Energy
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Haiti stares down starvation as Iran War drives 200,000 into acute food emergency status
For a factory worker in Haiti, the war in distant Iran means he now has to walk two hours to work and the same distance home each day, because he can no longer afford public transportation. On a recent morning, Alexandre Joseph, 35, fretted about his family’s future in a loud voice, attracting the attention…
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Former ‘Citgo 6’ political prisoner sees ‘karma’ in Maduro ouster, but Venezuelan oil won’t rebound until there’s true regime change
Watching Nicolás Maduro transported in handcuffs by U.S. officials in January, José Pereira felt a sense of retribution and a release of eight years of pent-up anger. “That is exactly what this guy did to us,” Pereira said of the former Venezuelan strongman leader. “For me, it was like, ‘Wow, now you’re suffering. Now, this…
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Three oil supertankers appear to make move through Hormuz
Two Chinese supertankers loaded with crude appeared to be transiting the Strait of Hormuz hours after a Greek vessel moved through the waterway, in what would mark a significant uptick in oil shipping traffic days after a fragile ceasefire between the US and Iran was announced. If all three pass on Saturday — the journey…
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Some of cheapest fuel can be found on Native American reservations as tribes are exempt from state gas taxes
Junelle Lewis was on the hunt for a reprieve from Seattle-area gas prices driven high by the Iran war when an app on her phone gave her the answer: the Tulalip Reservation north of the city, almost half an hour from her home. She didn’t hesitate. “I purposely drove here just for the gas,” Lewis…
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Over a third of Ireland’s fuel stations are empty and truck and tractor drivers are protesting nationwide
Protests over the soaring cost of fuel spread disruption across Ireland on Saturday with many gas stations running dry as truck and tractor drivers staged a fifth day of blockades at the country’s sole fuel refinery and several depots. Vehicles blocking traffic led to closures of the main highway around the capital, Dublin, as well…
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Data centers and gas demand make boring pipelines great again
New pipeline construction is almost as hard to find in New York and New England as the Loch Ness Monster is in Scotland. But there’s now a NESE (pronounced “Nessie”) sighting in Brooklyn. Oklahoma-based Williams Companies will break ground April 14 on the Northeast Supply Enhancement pipeline that expands its Transco natural gas network in…
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Only five ships crossed the Strait of Hormuz Thursday, far below Iran’s pledge as negotiations begin
Only five ships moved through the Strait of Hormuz on April 9 during the ceasefire agreement between Iran and the U.S. and Israel, according to S&P Global Market Intelligence data. That number of ships, three tankers and two other vessels, is significantly below the “minimum of fifteen” ships Iran had promised would pass through the…
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Jet fuel supply disruptions are comparable to 9/11 and could take months to replenish even if Hormuz Strait is reopening, airline trade group warns
The Iran war caused oil prices to skyrocket by up to 70% in just weeks, but it will take a matter of months before jet fuel prices return to their pre-conflict levels, warned the head of the International Air Transport Association (IATA) representing global airlines. Jet fuel makes up 27% of an airline’s operating budget,…
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A global food emergency: Why the closed Strait of Hormuz puts half the world’s calories at risk
The global energy crisis caused by the closure of the Strait of Hormuz is only the beginning of the economic cost of the war with Iran. I study how institutions affect businesses and supply chains, and I expect food prices to rise next, with high prices lasting even after whatever point hostilities end. Along with…
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Deutsche Bank says China is energy ‘winner’ in age of war
As war injects extreme volatility into oil and gas markets, the global race for energy security is making China stronger, according to Jacky Tang, emerging markets chief investment officer at the private banking arm of Deutsche Bank AG. “China is the winner in this war from an economic standpoint, from an energy mix standpoint,” he…