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Today we’ll talk about energy markets, job markets, and stock markets, all touched by the chaos of the Iran war. Plus, what’s driving streaming service prices up and how AI is changing police work. We’re starting off in Corpus Christi, Texas, where my colleague Elizabeth Trovall reports a water crisis could cost jobs. — Carrie Barber, newsletter editor
A white chapel with a red tile roof and blue dome is in the foreground, separated from an oil refinery in the background by a grassy area.
Brandon Bell/Getty Images
Corpus Christi is running out of water during an energy boom
As exports of oil and liquefied natural gas surge through the Port of Corpus Christi, officials warn the city’s water shortage could stall economic growth.
Hurricane season couldn’t come soon enough for Corpus Christi, Texas.

“That’s sort of a dark joke that you hear around town all the time. We're praying to get, you know, hit by a head on direct hit by a hurricane,” said Bob Paulison, executive director of the Coastal Bend Industry Association.

The combined water storage level at the local lake and reservoir is just 8%.

Corpus Christi’s water supply is dwindling just as its energy sector is booming, bolstered in part by the global oil and gas supply crunch. The city’s shortage of water has already limited new industrial investment, and could eventually force cutbacks in one of the country’s busiest energy export hubs.

The city is facing 25% cuts to water usage if the region doesn’t receive enough rainfall by September.

“We don't want anyone to have to shut down,” said Kent Britton, CEO of the Port of Corpus Christi. “We don't want curtailment. We don't want it for our industry. We don't want it for our residents.”

The port is busier than ever.

“Every day through this ship channel moves about $340 million worth of goods,” Britton said. “The majority of it is export.”

Crude oil, liquefied natural gas, diesel, jet fuel, gasoline — what the world is in short supply of right now — move through this energy hub. These energy companies are an engine of the local economy. Many are also big water users. That’s why Britton said the city needs to find more sources of water.

“It's going to limit our ability to bring in large scale industry in the future,” he said. “We have had a couple (companies) that were very favorable to come in here in past years, who ended up making a decision not to because of the dwindling water supplies.”
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News you should know
Let’s do the numbers
  • Wall Street hit new records today, keeping faith that an end to the Iran war is near. The S&P 500 climbed 1.5% and the Dow rose 2%, topping previous highs. The Dow jumped 1.2%.

  • A barrel of Brent crude, the international standard, sank 7.8% to $101.27 after Trump said the Strait of Hormuz would open if Iran accepted an unspecified agreement. A gallon of regular gas averaged $4.53.

  • The private employers added 109,000 jobs in April, double the March number, payroll processor ADP reported today. Now for the bad news.

  • Disney stock rose 7.5% today after beating on earnings. Raising subscription prices paid off; Disney+ and Hulu boosted yearly revenues by almost 90%. Consumers are seemingly willing to pay more — or save money and watch ads.

  • UnitedHealthcare is eliminating pre-authorization for 30% of its services, including some outpatient surgeries and diagnostic tests. That means less red tape and fewer delays, especially for patients with chronic illnesses. 
Tech
  • The White House signed a deal Tuesday with Microsoft, xAI and Google DeepMind to evaluate their AI models for security risks before they are released to the public. The Trump administration is also considering forming an AI oversight group through executive order.

  • AI is being sold to police departments as a time-saving tool, but  there’s limited evidence that it can reduce workloads in a meaningful way, technology journalist Greg Barber told “Marketplace Tech.”

  • OpenAI president Greg Brockman outed himself as one of the world’s richest people when he revealed in court his stake in the company is worth nearly $30 billion. Brockman was testifying in a civil suit that accuses him and CEO Sam Altman of cheating Elon Musk.


QUOTE OF THE DAY
“Look at what these 300 people who started CNN created back in 1980. News became the story itself, for better or for worse.”
— Lisa Napoli, author of “Up All Night: Ted Turner, CNN, and the Birth of 24-Hour News”
Ted Turner, one of the most influential media figures in history, died today at 87. The Georgia entrepreneur figured out how to beam local cable TV across the country using satellites, Napoli told us in 2020. In the late 1960s, Turner bought a small UHF channel and insisted on broadcasting through the night, even though the station didn’t know what to air or who would watch it. That’s how we got a 24-hour news cycle.
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Pope Leo XIV, dressed in white robes and a silver cross around his neck, sits in a chair with his head in one hand, looking down. sits in
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Final note
Which circle of hell is this?
Sometimes your bank makes you visit a branch in person. You try to tell the representative you’re managing an estate, or you have mobility issues, or you’re leading a church of 1.4 billion people … they just won’t budge.

Pope Leo XIV knows my pain. He reportedly tried to update the phone number with his Chicago bank from Vatican City last year. Leo even played the pontiff card with the bank agent. She was not impressed.
 
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