DIRS.INFO The most relevant business & tech news

☆ What could get more expensive if Trump launches a new trade war with Mexico and Canada
▼ + stars: | 2024-11-26 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

While leaders of the two nations continue to butt heads, US consumers have paid the price, shelling out more money on goods imported from China. Now Trump is focusing his attention on America’s largest and third-largest trading partners: Mexico and Canada. The 25% tariff Trump floated would have “huge impacts” on gas prices, amounting to an increase between 25 cents to 75 cents per gallon, he said. Said differently, your guac and avocado toast could skyrocket if 25% tariffs are levied on Mexico. Bottom line: It’s going to hurtThe new round of tariffs Trump is prepared to impose comes as the US has grown increasingly reliant on imports from Mexico and Canada.

Persons: Donald Trump’s, Trump, Joe Biden, Brace, Todd Korol, ” Patrick De Haan, Ulises Ruiz, Said, Maurico Palos, tariffs Trump, That’s Organizations: New, New York CNN, Trump, Gas, US Energy Information Administration, Rockies, Produce, Commerce Department, AFP, Getty, United, United Nations ’, General Motors, Ford, General Motors Co, Silao, Bloomberg Locations: New York, America, China, Mexico, Canada, West Coast, Kindersley , Saskatchewan, Great Lakes, Midwest, United States, Cerritos, Ciudad Guzman, Jalisco, Silao, Guanajuato

☆ Trump ups the ante on tariffs, vowing massive taxes on goods from Mexico, Canada and China on Day 1
▼ + stars: | 2024-11-25 | by ( David Goldman | ) edition.cnn.com time to read: +6 min

CNN —President-elect Donald Trump on Monday promised massive hikes in tariffs on goods coming from Mexico, Canada and China starting on the first day of his administration. What America importsThe United States’ top import from Canada is oil, which reached a record 4.3 million barrels per day in July, according to the US Energy Information Administration. The United States imports a significant amount of electronics from China, in addition to machinery, toys, games, sports equipment, furniture and plastics. The Trump tariffs also hit foreign steel, aluminum, washing machines and solar panels. He did just that when he was last in the White House, placing large tariffs on goods, primarily from China.

Persons: Donald Trump, Trump, ” Trump, “, ”, Liu Pengyu, ” Liu, Dow, Karl Schamotta, United Nations ’, It’s, Scott Bessent, Bessent’s, Trump’s, CNN’s Matt Egan, Jack Forrest Organizations: CNN, United, Embassy, United States, Canadian, Nasdaq, Treasury, America, US Energy Information Administration, United Nations, Commerce Department, Peterson Institute for International Economics, Senate, Commerce, US Trade Representative Locations: Mexico, Canada, China, “, United States, United, America

☆ AI is both a new threat and a new solution at the UN climate conference
▼ + stars: | 2024-11-24 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

AI is also ushering in an era of nuclear power, however, which is cleaner. Tech companies are investing in nuclear power plants to fuel AI data centers. Some industry leaders believe that nuclear energy might be the only reliable way to meet the demands of the AI revolution. "AI requires massive, industrial-scale amounts of energy," Franklin Servan-Schreiber, the CEO of nuclear energy startup Transmutex, previously told Business Insider. According to the Financial Times, last week, at the UN COP29 climate summit in Baku, Azerbaijan, Big Tech companies flew under the radar more than usual.

Persons: Fabrice, Franklin Servan, Schreiber, Edwin Lyman, Toby Rice, EQT, Rice, Kevin Thompson, Jensen Huang Organizations: Tech, US Energy Information Administration, Companies, Google, Union of, Scientists, Wall Street, Financial Times, UN, Big Tech, McKinsey, Nvidia, Hong Kong University of Science, Technology Locations: United States, Washington ,, Baku, Azerbaijan

☆ Trump’s pick for fracker-in-chief will have a tough time pumping a lot more oil
▼ + stars: | 2024-11-18 | by ( Auzinea Bacon | Chris Isidore | ) edition.cnn.com time to read: +4 min

Trump has said he wants to lower gas prices — which currently average $3.07 per gallon — to below $2 a gallon. But the American oil industry is already booming and increasing output doesn’t mean gas prices will drop. After oil prices shot up in 2022 in the wake of Russia’s invasion of Ukraine and the sanctions on Russian oil imposed by western countries, major oil companies reported record profits. But are we going to increase oil production by another 50%? OPEC+, a group of leading oil-producing countries, even delayed plans to increase production because of concerns about excess supply.

Persons: Donald Trump, ” Trump, Trump, Chris Wright, Wright, Andy Cross, Andy Lipow, ” Lipow, “ It’s, Biden, ”, Bob McNally, George W, Bush, CNN’s David Goldman, Matt Egan Organizations: CNN, Liberty Energy, Liberty, Denver Post, US Energy Information Administration, P, Insights, Eurasia Group, Texas Intermediate, OPEC, Lipow Oil Associates, Energy, Oil Locations: Denver, States, Saudi Arabia, Russia, Eurasia, Ukraine, China, OPEC

☆ Trump said he'll unleash an oil boom. Exxon Mobil CEO says not so fast.
▼ + stars: | 2024-11-12 | by ( Catherine Boudreau | Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

Trump has said he plans to bring down gas prices by boosting US oil production. AdvertisementDuring the presidential campaign, Trump said that he planned to lower energy prices — including the cost of gas — by increasing US oil production. Cahill added that he expects the US to increase oil production, but it will happen gradually. However, he said boosting oil production while keeping prices at a desired level is a "delicate balance" for the industry. "If oil prices drop, you're likely to see a natural decline in US oil production over the long run," he said, adding, "Oil companies have shareholders to be accountable to."

Persons: Trump, Darren Woods, —, Donald Trump's, Semafor, Ben Cahill, Cahill, Woods, Patrick De Haan, Joe Biden Organizations: ExxonMobil, Service, Energy, University of Texas, US Energy Information Administration, CNBC, Trump, OPEC, US, Wall Street, Exxon Locations: China, Austin, Gulf, Mexico, Paris

☆ Women soccer players call on FIFA to cut ties with Saudi oil giant Aramco
▼ + stars: | 2024-10-21 | by ( Ben Church | ) edition.cnn.com time to read: +5 min

CNN —More than 100 soccer players from the women’s game have signed an open letter to FIFA, urging the sport’s world governing body to end its sponsorship deal with Saudi oil and gas company Aramco. In April this year, FIFA announced a four-year global partnership with the majority state-owned oil giant, giving it sponsorship rights to the 2026 men’s World Cup and the 2027 Women’s World Cup. “The Saudi authorities trample not only on the rights of women, but on the freedom of all other citizens too,” the letter, addressed to FIFA president Gianni Infantino, said. Last year, it produced an average of 12.8 million barrels of oil a day, far more than any other company. US oil and gas companies combined, however, produce more than Saudi Arabia, according to a 2023 analysis from the US Energy Information Administration.

Persons: Vivianne Miedema, Becky Sauerbrunn, trample, Gianni Infantino, “, Miedema, ”, John Walton, Prince Mohammed bin Salman, sportswashing Organizations: CNN, FIFA, Saudi, Manchester City, Saudi Aramco, BBC, CNN Sport, Aramco, Manchester, Fox News, US Energy Information Administration, “ Grassroots, ”, Women’s Locations: Saudi, Aramco, Saudi Arabia, Saudi Aramco

☆ Strait of Hormuz: A 21-mile-wide channel is key to cheap gas. It’s under threat
▼ + stars: | 2024-10-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Global oil prices have spiked in recent days as the conflict in the Middle East has reached fever pitch. They could rise yet further if Israel’s widening war embroils the vital Strait of Hormuz off Iran’s southern coast. About one-fifth of the world’s global oil trade passes through the strait every day, notes Simone Tagliapietra, a senior fellow at Brussels-based think tank Bruegel. It also accounts for about a quarter of the world’s daily trade in liquefied natural gas. But if oil trade through the critical Strait of Hormuz wobbles, prices could soar above $100 a barrel, according to research firm ClearView Energy Partners, sending gasoline prices surging.

Persons: Simone Tagliapietra, Hassan Nasrallah, Yoav Gallant, ” Tagliapietra, Brent, Richard Bronze, “ Organizations: London CNN —, US Energy Information Administration, Israel’s, CNN Sunday, Israel . West Texas Intermediate, ClearView Energy Partners Locations: Hormuz, Brussels, Iran, Israel, Lebanon, United States, China

☆ Harris and Trump kept talking about pumping more oil. There’s a problem with that
▼ + stars: | 2024-09-11 | by ( David Goldman | Matt Egan | ) edition.cnn.com time to read: +4 min

So why were Vice President Kamala Harris and former President Donald Trump talking so much about expanding oil production during Tuesday night’s debate? Fossil fuel will be dead,” Trump said. For all the candidates’ talk of promoting fossil fuel production, it’s not clear that America needs drastically more oil. US oil production has already spiked to a record of 13.4 million barrels per day, according to weekly federal data. So it would likely take an extreme — or calamitous — event to get gas prices back below $2.

Persons: Kamala Harris, Donald Trump, Harris, fracking, Biden, Trump, they’ll, ” Trump, Andy Lipow, he’s, It’s, it’s, Lipow, ”, Bob McNally, doesn’t, McNally, George W, Bush, “, America Organizations: CNN, Senate, Lipow Oil Associates, AAA, Rapidan Energy, US Energy Information Administration, Travel Locations: America, United States, Pennsylvania, OPEC, China

☆ Russia's war pushed Europe to a tipping point on wind and solar
▼ + stars: | 2024-08-01 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

For the first time, wind and solar generated more of the European Union's electricity than fossil fuels during the first half of the year. Wind and solar accounted for an all-time high of 30% of the region's energy needs, according to an analysis by the think tank Ember . In a separate report , Ember forecasted a global LNG supply glut by 2026 and a substantial drop in EU gas demand by 2030. But the rush to increase LNG exports from places like the US ignores the reality of rapidly declining gas demand in Europe, she added. Ember's report said that while it's unclear how swiftly fossil-fuel use will drop across Europe, a pipeline of solar and wind projects suggests this tipping point could be permanent.

Persons: it's, Chris Rosslowe, Ember, Sarah Brown, Brown, Rosslowe Organizations: Service, Business, US Energy Information Administration Locations: Europe, Russia, Ukraine, Canada, Germany, Spain, France, Netherlands, Belgium, Australia, Qatar, Asia

☆ The US will be an oil production powerhouse through at least 2026, Goldman Sachs says
▼ + stars: | 2024-07-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

US oil production will be "robust" for at least the next 18 months, Goldman Sachs said. AdvertisementAmerica's oil production boom will last for at least the next 18 months, according to Goldman Sachs. Analysts said they expect oil production in the Permian Basin to remain strong through the end of 2026, despite crude oil production slowing slightly from its rapid pace in 2023. Oil production will keep growing, just at a slower clip in the coming years, the bank said. Oil prices have risen this year as markets took in supply cuts from OPEC+ and escalating geopolitical tension in the Middle East.

Persons: Goldman Sachs, —, Yulia Grigsby Organizations: Service, Analysts, US, US Energy Information Administration, West Texas, Goldman Sachs Research, International Energy Agency Locations: —, East

☆ What’s at stake for the climate if Trump wins? ‘A catastrophic outcome’
▼ + stars: | 2024-07-03 | by ( Ella Nilsen | ) edition.cnn.com time to read: +12 min

CNN —In the first week of a new Trump administration, President Joe Biden’s climate wins would get put through the shredder. “He has said he’s going to come back with a vengeance,” former US special climate envoy John Kerry told CNN. He has railed against Biden’s climate policies at rallies and derided clean energy, vowing to push America back to fossil fuels. He has openly courted the oil industry at fundraising events, the Washington Post reported, promising regulation rollbacks in exchange for campaign cash. It could happen “very fast,” said David Bernhardt, who served as Interior Secretary in the Trump administration.

Persons: Trump, Joe Biden’s, nix, ”, John Kerry, it’s, “, Joe Biden, ” Trump, Karoline Leavitt, Leavitt, Anna Moneymaker, ” Mandy Gunasekara, David Bernhardt, Bernhardt, Biden, Trump’s, Sarah Palin, ’ pocketbooks, Diana Furchtgott, Roth, Gavin Newsom, ” Newsom, “ We’re, Newsome, David Paul Morris, John Bozzella, Bozzella, ” Bozzella, he’s, ” Bob McNally, George W, Bush, Scott Olson, –, ” Bernhardt, McNally, ” McNally, ’ Trump, Nate Hultman, Frederic J . Brown, haven’t, Kerry, ” Kerry, CNN’s Alayna Treene, Bill Weir, Julian Quinones Organizations: CNN, Trump, Washington Post, White, Environmental, Agency, EVs, Environmental Protection Agency, Republicans, Treasury Department, Former Trump Department of Transportation, Heritage Foundation, California Gov, Bloomberg, Alliance, Automotive Innovation, Biden, Fox News, Energy, Rapidan Energy Group, Bush White House, US Energy Information Administration, Trump Interior, Trump’s, Center for Global Sustainability, University of Maryland, State Department, Getty, United Nations Locations: Alaska, Paris, United States, Philadelphia, California, Washington ,, San Francisco, CNN California, Montebello , California, AFP

☆ The 5 states with the lowest average cost of gas — and the 5 with the highest
▼ + stars: | 2024-07-01 | by ( Talia Lakritz | ) www.businessinsider.com time to read: +1 min

The American Automobile Association tracks average gas prices in every state. Mississippi has the lowest gas prices with an average cost of $2.937 per gallon. California's gas prices are the highest in the US with an average cost of $4.794 per gallon. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The COVID-19 pandemic caused the price of gas to fall to a national average of $2.258 per gallon in 2020.

Persons: — Organizations: American Automobile Association, Service, US Energy Information Administration, Business Locations: . Mississippi, Ukraine

☆ These 4 US regions will see electricity bills increase the most this summer
▼ + stars: | 2024-06-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The average monthly US electricity bill this summer will be 3% higher than last year, the EIA says. AdvertisementThe possibility of a warmer-than-typical summer will make energy prices higher, the US Energy Information Administration said in a new report. The EIA finds that the average US electricity bill from June through August will be $173, a 3% climb over last year. The biggest dollar-amount increase will be seen in Mid-Atlantic states, where the average bill will rise by $14, the EIA said. In September, a Texas heat wave sent spot electricity prices up 20,000% and caused the state's grid operator to issue an emergency.

Persons: —, it's Organizations: EIA, Service, US Energy Information Administration, East South Central, East, Energy Information Administration, Utilities, West South Central, West Locations: New England, Pacific, East, East North Central, America, West South Central, Texas

☆ Opinion: America needs a paradigm shift in how we respond to extreme heat
▼ + stars: | 2024-06-18 | by ( Opinion Mark Wolfe | ) edition.cnn.com time to read: +5 min

Editor’s Note: Mark Wolfe is an energy economist and serves as the executive director of the National Energy Assistance Directors Association, representing the state directors of the Low Income Home Energy Assistance Program and co-director of the Center on Climate, Energy and Poverty. Triple-digit temperatures have hit the western states, with the Northeast, Midwest and Great Lakes regions expected to see extreme heat waves this week. Weather-related deaths from extreme heat are more common than from those from hurricanes, floods, extreme cold and other natural disasters. According to the US Centers for Disease Control and Prevention, about 1,220 people die from extreme heat every year. During periods of extreme heat, cooling is not just a luxury that provides comfort, but a necessary measure that helps families across all income brackets, and especially low-income families, stay safe.

Persons: Mark Wolfe, That’s Organizations: National Energy Assistance, Association, Income, Energy Assistance Program, Energy, CNN, Triple, US Centers for Disease Control, Center for Energy, US Energy Information Administration, Low Income, Energy Assistance, Twitter, Facebook, Federal Locations: United States, Midwest, Great, Washington, Connecticut

☆ Gas prices are cheaper than last summer and miles away from the nightmare of 2022
▼ + stars: | 2024-06-14 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Gas prices today are not cheap – but they are miles away from that point. Of course, gas prices were cheaper during the Covid-19 pandemic because demand was severely low. In part because they are so visible, gas prices play a key psychological role in how people feel about the economy. “But there is more work to be done — the President remains committed to lowering prices at the pump for Americans and maintaining a stable and secure energy supply.”Real gas prices are cheaper than in 2018Many people may wish for the $2 gas prices of last decade. “Inventories are likely headed back to normal levels, which will keep gasoline prices lower throughout the summer driving season.

Persons: New York CNN —, ”, Patrick De Haan, it’s, “ We’ve, De Haan, Joe Biden’s, Mark Zandi, Angelo Fernández Hernández, That’s, “, Rob Thummel, ” Thummel Organizations: New, New York CNN, AAA, Labor Statistics, Federal Reserve, White, Moody’s Analytics, “, CNN, Covid, US Energy Information Administration, White House Locations: New York, California, Utah, Washington, Idaho, Arizona, Wisconsin, Nevada, United States, OPEC, Ukraine, Israel, Gaza

☆ As the heat goes up this summer, so do cooling costs
▼ + stars: | 2024-06-13 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

The groups projected that the average cost across the country could be $719, a nearly 8% increase from the same period last year. In some regions that figure is higher; in Southern states like Texas, the average cost could hit $858. The forecast for summer cooling costs is based on federal data on regional electric prices, summer temperatures, and residential air conditioning, Wolfe said. Related stories"We are assuming a higher rate of temperature change, and recent heat waves are bearing this out," Wolfe said. Those who do may not turn it on in an effort to avoid higher bills, Wolfe said.

Persons: —, Mark Wolfe, May, Wolfe, Louis — Organizations: Service, Business, National Energy Assistance, Association, Center for Energy, Southwest, US Energy Information Administration, Low Income, Energy Assistance Locations: Southern, Texas, Phoenix, El Paso , Texas, York

☆ Why oil companies are raking in record profits under Joe Biden
▼ + stars: | 2024-06-11 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

CNN —Nearly four years ago, while campaigning in the runup to the last presidential election, Donald Trump warned that President Joe Biden would “destroy” the oil industry. In the last three and a half years, US oil production — and oil and gas company profits — have broken records. That’s a 160% jump compared to the first three years of the pro-big-oil Trump administration, according to calculations by CNN. However, in March, the Biden administration approved ConocoPhillips’ massive Willow oil drilling project on Alaska’s North Slope, which holds around 600 million barrels of oil, angering climate advocates. Despite his mixed record with oil and gas companies, though, Biden has presided over a historic run for the industry, Kloza said.

Persons: Donald Trump, Joe Biden, Trump, Biden, That’s, —, Tom Kloza, ”, Hess, Chevron’s, Abdullah Hasan, Darren Woods, Mike Wirth, Woods, Obama, Bob McNally, Kloza, ” Kloza, “ It’s Organizations: CNN, Global, ExxonMobil, Chevron, ConocoPhillips, Resources, Schlumberger, Oil Price Information Service, US Energy Information Administration, Oil, Natural Resources, Exxon, White, Shareholders, Microsoft, Apple, The Washington Post, Keystone XL, Rapidan Energy Group, Republican Locations: United States, Ukraine, Boon, dealmaking, The

☆ Summer heat will likely bring higher electric bills amid rising temperatures
▼ + stars: | 2024-06-03 | by ( Tami Luhby | ) edition.cnn.com time to read: +6 min

CNN —Many Americans may get hot under the collar when they open their electric bills this summer, but for some, the consequences of rising utility costs can be a lot more serious. He pointed to the National Weather Service’s prediction that much of the country will probably have above-normal temperatures this summer. The difference in projections stems from the association assuming higher rates of usage because of hotter temperatures, Wolfe said. The Low Income Home Energy Assistance Program, known as LIHEAP, has $4.1 billion to help consumers with heating and cooling costs, down from $6.1 billion in the prior fiscal year. “Because of the lack of a coherent policy to address summer cooling, people will die this summer from heatstroke,” Wolfe said.

Persons: Mark Wolfe, ”, Wolfe, Diana Hernandez, Hernandez, “, ” Hernandez, arrearages, ” Wolfe Organizations: CNN, National Energy Assistance, Association, Center for Energy, US Energy Information Administration, Department of Health, Human Services, Energy, Columbia University, Income, Energy Assistance, US Census Bureau, District, Columbia, National Weather Service Locations: Pacific, Chicago, heatstroke

☆ Biden has a plan to lower gas prices. It’s filled with caveats
▼ + stars: | 2024-05-24 | by ( Samantha Delouya | ) edition.cnn.com time to read: +4 min

Road trips, in particular, are expected to set a record, which could send gas prices higher. But, just as a US president cannot solely take the blame for surging oil prices, nor can he or she, in most cases, be entirely credited for steadying prices. “This is a non-starter and won’t do much to lower gas prices,” GasBuddy’s Patrick DeHaan said. In the wake of Russia’s invasion of Ukraine in 2022, Biden attempted to stem rising oil prices by authorizing the release of 180 million barrels of oil in coordination with US allies overseas. Gas prices have remained steady in recent weeks after rising sharply at the end of winter.

Persons: Biden, Jennifer Granholm, –, ” GasBuddy’s Patrick DeHaan, Obama’s, Sandy, Tom Kloza, ”, Kloza, Matt Egan Organizations: CNN, AAA, Federal Aviation Administration, Gasoline Supply, ”, Congress, US Energy Information Administration, US Department of Energy, Oil Price Information Service Locations: New York, Maine, Ukraine

☆ Meet nuclear power's newest fans: data centers
▼ + stars: | 2024-05-06 | by ( Daniel Geiger | Ellen Thomas | ) www.businessinsider.com time to read: +11 min

The deal illustrates data centers' new-found interest in nuclear power. Joe Dominguez, the CEO of Constellation, the nation's largest operator of nuclear plants, said in a March earnings call that powering data centers with nuclear energy was "kind of a perfect marriage." AdvertisementVistra, another nuclear owner, also indicated it was arranging data center deals for a nuclear plant it owns in Ohio and one in Texas. Greg Poulos, the executive director of a PJM watchdog group, said that "one of my highest priority, highest radar items" is how data centers could push costs onto consumers and also whether nuclear data centers deals could reduce grid reliability. Beyond the nuclear optionNot all data centers, of course, are seeking out nuclear power to seize their energy independence.

Persons: —, Wes Swenson, Swenson, Joe Dominguez, Jim Burke, Ralph La Rossa, La Rossa, Steve Helber, Burke, Dominguez, PJM, Michael Jacobs, Brian Janous, Greg Poulos, Poulos, Biden Organizations: Service, Susquehanna, Amazon, Business, US Energy Information Administration, Nuclear, Constellation, Public Service Enterprise Group, Microsoft, International Energy Agency, Dominion Energy, Talen Energy, Energy, Union of Concerned Locations: Pennsylvania, Salt Lake City, Ohio, Texas, New Jersey, Our, Jersey, Virginia, Chester , Va, Susquehanna, Chicago, New York City

☆ The most electric vehicle-friendly states, ranked
▼ + stars: | 2024-04-20 | by ( Talia Lakritz | ) www.businessinsider.com time to read: +1 min

EV Charger Reviews evaluated the most electric vehicle-friendly states. They evaluated states based on factors including electricity costs and state tax credits. Maine was ranked the top state for EVs, followed by Colorado and Vermont. EV Charger Reviews used data from sources such as the US Department of Energy, the US Census Bureau, and the US Energy Information Administration to evaluate the EV factors in all 50 states. Each factor was assigned a numerical score and ranking, which helped determine the states' overall scores.

Persons: Maine Organizations: Colorado and, Service, US Department of Energy, Census Bureau, US Energy Information Administration Locations: EVs, Colorado, Colorado and Vermont

☆ Saudi Arabia's futuristic megaprojects are so expensive that even its oil riches may not be enough
▼ + stars: | 2024-02-20 | by ( Tom Porter | Hasan Chowdhury | ) www.businessinsider.com time to read: +2 min

AdvertisementSaudi Arabia is borrowing to help fund an array of ambitious projects including the $500 billion Neom desert megacity, The Wall Street Journal reported. Under its ambitious ruler Mohammed bin Salman's Vision 2030 project, Saudi Arabia is seeking to diversify its economy away from fossil fuels and become a global hub for technology and innovation. The Saudi sovereign wealth fund, the Public Investment Fund, is providing funding for cornerstone "gigaprojects" estimated to cost tens of billions of dollars apiece. He said Saudi Arabia may need to raise another $270 billion for the Public Investment Fund by 2030. AdvertisementThe International Monetary Fund said in October that the Saudis needed oil to be about $86 a barrel to fund its spending commitments.

Persons: Mohammed bin Salman's, Tim Callen, Brent, Karen Young Organizations: Street Journal, Public Investment Fund, Aramco, Gulf States Institute, Saudi, Bloomberg, Monetary Fund, US Energy Information Administration, Middle East Institute Locations: Saudi Arabia, Saudi, Washington, Diryah

☆ Saudi Arabia is reportedly borrowing to help fund its megaprojects as oil prices struggle
▼ + stars: | 2024-02-20 | by ( Tom Porter | Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Saudi Arabia has started borrowing to fund megaprojects including Neom, The Wall Street Journal reported. AdvertisementSaudi Arabia is borrowing to help fund an array of ambitious projects including the $500 billion Neom desert megacity, The Wall Street Journal reported. Under its ambitious ruler Mohammed bin Salman's Vision 2030 project, Saudi Arabia is seeking to diversify its economy away from fossil fuels and become a global hub for technology and innovation. The Saudi sovereign wealth fund, the Public Investment Fund, is providing funding for cornerstone "gigaprojects" estimated to cost tens of billions of dollars apiece. He said Saudi Arabia may need to raise another $270 billion for the Public Investment Fund by 2030.

Persons: —, Mohammed bin Salman's, Tim Callen, Brent, Karen Young Organizations: Street Journal, Saudi, Service, Public Investment Fund, Aramco, Gulf States Institute, Bloomberg, Monetary Fund, US Energy Information Administration, Middle East Institute Locations: Saudi Arabia, Saudi, Washington, Diryah

☆ Solar power could drive more than half of new electricity generated in the US this year, EIA says
▼ + stars: | 2024-02-16 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. Utility-scale solar projects will account for 58% of added US capacity in 2024, boosting the amount of electric output across the country. An expected 36.4 gigawatts of new utility-scale solar are to be added to the grid this year — a record addition that will nearly double last year's 18.4 GW of installations. Over half of new solar capacity will be added in Texas, California, and Florida. This story is available exclusively to Business Insider subscribers.

Organizations: Service, US Energy Information Administration, Business Locations: Texas , California, Florida

☆ Your energy costs could become a lot more unpredictable
▼ + stars: | 2024-02-01 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

For more than a decade, Americans could rely on cheap natural-gas prices to heat their homes and power businesses. Prices shot up exponentially, and homeowners, renters, and businesses are still seeing the ripple effects on their utility bills — even though natural-gas prices have since fallen. Just six years later, the US surpassed Qatar to become the world's leading exporter of natural gas. Slocum added that natural-gas exports put upward pressure on prices, citing recent reports by the US Energy Information Administration and the Federal Energy Regulatory Commission . The higher costs between 2021 and late 2023 are due to the energy crisis in Europe and "cannot explicitly be linked" with greater US gas exports, the spokesperson said.

Persons: Joe Biden, Tyson Slocum, Goldman Sachs, Slocum, Mike Sommers Organizations: Service, Business, LNG, US Energy Information Administration, Federal Energy Regulatory, American Petroleum Institute, CNBC, Energy, Consumer Locations: Russia, Ukraine, Europe, Texas, New Mexico, Qatar

Search resuls for: "US Energy Information Administration"

25 mentions found