The Pentagon recently placed the largest drone order in American history — 30,000 one-way attack drones, with plans to scale past 300,000 by early 2028. There’s one major problem: every one of those drones runs on a rare earth magnet. And according to Goldman Sachs, roughly 98% of the world's magnets are manufactured in China. That's the dilemma REalloys (NASDAQ: ALOY) has spent years building to solve. The company holds the only fully non-Chinese “mine to magnet” heavy rare earth supply chain in North America — from…

The middle of May brought very little good news to the Asian refiners, but the extension of the US waiver on Russian crude and oil products on May 18 has certainly become one. The Trump administration first introduced the waiver on March 12 for Russian crude and products already loaded on ships before that date, as an emergency response to the blockage of the Strait of Hormuz and the resulting shortage of oil on the market. It was extended once in mid-April for another month, and for the second time on May 18, for another 30 days. For New Delhi,…

As U.S. drivers face the highest Memorial Day gasoline prices in four years, American consumers are paying billions of dollars more on gas and diesel than they did a year ago.   The global oil supply shock, created by the Iran war and the closure of the Strait of Hormuz, is affecting Americans disproportionately. The lower-income households are being hit the most as their purchasing power is being eroded by $45 billion in extra costs on fuel compared to a year ago. At the other end of the spectrum, affluent Americans see their financial assets…

The world’s largest two economies, the United States and China, are both majorly cooling off on investments in clean energy manufacturing, but for very different reasons. In China, the decline in investing from peak levels in 2023 reflects a market correction after years of oversupply and a slowdown in economic growth. In the United States, the trend comes as a reflection of shifting policy priorities and the private sector’s reaction to political uncertainty in the Trump era. The result is a slowdown in clean energy manufacturing investing…

For years, carbon capture and storage (CCS) has existed in a strange political limbo. Governments praise it in climate strategies. Heavy industry quietly depends on it in their net-zero roadmaps. Environmental groups alternately dismiss it as a fossil fuel lifeline or reluctantly admit it may be necessary after all. Yet despite the endless conferences, white papers, and billion-euro announcements, very few projects ever make it past the PowerPoint stage. That is why Denmark’s latest CCS tender matters far beyond Scandinavia. Aalborg Portland…

Data centers, electric vehicles (EVs), and green industrial clusters are expected to lead to about 100 terawatt-hours (TWh) of incremental power demand in Southeast Asia by 2030, but slower grid infrastructure development could slow the rollout, a report by Bain & Company and Standard Chartered showed on Monday. The incremental demand from data centers/AI, green industrial parks and EV infrastructure is enormous, with the expected growth tripled compared to about 30 TWh in additional demand in the five years to 2025. But Southeast Asia will…

Data centers, electric vehicles (EVs), and green industrial clusters are expected to lead to about 100 terawatt-hours (TWh) of incremental power demand in Southeast Asia by 2030, but slower grid infrastructure development could slow the rollout, a report by Bain & Company and Standard Chartered showed on Monday. The incremental demand from data centers/AI, green industrial parks and EV infrastructure is enormous, with the expected growth tripled compared to about 30 TWh in additional demand in the five years to 2025. But Southeast Asia will…

Please excuse the infelicitous wording, but that is what this is all about. Not missteps or misjudgments but genuine, massive screw-ups. Policy makers in the United States worked out that problem over time, dealing with nuclear cost overruns and aborted projects. Three utilities went bankrupt (only one being investor-owned) when the financial burdens of nuclear projects far exceeded the resources of the utility. In most cases, regulatory agencies forced utility shareholders to bear some of the losses or imprudently incurred costs, customers paid…

The loss of fertilizer shipments coming from the Persian Gulf as a result of the Iran war got me thinking about the chemist Justus von Liebig, a prominent 19th-century proponent of the mineral theory of plant nutrition. Liebig is the popularizer of what is now known as Liebig's Law of the Minimum. The law states that the least available essential nutrient limits the growth of plants. This means once a grower runs out of one essential nutrient, adding extra of others will not make up for the lack of the one that is limited. Liebig's eponymous law…

Leading clean energy utility, NextEra Energy (NYSE:NEE), has agreed to buy Dominion Energy (NYSE:D) in an all-stock transaction valued at $66.8 billion, marking the largest power utility acquisition on record. The merger unites Florida-based NextEra Energy and Virginia-based Dominion Energy to create the world’s largest regulated electric utility, a power sector titan with an enterprise value exceeding $400 billion including debt. The historic consolidation is directly driven by the artificial intelligence infrastructure boom, with high-performance…

Leading clean energy utility, NextEra Energy (NYSE:NEE), has agreed to buy Dominion Energy (NYSE:D) in an all-stock transaction valued at $66.8 billion, marking the largest power utility acquisition on record. The merger unites Florida-based NextEra Energy and Virginia-based Dominion Energy to create the world’s largest regulated electric utility, a power sector titan with an enterprise value exceeding $400 billion including debt. The historic consolidation is directly driven by the artificial intelligence infrastructure boom, with high-performance…

Leading clean energy utility, NextEra Energy (NYSE:NEE), has agreed to buy Dominion Energy (NYSE:D) in an all-stock transaction valued at $66.8 billion, marking the largest power utility acquisition on record. The merger unites Florida-based NextEra Energy and Virginia-based Dominion Energy to create the world’s largest regulated electric utility, a power sector titan with an enterprise value exceeding $400 billion including debt. The historic consolidation is directly driven by the artificial intelligence infrastructure boom, with high-performance…

As U.S. President Donald Trump landed in Beijing last Wednesday for a two-day summit with his Chinese counterpart Xi Jinping, his aides would have been acutely aware that he had faced extensive criticism in the past for his cosy dealings with the Chinese leader before, especially during his first presidential term. The fact that the summit had been postponed from late March, following the escalation of the war in Iran, will have naturally raised at least one potential topic of conversation, if not two. China remains the key financier -- through…

European airlines are becoming increasingly confident the continent would avoid a jet fuel shortage this summer as refiners maximize jet fuel output and buyers diversify imports to offset supply losses from the Middle East with increased shipments from the U.S. and Nigeria. A month into the Iran war and the Strait of Hormuz crisis, airlines, officials, and analysts started warning that Europe had mere weeks of jet fuel supply and an inevitable crunch would arrive in the middle of May, or by the end of May at the latest. Fatih Birol, executive director…

European airlines are becoming increasingly confident the continent would avoid a jet fuel shortage this summer as refiners maximize jet fuel output and buyers diversify imports to offset supply losses from the Middle East with increased shipments from the U.S. and Nigeria. A month into the Iran war and the Strait of Hormuz crisis, airlines, officials, and analysts started warning that Europe had mere weeks of jet fuel supply and an inevitable crunch would arrive in the middle of May, or by the end of May at the latest. Fatih Birol, executive director…

For years, global LNG markets operated under a fairly comfortable assumption. Qatar would remain a stable supplier, the Middle East would continue functioning as the center of global LNG trade, and buyers in Europe and Asia could rely on long-term contracts to keep gas flowing. That assumption is now under pressure. Damage to energy infrastructure in the Middle East, rising geopolitical instability, and growing concerns about shipping security have injected a new layer of risk into global LNG markets. At the same time, demand is accelerating from…

An Australian trade union is threatening to start a strike at an LNG export facility from May 27, in a two-week-long industrial action that could further tighten the global LNG supply, which is already stretched thin amid the Iran war and the closed Strait of Hormuz. The Offshore Alliance union, the Australian Workers Union, and Maritime Union of Australia, on Monday notified Japanese company Inpex there could be 243 stoppages and work bans at Inpex’s Ichthys LNG facilities between May 27 and June 10, after the unions and the company failed…

An Australian trade union is threatening to start a strike at an LNG export facility from May 27, in a two-week-long industrial action that could further tighten the global LNG supply, which is already stretched thin amid the Iran war and the closed Strait of Hormuz. The Offshore Alliance union, the Australian Workers Union, and Maritime Union of Australia, on Monday notified Japanese company Inpex there could be 243 stoppages and work bans at Inpex’s Ichthys LNG facilities between May 27 and June 10, after the unions and the company failed…

Recent oil price shocks in response to the closure of the Strait of Hormuz underscore the importance of oil-producing countries outside of the Middle East. One of the most important is Brazil, Latin America’s largest economy and oil producer. The country is experiencing an epic decades-long oil boom, which was responsible for production hitting a new record high for March 2026. This places Brazil on track to become a top-five global producer by the end of the decade, making the country important to bolstering energy security in the Americas.…

The U.S. Federal Reserve is set to begin a new era after former governor Kevin Warsh won a highly polarized 54-45 Senate confirmation vote to replace Jerome Powell as the Fed Chair. A close ally of U.S. President Donald Trump, Warsh will face a difficult job balancing complicated policies and conflicting goals. He is also under strong pressure from Trump to cut interest rates, even as inflation rises, partly because of higher oil prices. Oil prices rose again on Monday following Trump’s stark warning to Iran following reports of attacks on…