Trump Announces U.S. Control of Venezuelan Oil Venture

Warsh Revives Rate-Hike Odds as Inflation Persists

DeSantis and Abbott Retreat From Flock Camera Networks

Michigan Democrats Fill Ticket as El-Sayed Apologizes and MI AG Stays Away

U.S. Strikes Iranian Launchers, Prompting Missile Response

Trump Announces U.S. Control of Venezuelan Oil Venture

President Donald Trump announced Friday that an agreement with Venezuela would give the United States a controlling interest in a venture to develop 17 oil fields containing more than 65 billion barrels of proven reserves. That volume is about 1.4 times the latest estimate of U.S. proved crude oil and lease condensate reserves and roughly 4% of the world's proven crude oil reserves. The two governments said the United States would hold a 55% interest through equity and the right to buy oil at cost, while Venezuela would retain ownership of the resources and could receive more than $209 billion from a project expected to attract $100 billion in investment. Trump said Secretary of State Marco Rubio and Defense Secretary Pete Hegseth negotiated the agreement and predicted it would lower U.S. gasoline prices, although new production would take years to reach the market. The announcement follows the U.S. capture of Nicolás Maduro in January and drew divided reactions in Congress and criticism from some Venezuelans. With no full agreement published or congressional vote held, the venture's legal terms and its long-term effects on U.S. energy policy remain unclear.

AP / Reuters / EIA / OPEC

Warsh Revives Rate-Hike Odds as Inflation Persists

Federal Reserve Chair Kevin Warsh said Friday in his first keynote address at the central bank's annual Jackson Hole symposium that inflation remained too high and officials had more work to do if prices were not clearly returning to the Fed's 2% target. Warsh cited the personal consumption expenditures price index, which rose 3.7% over the year through July, and called the underlying trend concerning while praising the economy's strength. He again declined to provide forward guidance on interest rates, continuing his break with a communication practice the Fed has used for roughly two decades. Futures markets moved to about 57% odds of a September rate increase and about 64% odds of at least one increase in 2026, although those wagers do not represent a Fed decision. The S&P 500 fell 0.2%, the Nasdaq lost 0.5% and the Dow Jones Industrial Average was nearly flat Friday, but all three indexes ended the week higher. A rate increase would raise borrowing costs for households and businesses, placing the Fed's inflation judgment under heightened attention in the weeks before a national election.

Federal Reserve / NPR / CNBC / CNN / Axios / Yahoo Finance

DeSantis and Abbott Retreat From Flock Camera Networks

Florida Gov. Ron DeSantis said Friday that state agencies were removing automated license plate readers made by Flock Safety and clearing the devices from state rights of way. The cameras photograph passing plates and record their locations and times, creating searchable vehicle-movement histories. DeSantis estimated that local agencies beyond his control operate about 98% of Florida's roughly 7,500 readers, while his pledge covers cameras used by the Florida Fish and Wildlife Conservation Commission and the Florida Highway Patrol; no written order had been published by Aug. 31, and he left open limited use for immigration enforcement. His announcement came days after Texas Gov. Greg Abbott barred state funding for Flock cameras as a Texas Tribune investigation found that a state agency had directed at least $30 million in grants toward more than 3,200 devices. At least six Texas law enforcement agencies reported in August that officers had been placed on leave, investigated or criminally charged over misuse of the system. Because most cameras remain under local control, the governors' announcements reveal more about shifting public opinion on automated surveillance than they do about immediate, statewide policy change.

Florida Politics / WLRN / News4Jax / Texas Tribune / Houston Public Media

Michigan Democrats Fill Ticket as El-Sayed Apologizes and MI AG Stays Away

Michigan Democrats formally placed their statewide slate on the November ballot Saturday at a Lansing convention, nominating state Sen. Winnie Brinks for lieutenant governor and Eli Savit for attorney general along with candidates for other statewide offices and boards. Sitting Attorney General Dana Nessel did not attend after saying she feared antisemitic harassment, and party leaders warned before the gathering that harassment or disruptive conduct would not be tolerated. At the convention, U.S. Senate nominee Abdul El-Sayed apologized to the Michigan Democratic Jewish Caucus for saying “hurt people hurt people” after Ayman Mohammad Ghazali attacked a suburban Detroit synagogue in March. El-Sayed said he had intended to offer context, not justify the attack, but acknowledged that it was the wrong time to do so and that his words could have trampled others' pain. Michigan Public described the convention as routine and free of the floor fights seen at recent state party gatherings. With Michigan's Democratic-held Senate seat among six rated toss-ups, control of the U.S. Senate could run through a state where El-Sayed's outreach to Jewish Democrats reflects the national party's broader fight over Israel.

Michigan Advance / Michigan Public / NBC News / ClickOnDetroit / NOTUS

U.S. Strikes Iranian Launchers, Prompting Missile Response

U.S. Central Command said American forces struck two Iranian rocket launchers on Larak Island in the Strait of Hormuz on Sunday after Revolutionary Guard troops were seen preparing to fire rockets carrying sea mines into the waterway. The attack was the first publicly acknowledged U.S. strike on Iranian positions since late July, ending a roughly monthlong lull in a war that began with U.S. and Israeli strikes on Iran on Feb. 28. Iran's Revolutionary Guard said fighters and civilians were killed or wounded but provided no figures, and neither the claim nor a casualty count had been independently verified. The Guard said early Monday that it fired ballistic missiles at two U.S. military installations in Jordan in response, while Jordan's armed forces said eight missiles entered its airspace and were intercepted with no significant damage reported. Oil prices rose as the exchange renewed concern over the Strait of Hormuz, a major route for global oil shipments, days after CENTCOM said it had cleared sea mines from international shipping lanes. The renewed attacks show that the lull was a pause rather than an end to a conflict that has disrupted energy flows and raised costs worldwide.

NBC News / AP / CNBC / The Hill / OPB / Time / Al Arabiya / Gulf News

AUGUST 31 1955: GENERAL MOTORS DEMONSTRATES FIRST SOLAR-POWERED CAR

William G. Cobb of General Motors unveiled his 15-inch “Sunmobile” at the Powerama auto show in Chicago, showcasing the first automobile powered by photovoltaic cells converting sunlight into electricity. The tiny solar-powered car introduced the concept of photovoltaics to the gasoline-dominated automotive industry, hinting at a future of alternative energy vehicles.

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Sources

1. AP / Reuters / EIA / OPEC
2. Federal Reserve / NPR / CNBC / CNN / Axios / Yahoo Finance
3. Florida Politics / WLRN / News4Jax / Texas Tribune / Houston Public Media / Photo: Wikimedia Commons / CC BY 4.0
4. Michigan Advance / Michigan Advance: Nessel / Michigan Public / NBC News / ClickOnDetroit / NOTUS
5. NBC News / PBS / CNBC / The Hill / OPB / Time / Al Arabiya / Gulf News