All articles tagged with #energy industry
The national average for gasoline rose to $4.03 per gallon, the first time prices have surpassed $4 this late in the year in data going back to 2000, as the war with Iran keeps pump prices elevated; last month it was $3.87 and $4.08 last week, with earlier spikes in 2022 briefly reaching $5 before easing by August.
Major oil companies are posting strong profits as fighting in Iran drives up crude prices and disrupts a key shipping artery, underscoring geopolitical risk and the market’s sensitivity to Middle East turmoil.
Eight leading oil companies earned about $93 billion in the April–June quarter as energy prices surged on the Iran conflict and climate-driven heatwaves, led by Saudi Aramco with over $33 billion. BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil also posted multi‑billion profits, prompting calls for windfall taxes to fund a rapid transition to renewables and curb climate damage while critics question the social costs of fossil-fuel windfalls.
Brent crude rose to about $100 a barrel after Iran-backed Houthis claimed strikes on Saudi tankers in the Red Sea, heightening fears of supply disruptions as shipping in critical routes like the Bab el-Mandeb and Strait of Hormuz faces pressure amid ongoing Middle East tensions.
The U.S. says it completed a new major wave of strikes on Iranian targets—coastal surveillance, air defenses, logistics, and maritime capabilities—on the sixth day of attacks, while Iran says retaliatory strikes hit a Kuwaiti power and desalination plant, with Kuwait reporting the fire under control; the widening exchange follows days of warnings and raises the risk of a broader regional confrontation.
New York became the first state to pause new data-center construction for a year after Gov. Hochul signed an executive order, citing concerns about energy prices and water use as regulators weigh tighter rules on AI infrastructure expansion.
Money alone won’t unlock Africa’s renewable-energy potential; the continent must strengthen institutions—clear policies, stable regulation, capable regulators, and robust energy markets—to speed deployment, attract investment, and deliver reliable, affordable power.
Ending federal solar tax credits is shifting rooftop solar economics toward leases and subscriptions: homeowners pay monthly and can cancel, with free panel removal if the deal isn’t right, potentially making leasing more attractive than buying.
Ukrainian attacks prompted Russian-installed authorities in Crimea to suspend civilian gasoline sales on the peninsula, citing security concerns and the need to safeguard fuel supplies amid ongoing hostilities, signaling continued disruption to daily life in the region.
Trump’s Cuba strategy is described as echoing his Venezuela playbook—seeking to pressure Havana through sanctions and diplomacy—yet the article notes important differences that could limit Venezuela-like outcomes, shaped by Cuba’s unique political economy, leadership, and regional dynamics.
A Gallup poll released this spring finds about 70% of Americans oppose having data centers in their communities, with opposition strong across parties and concerns about higher utility prices and environmental impacts fueling the backlash and shaping local politics around AI-driven infrastructure.
Shell is facing criticism over what its opponents call outrageous profits boosted by soaring oil prices, triggering calls for windfall taxes and greater scrutiny of energy giants, even as the company points to its investments and governance amid an evolving energy transition.
A federal report shows utility companies shut off electricity 13.4 million times and gas 1.7 million times in 2024, signaling high financial distress among U.S. households, with disconnections concentrated in the South and consumer groups calling for protections against rate hikes and shutoffs.
Gas prices vary widely by state—from about $3.38 in Oklahoma to $5.82 in California—due to location, taxes and environmental fuel formulations; California is highest largely because of taxes and unique gasoline blends, while the Gulf Coast benefits from nearby refineries; international events like the war in Iran push market prices even as officials say there are no supply issues in the U.S.
The AP report argues that current tensions with Iran and its oil exports—particularly around the Strait of Hormuz—highlight the risks inherent in a foreign policy shaped by an oil-centric agenda associated with Trump. Such focus can influence strategic choices, complicate diplomacy, and raise the likelihood of escalating Gulf security tensions and volatility in global energy markets.