Energy
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Wind energy CEO says company must ‘adapt’ as Trump offers $2 billion to kill offshore wind projects
As the Trump administration considers shelling out billions to shutter offshore wind projects, energy executives are facing the uncomfortable reality that renewable energy may no longer be a viable business in the U.S. Earlier this week, Trump’s Department of the Interior said it would pay offshore wind ventures Bluepoint Wind and Golden State Wind a…
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Trump spent nearly $2 billion of taxpayer money to undo wind projects already underway. Dems demand answers
The Trump administration is spending nearly $2 billion to get energy companies to walk away from U.S. offshore wind projects. Democrats in Congress are investigating. The Republican administration adopted this strategy after federal courts thwarted President Donald Trump’s efforts to stop offshore wind development through executive action. Three agreements have been announced. U.S. Reps. Jared…
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‘Take the money and run’: Johns Hopkins economist Steve Hanke on why the UAE quit OPEC
The decision was shocking. But the announcement April 28 that the UAE was leaving OPEC caps years of tension where the desert state chafed under the cartel’s quotas, and recently, encountered severe strain in its relationship with Saudi Arabia, the group’s most potent force by far. Though it had felt strains before, it was the…
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BP’s profits more than doubled at the war in Iran pushed gas prices to new multiyear highs
BP’s profit more than doubled in the first quarter as the war in Iran drove energy prices sharply higher. On the same day that the British energy giant reported a banner financial performance, gasoline prices in the U.S. hit new multiyear highs, a point of increasing agitation for travelers, households and also businesses that are…
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Activists call surging oil and gas profits ‘horrifying’ as energy giants post profits twice as high as 2025
If drivers saddled with pricey fees at the pump have been one of the biggest economic losers of the war in the Middle East, the companies selling that gasoline have emerged as the conflict’s clear winner. In mid-March, when the war was only two weeks old, market capitalization at the world’s six largest energy firms…
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OPEC shocker as UAE leaves oil cartel days after negotiating swap lines with Scott Bessent’s Treasury
The United Arab Emirates stunned the already reeling global energy markets Tuesday by announcing it is quitting both OPEC and OPEC+, dealing a heavy blow to the oil exporters’ cartel and its de facto leader, Saudi Arabia—and doing so just days after Treasury Secretary Scott Bessent publicly backed an emergency dollar swap line for Abu…
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As Spirit Airlines looks for a lifeline, Frontier and Avelo are asking the Trump administration for $2.5 billion to cover jet fuel costs
As sky high jet fuel prices continue to put intense pressure on airlines’ bottom line, budget airlines are looking for a way to make ends meet. As the federal government weighs a $500 million bailout for Spirit Airlines, more budget airlines are now turning to the Trump administration to stay above the clouds. A group…
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Shell reverses course in Canada and buys ARC Resources for $14 billion, doubling down on oil and gas
Nearly a decade after selling its dirtier Canadian oil sands assets amid the global transition to clean energy, Big Oil giant Shell is reversing course in Canada and buying ARC Resources for nearly $14 billion. While Shell followed the energy supermajor trend of exiting Canadian oil sands in the prior decade, Shell’s acquisition of ARC…
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Chevron CEO says Venezuela must do more for oil industry revival
Chevron Corp. Chief Executive Officer Mike Wirth said changes to Venezuela’s oil policy are a sign of progress in trying to attract foreign investment, though further measures are needed. “It moves things in a positive direction,” Wirth said on CBS’ Face the Nation. “It still needs some work. It’s probably not enough to bring in…
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From maritime trench warfare to a ‘sloppy peace’: Here’s how the Strait of Hormuz standoff could play out, according to Goldman Sachs
Unless Iran’s regime collapses, the Strait of Hormuz will never be open like it was before the war, according to Jared Cohen, co-head of the Goldman Sachs Global Institute and the bank’s president of global affairs. Since the U.S. and Israel launched their war in late February, Tehran has discovered how much leverage it can wield…