President Donald Trump told 12 Central and Eastern European leaders that the U.S. "will never use energy to coerce your nations," as he pitched U.S. natural gas exports to replace Russian supplies, CNBC reported.
Trump made a thinly veiled dig at Russia in telling Poland and its neighboring countries that the U.S. will ensure they are never "held hostage" to a single energy supplier before telling Moscow to "cease its destabilizing activities in Ukraine and elsewhere and its support for hostile regimes."
The President's administration has prioritized shipping abundant and low-cost liquefied natural gas to Europe. Poland received its first U.S. LNG shipment last month from Cheniere Energy Inc (LNG) .
Because LNG is difficult to ship and because Russia can cut prices and adjust contract terms in the European gas market, it's not likely that U.S. energy will replace Russian energy in Central and Eastern Europe.
What's Hot On TheStreet
Apple is OK for the time being: For those silently worrying how the Apple (AAPL) iPhone 8 will sell, simmer down -- the tech giant still has several huge advantages. On the hardware side, for instance, the iPhone still feels ahead of the pack thanks not only to Apple's design skills and the visible features of its hardware, but also what's under the hood points out TheStreet's tech columnist Eric Jhonsa. From the looks of things, the iPhone 8 should extend that lead, Jhonsa predicts.
Tesla is looking wobbly: Tesla (TSLA) shares are looking a little shaky (again) after its Model S didn't get a top rating from Insurance Institute for Highway Safety (IIHS), reports TheStreet's James Skinner. The IIHS cited issues with the small overlap front test, which is meant to simulate crashes into trees, poles and other vehicles, as why the Model S did not receive the highest rating. IIHS Executive Vice President David Zuby said the front test remains a "hurdle" for some vehicles.
"Tesla made changes to the safety belt in vehicles built after January with the intent of reducing the dummy's forward movement," IIHS said. "However, when IIHS tested the modified Model S, the same problem occurred, and the rating didn't change."
Costco finally scores some good news: After watching its stock crash about 13% inside a month thanks to fears Amazon (AMZN) and Whole Foods (WFM) will dominate society, Costco (COST) scored a nice win. Costco said same-store sales in June rose 6.5% in June. Canada saw sales up 3.2%, while international sales rose 6.2%.
The numbers should serve as a reminder how resilient Costco's business has been in the face of Amazon's rise.
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