July 7 2025
Landmark Bill Signed; Flood Death Toll Reaches 82; Retailers Battle; South American Oil; US Missile Stockpiles Low
Trump Signs Landmark Bill with Fanfare, Touting Economic 'Rocket Ship'
Texas Flood Death Toll Hits 82; Search Intensifies for Missing Campers
Amazon, Walmart Set for Head-to-Head Battle with Overlapping Summer Sales Events
U.S. Drillers Turn to Booming South American Oil Fields as Global Production Shifts
Low Patriot Missile Stockpiles And Constrained Production Drove US To Pause Weapons Deliveries To Ukraine
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1. Trump Signs Landmark Bill with Fanfare, Touting Economic 'Rocket Ship'
WASHINGTON—President Trump’s “one big, beautiful bill” is now law. In a splashy Fourth of July ceremony, with a B-2 stealth bomber and jet fighters flying over the White House, Trump put his signature to the legislation, notching a major second-term accomplishment after guiding the package through narrow majorities in both houses of Congress.“This is a triumph of democracy on the birthday of democracy,” Trump said, while also mocking Democrats who opposed the bill. “After this kicks in, our country is going to be a rocket ship economically.” Trump took a victory lap in his speech after a series of wins in recent weeks, his grip on the GOP never stronger. He descended from a balcony and signed the bill with a black Sharpie, surrounded by lawmakers including House Speaker Mike Johnson (R., La.) and Sen. Lindsey Graham (R., S.C.). Johnson gave Trump the gavel used to enact the bill. “Are we ready?” Trump asked, hammering the gavel on a wood desk. B-2 stealth bombers were used in attacks last month on Iranian nuclear sites, and Trump paid tribute to the pilots on Friday. “Great job. Incredible. Just flawless,” Trump said. Hundreds of service members and their families were invited to the picnic on the South Lawn. Democrats have cast Trump’s plan as cutting spending on lower-income people to fund tax cuts for the wealthy, while Republicans say it will jump-start economic growth. How the bill plays with voters will help determine whether the GOP is able to hold onto its slim control of Congress in the midterm elections.
WSJ
2. Texas Flood Death Toll Hits 82; Search Intensifies for Missing Campers
KERRVILLE, Texas—The search for those swept away by punishing flash floods in Central Texas over the holiday weekend took on new urgency Sunday, as the death toll climbed to 82 and nearly a dozen girls from a private summer camp remained missing. Rescuers combing the swollen banks of the Guadalupe River were holding out hope that survivors might still be found, but bad weather interrupted some ground and air operations. The National Weather Service said heavy rainfall and slow-moving thunderstorms Sunday could create flash floods in the already saturated areas of Texas Hill Country, including hard-hit Kerrville, Texas. Flash-flood alerts and warnings to move to higher ground hit residents in central Texas communities including Ingram in Kerr County and New Braunfels, just northeast of San Antonio, late Sunday. Thunderstorms and heavy rain poured over portions of the I-35 corridor in Central Texas, the National Weather Service said, and the agency extended a flood watch across parts of Hill Country through 10 p.m. local time. Rescue crews working in a different location around the Guadalupe River were temporarily pulled back as a safety precaution when water rose there as well, authorities said. The majority of the 82 fatalities thus far were recorded along Guadalupe River basin in Kerr County. Of the 68 dead in Kerr County, 40 were adults and 28 were children, according to the Kerr County Sheriff’s Office. An unknown number of people remained missing, including 10 girls and a counselor from Camp Mystic, a summer camp on the Guadalupe River.
WSJ
3. Amazon, Walmart Set for Head-to-Head Battle with Overlapping Summer Sales Events
SEATTLE/BENTONVILLE - Amazon and Walmart will lock horns this week, after the ecommerce giant and the world’s biggest retailer set their flagship annual discount periods for the same dates in a battle to win US consumers.Seattle-based Amazon moved its annual “Prime Day” digital sales event to begin on July 8, matching the date of Walmart’s sales period last year, and lengthened it from two to four days. Walmart held to the same start date, setting up a head-on clash — and one-upped Amazon by extending its event from four days to six. Its “Walmart Deals” period will take place online and, for the first time, inside its 4,600 US stores. “The two retail giants are locked in heated competition for US consumer loyalty,” said Sky Canaves, an analyst at Emarketer. “Amazon set the early date this year and other retailers are matching or trying to get an even earlier start with their sales.” Amazon has long been the largest ecommerce operator in the US, with more than 40 per cent of online sales, according to Emarketer. But it is facing intensifying digital competition from Walmart, the largest brick-and-mortar retailer in the US, which has invested heavily in online infrastructure. Ecommerce sales at Walmart are growing by more than 20 per cent a year.
FT
4. U.S. Drillers Turn to Booming South American Oil Fields as Global Production Shifts
SÃO PAULO—South American oil fields are booming. Brazil, Guyana and Argentina are forecast to drive more than 80% of growth in global oil production outside the OPEC bloc over the next five years, offsetting losses where top producers are mired in conflict. Brazil’s Petrobras plans to invest $111 billion by 2029 in projects including offshore finds near the mouth of the Amazon River. Argentina’s oil production is at the highest in two decades. Guyana is on the cusp of becoming the world’s largest producer per capita, and jungle-covered Suriname is one of the industry’s hottest offshore oil prospects. South America’s oil bonanza comes as geopolitical tensions drive wild swings in oil markets. Israel fought a 12-day war in June with Iran, home to the world’s fourth-largest oil resources. Western sanctions on Russia since it invaded Ukraine in 2022 have disrupted oil exports and halted investments in the region. U.S. oil companies are shifting investments south. Exxon and Chevron have piled into the Foz do Amazonas basin—part of the Equatorial Margin, Brazil’s most promising offshore frontier. The shale boom made the U.S. the world’s top oil producer in recent years, ahead of Saudi Arabia and Russia. But with many of the richest shale basins from West Texas to North Dakota maturing and the quality of remaining drilling locations diminishing, companies are directing billions of dollars toward South America’s offshore bounties.
WSJ
5. Low Patriot Missile Stockpiles And Constrained Production Drove US To Pause Weapons Deliveries To Ukraine
WASHINGTON/KYIV — The Pentagon quietly paused further shipments of Patriot PAC-3 and PAC-2/GEM-T interceptors to Ukraine on July 1, 2025, after internal reviews revealed U.S. war-reserve stocks had fallen below minimum readiness levels, according to defense officials familiar with the decision. The suspension marks the first significant break in the Patriot supply line to Kyiv since the advanced air defense systems began flowing to Ukraine, as rising Russian strike tempo and competing global demands strain America's missile-defense industrial base beyond its current capacity.
The pressure point emerged as Ukraine's interceptor consumption has spiked dramatically in recent months, with Ukrainian forces burning through approximately 500 Patriot interceptors every 6-8 weeks—more than current U.S. monthly output. During a massive July 2 barrage that saw Russia launch over 100 missiles and drones in a single strike, Ukrainian commanders reported needing to fire 2-3 PAC-3 interceptors per incoming Iskander-M ballistic missile to guarantee a kill. Simultaneously, the U.S. redeployed two Patriot batteries from Korea and Japan plus a THAAD unit to the eastern Mediterranean between April and June 2025 following Iranian missile salvos on Israel, with each battery requiring 150-200 ready rounds drawn directly from Army stockpiles. Ukraine's current firing rate of 50-60 interceptors per week during heavy barrages would absorb half of annual U.S. output, leaving insufficient inventory for U.S. training and other allies.
Pentagon planners project Ukraine will face rationing of Patriot interceptors through fall 2025. Industrial expansion and allied back-fills should allow Washington to resume periodic Patriot packages by 2026, barring another major Middle East flare-up requiring additional interceptor surges to Israel. The episode underscores a stark strategic reality: the U.S. cannot sustain two high-intensity missile-defense operations simultaneously with today's production base, prompting both Pentagon planners and congressional committees to treat missile-interceptor output as a critical force-generation metric on par with 155mm artillery shells. NATO planners estimate the alliance requires approximately 3,000 additional Patriot-class interceptors to meet short-range air-defense requirements by 2027, highlighting the growing gap between global demand and industrial capacity.
citizen journal
Greg Loving
July 7, 1930: Preliminary work begins on the Hoover Dam
Building begins on the future site of the Hoover Dam. Over the next five years, a total of 21,000 men would work ceaselessly to produce what would be the largest dam of its time, as well as one of the largest manmade structures in the world. Five years is the average time it takes to get a permit in 2025.
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Sources
- https://www.wsj.com/politics/policy/trump-signs-big-beautiful-bill-into-law-302edba6?mod=article_inline
- https://www.wsj.com/us-news/texas-river-floods-search-death-toll-8bef8045?mod=hp_lead_pos7
- https://www.ft.com/content/626c6309-9c42-4f58-9624-b43b2b969cf9
- https://www.wsj.com/business/energy-oil/why-oil-drillers-are-investing-big-in-south-america-2854a0b0?mod=hp_lead_pos11
- citizen journal
Contact: greg@loql.ai
