News roundup: Coastal research dollars awarded to local scientists … Wednesdays proving bad for oil prices SBA kicks off nationwide campaign to “ignite” small businesses
Investing in the future: The state’s RESTORE Act Center of Excellence grant process has awarded nearly $3 million to 13 research projects studying such things as enhancing sediment retention of diversions and improving flood risk assessment. The two-year grants, funded by fines and penalties from the BP Deepwater Horizon oil spill, are awarded to projects that directly relate to the implementation of Louisiana’s Coastal Master Plan. The Water Institute of the Gulf serves as Louisiana’s RESTORE Act Center of Excellence, and selected the grant recipients from among more than 60 proposals. Read more and see the grant recipients here .
Whacked again. With investors focused on the question of oversupply in the oil market, a familiar pattern is emerging in the price of crude. On Wednesdays—when the Energy Information Administration releases its latest data for U.S. production and inventories—oil prices take a tumble, Bloomberg reports. The pattern has held for the past month, with losses on a barrel of West Texas Intermediate, which closed yesterday around $43 per barrel, averaging 3.2 percent, or $1.56, over the past four Wednesdays. The weekly falls illustrate rising concern that a concerted effort by OPEC members to cut output won’t be enough to rebalance the market and crimp U.S. production.
On the road: The head of the U.S. Small Business Administration, Linda McMahon, has announced the SBA Ignite Tour—a national outreach campaign aimed at fueling small businesses with tools and resources to grow their companies and create more American jobs. McMahon will tour more than 60 cities over the next two years. Eight cities are on the tour this summer, beginning this week with Salt Lake City, Utah. None of the cities McMahon plans to visit this summer is in Louisiana or even the Deep South.