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Category: Renewable energy/fossil fuels

In the wake of the oil supply shock came a demand shock

In the wake of the oil supply shock came a demand shock

David Goldman writes: A decline in Chinese demand for the world’s oil has weighed significantly on global oil prices. That’s a big reason why crude never approached its 2022 prices or the record set in 2008, despite an oil shock several orders of magnitude larger than either of those preceding crises. China relies almost entirely on imports for oil. But its crude imports have fallen dramatically during the course of the war, tumbling below 8 million barrels per day from…

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Iran tells Houthis to close Red Sea gateway if U.S. hits power network, sources say

Iran tells Houthis to close Red Sea gateway if U.S. hits power network, sources say

Reuters reports: Iran has asked Yemen’s Houthi movement to stand ready to close the Red Sea oil route if the United States strikes Iranian power infrastructure, three sources told Reuters on Thursday, posing a potent new threat ​to global energy supplies. The idea has been discussed within the Islamic Republic’s leadership, and the message has been conveyed to Iran’s Houthi allies, two senior Iranian ‌sources and a regional source familiar with the matter said, speaking on condition of anonymity. The…

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A forever war in the making

A forever war in the making

Ali Vaez writes: The memorandum of understanding between the United States and Iran halted their war and provided a framework for talks over Iran’s nuclear program. Less than a month after it was signed, it has failed, and a document intended to halt a war has instead become a reason for resuming it. The immediate dispute concerns who controls the Strait of Hormuz, but more is at stake. The collapse of even this minimal understanding could remove the last barrier…

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How Trump failed to secure the Strait of Hormuz in his poorly developed ‘deal’ with Iran

How Trump failed to secure the Strait of Hormuz in his poorly developed ‘deal’ with Iran

The New York Times reports: For two months, under a quiet arrangement with the U.S. Navy, commercial tankers turned off their transponders to avoid detection by Iran as they crossed the perilous Strait of Hormuz to carry oil and gas out to the world. The military offered some air cover in case Iran attacked, as naval officers directed the vessels over the radio to hug Oman’s coast, opposite Iran’s shore. That enabled a steady increase in traffic through the strait…

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Global economy, hit by Iran war and inflation, faces sharp slowdown

Global economy, hit by Iran war and inflation, faces sharp slowdown

The New York Times reports: The global economy is set to slow sharply in 2026 after the war with Iran disrupted energy supply chains and triggered a fresh bout of inflation, the International Monetary Fund warned on Wednesday. The forecasts reflect the damaging toll from the decision by the United States and Israel to attack Iran this year. Those attacks spurred Iranian retaliation on energy infrastructure in the region, destabilizing a world economy that had already been rocked by the…

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U.S. strikes Iran and reimposes sanctions in retaliation for tanker attacks

U.S. strikes Iran and reimposes sanctions in retaliation for tanker attacks

The New York Times reports: The United States carried out airstrikes against several targets in Iran on Tuesday, hours after revoking a waiver allowing the sale of Iranian oil around the world, in a dual response to what the Pentagon said were Iranian attacks on three commercial ships transiting the Strait of Hormuz. The military’s Central Command said on social media that U.S. forces “have begun launching a series of powerful strikes against Iran to impose heavy costs for targeting…

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Gasoline shortages in wartime Russia evoke memories of the Soviet Union

Gasoline shortages in wartime Russia evoke memories of the Soviet Union

The New York Times reports: Alyona Sadovnikova first experienced gasoline shortages in mid-June, when she pulled into a station and was told it was only serving customers who had ration coupons. “I was horrified: Are we in the Soviet Union now where you had to get coupons to buy sausage?” she said in a telephone interview. Just a few days later, Ms. Sadovnikova found herself waiting 18 hours to fill up in the city of Irkutsk, in eastern Siberia, almost…

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China is the only clear winner from Trump’s war against Iran, report concludes

China is the only clear winner from Trump’s war against Iran, report concludes

The Guardian reports: China has emerged as the sole winner in Asia from the strait of Hormuz crisis, according to a report published on Tuesday. The report by the Asia Group thinktank concluded that China had weathered the storm of the global commodities crisis resulting from the closure of the Middle Eastern waterway, and also stood to gain from the economic and geopolitical trends sparked by the wider conflict. Iran virtually closed the strait, a vital waterway through which much…

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After U.S.-Iran War, Oman said to propose Hormuz joint fee plan

After U.S.-Iran War, Oman said to propose Hormuz joint fee plan

The New York Times reports: Iran and U.S.-allied Oman are moving forward with plans to collect payment for ships transiting the Strait of Hormuz, despite public American objections, according to an Iranian official and four diplomats with knowledge of the matter. If enacted, the plans would be a significant change from the prewar status in the strategic waterway, underscoring how the American-Israeli decision to attack Iran on Feb. 28 has changed the Middle East in far-reaching and unanticipated ways. Before…

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Iran estimates $40 billion windfall from reopening Strait of Hormuz shared with Gulf states

Iran estimates $40 billion windfall from reopening Strait of Hormuz shared with Gulf states

The Wall Street Journal reports: Iran is pushing to make billions of dollars from the Strait of Hormuz as the regime positions itself to manage the global oil artery it severed at the start of the war. The Islamic Republic estimates that charging for security, safety and environmental services in the strait would bring in $40 billion a year in revenue for states involved, according to officials familiar with the matter. The idea, if implemented, would give Tehran cash flow…

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Beyond denial: How oil industry executives shaped a landmark climate study

Beyond denial: How oil industry executives shaped a landmark climate study

By Katie Worth This story was originally published by ProPublica It is rare that a single scientific paper shapes how people think about a challenge as daunting as climate change. But one, known as “Wedges,” published 22 years ago by researchers at Princeton University, told an irresistible story.  It made solving climate change seem possible, even simple. It claimed that the world didn’t have to wait for innovation because it had the tools to start work immediately. The trick was to…

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I cold-called President Trump. Here’s what he told me about an oil tycoon and major donor

I cold-called President Trump. Here’s what he told me about an oil tycoon and major donor

By Alex Cuadros This story was originally published by ProPublica My family’s morning routine is usually pretty ordinary. We wake up early, drink some coffee and get our 1-year-old ready for daycare. But one Wednesday morning last month, I found myself uttering to my wife a sentence that sounded frankly surreal to both of us: “Just to let you know, I’m about to call Trump.” Then, hoping to avoid any urgent diaper events, I ducked into the next room and…

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The storage tanks in Cushing, Oklahoma, are hitting bottom. The oil market is about to hit a tipping point

The storage tanks in Cushing, Oklahoma, are hitting bottom. The oil market is about to hit a tipping point

CNN reports: Cushing, Oklahoma, dubs itself the pipeline crossroads of the world. The tagline is emblazoned on a giant roadside sign fashioned out of pipes on the corner of Main Street and South Stiles Road. It has a valve and everything. But it’s not just a slogan. In 1912, Tom Slick (his real name) was passing through what’s now Drumright, Oklahoma, when he smelled oil. He bought the land for $1 an acre and started digging, uncovering what was then…

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Oil executives warn White House that gas prices will get worse

Oil executives warn White House that gas prices will get worse

The Washington Post reports: Oil and gas executives have warned the White House that gasoline prices could surge in coming months as fuel inventories fall to critical lows, complicating the Trump administration’s efforts to contain inflation that has already rattled American consumers. Industry officials say they are doing everything they can to sound an alarm that prices are about to soar as the commercial and government inventories that have mitigated price rises so far are rapidly depleting, according to multiple…

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China is propping up the global economy by importing a lot less oil

China is propping up the global economy by importing a lot less oil

The Wall Street Journal reports: A sharp fall in China’s crude oil imports during the Iran war has been instrumental in holding down oil prices and keeping the global economy humming. Clues are emerging in the mystery of the missing three million barrels—the oil that China would normally be importing but isn’t now. Chinese people are driving fewer gasoline-powered cars and taking trains instead of planes. The country is dialing back operations at the plants that turn crude oil into…

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Is the U.S. secretly sneaking oil through the Strait of Hormuz, as Trump claims?

Is the U.S. secretly sneaking oil through the Strait of Hormuz, as Trump claims?

ABC News reports: Soon after President Donald Trump said in the Oval Office on Wednesday that the United States has been secretly ferrying “millions of barrels” of oil through the Strait of Hormuz, Trump announced on social media that “more than 100 MILLION Barrels of Oil” and “more than 200 Commercial Ships” have successfully traveled through the strait. “Last month, I directed our Great U.S. Military to execute a secret mission to support Oil Tankers and other Commercial Ships through…

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