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California airport bill can completely change how you travel

California lawmakers have started a fight against expedited security programs.

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In the age of the post-pandemic travel boon, crowding at every step of the flying process has become a fact of life. 

This has pushed for greater applications for expedited security screening programs such as TSA PreCheck and Clear or, in some cases, outright cheating as some airlines have rung the alarm on passengers faking disabilities in order to get early boarding once at the gate.

Related: Passengers are doing this sneaky thing to board flights early

Clear, which was established in 2010 as a response to customers who were getting adjusted to the many airport changes introduced after 9/11, has recently been under major scrutiny over everything from collection of passenger biometric data to the fact that it exacerbates wealth inequities.

Expedited security programs advertise the ability to bypass crowds such as these.

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California senator: 'It's a basic equity issue'

The latter was what caught the attention of California lawmakers who are trying to push forward a bill that would ban the company from operating at the state's airports.

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The company charges $189 per year to let customers pass a pre-screening test once and then use biometric kiosks every time they need to pass through the airport for domestic flights (due to the need for customs, such an option is not available for international flights.)

"It's a basic equity issue when you see people subscribed to a concierge service being escorted in front of people who have waited a long time to get to the front of TSA line," Senator Josh Newman, a Democrat who is sponsoring the bill, told CBS MoneyWatch. "Everyone is beaten down by the travel experience, and if Clear escorts a customer in front of you and tells TSA, 'Sorry, I have someone better,' it's really frustrating."

There is a reason so many people hate Clear

Even some Republican senators from the state have expressed support for the bill, which was first introduced to California Senate's transportation committee for consideration on April 23. Republican Senator Janet Nguyen commented that it "becomes a haves vs. have nots" situation that does not actually address crowding but lets wealthier people bypass lines.

While it is rarer (and a very California story) for someone to look at the company through the angle of wealth inequity, passengers have increasingly been criticizing Clear for having lines that are only marginally shorter than those to pass through regular security.

"The Clear lines are longer than the regular lines, with correspondingly longer wait times," one travel influencer wrote on X, the social media platform formerly known as Twitter, in a post that end up going viral. "Why should I pay to wait longer to get through airport security? The value just isn't there any more."

The proposed bill is still at the discussion phase and would need to pass through several stages of voting in order to be signed into law by Governor Gavin Newsom. Six major airlines such as Delta  (DAL) , United  (UAL) and JetBlue Airways  (JBLU)  came together to write Senate Transportation Committee Chair Dave Cortese a letter opposing the bill.

Clear is currently available at 55 airports across the country while representatives have been declining media requests to comment on what is being proposed in California.

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Study finds X’s (formerly Twitter’s) community notes provide accurate, credible answers to vaccine misinformation

As the proliferation of misinformation continues to pose a significant challenge on social media platforms, a beacon of hope emerges in research from the…

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As the proliferation of misinformation continues to pose a significant challenge on social media platforms, a beacon of hope emerges in research from the University of California San Diego.

Credit: Screenshot by Qualcomm Institute, UC San Diego

As the proliferation of misinformation continues to pose a significant challenge on social media platforms, a beacon of hope emerges in research from the University of California San Diego.

A new study published in JAMA led by John W. Ayers, Ph.D., from the Qualcomm Institute within UC San Diego, finds that X’s Community Notes, a crowdsourced approach to addressing misinformation, helped counter false health information in popular posts about COVID-19 vaccines with accurate, credible responses.

“Since the World Health Organization declared an ‘infodemic’ of misinformation, there have been surprisingly few achievements to celebrate,” said Ayers, who is vice chief of innovation in the Division of Infectious Disease and Global Public Health at UC San Diego School of Medicine and Deputy Director of Informatics at the Altman Clinical and Translational Research Institute in addition to Qualcomm Institute scientist. “X’s Community Notes have emerged as an innovative solution, pushing back with accurate and credible health information.” 

Understanding Social Media Misinformation Countermeasures

Before the inception of Community Notes, social media companies employed various tactics to tackle misinformation, including censoring, shadowbanning (muting a user or their content on a platform without informing them), and adding generic warning labels to problematic content. “However, social media companies have been unwilling to disclose details of the inner workings of their efforts against misinformation or to share the necessary data to study their utility,” said Mathew Allen, study co-author and UC San Diego medical student. 

In late 2022, X introduced Community Notes—a paradigm shift in the fight against misinformation. This novel approach empowers volunteer, independent, anonymous, and ideologically diverse contributors to identify posts containing misinformation and to rectify misinformation by appending informative “notes” to suspect posts. The process is controlled by the public, instead of decision-makers at the company.

“Because Community Notes is a uniquely open-sourced misinformation countermeasure, it can be studied and improved using the scientific method,” added Allen. 

Evaluating X’s Community Notes

The research team obtained all notes that mentioned terms related to vaccines or COVID along with their corresponding posts made during the first year of the Community Notes program, from December 12, 2022, through December 12, 2023. Of 45,783 notes, 657 address COVID-19 vaccination, with the monthly rate of notes increasing from 22 to 186 during the study. 

A team of evaluators working with an infectious disease physician and virologist evaluated the subject, accuracy, and source credibility of randomly sampled notes. Of the notes examined, 51% addressed adverse events attributed to COVID-19 vaccination; 37%, conspiracy theories; 7%, vaccine recommendations; and 5% vaccine effectiveness. In terms of accuracy, 97.5% of notes were entirely accurate; 2%, partially accurate, meaning they addressed scientifically debated conclusions; and 0.5%, inaccurate. In terms of sources, 49% of notes cited highly credible sources (such as primary data sources, like peer-reviewed studies); 44%, moderately credible sources (such as major news outlets or fact checkers); and 7%, low credibility sources (such as blogs or tabloids).

“Notes typically addressed obvious misinformation, offering corrections from credible sources,” said Nimit Desai, a study co-author and UC San Diego medical student. “It’s remarkable to witness the online community’s adeptness in steering conversations towards accurate and high-quality evidence when provided with the right tools.”

The sample of notes studied was attached to posts that averaged 1,064,981 views, extrapolating to between 500 million and 1 billion views for all COVID-19 vaccination-related posts noted. 

“Our study shifts the focus from talking about misinformation to taking action, offering practical insights into social media strategies that protect public health,” explained Mark Dredze, Ph.D., the John C Malone Professor of Computer Science at Johns Hopkins University and study co-author. “Although we couldn’t examine how these notes directly influenced people’s beliefs or actions, the characteristics we analyzed have consistently been shown to predict a message’s effectiveness.”

Learning from and Enhancing X’s Community Notes

U.S. Food and Drug Administration Commissioner Robert Califf recently argued vaccination is approaching a dangerous tipping point because of social media misinformation. “One viable avenue for the public health community to combat this threat is to actively engage in social media-based interventions, such as Community Notes,” said physician-scientist and study co-author Davey Smith, M.D., chief of the Division of Infectious Disease and Global Public Health and professor in the UC San Diego School of Medicine, co-director of the Altman Clinical and Translational Research Institute at UC San Diego, and immunologist at UC San Diego Health. “While only a fraction of vaccine misinformation posts are currently addressed, the ample room for expansion suggests significant opportunities to amplify the impact of Community Notes.”

Eric Leas, Ph.D., co-author of the study, assistant professor at the UC San Diego Herbert Wertheim School of Public Health and Human Longevity Science and Qualcomm Institute affiliate, highlighted the transformative role of Community Notes in combating misinformation. “Rather than censoring misleading content, Community Notes fosters a learning environment where users can glean insights from corrections to misinformation to prevent similar misunderstandings in the future. By providing context and credible sources alongside contentious posts, the platform empowers users to discern fact from fiction, a skill they will find useful as they navigate all claims.”

Ayers concluded, “Other social media platforms should embrace transparency by open-sourcing their misinformation countermeasures. This step is crucial for enabling independent scientific scrutiny, which will enhance public trust in and amplify adoption of the most impactful strategies.”

In addition to Ayers, Allen, Desai, Leas, Dredze, and Smith, authors of the JAMA paper, “Characteristics of X’s (Twitter) Community Notes Addressing COVID-19 Vaccine Misinformation” (JAMA doi:10.1001/jama.2024.4800), include Aiden Namazi, a student research intern at UC San Diego’s Qualcomm Institute.


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WTI Jumps After Bigger-Than-Expected Crude Inventory Build, Gasoline Demand (Reportedly) Slumps

WTI Jumps After Bigger-Than-Expected Crude Inventory Build, Gasoline Demand (Reportedly) Slumps

Oil prices are drifting lower this morning,…

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WTI Jumps After Bigger-Than-Expected Crude Inventory Build, Gasoline Demand (Reportedly) Slumps

Oil prices are drifting lower this morning, despite API reporting a surprise crude inventory draw last night, as hopes that geopolitical tensions are easing (hope is not a strategy) combined with a reduced expectation of economy-juicing rate-cuts are weighing on crude prices.

Supporting the upside, the US Senate, meanwhile, passed tougher measures against Iran in response to its attack on Israel earlier this month, with President Joe Biden saying he’ll sign the legislation into law. But the market is clearly calling Biden's bluff on this threat as he faces soaring pump prices domestically which will do nothing to help his "but I fixed inflation" narrative into the election...

Source: Bloomberg

However, for now, all eyes are on the official inventory and supply data for any signs of overall tightness, and refined products demand as the summer driving season is fast approaching.

API

  • Crude -3.23mm (+500k exp)

  • Cushing -898k

  • Gasoline -595k (-1.5mm exp)

  • Distillates +724k (-1.0mm exp)

DOE

  • Crude -6.4mm (+500k exp)

  • Cushing -659k

  • Gasoline -634k (-1.5mm exp)

  • Distillates +1.6mm (-1.0mm exp)

Confirming API's report, the official data showed crude inventories plunging last week by the most since January. On the product side, it was mixed with gasoline drawing down by distillates building...

Source: Bloomberg

There was a 909k b/d drop in the adjustment factor versus last week, the biggest decline since February, coinciding with the big increase in crude exports. At 257k b/d this week’s balancing measure was pretty small by its own highly volatile standards.

Source: Bloomberg

The Biden admin added 793k barrels to the SPR last week - the largest addition since January... and probably the last!

Source: Bloomberg

Implied gasoline demand fell yet again, nearly slipping back below 2022 seasonal levels for the first time since early March.

The figure typically sees decent growth at this point in the year, yet a post-Spring Break slump appears to have become the norm since 2020.

In comparison to pre-pandemic demand, the figure is at its lowest since 2014.

Source: Bloomberg

US crude production was flat at 13.1mm b/d (near record highs) and we note a very modest rise in rig count trends starting...

Source: Bloomberg

WTI was trading around $83.00 ahead of the API data and jumped back into the green for the day after the crude draw...

The conflict in the Middle East has "undoubtedly exacerbated tensions in an already volatile region," Stephen Innes, managing partner at SPI Asset Management, told MarketWatch.

"While the recent attacks have been downplayed, the potential for further escalation cannot be entirely dismissed."

However, "there's a lesson to be gleaned from this situation, particularly in how swiftly demand responded to higher oil and gasoline prices, as evidenced by the increase in U.S. oil stockpiles," he said.

Finally, timespreads are signaling tighter conditions, with the gap between Brent’s two nearest contracts widening to $1.05 a barrel in backwardation, a bullish pattern in which the nearer contract trades at a premium to the next in sequence. That compares with 69 cents a week ago.

Tyler Durden Wed, 04/24/2024 - 10:38

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In addition to housing, manufacturing is range-bound as well

  – by New Deal democratFirst off, let me reiterate that my focus this year is on manufacturing and construction. That’s because these are the two…

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 - by New Deal democrat


First off, let me reiterate that my focus this year is on manufacturing and construction. That’s because these are the two sectors the waxing and waning of which have almost always determined if the US economy is growing or not. By contrast, for the past half century or more the production and consumption of services has tended to increase even right through most recessions.

With that framework in mind, yesterday I wrote about how, following interest rates, housing is range-bound.


This morning durable goods orders for March were reported, which gives me a good opportunity to update the state of the maufacturing sector.

Total durable goods orders rose 2.6% month over month. Core capital goods orders rose 6.0%. These series are very volatile. Thus the big increase in orders was only the third largest in the past 9 months, during which there have also been three months where orders declined -4% or more.

Stepping back and taking a longer term look shows that core capital goods orders (black in the graph below) have been generally flat for the past two years, while total orders (blue) may have risen and then fallen a little. This is similar to the trajectory of manufacturing production (red) which peaked in late 2022, but has only declined about -1% since then:



The YoY look at the same data shows just how “unchanged” the trend has been:



When we compare with the 25+ years before the pandemic, we see a number of instances - 1998, 2012, 2015-16, and 2019 - where both new orders and production declined significantly into negative territory YoY without a recession occurring:



The sideways trend is also apparent in manufacturing employment (blue in the graph below), which has stayed in a 0.2% range for the past 18 months. Average weekly hours (red) has declined -1 hour or more, which before the China shock of 2000 and since had always meant a recession. But hours above 40.5 per week are mainly about overtime; thus since then the decline must go below 40.5 hours to be signficant:



Finally, turning from the production to consumption side, real personal consumption on goods, which was similarly rangebound from 2021 through the first half of 2023, has been on an increasing trend since:



While having both housing and manufacturing in a rangebound, mainly flat trend isn’t good, it isn’t recessionary either, as services provision and spending continue to perform very well.

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