U.S. President Donald Trump issued several pipeline permits on Wednesday, including one for the construction of a new pipeline, to facilitate the transportation of crude oil and petroleum products between the U.S. and Canada.
In Europe, we have maybe six weeks or so (of) jet fuel left. If we are not able to open the Strait of Hormuz ... I can tell you soon we will hear the news that some of the flights from city A to city B might be canceled as a result of lack of jet fuel.
Shipping costs have increased by more than 10 percent in the past month due to the US-Israel war on Iran. The 60-day waiver for the Jones Act aimed to lower energy costs but has had little impact on oil prices, which continue to rise amid the ongoing conflict.
Investor-owned utilities are signaling a record-breaking wave of capital spending, and history shows that those plans are often a leading indicator of future utility rate increase requests.
Octopus Energy reported that its heat pump orders more than doubled in March compared to February, while sales of solar power systems increased by almost 80%. This trend reflects a growing consumer shift towards renewable energy solutions.
"We have recently launched the largest ever release of IEA emergency oil stocks - and I am in close contact with key governments around the world, including major energy producers and consumers, as part of our international energy diplomacy."
At a meeting at the Paris headquarters of the intergovernmental body dedicated to global energy security, Wright referred to the "destructive illusion" of the IEA's commitment to massively reducing greenhouse gas emissions sourced from fossil fuels. The US, one of 45 member and associate countries of the IEA that represent 75% of the world's energy demand, is threatening to withdraw from the body if it does not quit its energy transition goals in the next year.
Oil markets are global so the response to major disruptions needs to be global, too. Energy security is the founding mandate of the IEA, and I am pleased that IEA members are showing strong solidarity in taking decisive action together.
The US is leading a huge global surge in new gas-fired power generation that will cause a major leap in planet-heating emissions, with this record boom driven by the expansion of energy-hungry datacenters to service artificial intelligence, according to a new forecast. This year is set to shatter the annual record for new gas power additions around the world, with planned and under-construction projects earmarked for 2026 set to nearly triple the amount of existing gas capacity, a report by Global Energy Monitor (GEM) found.