Trump Open to Opening More of Atlantic, Arctic to Drilling

The White House has sent signals that it could open up more of the Atlantic and Arctic Oceans to oil exploration, which would reverse prior Obama administration policy prohibiting petroleum drilling in those areas. The Interior Department is also exploring opportunities to allow more drilling off the coast of most of the US mainland.

These steps comes as Trump aims to make the US a greater player in the world oil market, though the possible expansion in supply comes at a time when oil prices are at a low point. Additional increases in supply could translate into reduced costs in the rest of the economy, but greater losses for many oil producers.

British Exit Polling Threatens Hung Parliament, Results Begin to Come In

The snap general election in the UK called by Conservative Prime Minister Theresa May back in April aimed to expand the Conservative majority in the British Parliament as the government heads into discussions with the European Union to begin Brexit negotiations. Her goal of a larger Conservative presence in Parliament does not seem to have been met, however, based on early returns and exit polling and predictions.

An exit poll released shortly after polls closed at 10 PM local time indicated that Conservatives would fall just short of a majority in Parliament, with 314 seats (out of 326 needed for a majority) with the Labour Party coming in second with 266. It predicted a sharp decline for the UK Independence Party (UKIP), with slight gains for the Liberal Democrats and a decline for the Scottish National Party (SNP).

If no party gains a majority, a party would be forced to form a coalition with smaller parties. The Liberal Democrats, who formed a coalition government with the Conservatives from 2010-2015, have sworn off such a solution involving them. The SNP has said it would join with Labour to form a coalition government should it be possible. The Conservatives can rely on two small center-right parties to create a coalition.

Results can be followed here. As of 2:48 local time, Conservatives have gained 6 seats, Labour 9.