Soaring oil prices put US shale in a bind
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 16 February 2022
⏱️ 8 minutes
🧾️ Download transcript
Summary
US and European shares rallied on Tuesday after Russia said it had begun pulling back some troops, and former Google chief executive, Eric Schmidt, is creating a $125mn fund to address problems with artificial intelligence. Plus, the FT’s US energy editor, Derek Brower, explains that US shale companies are feeling pressured to produce less oil despite rising prices.
Mentioned in this podcast:
US stocks rise after Russia says some troops returning to base
Oil’s climb towards $100 a barrel tempts US shale companies to shed restraint
Eric Schmidt creates $125mn fund for ‘hard problems’ in AI research
The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.7 | Good morning from the Financial Times. Today is Wednesday, February 16th. |
| 0:13.6 | And this is your FT News Briefing. |
| 0:18.7 | Stocks edited higher yesterday as tensions over Ukraine eased a bit, |
| 0:22.7 | and a big name and artificial intelligence is funding research into the hard problems of AI. |
| 0:28.4 | Plus, the saying in the oil patch used to be drill baby drill. |
| 0:32.0 | Ultimately, the reason that people start out in oil is to drill more holes in the ground, |
| 0:36.4 | and that's what they like to do. |
| 0:38.7 | But pressure from Wall Street is making some shell energy producers hold back. |
| 0:43.0 | We'll talk to our US Energy Editor, Derek Brower, about this drillers dilemma. |
| 0:47.6 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:50.4 | Mark is enjoying some relief yesterday as the prospect of Russia attacking Ukraine eased a bit. |
| 1:01.5 | US and European chairs rallied after Russia said it had begun pulling back troops along the |
| 1:06.3 | Ukrainian border to their bases. The S&P 500 index rose about 1.5%, oil prices also fell back |
| 1:13.5 | from their steady march upward, bringing crude fell 3.5%. But our US capital markets' |
| 1:18.8 | correspondent Kate Dugod reminds us that this is already a time for extreme jitteriness in the markets. |
| 1:25.8 | At this moment, we are reacting to the littlest bit of news from the Fed. |
| 1:31.2 | Last week, when it seemed like an invasion was imminent, investors sold riskier assets, |
| 1:35.9 | like US and UK stocks, and then bought up safe haven assets like government debt. |
| 1:40.4 | But on Tuesday, when that invasion did not seem so likely, those moves began to unwind. |
| 1:46.0 | What's really interesting here, I think, is that in the US, is that the Ukraine, |
... |
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