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TBL Thinks: SPR drain, TikTok ban, & Saudi woes

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TBL Thinks

May 10

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Dear Readers,

Life is busy. Every day we’re inundated with news that piques our interest, we even open several browser tabs for what we’d like to read, but we eventually never do.

TBL Thinks is our solution to that. This is our way to summarize the most important paywalled, longer reads relevant to global macroeconomics, helping you cut through the noise. With that in mind, please enjoy.

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What did we read this week?

President Biden Is Ready to Use the SPR Again If Needed
- What does this mean? Established in 1975, the Strategic Petroleum Reserve (SPR) is an emergency stockpile of petroleum maintained by the US Department of Energy (DoE), with underground storage caverns created in salt mines and salt domes along the Texas and Louisiana Gulf Coasts. The current administration is considering using the SPR as a means to curtail retail fuel prices in the face of the Israel-Hamas conflict.
- Why is this important? The SPR stockpile has seen a steady dwindling and slow replenishment as oil prices rise. In April 2024, the DoE canceled plans to add to its store in August and September due to climbing oil prices.
- Why should you know this? Oil prices could increase should the conflict escalate, thereby leading to higher gasoline and diesel prices for US consumers.

TikTok Sues US Government to Block Divest-or-Ban Law
- What does this mean? The US government, which has been attempting to ban the Chinese-owned social media app for years, finally passed a law issuing an ultimatum to the parent company ByteDance to find a non-Chinese buyer over the next nine months, with an additional three months if a sale is in progress, or risk being banned.
- Why is this important? TikTok is now suing the US government in response to this new ruling on grounds that it violates the First Amendment, while further alleging that Congress has failed to show adequate proof of how the app poses a threat to the country’s national security. TikTok has already been banned from usage by government and federal employees in the United States, along with partial bans in countries like the United Kingdom, Canada, Australia, New Zealand, Belgium, France and Denmark due to security concerns, along with nationwide bans in India and Nepal.
- Why should you know this? This lawsuit has the potential to unfold in front of the Supreme Court and have implications on what constitutes free speech. It could also potentially require the US government to disclose classified or sensitive information to prove its claims that the app threatens national security. Why should you really know this? We know the real reason some of you are reading this: you will have access to TikTok for at least the rest of this year. We can all, thankfully, continue doomscrolling.

World’s Biggest Construction Project Gets a Reality Check
- What does this mean? In 2017, the crown prince and prime minister of Saudi Arabia, Mohammed bin Salman (MbS), announced plans to commence construction for Neom, “a built-from-scratch region the size of Massachusetts,” with plans boasting a floating industrial complex, a global trade hub, tourist resorts, and a 105-mile-long linear city along the coast of the Dead Sea. According to WSJ, the linear city, branded “The Line,” will include a multitrillion-dollar pair of skyscrapers taller than the Empire State Building, and potentially house nine million people. The first phase of construction initially planning for building 10 miles by 2030, was recently downsized to just 1.5 miles by 2030 due to costs.
- Why is this important? The Line is Mohammed bin Salman’s crown jewel in Neom and is positioned to diversify Saudi Arabia’s economy’s reliance on oil, while also showcasing the country’s society and culture all while attracting talent from across the world.
- Why should you know this? The drastic culling of the first phase of construction brings once again to the forefront questions on the feasibility of the project. While the economic undertaking for Saudi Arabia for a project this large is a concern to many, it also has unwelcome environmental ramifications, with experts fearing the “megacity will be a deathtrap for millions of birds migrating between Europe and Africa each year”.