Energy
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Panama Canal surge pricing: up to $4 million paid out with Strait of Hormuz still closed
Businesses have doled out up as much as $4 million to move boats through the Panama Canal with the Strait of Hormuz effectively closed, according to the Panama Canal Authority, in a move that has created a seismic shift in global trade flows. While passage through the waterway usually comes at a flat rate via
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California’s oil and jet fuel supply is getting slammed by a perfect storm of unfortunate timing—and help is years away
Europe is facing more widespread fuel shortages heading into the summer as the war in the Middle East drags on, but shortfalls—especially for jet fuel—will soon spread to California and the broader West Coast as the global energy supply shock ripples across the world. While the U.S. leads the world in crude oil production, California
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Trump’s strategy for a mined-shut Strait of Hormuz: appease Joe Rogan with psychedelics and weed
With the Iranian military having mined the Strait of Hormuz and a classified Pentagon briefing warning it could take six months to clear — a timeline the Defense Department is publicly dismissing — President Trump signed an executive order on psychedelics with Joe Rogan at his side, then moved to reclassify marijuana, handing cultural wins
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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