it inconsistent with antitrust principles.
There is also a personal subplot: Kirby served as American's president before being pushed out in 2016, then quickly landed at United and became its CEO in 2020. White House sources signaled skepticism about the deal given its potential impact on ticket prices ahead of the midterm elections.
Psychedelics Get Greenlit
President Trump signed an executive order Saturday directing the FDA to expedite review of psychedelic compounds already holding breakthrough therapy designation, with a focus on treatments for depression, PTSD, and veteran mental health.
The order also instructs the DEA to begin rescheduling reviews once drugs clear Phase 3 trials, opens a right-to-try pathway for ibogaine access, and commits $50 million in federal funds to match state-level research investments. Texas has pledged a matching $50 million.
The VA is now participating in at least five psychedelic drug trials across New York, California, and Oregon. A Stanford study cited at the signing showed an 80-90% reduction in depression and anxiety symptoms among special operations veterans treated with ibogaine. Joe Rogan shares thoughts.
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TODAY’S LIFE ADVICE
Our Tech World in 2050
Tech experts weighed in on the innovations most likely to reshape daily life by 2050. Here's what they're watching:
Brain-computer interfaces go mainstream, letting billions control devices, lights, and messages through thought alone, as convenient as wireless earbuds
Autonomous robots mine the moon and asteroids for raw materials, cutting launch costs by building what missions need directly in space
Humanoid home robots become standard caregivers for the elderly and disabled, able to provide companionship, handle household tasks, and even embody distant loved ones via telepresence
Private weather control becomes a luxury commodity, with companies manipulating microclimates over vineyards, resorts, and farms
Nuclear fusion finally goes commercial, delivering clean, abundant energy with no radioactive waste and the potential to make current geopolitical assumptions about energy scarcity obsolete
The common thread: AI accelerates everything. Each of these breakthroughs depends on machine intelligence to decode brains, navigate space, care for humans, manage weather systems, and sustain fusion reactions (Spielberg’s 2054).
Money Secrets That End Marriages
Financial infidelity is more common than affairs. Hidden accounts, secret gambling, undisclosed job losses. By the time one spouse notices, the damage is done.
What to do now:
Review joint accounts monthly together
Disclose income changes immediately
Know where every account lives
The paper trail doesn't lie. Neither should your finances (More).
TRENDING
5 Stories
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▲ John Deere settles farmer repair monopoly lawsuit for $99 million, promising expanded software access for independent repairs
▲ Chinese robot beats human half-marathon world record in Beijing, finishing 21K in 50 minutes and 26 seconds
▲ Obama, Mamdani make first joint appearance at Bronx preschool promoting New York City's free childcare agenda
▲ Stephen King grants first-ever archive access to scholar, revealing "Pet Sematary" was inspired by near-death of his real son
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Low calorie apple pie hack [Recipe]
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