Energy
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The oil crisis is so bad in Kenya that protesters have lit bonfires in the middle of Nairobi
Protests erupted in Kenya’s capital Nairobi Monday as a nationwide public transport strike kicked off in protest at rising fuel prices. Commuters were stranded in various suburbs and the city center remained deserted. Drivers with private vehicles opted to stay home as protesters burned tires on major roads. The Kenya Association of Private Schools had…
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Markets are jittery as the global oil crisis bleeds into a global debt selloff, while Trump weighs new military options on Iran
Stock futures dipped Sunday as investors were forced to confront the inconvenient reality that the Strait of Hormuz remains closed with oil markets edging closer to a cliff’s edge. Futures tied to the Dow Jones industrial average fell 123 points, or 0.25%. S&P 500 futures were down 0.09%, and Nasdaq futures lost 0.04%. U.S. oil futures rose 1.75% to…
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Drone strike sparks fire at UAE nuclear power plant, the first time it’s been attacked since the Iran war started
A drone strike targeted the United Arab Emirates’ sole nuclear power plant on Sunday, sparking a fire on its perimeter. There were no reports of injuries or radiological release, but it highlighted the risk of renewed war as the Iran ceasefire remains tenuous. No one immediately claimed responsibility, and the UAE did not blame anyone.…
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Some states blast utilities for ‘blatant corporate greed’ as profits rise while consumers revolt against AI-fueled electric bills
The artificial intelligence boom is leading to fights in some states over growing utility profits, as governors, attorneys general and others protesting rising electricity bills say cash-strapped residents are stuck in a broken system. Officials and lawmakers in at least six states — including Arizona, Indiana, Maryland, New Jersey, New York and Pennsylvania — are…
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New NRG Energy CEO leans into growth with ‘bring your own power’ for the AI boom and affordability with ‘virtual power plants’
Robert Gaudette took over as the new CEO of power and electricity giant NRG Energy at the end of April ready to ride the AI wave and build the “bespoke desires and needs” of hyperscalers nationwide. But NRG isn’t only in the business of rapidly building new power plants—primarily gas-fired facilities—to satiate the hunger of…
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U.S. allows Russia oil sales waiver to expire despite tight market
The Trump administration allowed a waiver that encouraged more Russian crude sales to lapse, even as the Iran war stokes concerns about global oil supplies and higher fuel costs. The expiration effectively ends for now a brief period where the administration eased sanctions on some Russian oil, enabling purchases that would otherwise be barred. The…
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Oil markets could be a month away from the moment of truth. Brace for a ‘non-linear’ price spike and panic buying, analysts warn
Dire warnings about oil supplies are coming from everywhere lately as the Strait of Hormuz remains largely closed while President Donald Trump’s trip to China failed to produce a breakthrough to reopen the critical waterway. While investors have been trading on hopes that the Iran ceasefire will remain intact, there is little sign that the…
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Peter Thiel is leading investment in an ocean data center powered by waves—and the startup is reportedly worth $1 billion
As hyperscalers like Alphabet look to the skies as the next frontier of data centers, Peter Thiel is looking to the seas. Panthalassa, a U.S.-based start up betting on ocean waves to power a fleet of floating data centers, announced $140 million in funding earlier this month led by Thiel. The funding pushes Panthalassa’s valuation…
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The airplane fuel shortage is a myth propagated by airlines who want to cancel unprofitable flights, says private jet CEO
There is no jet fuel shortage, according to Greg Raiff, CEO of private jet services company Elevate Jet. The Strait of Hormuz may be closed, locking away more than 20% of the world’s supply of jet fuel. Major airlines have cancelled hundreds of flights all over the world. And Europe may reach a 23-day shortage…
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Fervo becomes clean energy’s biggest-ever IPO with $10B valuation—powered by the earth’s heat and AI’s hunger
Houston geothermal startup Fervo scored Wall Street’s biggest clean energy IPO ever, and its stock opened 35% higher on May 13 for a market cap above $10 billion. Bill Gates-backed Fervo aims to take the nascent industry mainstream to power the AI boom in short order. The technology combines old-school geothermal science with modern oil-drilling…