IEA chief criticizes artificial tightness in energy markets, says some failed to help cool prices

Petroleum pump jacks are pictured in the Kern River oil field in Bakersfield, California. Jonathan Alcorn | Reuters The head of the world’s leading energy authority has said that some countries had failed to adopt a helpful position to calm soaring oil and gas prices, criticizing “artificial tightness” in energy markets. “[A] factor I would … Read more

China is joining the US and other countries in tapping emergency oil reserves

The White House announced Tuesday that the United States would release about 50 million barrels from its Strategic Petroleum Reserve, and that China, Japan, India, South Korea and the United Kingdom would participate in the coordinated move. According to the International Energy Agency, which monitors global oil supplies on behalf of the world’s leading economies, … Read more

Former Trump energy secretary says releasing oil from reserves is ‘bad policy choice’

Oil wells pumping outside of Midland Texas. Joe Sohm | Visions of America | Universal Images Group | Getty Images The Biden administration’s decision to release oil from U.S. reserves is a “mistake,” former U.S. Energy Secretary Dan Brouillette told on Wednesday. “I do think it’s a bad policy choice. There’s no question about that,” … Read more

Market is ‘one more bad inflation report’ away from a correction, Wharton’s Jeremy Siegel warns

Long-term market bull Jeremy Siegel expects a serious pullback that it isn’t tied to the Covid-19 surge risks. His tipping point: a drastic change in Federal Reserve policy in order to deal with hot inflation. “If the Fed suddenly gets tougher, I’m not sure that the market is going to be ready for a U-turn … Read more

Illinois paid $694 million to keep nuclear plants open, showing why greening the grid is so hard

Byron, UNITED STATES: The Exelon Byron Nuclear Generating Stations running at full capacity 14 May, 2007 in Byron, Illinois, is one of 17 nuclear reactors at 10 sites in three US states, is the nation’s largest operator of commercial nuclear power plants and third largest in the world. In the US, nuclear operators have focused … Read more

Europe was already facing a winter gas crisis. The risks just got even bigger

European natural gas futures finished almost 18% higher on Tuesday and rose again on Wednesday. UK wholesale prices also surged. They’re now heading back towards record levels seen in early October, when some factories in Europe and the United Kingdom were shuttered because their operations had become unprofitable. The unease reflects a growing uncertainty: As … Read more

Biden calls on FTC to probe anti-consumer behavior by energy companies as gas prices soar

US President Joe Biden speaks during an event to commemorate Veterans Day at The Tomb of the Unknown Soldier at Arlington National Cemetary in Arlington, Virginia on November 11, 2021. Nicholas Kamm | AFP | Getty Images President Joe Biden is asking the Federal Trade Commission to look into behavior from energy companies as prices … Read more

Australia news live blog: Queensland eases Covid border restrictions; NSW regional areas brace for flood evacuation

11.15pm GMT23:15 There will be no more state-wide Covid lockdowns in South Australia, premier Steven Marshall has promised, as the state plans to open its borders. He said: In the past, we’ve had to take a pretty heavy-handed approach, quite frankly, because a single case could set off a cluster which would lock down our … Read more

Goldman and VW-backed Northvolt produces battery cell with recycled nickel, manganese and cobalt

Krisztian Bocsi | Bloomberg Creative Photos | Getty Images Swedish battery firm Northvolt said Friday it had produced its first battery cell with what it described as “100% recycled nickel, manganese and cobalt.” In a statement, the Stockholm-headquartered company — which has attracted investment from Goldman Sachs and Volkswagen, among others — said the lithium-ion … Read more

U.S. official says Russia ‘took advantage’ of Europe’s energy crisis

Russia did not cause Europe’s energy crisis — but it didn’t help, and instead tried to benefit from the situation, according to Amos Hochstein, the U.S. State Department’s senior advisor for global energy security. “It sure didn’t do anything that it could to alleviate [the energy crunch], and in fact, took advantage of it,” Hochstein … Read more