Brian Dake

Between the week ending March 20 and the week ending April 24, the U.S. Department of Energy (DOE) released a total of 17.5 million barrels of crude oil from the U.S. Strategic Petroleum Reserve (SPR), according to data in our Weekly Petroleum Status Report. DOE released 7.1 million barrels in the week ending April 24, the most released since the week ending October 7, 2022. SPR stocks are currently 397.9 million barrels.

The United States is in the process of releasing 172 million barrels of crude oil from the U.S. SPR. The U.S. SPR release is part of a coordinated effort with the International Energy Agency (IEA) to release 400 million barrels of crude oil and refined products globally to address disruptions in oil supply stemming from the conflict in the Middle East.

The U.S. SPR release is structured as an exchange, which requires the original volume of oil, plus additional barrels, to be returned to the SPR at a later date.

The SPR was established in the 1970s to reduce the effects of unexpected oil supply disruptions. The reserve has an authorized storage capacity to hold up to 714 million barrels of crude oil across four storage sites along the Gulf of America, where much of the U.S. petroleum refining capacity is located.

UnitedHealthcare plans to eliminate prior authorization for 30 percent of services that require insurer approval, reducing delays and paperwork for patients and doctors.

The company said, by the end of 2026, it will remove prior authorization requirements for certain outpatient surgeries, diagnostic tests such as echocardiograms, and some outpatient therapies and chiropractic care.

Wisconsin lost thousands of manufacturing jobs in 2025, driven in part by an aging workforce and hesitancy to expand hiring in an uncertain economy.

Between January 2025 and January 2026, the state’s manufacturing workforce shrank by about 9,500 jobs, falling from 461,100 workers to 451,600, according to data from the U.S. Bureau of Labor Statistics compiled by the Federal Reserve Bank of St. Louis. The manufacturing workforce nationally declined by about 91,000 jobs over the same period.

Industry leaders say the job losses were driven more by worker retirements than widespread layoffs, though shifting tariffs and broader economic uncertainty have made some manufacturers more reluctant to hire.

The state’s manufacturing workforce generally follows national trends. Both contracted sharply during the 2008 Great Recession and gained ground during the 2010s, according to federal data.

The manufacturing workforce shrank again during the COVID-19 pandemic, before growing steadily until late 2022 in Wisconsin. From April 2020 to October 2022, Wisconsin’s manufacturing workforce grew from 438,900 workers to 484,300, but it has declined steadily since, federal data shows.

The Federal Reserve on Wednesday announced it will leave interest rates unchanged amid concerns about inflation rising further amid the war in Iran.

Fed policymakers voted to leave the benchmark federal funds rate unchanged at its current range of 3.5% to 3.75%. The move follows the central bank’s decision to hold rates steady in January and March after three successive 25-basis-point rate cuts in September, October and December to close out last year.

The Federal Open Market Committee (FOMC), the central bank’s panel responsible for monetary policy moves, voted 11-1 to leave interest rates unchanged. Fed Governor Stephen Miran dissented in favor of a 25-basis-point cut.

The FOMC meeting is expected to be the last under the leadership of Federal Reserve Chairman Jerome Powell, as his term as Fed chairman is due to expire on May 15. Powell said at his press conference that he intends to continue serve his term as a member of the Fed’s Board of Governors for a period of time that’s to be determined due to his concerns regarding the Trump administration’s investigations of the Fed.

Last Thursday, in coordination with the White House Task Force to Eliminate Fraud, the United States Small Business Administration (SBA) announced that it has referred  562,000 suspected fraudulent loans to the United States Department of Treasury (Treasury) for collection, marking the SBA’s largest referral package on record.

The borrowers are tied to $22.2 billion in delinquent Paycheck Protection Program (PPP) and COVID Economic Injury Disaster (EIDL) loans that were previously flagged for suspected fraud during the Biden Administration but never sent to Treasury for collection nor referred to the U.S. Department of Justice (DOJ) for investigation.  The SBA has transmitted the borrowers to the DOJ. And with today’s referral, Treasury will begin collecting on the outstanding debt as part of the Trump Administration’s commitment to recouping stolen pandemic-era funds on behalf of American taxpayers and small business owners.

By law, SBA must refer delinquent debts to Treasury’s Bureau of the Fiscal Service once they become sufficiently past due. Likewise, when SBA’s internal fraud controls flag loans for potential fraud, the agency is expected to refer those cases to the appropriate investigative and law enforcement authorities.

Until today, none of the 560,000 borrowers had been compelled to repay the $22.2 billion they owed American taxpayers. Fewer than 1,000 of these borrowers had been subject to investigations by the SBA Office of Inspector General. Thanks to the White House Task Force to Eliminate Fraud, the SBA and Treasury are now launching an aggressive effort to claw back the outstanding debt.

Last Friday, the Public Service Commission of Wisconsin (PSC) took up We Energies’ Very Large Customer (VLC) and Bespoke Resources Tariff application and issued a decision that protects existing customers and improves public transparency into the energy-related costs data centers will pay.

Utility tariffs set the rates, terms, and conditions of service utilities provide to customers within their service territory. When a utility wants to create a new tariff or make changes to an existing tariff, it must receive PSC approval to do so because the PSC regulates electric, gas, and water utilities in Wisconsin. The Commission does not regulate the permitting, construction, or operations of data center facilities.

In March 2025, We Energies submitted an application proposing the new tariffs in response to large data center customers entering the utility’s service territory. The PSC conducted a thorough, year-long review of the tariff application, which included detailed scrutiny and analysis by PSC staff and intervening parties, and a robust public engagement process. Throughout the proceeding, members of the public and participating organizations raised concerns about aspects of the utility’s application and how it could impact existing customers.

In its decision, the Commission made major modifications to improve the tariff. The following is a non-exhaustive list of actions taken to strengthen protections for We Energies’ existing customers and increase transparency and visibility:

• The Commission extended the VLC tariff minimum initial term length to 15 years. This change prevents cost-shifting to existing customers.
• The Commission lowered the energy demand threshold for tariff eligibility from 500 MW to 100 MW. This change expands tariff applicability to smaller data centers, which further shields existing customers from data center-related costs.
• The Commission required tariff revisions to address the risk of transmission cost shifting from data center customers to existing customers.
• The Commission removed a capacity-only option that would have allowed data centers to only pay for 75% of the costs of generating facilities. The removal of this capacity-only option and the approval of the Full-Benefits resource model protects existing customers by requiring the VLCs to pay 100% of their costs.
• The Commission ordered additional reporting requirements to provide visibility into how the tariffs work in practice and created a mechanism for the Commission to make future adjustments if needed.
• The Commission ordered additional reporting requirements to bring greater transparency to agreements between the utility and its VLCs.

If the Commission had denied We Energies’ application, and/or a new very large customer tariff was not established, large data centers would receive utility service without conditions specifically designed to safeguard existing customers from data-center related costs.

Oil prices held steady Wednesday, after Treasury Secretary Scott Bessent said the Trump administration will provide support to oil tankers transiting the Persian Gulf and announce more measures in the coming days.

WTI crude nearly topped $78 a barrel at its high this week since the U.S. and Israel launched a massive wave of airstrikes against OPEC member Iran over the weekend. Iran has responded with volleys of missile and drone strikes against targets across the Middle East, including energy infrastructure.

U.S. crude jumped 6% on Monday and 5% on Tuesday.

The oil market has calmed after President Donald Trump said Tuesday that the U.S. would insure tankers through the International Development Finance Corporation. Trump also promised naval escorts for oil traffic in the Persian Gulf if necessary.

Oil turned lower as Bessent told CNBC Wednesday that the White House would make a series of announcements to support the oil trade in the Gulf.

“We have a series of announcements that we’re going to be making,” Bessent said on CNBC’s “Squawk Box.” “We began yesterday with the announcement that DFC will provide the insurance for both the crude carriers and the cargo ships operating in around the Gulf over the weekend.”

The IRS published Schedule 1-A (Form 1040), Additional Deductions, along with updated instructions for Form 1040, U.S. Individual Income Tax Return, that explain how taxpayers can claim the new deductions for tips, overtime, and car loan interest, and the enhanced deduction for seniors.

Schedule 1-A does not differ from the draft version issued last year for calculating the four deductions enacted by H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act, on a single form. The instructions do provide details on how all four apply, however.

Taxpayers calculate the amount of the deductions that apply to them, add the amounts together, and include the total on line 13b of their Form 1040 or Form 1040-SR, U.S. Income Tax Return for Seniors, or on line 13c of Form 1040-NR, U.S. Nonresident Alien Income Tax Return.

The form also includes a section for calculating the taxpayer’s modified adjusted gross income, which is used in calculating phaseouts for the four deductions.

All four deductions expire after 2028.

Gov. Tony Evers says he’s optimistic that he and Republican legislative leaders will strike a deal to lower property taxes and increase school funding.

At a Madison luncheon event hosted by WisPolitics Thursday, Evers said that he will meet again with Assembly Speaker Robin Vos, R-Rochester, and Senate Majority Leader Devin LeMahieu, R-Oostburg, in the coming weeks.

“We’re still talking, we’re hopeful that we get some solutions soon,” he said. “When you do things in a bipartisan way, you give things up, get something in return, same with the other side. And so we’re continuing to do that.”

He and GOP leaders have gone back and forth for months over how to reduce Wisconsin’s high property tax rates. While Republican leaders blamed his “400-year veto” for increasing school revenue limits, Evers said investing in schools would reduce the need for communities to go to referendum.

Republicans eventually backed off their demand that Evers repeal his veto, and Evers suggested Thursday that he’s holding fast to his preferred funding mechanism for schools, which would be increased school aids.

“I believe that if we want to take make a huge effort around equalized aid for the state of Wisconsin schools, we should be putting more money into that, and that will help property taxes be relieved,” he said.

In their last public counter to the governor, Republicans proposed a different type of tax relief, calling for $1.48 billion in direct tax rebates to residents. On Thursday, Evers called the effort to mail out rebate checks “maximum politics.”

“That’s (an) election year issue,” he said. “I just don’t think it’s wise.”

Two Democratic state legislators announced a bill Tuesday, backed by a coalition of labor unions and political organizations, that would raise the minimum wage in Wisconsin from $7.25 to $20.

State Sen. Kelda Roys (D-Madison) and Rep. Angelina Cruz (D-Racine) have drafted a bill to raise the minimum wage to $15 immediately, followed by regular increases until it hits $20 in 2030. From then on, the state wage floor would be pegged to inflation.

“About 800,000 workers in Wisconsin earn less than $20 an hour. They are home health care providers, early childhood educators, grocery workers, nursing assistants, the backbone of our communities,” Cruz said. “This bill is about dignity, it’s about fairness and it’s about building an economy where, if you work hard in Wisconsin, you can afford to live in Wisconsin.”

The bill provides small business owners, who employ 50 or fewer workers, more time to transition to the new wage floor. It also raises the tipped wage from $2.33 an hour to $7.50.

The legislation has backing from a coalition of unions and political organizations, including the Milwaukee Area Service and Hospitality Union (MASH), United Auto Workers (UAW), United Food and Commercial Workers International Union (UFCW), Citizen Action of Wisconsin, the Wisconsin Working Families Party and Our Wisconsin Revolution.

“Even if it doesn’t pass this session, we know that elected officials will become accountable this fall,” Roys said. “Maybe it’s the last bill of 2026 and maybe it’s the first law of 2027.”