The current oil crisis isn’t like previous ones — and consumers will have to bear the brunt of it even as they grapple with rising inflation, Angela Wilkinson from the World Energy Council told CNBC. “I think this is a first global energy shock, this isn’t the same as the 1970s crisis, oil shock crisis.
Month: May 2022
A wind turbine and coal in Lower Saxony, Germany. The EU’s desire to wean itself off Russian hydrocarbons means it will need to find fossil fuels from other parts of the world to plug supply gaps. Mia Bucher | Picture Alliance | Getty Images The European Commission has fleshed out details of a plan to
BlackRock Inc. told Texas it’s committed to helping clients invest in the energy industry, rebutting suggestions by state officials that the firm boycotts fossil-fuel companies through its advocacy for sustainable investing. The world’s largest asset manager oversees about $310 billion of investments in energy firms worldwide, including more than $115 billion in Texas companies, BlackRock
By Simon Alvarez Posted on May 20, 2022 Elon Musk is out for blood. Amidst the emerging “Elongate” scandal, the CEO has announced the formation of a “hardcore litigation department” for Tesla that directly initiates and executes lawsuits. The team will be reporting directly to Musk. Musk posted the following commitment to the upcoming litigation
During its inaugural Einride Mesh technology conference, autonomous EV freight company Einride introduced new software and hardware products. This includes updates to its Saga operating system, as well as the debut of Einride’s new E-Trailer – design concept that brings brings end-to-end payload intelligence along with added overall range from its integrated battery. Einride is
Tesla’s Model 3 at the Tesla store in Washington, D.C. Salwan Georges | The Washington Post | Getty Images Automakers from Tesla to Rivian to Cadillac are hiking prices on their electric vehicles amid changing market conditions and rising commodity costs, specifically for key materials needed for EV batteries. Battery prices have been declining for
A group of Ukrainian women demonstrate to call for further action against Russia near the headquarters of the EU Commission in Brussels, Belgium. Thierry Monasse | Getty Images News | Getty Images LONDON — Reflecting on energy markets just over one month into Russia’s onslaught in Ukraine, Saudi Arabia’s top energy official said: “Look at
Consumers are already feeling pinched at the pump with gas prices at record levels, and it could be about to get worse, according to JPMorgan. The firm forecasts the national average surging above $6 come August, topping out at $6.20 for a gallon of regular gasoline. If these prices come to fruition, JPMorgan said it
Seismic player CGG announced today that Sercel, its sensing and monitoring division, has acquired Geocomp Corporation, which specializes in high-value services and products for geotechnical risk management and infrastructure monitoring. With CGG continuing to accelerate its development of a portfolio of unique technologies focused on rapidly growing Beyond the Core markets, this acquisition gives Sercel
By Simon Alvarez Posted on May 20, 2022 Federal Judge James Donato from California has formally dismissed a securities fraud and defamation lawsuit filed by a Tesla bear against CEO Elon Musk, Tesla, and a Model 3 owner. The order was filed on Thursday. In the order, Judge Donato noted that the lawsuit filed by
In this article .FKRX300 VOW3-DE BMW-DE 7203.T-JP RNO-FR Details of Renault’s Scénic Vision concept car were presented to the public on May 19, 2022. The firm’s idea of developing a passenger vehicle that uses hydrogen technology is not unique. Benjamin Girette | Bloomberg | Getty Images Renault has released details of an electric-hydrogen hybrid concept
A drilling rig at a gas processing facility, operated by Gazprom. Maxim Shemetov | Reuters Russia may have just made its first retaliatory move against Finland after lawmakers in Helsinki officially applied to join the military alliance NATO. Gasum, Finland’s state-owned gas wholesaler, said in a statement Friday morning that natural gas imports from Russia
As the summer driving season nears, gasoline prices show no signs of slowing down. The national average for unleaded gas hit a new high of $4.59 per gallon Thursday, according to AAA. For the first time ever, the average price was $4 per gallon or above in all 50 states this week, AAA data shows. Last year at
Oil rose in a choppy trading session as equity markets pared losses, shrugging off concerns of an economic recession. West Texas Intermediate settled near $112 a barrel after trading in a $7 range on Thursday. Earlier, investors shied away from equities after Federal Reserve officials reaffirmed much tighter monetary policy lies ahead to cool an
By Joey Klender Posted on May 19, 2022 Hyundai Motor Group and affiliate automaker Kia have agreed to spend $16.5 billion to produce electric vehicles at a new factory in South Korea. Hyundai Motor Group, which includes Kia, Hyundai Motor, and Genesis, said the factory will build 150,000 vehicles every year, supplying Hyundai and Kia
Elon Musk, CEO of both Tesla and SpaceX, is being accused of sexual misconduct in a new report. Without directly commenting on the case, Musk is hinting that it is part of a campaign of “political attacks” carried out by Democrats. The alleged misconduct dates back to 2016, but it is coming out now after
In this article @RB.1 @CL.1 A sign displays gas prices at a gas station on May 10, 2022 in San Mateo County, California. Liu Guanguan | China News Service | Getty Images The surge in gasoline prices is impossible to miss and at the top of consumers’ minds as large billboards announce that gas now
An oil flare burns at Repsol’s oil refining complex in Cartagena, Spain. Repsol was one of the top sellers of assets between 2017 and 2021 in EDF’s analysis. Bloomberg | Bloomberg | Getty Images Oil and gas giants are increasingly selling off dirty assets to private firms, amplifying concerns that the fossil fuel industry’s traditional
A woman rides an electric bike past a gas station as current gasoline prices continues to climb close to record setting territory in Encinitas, California, May 9, 2022. Mike Blake | Reuters U.S. households are now spending the equivalent of $5,000 a year on gasoline, up from $2,800 a year ago, according to Yardeni Research.
Oil fell to the lowest in nearly a week amid a broader market selloff while additional coronavirus outbreaks in China dampened crude’s demand outlook. West Texas Intermediate settled below $110 a barrel after earlier rising to above $115. Beijing reported more new cases on Tuesday while Tianjin’s Binhai area put another area under lockdown. The
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