David L. Passmore

David L. Passmore

@davidpassmore.bsky.social

• Distinguished Professor, Emeritus, Penn State (davidpassmore.net) • Lifetime member, Battle of Homestead Foundation (battleofhomestead.org/) • Advocate Member, Steelworkers Organization of Active Retirees • In Pittsburgh; Niagara Falls, New York, native

1.8K followers1.8K following2K posts

David L. Passmore
@davidpassmore.bsky.social

LABOR SHARE OF INCOME HAS DECLINED Culprits: technological change, globalization, the rise of China, the market power of large firms, union decline, eroded worker bargaining power, a changing composition of the workforce, & a rise in educational attainment. tiny.cc/DedLaS

David L. Passmore
@davidpassmore.bsky.social

TANKER FREIGHT RATES RISE Much tanker rate market upheaval stems from conflicts involving Russia & Iran. Disruptions to Saudi Arabia's East-West Pipeline caused some Asian buyers to use alternative crude delivery. Crude suppliers face war risk premiums for insurance & extra fees. + tiny.cc/TRFRE

tiny.ccCrazy – Attacks, Altered Crude Flows, Unbalanced Fleets Push Tanker Freight Rates to Record LevelsFreight rates are sky-high. Shipping crude oil from the U.S. Gulf Coast to China on a VLCC cost more than $80 million earlier this month, double what it was in September and 5X a year ago. Today, we look at the unique combination of factors that are helping drive freight rates to record highs.
David L. Passmore
@davidpassmore.bsky.social

MUSK--STARLINK SLOWDOWN IN UKRAINE Elon Musk ordered a slowdown of a version of Starlink that Ukraine relies on, sparking panic in Kyiv and confusion in the Trump administration. “Any limits on speed or usage are decided by the US military and ultimately by POTUS,” Musk said. tiny.cc/STARL

David L. Passmore
@davidpassmore.bsky.social

PERMITTING REFORM FOR ENERGY INFRASTRUCTURE Congress is considering an overhaul of permitting that could shorten reviews, curb legal uncertainty, and boost all kinds of energy‑related projects. The reform would require changes to the National Environmental Policy Act (NEPA). tiny.cc/PerRe

David L. Passmore
@davidpassmore.bsky.social

ICE PLANNING $100 MILLION DOMESTIC SPY PROGRAM "A domestic surveillance program to put 142 intelligence agents in more than two dozen cities and the District of Columbia." portside.org/2026-10-19/i...

portside.orgICE Planning $100 Million ‘Nightmare’ Domestic Spy ProgramImmigration and Customs Enforcement is fast-tracking a $100 million domestic surveillance program to put 142 intelligence agents in more than two dozen cities and the District of Columbia, in what con...
David L. Passmore
@davidpassmore.bsky.social

CATO INSTITUTE THINKS TRUMP SOCIALIST tiny.cc/CRTSOC Government with equity positions in private firms? The Founders: Hamilton supported public investment as a tool; Jefferson stressed constitutional limits & monopoly risks; Madison worried that private interests would shape public decisions.

David L. Passmore
@davidpassmore.bsky.social

FOREIGN IDEAS & U.S. INNOVATION www.nber.org/papers/w35900 One conclusion: Foreign ideas are pervasive. 54% of U.S. technologies build on at least one foreign input, and the most fertile U.S. technologies rely on foreign inputs most heavily.

nber.orgForeign Giants' Broad Shoulders: The Causal Effect of Foreign Ideas on U.S. InnovationFounded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, an...
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David L. Passmore
@davidpassmore.bsky.social

Recovering overseas refinery output and improving shipping reliability would increase available supply. Lots of pressure during the Northern Hemisphere harvest season and Fall maintenance. The Southern Hemisphere is planting. I expect pain.

David L. Passmore
@davidpassmore.bsky.social

STRIKE A CHORD? “Nazi[s denied] 'the truth' exists....[The] Leader [in this nightmare] controls not only the future but the past. If the Leader says of such and such an event, 'It never happened'—well, it never happened." ~Orwell, G. (1943). Looking back on the Spanish War. New Road.

David L. Passmore
@davidpassmore.bsky.social

MEASLES OFTEN IS NOT ONCE & DONE Measles is sometimes dismissed as an unserious disease or ‘just a rash.’ But the highly contagious virus can cause serious illness not just during initial infection but years later, after patients appear to have made a full recovery. tiny.cc/MESE

tiny.ccNew CDC report details deadly toll of delayed measles complication in kidsMeasles is sometimes dismissed as an unserious disease or ‘just a rash.’ But the highly contagious virus can cause serious illness not just during initial infection but years later, after patients appear to have made a full recovery.
David L. Passmore
@davidpassmore.bsky.social

INDIA COULD EXPAND REFINING About 900 Mb/d of capacity through 2030.. More than 70% of this capacity could start up before the end of next year, including some already beginning operations, adding perhaps 300 Mb/d of desperately needed diesel production. rbnenergy.com/daily-posts/...

rbnenergy.comNew Sensation – India Appears Primed to Lead the Next Era of Global Refining ExpansionsGlobal refining is entering a new phase. After decades of capacity growth centered in China and the Middle East, the baton is passing to India. Today, we examine India’s long-term goals, the kinds of ...
David L. Passmore
@davidpassmore.bsky.social

YOUR NEW MAIL CARRIER Nearly 1,000 armed guards from Prosegur, with a history of alleged human rights violations, have descended on the United States Postal Service, deploying to at least 55 facilities across the country ahead of Election Day. www.rawstory.com/raw-investig...

rawstory.com'What the hell?' Shock as USPS gets armed guards from firm accused of human rights abusesThe United States Postal Service is hiring armed security guards through a multinational private contractor with a history of alleged human rights abuses and price fixing, according to a Raw Story inv...
David L. Passmore
@davidpassmore.bsky.social

The “golden share” in U.S. Steel illustrates the concern by giving Trump veto authority over important corporate decisions. This risks normalizing state control of private enterprise. Consider: Governments of any political orientation could use this tactic to exert control.

David L. Passmore
@davidpassmore.bsky.social

TRUMP CANNOT BLOCK IMPORTS Trump: “I can destroy the trade. I’m even allowed to impose a foreign country destroying embargo.” The Constitution & courts disagree. Tariffs are a congressional power. Executive power over import bans is more problematic than over tariffs. www.cato.org/commentary/p...

cato.orgThe President Doesn’t Have Unlimited Power to Impose Import BansContrary to Trump’s claims, executive power to impose import bans is constrained by most of the same legal restrictions as the power to impose tariffs.
David L. Passmore
@davidpassmore.bsky.social

EU GAS LOW The EU is likely to miss its natural-gas storage target primarily because Germany—Europe’s largest gas consumer and storage holder—is significantly underfilled. Consumers face higher energy costs and possible shortages if EU governments don’t fill up gas reserves fast. shorturl.at/znkur

shorturl.atGermany risks missing November gas-storage target - https://eutoday.netStorage was 51.5 per cent full on 25 August, well below last year's level. Utilities say the statutory target can still be reached if market incentives improve.
David L. Passmore
@davidpassmore.bsky.social

Diesel’s premium over crude is above $100/bbl. Supply disruptions (read: war), strained trade flows, and renewable-fuel compliance costs drive this premium. High diesel prices incentivize higher production, within the limits of current refining infrastructure and operating constraints.

David L. Passmore
@davidpassmore.bsky.social

The AAUP said the government’s request threatened privacy and religious freedom. Penn faculty worried it would discourage people from joining Jewish groups and participating in campus activities. The appeals court’s ruling makes it easier for universities to challenge similar requests in the future.

David L. Passmore
@davidpassmore.bsky.social

The EEOC asked Penn for information about Jewish employees, programs, and campus groups. Penn said sharing it could threaten privacy and put employees at risk. A similar request at California State University led to lawsuits and criticism after the university released employee information.

David L. Passmore
@davidpassmore.bsky.social

Diesel fuel is essential to: - Freight trucking, railroads, inland & coastal marine transport, & heavy construction equipmen; - Agriculture, including planting, harvesting, irrigation, & grain logistics - Residential and commercial heating oil—concentrated in the Northeast U.S.

David L. Passmore
@davidpassmore.bsky.social

Trump has proposed a 90-day ban on diesel exports to help lower rising fuel prices for American consumers. This move aims to keep more diesel in the domestic market amid ongoing global supply issues. U.S. diesel export restrictions would add risk to the volatile global diesel market.

David L. Passmore
@davidpassmore.bsky.social

ICE DETAINING U.S. CITIZENS All cases documented by ProPublica: projects.propublica.org/american-cit...

projects.propublica.orgMore Than 500 U.S. Citizens Have Been Detained, Including Handcuffed or Held at Gunpoint, in Trump’s Immigration Crackdown — ProPublicaThe government doesn’t track how often immigration officers detain U.S. citizens. So ProPublica did. We’ve found more than 500 Americans who were held against their will during this Trump administrati...
David L. Passmore
@davidpassmore.bsky.social

MEASLES IN MY STATE... Pennsylvania confirmed 1,004 measles cases; increase of 106 cases in past week. 99% unvaccinated; four cases vaccinated. 198 hospitalizations; hospitalization rate of 20%. Five people with measles died - all unvaccinated. Numbers perhaps underestimated. tiny.cc/MeaPA

tiny.ccPennsylvania confirms more than 1,000 measles casesMore than 99% of people with measles in Pennsylvania have been unvaccinated, with just four cases in vaccinated people, according to the health department.
David L. Passmore
@davidpassmore.bsky.social

HELPING ANY WAY I CAN... An emeritus prof at Penn State, but will do my best with the offense. I'll create a committee whose members will share their opinions for about 12 weeks, with no meetings when we have student appts or breakfasts and lunches with colleagues. Report in January or February.

David L. Passmore
@davidpassmore.bsky.social

PETRO MARKETS HAVE CHANGED REMARKABLY The shale revolution and the U.S. transition from petroleum importer to net exporter have changed the macroeconomic effects of oil shocks www.nber.org/papers/w35864

nber.orgFrom Importer to Exporter: Oil Shocks and the U.S. EconomyFounded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, an...