Energy
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‘The biggest energy security threat in history’: IEA chief warns 13 million barrels a day are gone with no cure in sight
Even as the U.S. and Iran hold a fragile ceasefire, the global energy crisis shows no sign of easing. In an interview with CNBC Thursday, Fatih Birol, the executive director of the International Energy Agency, called the ongoing energy crisis an unprecedented inflection point for the global economy. “We are facing the biggest energy security…
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40 years after Chernobyl, Iran War pushes world toward nuclear again. What could go wrong?
The 1986 Chernobyl disaster fueled global fears about nuclear power and slowed its development in Europe and elsewhere. Four decades later, however, there’s a revival around the world, a trend that has been given a big boost by war in the Middle East. Over 400 nuclear reactors are operational in 31 countries, while about 70…
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Feud between AI power startup Fermi and its fired CEO and top shareholder heats up over proposed sale
The new leadership of the AI power startup Fermi is feuding with its fired CEO and top shareholder over a potential sale of the company. The struggling Texas company, which went public last year at a nearly $20 billion market cap, aspires to build the largest data center campus in the world, called Project Matador,…
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How the Iran energy crisis is supercharging Southeast Asia’s EV transition
Southeast Asia’s motorists are increasingly feeling the pinch as the Iran energy crisis extends into its eighth week. Fuel prices have soared across the region, and drivers are waiting in long lines outside petrol stations in Thailand, Vietnam, and the Philippines, hoping to fill their tanks. While oil prices have slipped from their highs just…
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Halliburton CEO: U.S. oil is in the ‘early innings’ of a rebound—and a drilling ramp up is coming
The U.S. oil sector has entered the “early innings” of a rebound with more growth to come, Halliburton chairman and CEO Jeff Miller said Tuesday, explaining that the Iran war is forcing countries to prioritize energy security by capturing more barrels both domestically and from other regions outside the Middle East. Amid the pain of…
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U.S. Energy Sec says gas prices have likely peaked, but won’t go below $3 until 2027. Trump says he’s ‘totally wrong’ about the timeline
After U.S. gas prices soared to over $4 a gallon this month, Americans are cautiously exhaling a long-held breath that they’ve been holding for weeks since the Iran war began. But Energy Secretary Chris Wright says it may be quite some time before Americans see any price reduction at the gas pump. “That could happen…
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Struggling AI power startup Fermi loses its CEO and CFO for ‘2.0’ reset
The struggling AI power startup Fermi is losing both its CEO and chief financial officer as it launches a “2.0” reset to attract customers for the largest data center campus project in the world in the rural Texas Panhandle. Fermi, which is backed by former U.S. Energy Secretary Rick Perry, saw a massively successful IPO…
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White House-backed USA Rare Earth makes $3 billion acquisition into South America to combat Chinese dominance
USA Rare Earth, a Trump administration-backed miner and manufacturer, is expanding into a larger global player through a nearly $3 billion acquisition of the Serra Verde Group, owner of Brazil’s Pela Ema rare earths mine and processing plant. The April 20 deal—for more than $2.5 billion in stock and $300 million in cash—helps turn USA…
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Spirit Airlines looked it was in the clear of reemerging from bankruptcy, but rising fuel costs threaten its exit
Spirit Airlines’ emergence out of its second bankruptcy in as many years is under pressure as jet fuel prices soar. On Feb. 24, just days before the war in Iran began, Spirit announced that it expected to exit Chapter 11 bankruptcy in the late spring or early summer, after striking a deal with its lenders…
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Southeast Asia’s short-term solution to the global energy crunch? Russian crude.
The Middle East conflict, and Iran’s shuttering of the Strait of Hormuz, has thrown the world into its worst energy crisis in decades. Southeast Asia, which relies on the region for over half of its oil and LNG imports, has been particularly hard hit, with governments frantically looking for alternate sources of oil and gas.…