Where Biden wants oil production to go (Chip Somodevilla/Getty Images)
Where Biden wants oil production to go (Chip Somodevilla/Getty Images)
Hey Snackers,
Cue the creepy doll song: after announcing that “Squid Game” was returning for a second season, Netflix gave the green light to a “Squid”-themed reality show — with a record $4.5M cash prize. Honeycomb carvers, assemble.
Stocks jumped after the Fed approved the largest interest-rate hike since 1994. The three-quarter-point hike was higher than originally anticipated, but investors had mostly priced it in. Fed Chair Powell said it’s becoming harder to cool the economy while avoiding a downturn.
Drill, baby, drill… President Biden wants oil giants to pump more oil and extract fewer profits. This week he urged Chevron, Exxon, Shell, BP, and other oil biggies to ramp up supply and boost refining capacity — which is at its lowest in years. After imposing restrictions on fossil-fuel development, Biden appears to be backtracking from his clean-energy image. It may be necessary:
#PumpAnxiety intensifies… High gas and utility bills hurt wallets. They also hurt public support for the president, who’s tried and failed to ease prices (think: releasing record strategic oil reserves). Now Biden’s shifting the blame to oil companies, but Americans are divided:
Pump pleas may be symbolic… Biden’s approval ratings have tanked ahead of midterms, and gas prices play a huge part in that. It’s unlikely Biden will get approval to impose taxes on oil profits (because: gridlocked Senate). But there may be petroleum-scented relief on the horizon: experts expect US oil production to ramp up to pre-pandemic levels by next year.
Billion-dollar Lego factory… some assembly required. Lego plans to drop $1B on its first US factory (in Virginia) as demand for its colorful blocks stacks up in one of its biggest markets. The family-owned Danish toy giant plans to spread the investment over the next decade, creating nearly 2K new American jobs.
“Go play with Lego, Elsa”… Despite inflation and the no-stimmy era, parents are still splurging on new playthings — an extension of the pandemic toy frenzy. Last year, Lego’s revenue jumped 27% to $8B as parents WFH’d with kids. Rivals Mattel and Hasbro also saw double-digit growth thanks to demand for iconic franchises like Hot Wheels and Barbie. Now:
Playing wide is a hedge… While Mattel and Hasbro have focused on their target customer (kids), Lego has expanded its portfolio to appeal to consumers of all ages. That’s helped it grow faster than rivals. From intricate builds like the “Star Wars” Death Star (4K pieces) to nostalgic faves like the set of “Seinfeld” and James Bond’s Aston Martin, Lego’s adult offerings could help protect its biz — even if parents ditch kids’ sets.
YouTube’s TikTok knockoff, dubbed “Shorts,” has 1.5B+ monthly viewers
Authors of this Snacks own: shares of Exxon, Shell, Apple, Tesla, and Netflix
ID: 2248627