Chris Wright
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Energy Secretary Chris Wright says traffic in Strait of Hormuz is rising 'very meaningfully'
U.S. Energy Secretary Chris Wright said oil traffic has risen and will continue to expand in the Strait of Hormuz, a globally important oil passageway that's been crippled by the Iran War. "I would say [it's] rising very meaningfully," Wright told CNBC's Brian Sullivan during an energy conference on Tuesday when asked about where exports stood in comparison with recent weeks. Wright said that describing the volume of oil exports out of Hormuz as increasing is a "fair statement," adding that...
Oil slides as US official says Hormuz transits are ‘meaningfully’ climbing
Energy secretary Chris Wright cautions that flows through the strait will take months to fully recover
Equities lose some steam while dollar falls and oil slips
Equities lose some steam while dollar falls and oil slips NEW YORK/LONDON, June 9 : MSCI's global equities gauge pared earlier gains on Tuesday as it saw little support from Wall Street where investors waited anxiously for inflation data while the dollar dipped with oil prices on hopes for easing Middle East tensions after Iran and Israel halted attacks on each other. U.S. Energy Secretary Chris Wright said on Tuesday that ship traffic through the Strait of Hormuz - a key energy conduit - is...
Trump administration in ‘active dialogue’ on strategic petroleum reserve in California
SANTA BARBARA, California — The Trump administration is in “active dialogue” on creating a petroleum reserve in California, Energy Secretary Chris Wright told POLITICO on Friday, a move that would boost oil infrastructure in the state and undermine Democratic Gov. Gavin Newsom’s bid to shrink the state’s fossil fuel footprint. A June 2 document that lawyers for Sable Offshore Corp., which owns a trio of oil platforms off the California coast, sent to the Energy Department and seen by...
Trump’s energy initiatives may finally extract America from Mideast chaos
The way to solve the Middle East problem is to leave the Middle East problem. From the madness, a pattern is emerging: barrels are being rounded up in the Americas and the United States is quietly assembling the pieces of a new energy isolationism. It started with "Drill, Baby, Drill," the long-in-the-tooth bit of campaign rhetoric.
US nuclear start-up marks mini-reactor breakthrough
US nuclear start-up marks mini-reactor breakthrough NEW YORK: A nuclear start-up working on mini-reactors for the United States military has announced a crucial first step in producing a model that could be deployed at bases and other strategic sites within a few years. Antares said on Thursday (Jun 4) that it had achieved initial criticality for its Mark-0 prototype, meaning it triggered a controlled, self-sustaining fission chain reaction for producing electricity. It said it was the first...
AI’s elite celebrated in Washington as the public sours on data centers and chatbots
WASHINGTON — Glitz, glamor and geopolitics were on the menu Wednesday night as Washington’s AI elite gathered to mingle and celebrate AI pioneers. Complete with a red carpet and a dancing humanoid robot, the event could have been mistaken for a science fiction Hollywood premiere. Even as AI becomes an increasing source of tension in communities across America, the night’s honorees were largely optimistic about the trajectory of AI and its potential impact on society.
Oil exports through the Strait of Hormuz might not return to levels seen before the Iran war
The oil market might face a new reality after the Iran war in which exports through the Strait of Hormuz do not return to the levels once considered normal, as shipowners now have to weigh the risk that fighting could abruptly break out in the volatile Persian Gulf. And Western commercial ships will likely hesitate to sail through Hormuz if it remains under Iran's de facto control, especially if they have to coordinate with the Revolutionary Guard, putting them at risk of violating U.S....
Trump pumps federal funds into coal plants in the name of energy security
The Trump Administration is using Cold War-era rules to authorize up to $500 million in funding to keep 13 coal-fired power plants going and build a coal export terminal in California. America's Department of Energy (DoE) says it is securing the funding via the Defense Production Act (DPA), which grants the president authority to use federal financial incentives to stimulate private domestic industry deemed critical to national defense. At the same time, the DoE announced that one of the...