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The growing share of electric vehicles and the expected increase in EV sales this year amid soaring gasoline prices are reducing the revenues for the U.S. Highway Trust Fund, which pays for America’s roads. Most of the revenue for the fund comes from the 18.4% per gallon federal gas tax, which hasn’t been changed since 1993. Yet, over the past 30 years, the funding for the trust fund has been declining, due to inflation and the fact that EVs now represent 2.5% of total light-duty vehicles in operation in America, and the market…
President Donald Trump told Reuters on Wednesday that he is considering withdrawing the United States from the 76-year-old alliance after European allies declined to send warships to reopen the Strait of Hormuz to global shipping. "Wouldn't you if you were me?" he asked. Earlier this week, in an interview with Britain's The Telegraph, he called NATO a "paper tiger" and said Russian President Vladimir Putin shared the assessment. The spat has a straightforward trigger. The Strait of Hormuz, the narrow chokepoint between Iran and Oman through which…
The effective blockage of the Strait of Hormuz has thrown the world’s continued dependence on fossil fuels into sharp relief. The interruption to the waterway, which accommodates one-fifth of the world’s oil and gas, has thrown global energy markets into turmoil. The blockage represents the single-largest interruption to global oil trade in history. But it’s not causing nearly as much pain as past oil crises thanks to a much more diverse global energy mix. “There is little sign that the war with Iran will cause the kind…
Nuclear energy is once again at the center of fierce debate between European leaders as a new energy crisis sweeps the world, leaving the import-dependent European Union scrambling for alternative energy sources. The bloc still imports more than half of its energy needs, leaving it extremely vulnerable to global market shocks, like the unprecedented interruption to oil and gas supplies currently taking place in the Strait of Hormuz as the United States and Israel continue to wage war with Iran. In order to keep the lights on and prevent huge numbers…
BP's new chief executive officer Meg O'Neill has pledged consistency and clear direction in her first message to staff as she takes over the top job at the UK-based supermajor effective April 1, amid very turbulent times for both the company and the energy industry. “I’m committed to providing clear direction and consistency so we can move forward together with confidence,” O’Neill told staff in her first message as CEO, the Financial Times reports. O’Neill, former CEO of Australia’s Woodside Energy, was picked…
