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On Saturday, hours after U.S. forces in Caracas killed at least 80 people and kidnapped Venezuelan President Nicolás Maduro, Donald Trump sounded less like a wartime commander than a developer surveying a newly acquired property. The countrys future, he told reporters at his Mar-a-Lago resort, belonged to very large United States oil companies, which would soon be pumping a tremendous amount of wealth out of the ground. The land in question includes the largest proven oil reserves on Earth at some 300 billion barrels, roughly 17 percent of global totals. But after years of political turmoil and U.S. sanctions, Venezuela accounts for barely 1 percent of global crude production. Its true that they know the oil is there, said Samantha Gross, the director of the Energy Security and Climate Initiative at the Brookings Institution. But the aboveground risks are huge. Chevron is the only major U.S. firm still operating in Venezuela, after other oil giants pulled out in 2007 when former president Hugo Chávez nationalized the industry. By continuing to operate as a minority partner under the state oil companys terms, Chevron preserved its infrastructure, personnel, and legal foothold giving it geopolitical leverage in the ongoing tug-of-war between the United States, China, and the Maduro government. We play a long game, CEO Mike Wirth explained in November at a U.S.-Saudi investment summit in Washington. Today, Chevron is uniquely positioned in the aftermath of the invasion: Its leadership and board have long orbited Republican circles, with deep ties to the Trump administration and a history of big GOP donations. Chevrons in [Venezuela], Trump said on Saturday, but theyre only there because I wanted them to be there. The company did not respond to requests for comment. When Trump returned to office, his administration revoked Biden-era licenses that had allowed the oil major to operate in Venezuela despite the sanctions. Though told to stop producing by April, the company made no attempt to wrap up contracts, pull out personnel, or wind down supply chains. Francisco Monaldi, director of the Latin American energy program at Rice University, said in March that it appeared Chevron is very confident it can obtain an extension. President Donald Trump monitors U.S. military operations in Venezuela from his Mar-a-Lago club in Palm Beach, Florida, on January 3. [Photo: Molly Riley/The White House via Getty Images via Grist] Behind the scenes, executives were busy meeting with Trump and top officials, spending almost $4 million on lobbying in the first half of the year to keep their Venezuelan foothold alive. In March, Wirth joined Trump in the Oval Office, hashing out how to tweak or extend Chevrons license. The president finds Wirths TV appearances entertaining, regularly calling him after cable news appearances. The CEO followed that blitz up with private sit-downs with Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, and staffers from the National Security Council, making the case for his companys continued presence in the country. By July, the gamble had paid off. The administration issued a new license, letting Chevron resume operations in Venezuela. As it did so this fall, the company saw record-breaking production and earned $3.6 billion in its last reported quarter. Though Venezuela accounts for just 100,000 to 150,000 barrels daily a sliver of Chevrons production that oil is heavy, the kind the companys Gulf Coast refineries are designed to process. Having access to Venezuelan crude can help those facilities run more efficiently, increasing supplies and reducing costs. Just before Chevron celebrated its renewed lifeline, it scored another victory: After years of wrangling with the Federal Trade Commission, it finally acquired Hess Corporation, one of the biggest independent oil producers in the United States. Last year, the agency had banned CEO John Hess from joining Chevrons board as part of its anti-trust review, alleging that he had colluded with OPEC representatives to fix oil prices. That victory, however, did not occur in a vacuum. The Hess family is a major donor to the Republican party and contributed more than $1 million to Trumps first inauguration. (Chevron, for its part, donated $2 million to the presidents 2025 ceremony.) Hess whom Trump has called a friend of mine for a long time petitioned the FTC to revisit its decision. The agency later reversed course, unlocking the deal. On July 18, Chevron officially closed its $53 billion merger, and Hess took his seat on the board. President Donald Trump shakes hands with John Hess, CEO of Hess Corp., before signing a series of bills related to Californias vehicle emissions standards on June 12, 2025. [Photo: Chip Somodevilla/Getty Images via Grist] This bought Chevrons entry into what many analysts call the decades most consequential oilfield, in Guyana, Venezuelas neighbor. In 2015, Exxon Mobil announced a huge reserve off the tiny countrys shoreline. That discovery catapulted Guyana a nation of fewer than 1 million people into the petroleum spotlight. Hess 30 percent stake in the project was a key part of Chevrons recent acquisition. Thanks to Trump, one of the largest remaining political obstacles to the Guyana project was just removed. Maduro had challenged Guyanas control over the offshore area. Venezuela has periodically claimed the territory since the 1960s under a long-running border dispute. As production in the region ramped up in 2019 and as Venezuelas own industry faltered, Maduro escalated his attacks, sending naval ships into Guyanese waters and vowing Venezuela would take all necessary actions to stop its development rhetoric remarkably similar to what Trump used to justify his own actions against Maduro this week. But though Trump claims he spoke with oil companies before and after the invasion, taking over the Venezuelan government may have been more than the industry bargained for. There arent oil companies just running to get rid of tens of billions of dollars right now to rebuild the Venezuelan industry, David Mares, the former Institute of the Americas Endowed Chair for Inter-American Affairs at the University of California, San Diego, told Grist. Its not even clear theres a legitimate government in place to make the contracts they sign for legal. Then theres the question of Venezuelas tangled debt. Petróleos de Venezuela, S.A., the state oil company, has racked up more than $150 billion in liabilities over decades of defaults and expropriations. Creditors from energy companies like ConocoPhillips to so-called vulture funds that bought defaulted contracts at deep discounts have pursued arbitration against the country, and won court rulings for damages that remain unpaid. China has been the countrys largest foreign lender, loaning it more than $60 billion over the years. Only some of that has been repaid, mostly in the form of oil exports. As Mares notes, As soon as Venezuelan oil starts to flow, some of those claimants can attach the proceeds, and theyre going to demand their money back. Experts warn that returning to even modest levels of production would require upgrading Venezuelas aging infrastructure, a process that would require massive investment and political stability conditions that have eluded Caracas for years and seem unlikely to materialize anytime soon. There is no realistic prospect of immediately increasing Venezuelas crude output, Gus Vasquez, the head of oil pricing in the Americas for commodity markets analyst Argus Media, wrote in an emailed statement. Venezuelan oil infrastructure would take years and possibly hundreds of billions to bring up to something cloe to its former capacity. Repairing refineries would be even harder. Chevrons existing assets give the company a very different calculus than newcomers would face. But the timing could not be worse: Global crude oil prices have steadily declined over the last several years, recently dropping below $60 a barrel approaching the break-even point for many American operators. Thats been driven by global supply surpluses and by weakening demand, as renewable energy prices drop. I think what were seeing is that the days of the oil and gas industry being the growth engine of economies is well behind us, said Trey Cowan, an oil and gas energy analyst at the Institute for Energy Economics and Financial Analysis. Despite these structural shifts, Gross notes, Trump has a very old-school way of thinking about resource economics, as a blunt lever of power. As companies like Chevron have found, aligning with his priorities can bring financial and regulatory advantages, even if they are not supported by broader market conditions. This week, the companys stock jumped 6 percent. On TruthSocial on Tuesday, Trump announced that Caracas would be turning over between 30 and 50 million barrels of sanctioned oil that will then be sold. [T]hat money will be controlled by me, he wrote. Trump hopes to lower oil prices to $50 a barrel, which would squeeze shale producers and destabilize the U.S. oil industry. On Wednesday, the Department of Energy issued a brief announcement elaborating, as Chevron entered talks with the administration to increase its operations and resell oil to other refiners. The statement declares the U.S. will sell the sovereign nations crude on the global marketplace and describes the proceeds as going to U.S.-controlled accounts at globally recognized banks, an unusual setup that bypasses the U.S. Treasury. The money is vaguely promised to serve both Americans and Venezuelans, and the arrangement will be indefinite. Youre going to see, probably, a growth in Chevron activities there quickly, Secretary of Energy Chris Wright said on Thursday. Senate Democrats have launched an investigation into the Trump administrations communications with oil companies, which they claim occurred 10 days before the invasion, while Congress was not briefed. The suggestion that taxpayers could pay the cost of rebuilding Venezuelas oil infrastructure raise serious concerns about how the Trump administration engaged with the oil companies prior to his decision to use military force, they wrote. Gross says to the extent Trump can be described as a populist, it is largely a performance one he might play on TV but she added that typically, When you see populist governments take over oil industries, it doesnt usually turn out well. In all the turmoil, what no one appears to be asking is what is good for Venezuela. The saddest part of this is that unwinding the Maduro regime does not seem to be a part of what Trump policy is aiming for, said Cynthia Arson, former director of the Woodrow Wilson International Centers Latin American Program. In its statements after the strike, the White House has largely overlooked questions about a democratic transition, sidelining concerns about human rights abuses and the treatment of political prisoners. Even when oil starts flowing, a new Venezuelan government will likely struggle to meet public expectations while attracting foreign investment. Before Chávez, the countrys oil contracts typically gave the government around 50 percent of revenue, helping fund social programs and the middle class. U.S. oil majors, by contrast, often offer royalties around 12 percent. The contrast highlights just how fragile and uncertain the path ahead is: Years of economic collapse, which have driven millions abroad, have left those remaining struggling with profound political and social upheaval that cant be solved by oil alone. If good things happen, theyre going to take time, Gross said. Bad things could actually happen pretty quickly. This article originally appeared in Grist. Grist is a nonprofit, independent media organization dedicated to telling stories of climate solutions and a just future. Learn more at Grist.org
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E-Commerce
Thousands of nurses in three hospital systems in New York City went on strike Monday after negotiations through the weekend failed to yield breakthroughs in their contract disputes. Nurses on strike! … Fair contract now! they shouted on a picket line outside NewYork-Presbyterian Hospital’s campus in Upper Manhattan. Others picketed at multiple hospitals in the Mount Sinai and Montefiore systems. About 15,000 nurses are involved in the strike, according to their union, the New York State Nurses Association. The hospitals remained open, hiring droves of temporary nurses to try to fill the labor gap. The strike involves private, nonprofit hospitals, not city-run ones. But the strike, which the union casts as lifesaving essential workers fighting hospital executives who make millions of dollars a year, could be a significant early test of Mayor Zohran Mamdani’s new administration. The democratic socialist campaigned on a pro-worker platform and struck a similar note while visiting nurses on the NewYork-Presbyterian picket line Monday. These executives are not having difficulty making ends meet,” said Mamdani, who extolled nurses’ work and said they were seeking dignity, respect and the fair pay and treatment that they deserve. They should settle for nothing less. Some other Democratic city and state politicians also visited striking nurses, while Gov. Kathy Hochul sent state health officials to the hospitals to keep watch over patient care. She called in a statement for the sides to negotiate a deal that recognizes the essential work nurses do.” The strike, which comes during a severe flu season, could potentially force the hospitals to transfer patients, cancel procedures, or divert ambulances. It could also put a strain on city hospitals not involved in the contract dispute, as patients avoid the medical centers hit by the strike. The nurses demands vary by hospital, but the major issues include staffing levels and workplace safety. The union says hospitals have given nurses unmanageable workloads. Nurses also want better security measures in the workplace, citing incidents such as an episode last week when a man with a sharp object barricaded himself in a Brooklyn hospital room and was then killed by police. The union also wants limitations on hospitals use of artificial intelligence. The hospitals say that theyve been working to improve staffing levels but say that the unions demands overall are too costly. After the nurses gave notice Jan. 2 of the looming strike, the hospitals hired temporary nurses and vowed to do whatever is necessary to minimize disruptions. Montefiore posted a message assuring patients that appointments would be kept. NYSNAs leaders continue to double down on their $3.6 billion in reckless demands,” Montefiore spokesperson Joe Solmonese said Monday, adding that those demands included exorbitant raises and job protections even if a nurse was intoxicated on the job. “We remain resolute in our commitment to providing safe and seamless care, regardless of how long the strike may last, Solmonese said. New York-Presbyterian accused the union of staging a strike to create disruption, but said it has taken steps to ensure patients receive the care they need. “Were ready to keep negotiating a fair and reasonable contract that reflects our respect for our nurses and the critical role they play, and also recognizes the challenging realities of todays healthcare environment, the hospital said. Each medical center is negotiating with the union independently. Several other hospitals across the city and in its suburbs reached deals in recent days to avert a possible strike. Both Hochul and Mamdani had expressed concern about the possibility of the strike. The last major nursing strike in the city was only three years ago, in 2023. That work stoppage, at Mount Sinai and Montefiore, was short, lasting three days. It resulted in a deal raising pay 19% over three years at those hospitals. It also led to promised staffing improvements, though the union and hospitals now disagree about how much progress has been made, or whether the hospitals are retreating from staffing guarantees. By Ted Shaffrey, Jennifer Peltz, and David R. Martin, Associated Press
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E-Commerce
Technological advancements in various fields of science are shattering what some scientists once deemed impossible. In recent years, researchers have mitigated the existential threat of asteroids, unlocked the power of immunotherapy to treat cancer tumors, and achieved unprecedented control over the human vestibular system. These scientific innovations have been fostered by new types of cross-disciplinary collaboration and the use of artificial intelligence tools. And though theyre approaching it from vastly different perspectives, planetary science, pathology, and neuroscience researchers shared at the World Changing Ideas Summit in November how theyre really working toward a common goal: to improve the human experience in some way. The DART mission of 2022 saw a team led by NASA intentionally crash a spacecraft into an asteroid and successfully change the asteroids path through space, marking a waterline for humanity, said Terik Daly, a planetary scientist at Johns Hopkins Applied Physics Laboratory, at the summit cohosted by Fast Company and Johns Hopkins University in Washington, D.C. Researchers are better prepared, he added, for the real threat of asteroidswhich is a medium-size asteroid, roughly the size of an Olympic swimming pool or half a football field, that could easily destroy an area like the D.C. metro area or even larger. Currently, we cannot stop earthquakes, we cannot stop volcanoes, we cannot stop hurricanes, Daly said. But with appropriate investments, we can be ready to stop an asteroid if we find one coming our way. New mapping tools for cancer research And finding new ways to treat cancer is getting an assist from a perhaps unlikely discipline: astronomy. Thats the idea behind AstroPath, which uses decades-old learnings about organizing spatial data to help researchers figure out how the immune system interfaces with cancer, said Janis Taube, a pathologist and a professor of dermatology and pathology at the Johns Hopkins University School of Medicine. Cancer researchers are making advancements about how to treat tumors, including identifying which patients are a good candidate for immunotherapy, none of which would be possible were it not for learning how to map the breadth of tumors using tools from astronomy, Taube said. We never would’ve been able to separate the signal from noise. New uses for neurotechnology Finally, the founders of the neurotechnology startup Orbit set out to find a solution to a supposedly anatomically unsolvable problemgenerating a motion hallucination. They not only did that, but they are now looking for ways to use the technology to optimize and heal humans, said Steven Pang, cofounder and CEO. If you get really fine, great control over the vestibular system, you can use it to build a generation of general bodily or mental regulators that no one’s ever been able to build before,” Pang said. Orbit is now in clinical trials for its first few devices focused on enhancing human cognition and optimizing both the onset of and effectiveness of sleep, Pang said. There are projections of some incredibly powerful neurotechnology coming in the next 30 to 40 years that could help people be smarter, faster, sleep a lot better, and solve various health conditions that have eluded pharmaceutical interventions for decades, but Pang is optimistic that such innovations could happen even sooner. Our take is just, if you’re clever about it, you start solving some of these problems with some distinct ways of thinking, that it might just be two or three years away, he said. So hopefully we’ll prove that out.
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E-Commerce
Imagine you are searching for a new mattress online and find something surprising. The retailer displays an ad featuring a Mattress Comfort Scale running from 1 (soft) to 10 (firm), followed by the message that if your firmness preference is at either end, this mattress is not for you. Wait . . . what? A retailer telling someone not to buy its product? No way! Why would a company tell potential buyers that the product might not suit them? Our team of professorsKaren Anne Wallach, Jaclyn L. Tanenbaum, and Sean Blairexamines this question in a recently published article in the Journal of Consumer Research. Marketers spend billions trying to persuade consumers that a product is right for them. But our research shows that sometimes the most effective way to market something is to say that it isnt for them. In other words, effective marketing can mean discouraging the wrong customers rather than convincing everyone to buy. We call this dissuasive framing. Instead of saying a product is perfect for everyone, a company is up front about who it might not be for. Surprisingly, that simple shift can make a big difference. We ran experiments comparing ads with dissuasive versus persuasive framing. For example, one coffee ad said, If you like dark roast, this is the coffee for you. Another said, If you dont like dark roast, this isnt the coffee for you. Most marketers assume the first version would work better. But for people who prefer dark roast, the second message outperformed it. Across different products, from salsa to mattresses, and in a real Facebook campaign for a toothbrush brand, we consistently saw the same results. The dissuasive ad drove more engagement and clicks, making the brand feel more specialized and its product more appealing for the right customers. Why? You might think its about fear of missing out, or reverse psychology, but we ruled out those explanations. Instead, we found that what really drives the effect is the perception of a stronger match between personal preference and product attributes. When a message signals that a product may not suit everyone, consumers see it as more focused on a specific set of preferences. This sense of focus, which we call target specificity, makes the product feel like a better match for customers whose preferences align with it. For others, it feels less relevant, which helps companies reach their goal of attracting those who are most likely to buy. Our results show a clear trend: When companies set boundaries in their messages, products appear more focused. This messaging strategy makes the intended customer feel like the product is a better match for them. People assume that if a product isnt meant for everyone, it must be more specialized. That sense of specificity makes those in the target audience feel the product was designed just for them. Why it matters These findings challenge one of marketings most enduring assumptions: that effective marketing comes from directly persuading customers that a product matches their needs. In todays crowded marketplace, where nearly every brand claims to be for you, dissuasive messaging offers an alternative. By clearly signaling that a product may not be right for customers with different preferences, brands can communicate focus and specialization. Consumers see this as a sign that the company understands its own product and who it will best serve. Our work also helps explain how people make what psychologists call compensatory inferences. This means consumers often believe that when a product tries to do too many things, it ends up doing each of them less well. Think of an all-in-one tool that can cut, twist, open and filebut few would say it performs any of those tasks better than the dedicated tool. From a practical standpoint, dissuasive framing helps marketers communicate more effectively by defining the boundaries of their products appeal. In doing so, brands can build trust, strengthen connections with the right customers, and avoid spending their marketing dollars on those unlikely to purchase. What still isnt known Our research focused on products with clear attributes, such as taste or comfort, and on consumers who already knew their preferences. Future work could test how this approach works when people are less certain about what they like or when choices reflect self-expression rather than product fit. Even with these open questions, one conclusion stands out. Defining whom a product is not for can help the right customers see that it truly fits them. By focusing on preference matching rather than universal appeal, brands can make their messages more targeted, more efficient and ultimately more effective. In other words, telling the wrong customers This isnt for you can actually help the right ones feel that it is. Jaclyn L. Tanenbaum is an associate teaching professor at Florida International University. Karen Anne Wallach is an assistant professor of marketing at the University of Alabama in Huntsville. This article is republished from The Conversation under a Creative Commons license. Read the original article.
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E-Commerce
China and the European Union said Monday they have agreed on steps toward resolving their dispute over the blocs imports of Chinese-made electric vehicles. A guidance document released by the EU on Monday gives instructions for Chinese EV manufacturers on making price offers for battery EVs, including minimum import prices and other details. The EU had imposed tariffs of up to 35.3% on Chinese EV imports in 2024 following an anti-subsidy investigation. The EU said that minimum import prices must be set at a level appropriate to remove the injurious effects of the subsidization. Chinese EV manufacturers’ plans for investments within the EU will also be considered, it said. The European market is open to electric vehicles from all around the world, provided that they have come here according to that level playing field, said European Commission spokesperson Olof Gill. If those conditions are met, then we can look at price undertakings in a serious way. The EU said the European Commission would assess each offer in an objective and fair manner, following the principle of non-discrimination and in line with World Trade Organization rules. This is conducive not only to ensuring the healthy development of China-EU economic and trade relations, but also to safeguarding the rules-based international trade order, a statement by Chinas Commerce Ministry said. The China Chamber of Commerce to the EU welcomed the move, which it said would bring about a soft landing in the EV standoff. The EUs anti-subsidy probe and tariffs on Chinese EVs had strained ties between China and the bloc. In late 2024, the EU imposed countervailing tariffs of 7.8% to 35.3% on Chinese battery EV imports for a five-year period. As low-priced Chinese EVs rapidly entered the European market, EU officials said Chinas EV makers — with massive support from the Chinese government — benefited from unfair subsidization which threatened economic injury to EU auto manufacturers. Mondays announcement also came after the EU said last month it had opened a review into whether a price undertaking offer by Germany-based Volkswagen group’s Chinese joint venture could potentially replace the EU’s anti-subsidy tariffs applied on its China-built EVs. The minimum prices offer Chinese brands probably some comfort to continue their exports long term … while avoiding higher import tariffs,” said Rico Luman, a senior economist at the Dutch bank ING who focuses on transport, logistics and the automotive industry. Im convinced the inroads of Chinese brands will continue. EU manufacturers depend heavily on Chinese made batteries, rare earths materials and computer chips. That requires “a balancing act to avoid frustrating the trade relationship” with China, Luman said. Stephen Chan, an associate director at S&P Global Ratings, said some European demand of China-built vehicles could be constrained if the approved floor price under the new guidelines significantly narrows the gap between Chinese BEVs (battery EVs) and European rivals. Chinese car brands are expected to gain more market share in Europe over the next few years, analysts said. China-manufactured cars rose to 6% of sales in the EU in the first half of 2025, according to the European Automobile Manufacturers Association (ACEA) and S&P Global Mobility, up from 5% in the same period of 2024. EU-based manufacturers represented 74% of total EU car sales in the first half of 2025, the ACEA said. Germany still produced about 20% of cars sold in the EU, followed by Spain, Czechia and France. By 2030, Chinese automakers are likely to double their European market share to about 10%, according the consultancy AlixPartners. Chan Ho-Him, AP business writer Associated Press writer Sam McNeil contributed to this report.
Category:
E-Commerce
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