Yesterday, the United States and Iran signed an agreement to end the war. The 14-point Memorandum of Understanding (MOU) includes an immediate and permanent end to military operations, the lifting of the U.S. naval blockade, and the reopening of the Strait of Hormuz. It is a preliminary deal, not a final settlement, and sets a maximum 60-day deadline to negotiate a final agreement.
The U.S. Strategic Petroleum Reserve has fallen to the lowest level in more than 40 years as emergency stocks are released to help ease the supply disruption triggered by the Iran war. The SPR stood at 340.3 million barrels as of June 12, the lowest level since the summer of 1983, according to data released...
Energy Secretary Chris Wright said that nearly 100 vessels have used the Jones Act waiver granted by President Donald Trump, which allowed refiners to use foreign-flagged ships to transport fuel between United States ports. The Jones Act waiver “has been used enormously,” Wright said in testimony Wednesday before the House Science Space and Technology committee. “I think...
The Energy Department says a small nuclear reactor under development at a national lab has reached a crucial milestone that could allow it to produce electricity within a few years. The microreactor being developed by Antares Nuclear Inc. at the Idaho National Lab reached “criticality” on Thursday, Energy Secretary Chris Wright said. The milestone occurs when...
The U.S. has announced a new partnership with Japan on science and artificial intelligence. Energy Department Under Secretary for Science Darío Gil told reporters Thursday that each country would invest $500 million in the joint venture. “This is the defining moment for the next era of science,” he said. “We’re linking our brightest minds and...
President Donald Trump on Monday adjusted tariffs on some steel, aluminum and copper imports, lowering some tariffs on farming equipment and extending the lower rate to other equipment. In an executive order, Trump lowered tariffs on agricultural equipment, including combines and harvesters, and heating, ventilation, and air conditioning (HVAC) systems, to 15% from 25%. Read...
Tech companies are earmarking unprecedented sums of money to finance the build-out of massive data centers, with a planned $80 billion equity-raise by Google parent being the latest example. But even as the piles of capital secured have grown ever larger, the ability to deploy it in the artificial-intelligence race has become less certain. Supply-chain backlogs, permitting...
Global clean energy group ContourGlobal announced the start of commercial operation of another utility-scale solar-plus-storage project in Chile, one the company said features Latin America’s longest-duration battery energy storage system (BESS). UK-headquartered ContourGlobal said the 6.5-hour/200-MW BESS, which pairs with a 231-MW solar power facility at the Victor Jara hybrid plant in Tarapacá, is the...
Oil prices climbed on Tuesday after the United States said it had carried out strikes on missile launch sites in Iran, casting doubt on the prospects of a peace deal. The strike followed signals from Israel that it planned to intensify its campaign against the Iranian-backed militant group Hezbollah in Lebanon. Iran has said any agreement would...
Energy Secretary Chris Wright on Friday suggested that the Strait of Hormuz, which Iran has kept closed amid its ceasefire with the U.S., will reopen “sometime this summer at the latest.” CNBC’s Brian Sullivan spoke with Wright at a new liquefied natural gas facility in Cameron, La., on “Squawk Box.” Wright said that the U.S. is “continuing...
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