Latest News
-
Trump to limit state's ability to block energy project in water rule
The Trump administration proposed on Tuesday a rule that would revise the 'Biden-era protections against pollution for waterways. This move, according to the Environmental Protection Agency (EPA), would speed up permitting of energy infrastructure and artificial intelligence. The 'proposed' rule would revise a rule from the administration of former President Joe Biden in 2023 on Section 401, which gave tribes and states authority to protect waters during their review of federally-permitted projects such as pipelines and power stations. Biden's rule replaced one from the first administration of President Donald Trump that limited the power?of tribes and states to force changes or block projects. Jess Kramer - the EPA's?assistant director for water - told reporters that the 2023 revision is "fundamentally flawed, inefficient, and ineffective." Kramer claimed that Biden's revision led to long certification timelines. Kramer stated that the proposed rule will lead to predictable permitting, which?would?unleash American power dominance and support emerging artificial-intelligence infrastructure. Biden's rule was praised by environmental justice groups and conservationists concerned about the pollution effects on waterways, and communities that depend on them. Kramer stated that the proposed rule would ensure that states "do not weaponize section 401 to shut down projects for political reasons." The EPA stated that the proposed rule would standardize and set timelines for states and tribes to use when certifying water quality before federal permits are issued. The latest move was made by Trump's environment agency to rollback Biden-era rules on the environment while supporting energy development, including fossil fuels. Biden's administration had already narrowed this rule in August 2023, after the U.S. Supreme Court ruled on 9-0 that the EPA could not regulate the rule. Many farmers and landowners had criticized the agency over what they considered regulatory overreach. Kramer stated that the proposed rule would be subject to a 30-day period of public comment and that the EPA hoped to finalize it in the spring.
-
Venezuela asks US Court of Appeals to overturn sale order for Citgo's parent
The Venezuelan parties in the?court ordered auction of Citgo Petroleum's parent company have asked a U.S. The board of supervisors of the refinery said that a court of appeals should vacate the ruling of a 'judge' who ordered the sale to an affiliate of Elliott Investment Management. After?two years? of bidding, Delaware Judge Leonard Stark has approved a bid for $5.9bn from Elliott's Amber Energy to purchase Citgo Holding's parent company, PDV Holding. This was after?two rounds?of bidding in a sale that was organized to pay creditors up to $19bn?for debt defaults?and expropriations?in Venezuela. The sale order triggered opposition by rival bidders, parties representing Venezuela, its state-owned PDVSA, and subsidiaries PDV Holding, and Citgo Petroleum. They resorted to U.S. court of appeals of the Third Circuit. The court has yet to make a decision. The sale is pending until the U.S. The Treasury Department must approve the transaction. Last week, the Treasury's Office of Foreign Assets Control had been expected to provide an opinion in the case before the Court of Appeals. Treasury spokesperson declined to comment specifically on the action taken, but said that the department is "fully committed" to President Trump's efforts to help the Venezuelan people. Citgo is the crown jewel of Venezuela's foreign assets. Washington, however, has not yet decided the fate of Citgo. The?Venezuelan Parties had filed a motion in Delaware to disqualify Amber’s bid due to an alleged conflict of interests. In a press release issued on Tuesday, the board overseeing Citgo stated that the auction was marred by legal and conflict of interest errors which undermined neutrality and reduced Citgo’s value. It added that the board would continue to defend the company. Reporting by Marianna Pararaga, Houston; Editing and proofreading by Julia Symmes Cobb and Matthew Lewis
-
Gold and silver record highs after inflation data confirms Fed rate cuts
The price of gold hit a new record on Tuesday as U.S. data on inflation?solidified bets that the Federal Reserve will cut rates this year, and persistent?geopolitical? and economic uncertainty drove safe-haven demands. Silver also reached a new peak. As of 01:31 pm, spot gold was steady at $4.591.49 an ounce. ET (1831 GMT) followed a session high of $4634.33. U.S. Gold Futures for February were 0.3% lower, at $499.10. David Meger said that the CPI data was a factor in the slight positive market tone. This is because the CPI data indicates a greater likelihood of Fed rate cuts in the future. The U.S. Consumer Price Index increased by 2.6% in December, compared to 0.3% expected. Trump reiterated that he wants to reduce interest rates "meaningfully", after the inflation figures. Investors expect two rate cuts in 2019. Lower interest rates are generally favorable for non-yielding gold. Meger said that fundamental factors such as geopolitical tensions, questions about Fed independence and concerns over the Fed's independence continue to support gold as a safe haven. Concerns about the independence of the Fed grew when Trump opened a criminal probe into Fed Chairman Jerome Powell. This drew criticism from former Fed Chiefs and global central banks. Trump has also warned to impose a 25% tariff against countries that trade with Iran. This could reopen old wounds between Beijing and Tehran, the top partner. Russia also struck Ukraine's cities with drones and missiles over night. Commerzbank has raised its gold forecast for 2026 to $4,900. CME Group announced on Monday that it would adjust the margins for precious metals in order to "address" market volatility. Spot silver, meanwhile, gained 2.1%, reaching $86.74 an ounce after hitting a session high of $89.10 in the previous session. "Despite technical indicators screaming for correction, traders still favor bullish options, (for silver )... despite the fact that the overall bullish bias is intact," said Hugo Pascal a precious metals dealer at InProved. Palladium increased 1.4%, to $1,868.68 an ounce, while spot platinum remained unchanged at $2343.35 per troy ounce. (Reporting and editing by Vijay Kishore in Bengaluru, Krishna Chandra Eluri, Sahal Muhammed).
-
India and the US discuss trade, critical mineral and nuclear power
Subrahmanyam Jaishankar, India's Foreign Minister, said that he had held discussions with U.S. Secretary of State Marco Rubio on Tuesday. India and the United States set a goal to more than double bilateral trade by 2030 to $500 billion. New Delhi also pledged to purchase?more U.S. defence and energy equipment to narrow the trade gap despite the fact that trade talks failed last year to produce a deal. Investors who were waiting for progress in the two-way talks became frightened by the failure to reach a deal. "Just finished a great conversation with Secretary Rubio. Jaishankar wrote in a blog post that they had discussed trade, critical minerals and nuclear cooperation. They also talked about defence, energy, defence, and defense. The U.S. State Department stated that Rubio expressed his interest in expanding U.S.-India civil nuclear cooperation as well as increasing opportunities for American businesses. In a press release, it was stated that "Secretary Rubio" and Minister Jaishankar had discussed a number of issues including?their interest in strengthening their economic cooperation and?their ongoing bilateral trade agreements. They also discussed regional developments and a commitment to a open and free Indo-Pacific. (Reporting from Anna Peverieri and David Brunnstrom, both in Barcelona; editing by Bill Berkrot).
-
Portugal eager to launch lithium prospecting bid in 2026
The Environment Minister said that Portugal hopes to launch a long delayed tender for Lithium prospecting licenses in this year. He also promised to share the benefits with local communities who have been opposed to mining. Portugal, with a reserve of?60,000 tons, is Europe's largest lithium producer. It sells primarily to the ceramics sector and only recently began to look at producing battery-grade lithium. Local communities and environmental groups oppose early projects. Environment Minister Maria Graca Carvalho said the government is "working to have a new mining strategy in place by the summer". This will prioritize "the participation of local communities and ensure that projects' wealth remains in the country, shared regionally and creates local jobs". "We are looking at good practices in other countries, but we're working fast." She said that the tender could launch this year. Originally planned for 2018, the tender has been delayed due to several successive governments falling apart. The current minority government was elected in March of 2025. The Portuguese environmental agency APA approved the initial extraction of lithium from the Barroso Mine, owned by the London-based Savannah Resources and the Montalegre Mine, which is operated by?the Lusorecursos firm. Graca Carrvalho, commenting on a completely different topic, said that she was 'optimistic' about the negotiations between Portuguese energy company Galp and Moeve, backed by private equity, to combine their oil refinery businesses?into a European giant with a combined re-fining capacity of 700,000 bbls per day. Galp is owned by the state in an amount of approximately 8%. She said, "The government will assess the deal. But it would give Galp a significant critical mass and would create a large company on both an Iberian level as well as a global one, which is even more important in today's sector of energy." (Reporting by Sergio Goncalves; editing by Andrei Khalip, Alexandra Hudson)
-
WTI Oil Discount to Brent is the largest it has been in eight months, as more Venezuelan oil is expected in US
Analysts and traders said that the discount between U.S. Crude Futures and the global benchmark Brent, has increased by about $1 per barrel, since the U.S. ousted Venezuelan president Nicolas Maduro in January and took control over the South American nation's oil flow. The U.S. has redirected millions of those?barrels? to U.S. port, a move which is likely to boost U.S. Crude exports in the months to come. According to LSEG, U.S. Crude futures traded at a $4.76 a bar discount to Brent Futures on Tuesday. This was the largest since April. Investors believe that the possibility of more Venezuelan barrels being shipped to the U.S. is widening this spread, and opening up an arbitrage opportunity for traders as shipping costs from Europe and Asia increase. After U.S. forces capture Maduro, and Washington reaches an agreement with Caracas' interim government within days, up to 50 million barrels?Venezuelan oil?will enter the U.S. The WTI/Brent spread increased by 21% in the past week. This is the biggest weekly increase since June 2025. Traders usually seek a $4 discount on U.S. Crude Futures compared to Brent in order to make a profit from their exports, which includes costs like shipping U.S. Crude across the Atlantic. According to Kpler, the ship tracking company, U.S. exports averaged 3.7 million barrels of crude per day in December. Matt Smith, Kpler's lead oil analyst, believes that higher Venezuelan flows could boost U.S. crude exports by 100,000 bpd during the first three months of 2019. According to Kpler's analysis, U.S. oil exports reached a record of 4,47 million bpd by March 2023. The WTI discount at the time was $6.50. Since January 5, the spread between WTI Brent has been increasing for seven consecutive trading sessions. Brent is gaining more than WTI due to the escalating tensions with Iran. Venezuelan cargoes are expected to begin loading for the U.S. this week, reducing gains in U.S. crude oil futures on the expectation of abundant supplies. Dylan White, Director of North American Crude Markets at Wood Mackenzie, said that a heavier U.S. oil diet would push more WTI barrels to export markets. As more exports are cleared into a global market that is oversupplied, WTI relative prices will discount even further. A?freight broker who was not authorized by the government to speak publicly stated that the WTI-Brent differential will ultimately be determined by how much Venezuelan oil enters into the U.S., replacing U.S. crude which would have been refined locally. The trader stated that if a larger U.S. oil surplus is created, these barrels would likely be shipped to Europe or farther east. Sparta Commodities analysts said that the price of North Sea Forties crude oil in Europe was $1.30 per barrel higher than the WTI Aframax cargoes for early March. They added that such a premium is not sustained for very long. Brent crude oil premium over Middle East benchmark Dubai reached its highest level since July on Tuesday, according to LSEG data. If China decides to buy again and Iranian crude becomes unavailable because of the blockade, or new sanctions, any alternative buying in Middle Eastern grades would be felt more in Brent than WTI, said John Evans, an analyst at PVM oil Associates.
-
The IEA warns that increasing oil production in Venezuela would only yield short-term gains.
The International Energy Agency's chief energy economist said that it will take some time to ramp up oil production after years of neglect in Venezuela. Donald Trump, the U.S. president, has asked U.S. oil companies to invest $100 billion in rebuilding Venezuela's industry after U.S. troops removed Venezuela's president on January 3, during an overnight raid by U.S. forces. The IEA Chief Energy Economist, Tim 'Gould, told a?energy conference held in Norway on Tuesday that the short-term implication of Venezuelan developments are likely to be relatively limited. Official data show that Venezuela has the largest estimated oil reserves in the world, but its crude production remains at a fraction due to decades' worth of mismanagement, lack of investment, and sanctions. "I find it a little misleading when you hear all the talk about Venezuela having the largest oil resources or reserves. Gould stated that they are not easy to produce and to sell. He added that Venezuela's "dilapidated and antiquated" oil infrastructure needs to be re-invested in before it can begin bringing its resources to market. Bill Berkrot edited the report by Nerijus Adomiaitis.
-
Scott Adams, creator of the 'Dilbert" comic strip and Trump supporter, has died at age 68
Scott Adams, the creator of "Dilbert", a comic strip that was a vocal supporter Donald Trump, but whose career suffered after a "racist rant", died on Tuesday. His wife confirmed this. He was 68. Shelly Miles read out a message from Adams in an online livestream. The artist's strip, which was framed by the engineer with glasses and a perpetually bent tie, lampooned corporate America. Adams had 'posted on X regarding his metastatic prostate cancer decline and made a 'direct appeal to Trump in order to get his healthcare provider Kaiser Permanente Northern - California to schedule treatment using the targeted radiotherapy drug Pluvicto. In a social media post from November 2, Trump replied, "On it." The Republican President noted on Tuesday that the cartoonist had passed Truth Social. Scott Adams has sadly passed away. He was an amazing guy who respected and liked me even when it wasn't trendy to do so. Trump wrote that he bravely fought against a terrible illness. The first "Dilbert' comic strip appeared in 1989. It ran for many decades. It was at its height one of the most popular comic strips in the U.S. but it was dropped by many newspapers in 2023 following a racist rant on YouTube. Adams called Black Americans a 'hate group' and suggested that white Americans "get the hell away from Blacks" in response to a poll conducted by a conservative organization purporting to prove that many African-Americans don't think it is OK to be a white person. Later, he said his remarks were meant as hyperbole. He also disavowed racism and claimed that the media had not taken into account his context. (Reporting and editing by Doina chiacu, Scott Malone, and Sharon Singleton).
EIA: US power consumption will surpass records in 2026 and '27
The Energy Information Administration, in its "Short-Term Energy Outlook" on Tuesday, said that the U.S. electricity consumption will continue to rise in 2026 and 2027.
The EIA's projected electricity demand will?rise? from a record of 4,198 billion kilowatt hours (kWh) in 2020 to 4,256 billion in 2026, and 4,364 in 2027.
The demand for electricity is increasing due to the data centers that are dedicated to artificial Intelligence and cryptocurrency. Also, homes and businesses are using less fossil fuels to heat and transport.
EIA predicts that power sales for residential customers will reach 1,519 billion kWh in 2026, while commercial customers are expected to sell 1,522 billion.
Forecasts are compared to all-time records of 1,516 billion for residential consumers in 2025; 1,486 for commercial customers in 2025; and 1,064 for industrial customers in 2000.
The EIA predicted that as renewable energy output increases, the share of natural gas in power generation would fall from 40% in 2020 to 39% by 2026. Coal's percentage will drop from 17% to 15% between 2026 and 2027.
According to the outlook, nuclear power will increase from 18% to 19% by 2025, before slipping back to 18% by 2027.
Gas sales for residential consumers would drop to 12.6 billion cubic foot per day (bcfd), 9.4 bcfd, for commercial and industrial customers respectively, while power generation would increase to 35.8 Bcfd.
This compares to all-time records of 14.3 billion cubic feet per day (bcfd) in 1996 for residential customers, 9.8 billion cubic feet per day in 2025 for business customers, 23.8 million cubic feet per day in 1973 for industrial clients, and 36.8 billion cubic foot in 2024 for electricity generation. (Reporting and editing by David Gregorio, Scott DiSavino)
(source: Reuters)