Month: July 2022

All new passenger cars sold will be electric by 2040, ExxonMobil’s CEO Darren Woods told CNBC on Monday—not just in one country, but in the whole world. For comparison’s sake, last year, only 9% of the world’s passenger car sales were electric vehicles, including plug-in hybrids. While that’s a 100% increase from the year before, it’s l00% of a relatively small figure. Exxon Mobil isn’t just a large oil producer—it also owns three of the United States’ top ten refiners—two of which boast a capacity of over a million barrels…

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Almost all of Texas’ industrial-scale Bitcoin miners have come to a halt as the state tries to stave off power blackouts amid an intense heatwave, Bloomberg reported on Monday. Bitcoin miners, including Riot, Argo, and Core Scientific, have shut down millions of computers in response to the heatwave that is expected to cause blackouts. Those Bitcoin miners were lured to Texas by lower energy bills. Some have estimated that as much as 9% of the world’s cryptocurrency computing power is located in Texas, with America’s largest bitcoin mining operation located in the…

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Crude oil prices rallied in the afternoon after a rocky start to the trading day, with Brent crude finishing out the day at $106.57. Earlier in the trading day, Brent fell to $103.88 as the market weighed the opposing forces of China’s lockdowns and recession fears against tight global oil supplies. The bearish case has focused on covid disruptions in China, which just identified over the weekend its first Omicron subvariant BA.5.21 in Shanghai. The zero-covid policy in the world’s largest crude oil importer sparked fears of decreased oil demand.…

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