Energy
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One economist’s ‘radical idea’ to solve the biggest energy crisis in history: a reverse OPEC
The world is facing the largest energy crisis in modern history—and the U.S. may be the country with the most power to do something about it. Oil exports are projected to slow by 1.5 million barrels per day in the second quarter of 2026, leaving Pakistan, Indonesia, and the Philippines within days of running out
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Exxon Mobil CEO sees ‘more to come’ on price spikes from Iran war as Exxon, Chevron beat on earnings despite plunging profits
Exxon Mobil CEO Darren Woods predicted that crude oil and fuel prices will continue to surge higher in the weeks ahead if the Strait of Hormuz remains blockaded. Both Exxon and Chevron are projecting big profit gains in the ongoing second quarter because of higher prices, even with some of their Middle Eastern operations remaining
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Utility CEOs pocket $626 million as American energy bills hit record highs
For years, American households have been watching their electrical bills gradually tick higher. As it turns out, the chief executives of the country’s largest investor-owned utilities were doing the same thing while looking at their paychecks. Last year, 51 electrical and gas utility companies in the U.S. paid their CEOs a collective $626 million, according
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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