Keystone XL Pipeline project curtailed by judicial review.
November 09, 2018
Judge blocks Keystone XL pipeline permit, barring construction. A federal judge late Thursday blocked a permit issued to the Trump administration to begin construction on the Keystone XL oil pipeline. Judge Brian Morris ruled the administration will be required to update its environmental impact review, last completed in 2014, including its impact on emissions and oil spills, as well as re-assessing the project’s viability in a lower oil price environment. The plaintiffs in the suit include several environmental and indigenous groups, while the State Department defended the administration’s project on the grounds of energy security. [WSJ]
FDA rolls out red carpet for painkilling medical devices. In response to increased demand for pain management solutions that do not worsen the already deadly opioid crisis, the Food and Drug Administration is cutting red tape in device approval for pain killers, such as neuromodulation implants, devices that stimulate nerves to mask pain signals before they reach the brain. Despite the FDA’s recent approval of a powerful opioid painkiller from AcelRx called Dsuvia, the administration has been slow to approve new opioids and is instead fielding new pharmaceutical and device alternatives to stem the crisis. [Reuters]
Economic Indicators and News
Consumer sentiment bests estimates. Consumer sentiment hit 98.3 in the month of November, ahead of analyst estimates of a 98.3 reading. The reading is slightly behind that of October, which weighed in at 98.6. The survey is preliminary reading for the month of November. [CNBC]
Wholesale prices jump fastest in six years. Wholesale prices increased at their fastest rate in six year over the month of October, driven by increases in gas, food and chemical prices. The Labor Department measured an increase of 0.6% over the month, after a 0.2% increase in October, representing year over year increases of 2.9%. Core prices also increased 0.5% in October. Despite the eye-popping monthly increase, overall inflation is largely in check, below 3 percent. [CNBC]