The Arctic is not a barren, frozen wasteland. It’s home to some of the most unique ecosystems in the world. More than this: it’s home to people. Those people are at the center of the controversy over drilling for oil in the Arctic. The Trump administration is now starting the formal process of selling leases in the Arctic National Wildlife Refuge to oil companies, according to the New York Times. The move comes after the Trump administration opened the refuge for oil drilling in August 2020. There are potentially billions of dollars in untapped oil and gas reserves in the Arctic. But, there is value in keeping the region untouched, too. The Arctic provides more than $281 billion per year in fishing, oil, mineral extraction, tourism and climate stabilization services, according to a preliminary assessment done in 2016 by environmental economist Tanya O’Garra, who worked at the Center for Research on Environmental Decisions at Columbia University at the time the research was conducted.
2020 is officially the busiest hurricane season on record and flooding is one of a storm’s most devastating consequences. FEMA estimates one inch of flood water can cause up to $25,000 in damage. The U.S. began offering nationalize flood insurance in 1968 but the program, called the NFIP, is now over $20 billion in debt. Private companies are starting to offer flood insurance as well. However, flood insurance is more complicated than it may appear. Watch the video to better understand how flood insurance works, and doesn’t work, in the U.S.
Since 2010, Social Security’s cash flow has been negative, meaning that the agency does not collect enough money through taxes to cover what it is paying out. Even though there was still this vast trust fund behind Social Security, they started tapping that fund’s interest.
Starting in 2021, they will have to dip into the trust fund itself to cover those benefit payments, and even that pool of cash has an expiration date. Trustees of the fund expect that by 2035 it will not be enough to cover full benefit payments. Due to COVID-19, that date may come years sooner than expected, which has some retirees seriously worried about their future.
Gas prices have been relatively low compared with the airy peaks they had seen roughly a decade ago; Americans are paying more for premium gasoline than standard gasoline than they have in the past. According to AAA, Americans collectively waste $2 billion a year buying premium gasoline. The critical difference between premium gas from regular is its octane rating—understanding that octane rating and what cars need what gasoline is key to knowing whether it is worth paying for premium.
With more than 500 hours of video uploaded every minute and over 1 billion hours watched every day, Google’s YouTube is the world’s second largest search engine. And its meteoric growth hasn’t subsided, over 2 billion users visit the site every month. CNBC takes a look at how the video platform has changed over the past 15 years and if it can stay on top.
The outcome of the 2020 election between Joe Biden and Donald Trump will likely have a major impact on the equity market. Although the economy has historically performed better under a Democratic president, that doesn’t always necessarily reflect on market performance. However, which party controls the White House can still be an important element for those looking to earn big in the market. So how does the U.S. election impact the stock market and how should investors prepare?
Once known for its “treasure hunt” atmosphere, colorful home furnishings, and distinctive holiday decorations, Pier 1 filed for bankruptcy in February 2020.
Pier 1 later announced it was winding down its entire business, in part, due to the coronavirus pandemic. And while Pier 1 had a smaller share of the home furnishing industry than some of its rivals, those store closings could mean good news for a few retailers.
Hertz was a pioneer in car rental and a highly recognized brand nearly as old as the American auto industry itself. Decimated by coronavirus, Hertz tried in mid-2020 to take advantage of an odd Robinhood-driven spike in its share price and sell stock to pay off its debts. At the time, the company admitted the shares it was selling could end up worthless. Will Hertz be able to emerge from bankruptcy in some form, or will this be the end of its century-long story.
In the years that followed the financial crisis, sales of RVs began booming. Once considered a pretty dowdy way to travel, RVs have benefitted from slick industry ad campaigns, low gas prices, and a renewed interest among Americans of all ages. Data indicate first-time buyers are pouring into RV dealerships and shows, looking for their own happy home on the road. But long-timers say new buyers need to do their research before buying, and understand what the RV life is really about.
Streaming has become this decade’s preferred way of listening to music. It’s an $11 billion dollar industry, making up 47% of global music industry revenues, and Spotify has become the clear winner globally in terms of paid subscribers. Taking on behemoths like Apple, Amazon and Google, Spotify has dominated the global streaming music industry with about 130 million premium subscribers world-wide. Recently, Spotify secured distribution deals with Joe Rogan and Kim Kardashian West to produce podcasts for the platform. Watch CNBC’s deep-dive into how Spotify started, how it became the audio leader, and where what’s to come next.