Newsletter May 12, 2021

The cyberattack on the Colonial Pipeline is creating widespread gas shortages and reactionary price hikes for motorists on the East Coast.

3 Things

Running on empty: If you live on the East Coast and your car's fuel gauge is approaching "E," you probably need to head to the gas station. And while you're at it, prepare to pay more at the pump.
A massive cyberattack on the Colonial Pipeline, which runs from Texas to New Jersey and supplies virtually every point in between, has led to gas shortages and price hikes for millions of Americans.
The Russian-based cyber criminal gang known as the Darkside hacked into the pipeline's computer system and launched a ransomware attack over the weekend. The largest cyberattack in U.S. history has shut down operations until at least Wednesday.
Officials say it could still be days before the daily flow of over 100 million barrels is back up and running at full capacity. As a result, the national average for the price of a gallon of gas rose to $2.97, its highest point since 2018, as vehicles lined up to top off their tanks.
The EPA responded by temporarily waiving regulations on fuel standards in three states to allow for an emergency supply line. However, the assault once again shows how vulnerable the U.S. is.
SEE WHEN GAS WILL BE BACK AND HOW MUCH IT WILL COST

Get a job: As the U.S. makes the transition from pandemic mode to a new normal, one of the biggest factors to a full economic recovery is employment -- or the lack of it -- whether by need or choice.
While the American Rescue Plan provided an additional $300-a-week supplement from the federal government for those still unemployed due to the coronavirus crisis, critics say the unintended consequences are keeping some former workers on the sidelines.
The Biden administration is trying to manage the balancing act by requiring unemployment benefits recipients to seek and take a "suitable job." But some areas of the country, particularly those with low costs of living, say the program is incentivizing would-be workers to stay at home and earn more than they would at minimum wage.
"[The] vast expansion of federal unemployment benefits is now doing more harm than good,â€ said Montana Governor Greg Gianforte.
Following a subpar jobs report in April, Montana is one of a handful of Republican strongholds opting to cut off federal funds in June to encourage citizens to return to the workforce. Biden opposes to the move, calling the weekly stipend a "lifeline" for struggling Americans.
SEE IF YOUR STATE IS ONE OF THE FIVE TO CUT BENEFITS

President Abrams?: It only makes sense that political activist Stacey Abrams has presidential ambitions. After all, some would say that she already won the White House for President Joe Biden, as well as Democratic control of the Senate, for her efforts in Georgia.
Abrams launched a voter registration drive throughout the state, but particularly in the predominately Black communities of Atlanta. The infusion of absentee ballots caused a nationwide stir as former President Donald Trump become the first Republican to lose there since native son Jimmy Carter won his home state in 1976. The ensuing GOP runoff defeats in the Senate completed the blue wave.
Abrams' profile increased significantly on a national scale, and she received a serious bump in political points in the aftermath of the 2020 election, when state lawmakers passed several new restrictions.on voting, and Biden gave her a potential endorsement.
Abrams â€œcould be anything she wants to be," Biden said during his recent Georgia visit, "from whatever she chooses, to president.â€
FIND OUT WHAT ABRAMS HAS TO SAY ABOUT HER PLANS

Markets

DJIA	34,269.16	-1.36%
S&P 500	4,152.10	-0.87%
Nasdaq Composite	13,389.43	-0.09%
Japan: Nikkei 225	28,424.35	-0.64%
UK: FTSE 100	6,947.99	-2.47%
Crude Oil Futures	65.38	0.15%
Gold Futures	1,831.80	-0.23%
Yen	108.84	0.20%
Euro	1.21	-0.13%
* As of market close

The chips are down

It's a modern miracle that a computer chip the size of your thumbnail can hold a mind-blowing amount of data. It's a modern travesty how much of the global economy and national security depend on such a tiny chip.

Yet here we are in a world where everything is controlled by computer chips, so without them we have nothing -- not the systems that operate our cars, phones, and everyday household appliances. The increasing demand for semiconductors has created a shortage of 20th century proportions (you know, back when you had to do everything manually).

On a larger scale, the automotive and tech industries are suffering from a shortage that they say threatens to set them back years in terms of meeting the current demand and investing in research and development. Tech giants like Apple, Amazon and Google joined forces with other industry leaders and lawmakers to pitch the CHIPS for America Act.

"Semiconductors are the brains of the systems and technologies that enable America's economic growth, national security, digital infrastructure, and global technology leadership," one proponent said.."Leaders from a broad range of critical sectors of the US economy, as well as a large and bipartisan group of policymakers in Washington, recognize the essential role of semiconductors in America's current and future strength."

FIND OUT WHAT THE GROUP IS ASKING CONGRESS TO DO

"Next stop ... outer space"

For those space nuts who dream of escaping the Earth's atmosphere (and their numbers are growing due to rapid climate change), it's time to start planning your trip -- and perhaps a little too late to start saving up for it.

NASA and Axiom announced a joint venture to launch a private astronaut mission to deliver civilian passengers to the International Space Station. The maiden voyage to outer space will occur no earlier than January 2022 according to the timeline set forth by NASA and the Houston-based firm.

â€œThe first private crew to visit the International Space Station is a water-shed moment in humanityâ€™s expansion of the planet and we are glad to partner with NASA in making it happen,â€ Axiom CEO Michael Suffredini said in a joint statement. â€œA thriving commercial marketplace in low-Earth orbit begins with expanding access to serious, nontraditional users and that is exactly the aim of our private astronaut missions.â€

But before you pack your flight suit and Tang, there's the little matter of booking your voyage. One round-trip ticket to the ISS will set you back $55 million -- and that's not even first class. Be sure to get a window seat.

FIND OUT THE FLIGHT PLAN FOR THE FIRST PRIVATE SPACE TOUR

Smells like case closed

The rock 'n' roll world couldn't believe it when Nirvana frontman Kurt Cobain committed suicide in 1994. As it turns out, some never bought it.

The FBI released its file on the case, although the agency never officially investigated the circumstances surrounding the musical pioneer's apparent self-inflicted gunshot to head. Police also found a shotgun and a suicide note at his home, leading them to rule Cobain's death a suicide.

However, the FBI's 10-page file shows at least two unnamed individuals reached out to the agency in 2006 to raise their suspicions that the grunge icon was murdered. Both communications requested the FBI to take a closer look at the case, which has been featured in TV murder mysteries.

It's now been 27 years since the then-27-year-old Cobain lost his life and the mystery remains. It's time to let the guy rest in his own nirvana.

CHECK OUT THE EMAIL AND LETTER RELEASED BY THE FBI