Oil Markets Brace for Renewed Iran Fighting
US oil company holds key to Trump’s Greenland drilling ambitions
An American company says it’s positioned to tap into a potentially massive oil prospect in Greenland next year, following President Donald Trump’s announcement that resource exploration “is getting ready to begin” on the Arctic island.
Greenland Energy Company is in the permitting process to drill its first well in 2027 in eastern Greenland, according to CEO Robert Price. The company claims that its project, in partnership with British company 80 Mile, holds the sole oil permits for exploratory drilling in Greenland, which makes it a potential key player in Trump’s interest in Greenland’s resources.
Trump announced on Truth Social last week that “massive” resource exploration was expected to start in Greenland.
“Massive Oil, Gas, and Mineral Exploration is getting ready to begin in our new and beautiful Greenland!” Trump posted on Truth Social.
“There are Experts that are saying that the amount of easily available Oil is far greater than that of almost any land, anywhere in the World and, even more importantly, from a Security Purpose in the Defense and Offense of both the United States of America, and Europe, is second to none,” he continued.
Trump’s announcement did not specify details about how or when resource exploration would begin in Greenland.
Greenland’s government stopped granting new oil and gas permits in 2021 over concerns about the environmental impact of oil extraction. However, existing permits granted before 2021 remain valid, pending additional government approval for extraction.
According to Greenland’s Ministry of Business and Mineral Resources, White Flame Energy, which is owned by 80 Mile, obtained two permits in 2015 and a third in 2018 for exploratory drilling and possible extraction of oil in Jameson Land in eastern Greenland. Price’s company, Greenland Energy has partnered with the British company as an investor in the endeavor and will act as the operator of the project.
Price says the project has drawn the attention of governments and investors due to the potential significance the oil might have to reduce U.S. dependence on foreign oil supplies. According to Price, an independent engineering report found that the planned drilling site could contain up to 13 billion barrels of crude oil.
The exact quantity of oil present in the Jameson Land Basin and whether the oil can be economically extracted will not be known until exploratory drilling occurs.
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Price has positioned his company’s project as a long-term solution to slow down chokepoints in the global supply chain caused by conflicts like the war in Iran.
“If we’re successful, or even partially successful, this could really help some of the chokepoints in the Middle East. So of course the U.S. government has been acknowledging what our project is and monitoring it,” Price told Fox Business.
According to Price, measurements taken at the surface of the proposed drilling site show that the crude oil Greenland Energy Company intends to extract genetically matches oil found in the North Sea, which means European refineries may have existing capabilities to process it.
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Finding new oil supplies in “friendly jurisdictions” is essential to the United States maintaining its independence from foreign oil supplies, Price says.
“It’s incumbent upon the United States to look beyond the shale plays for a supply of energy moving forward,” said Price.
“That supply is dwindling, and that’s why we need to look to friendly jurisdictions like Greenland to bring on new supplies of oil for the people of the United States and the European community,” he continued.
Greenland’s government said that the Jameson Land project remains in the exploration phase, and exploratory drilling cannot start until environmental social impact assessments are approved. The government previously objected to the project’s proposed timeline to drill in the winter of 2026/2027, according to a statement on its website.
Price told Fox Business that his company has filed all environmental reports and plans to drill its first well at some point in 2027.
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Price is also president of USFM Corporation, a private company that is drilling for minerals, including cobalt, nickel and platinum, in western Greenland.
Price said that the security of Greenland is essential to both the future of both USFM’s mineral exploration and Greenland Energy’s potential oil drilling. He pointed to a recent security agreement between the U.S., Greenland and Denmark as important part of continuing resource exploration on the island.
The three nations signed a trilateral agreement at the United Nations General Assembly in September. The security agreement permanently cements U.S. military rights in Greenland while affirming Greenland’s right to self-determination.
“Now we have clarity. Part of that clarity is Greenland Energy and USFM. We’re going to be in Green Land a very long time,” Price said. “We embrace the trilateral agreement because for a company like ours, having certainty in the security of Greenland for our long-term investment is very important.”
The security agreement does not affect existing oil permits or guarantee American resource exploration in Greenland.
Greenland’s government declined to comment on Trump’s Truth Social announcement.
Trump praises Elon Musk as a ‘genius’ while defending him against potential Democratic probes
President Donald Trump defended Elon Musk on Friday when asked whether he was concerned Democrats could target the billionaire if they gain control of Congress, saying there was an obligation to “protect our brilliant people.”
When asked by FOX Business White House correspondent Edward Lawrence if he was worried that Democrats could go after Musk, Trump said Americans had a responsibility to protect the Tesla and SpaceX CEO.
“Elon’s a brilliant guy and I have an expression: we have to protect our brilliant people because we don’t have too many of them,” Trump said. “There aren’t too many of them in the world.”
Trump continued to defend Musk, whom he described as a “genius.”
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“Elon has done nothing wrong,” he said. “Elon is a very good guy. He’s a very different kind of a guy, but I think people have an obligation to protect our geniuses. You know, there aren’t that many of them.”
Trump’s comments come after reports that Democratic lawmakers have been considering potential investigations involving Musk and his businesses if they gain control of one or both chambers of Congress in the midterm elections.
Earlier this week, Musk responded to a story by Politico detailing how Democrats have considered ways to investigate the entrepreneur and his businesses.
“Live by the sword, die by the sword,” Musk wrote on X. “Those who pick fights with me should understand that I will find out who is really pulling the strings and come for them, not just their puppets.”
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FOX Business previously reported that Musk has been a major donor to GOP candidates ahead of the election.
He also worked with the Trump administration through the Department of Government Efficiency (DOGE), which he helped launch at the beginning of Trump’s presidency last year.
Musk’s business dealings with the federal government through his various ventures could also face scrutiny if Democrats gain control of Congress.
After defending Musk, Trump turned to America’s technological leadership.
“We’re leading in everything right now,” Trump said, referencing superintelligence and what he described as an unprecedented amount of development happening in the U.S.
FOX Business’ Eric Revell contributed to this report.
‘Notes on Being a Man’, ‘The Invisible Hand’
Trump announces $275M nursing-home nurse initiative at Florida midterm rally
President Donald Trump announced on Friday a new $275 million initiative to recruit and retain nurses in nursing homes during a rally in Fort Myers, Florida, calling the effort “breaking news for the benefit of American seniors.”
The Nurses for Nursing Homes program is expected to support more than 4,000 nurses nationwide, according to a formal announcement from the Department of Health and Human Services (HHS) and the Centers for Medicare & Medicaid Services (CMS).
“Today I have breaking news for the benefit of American seniors,” Trump said. “I’m pleased to announce that the Trump administration is investing in nurses and elder-care facilities all across America, including in the great state of Florida. You need them.”
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Eligible participants may receive up to $40,000 in student-loan repayment and/or a $10,000 stipend in exchange for a three-year commitment to work an average of at least 30 hours per week at a qualifying nursing home.
CMS has committed $100 million to the program, while states are committing at least another $175 million. The initiative is funded through civil monetary penalties collected by CMS and states from nursing homes.
The program will focus on rural communities and areas experiencing higher labor shortages.
CMS said all 50 states and the District of Columbia are participating. All rural nursing facilities are eligible, along with additional facilities in higher-need areas.
“This initiative will recruit and retain thousands of nurses, expand care in rural and high-need communities, and create new pathways into long-term care careers,” HHS Secretary Robert F. Kennedy Jr. said.
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“When we offer student loan repayment through Nurses for Nursing Homes, we’re not just giving nurses and nursing students future financial relief; we’re supporting families who want their loved ones to receive quality care in nursing homes,” said CMS Administrator Dr. Mehmet Oz. “Without taking a dime from taxpayers, CMS is empowering the next generation of nurses to pursue their dreams and helping residents form deep bonds with caregivers so they can live happier, healthier lives.”
Applicants must hold an active registered nurse or licensed practical or vocational nurse license and work at a qualifying Medicare or Medicaid-certified long-term-care facility. Nursing students may begin an application before graduation but must graduate, obtain a license and secure qualifying employment before receiving benefits.
Applicants can apply starting on Oct. 26 at NursesforNursingHomes.cms.gov.
The initiative comes as nursing homes continue to face staffing challenges, particularly in rural and labor-shortage areas. CMS said the program is designed to direct incentives toward communities where recruiting nurses has been most difficult.
Ken Griffin warns Paris riots should be ‘wake-up call’ for Americans
Citadel CEO Ken Griffin issued a warning that the riots that have occurred in Paris and other cities in France should serve as an example to young Americans that socialist policies aren’t the utopia that some describe.
The billionaire hedge fund manager spoke during a panel discussion at Citadel Securities’ recent Future of Global Markets Conference and said that the chaos on the streets in France exemplifies where the road to socialism leads.
“If you want to look at where socialism leads you to, look at France this last weekend. It’s the socialist dream. The country spends 60% of its GDP at the government level. And yet their streets are awash in turmoil,” Griffin said. “It’s heartbreaking.”
Griffin said that “Paris looked pretty damn similar to Chicago in 2021 and 2022″ and added that young Americans who may be supportive of socialist policies should view the disorder in those cities as a wake-up call for the failings of socialism.
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“I think Paris should be a real wake-up call to every single young American. France is the dream that the left talks about – the liberal, safety net-rich, socialist Europe. And here’s France,” he said.
“That dream, that dream is the nightmare I left from Chicago. That dream doesn’t belong in our country. A society where it comes down to how much you can take from others. And they’ll first take your property, and then they’ll take your personal rights. That’s not a society that we want to create in our country,” Griffin explained.
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The Citadel founder was asked if he has seen U.S. political candidates who he is concerned want to take the country down that path.
“I mean, JB Pritzker, governor of Illinois. Yes, 100%,” Griffin said.
Griffin moved Citadel’s headquarters from Chicago to Miami in 2022 after the firm had operated in the Windy City for nearly three decades.
Last November, Griffin told Fox News’ Bret Baier at the America Business Forum that Chicago is a “failed city-state” and noted that two of his colleagues had bullets fly through their cars.
“I had 25 bullet holes in the front of my building where I lived. You can’t live in a city awash [with] violent crime,” he said at the time.
FOX Business’ Kristen Altus contributed to this report.
Microsoft says its AI tool outperforms generalist doctors in complex diagnoses
Microsoft researchers said in a study that a new artificial intelligence (AI) tool that can diagnose patients step by step, like how a doctor would do, was more than twice as accurate as general physicians at solving complex medical cases.
The study, which was published on Thursday in Science, said that the AI model takes a different approach to diagnosing medical issues than most other models that seek to address those issues.
Microsoft said the AI model identifies and coordinates the questions that should be asked of a patient, as well as the exams and tests that should be ordered, using an “orchestrator” that organizes how AI will tackle a problem by employing a simulated panel of clinical experts collaborating to solve diagnostic cases, the report said.
By contrast, existing AI models typically take an all-at-once approach that examines all of a patient’s symptoms, lab results, and imaging studies to generate a diagnosis.
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While the orchestrator coordinates the steps to reach a diagnosis, the AI model first decides what questions to ask about the patient’s medical history and identifies significant findings in the physical exam.
Based on what it learns from that process, it decides which tests to order, considers the results and orders further testing as appropriate. While those tasks are occurring, the AI model is updating its working hypotheses and plans.
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The tool also outperformed human physicians when it was presented with scenarios drawn from a major database of emergency room admissions. Researchers said that assessments comparing these types of older systems to human doctors usually use multiple choice questions.
“AI has become very good at getting a 100% pass rate on those,” said Dr. Dominic King, the corporate VP of the health unit at Microsoft AI, which is developing the new technology. “But of course, that’s not real-world. No patient ever came to see me with a nice summary.”
The researchers tasked the model with diagnosing over 300 highly unusual and confusing medical dilemmas and found that the model using the diagnostic orchestrator was over twice as accurate at “working up” the patient and determining the diagnosis as general physicians using textbooks and the internet.
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Researchers also found that diagnostic processes cost less when the orchestrator designs the work-ups than when human doctors do.
“We’re not just measuring the accuracy of the systems. We’re also measuring how judiciously and carefully it goes through a diagnostic work-up,” said Harsha Nori, head of AI at Microsoft AI Health.
The Microsoft research team’s next test will occur through a collaboration with Beth Israel Deaconess Medical Center in Boston, where they will evaluate the tool’s ability to triage patients in emergency department waiting rooms.
Reuters contributed to this report.
