President Trump said Thursday he's eyeing intervention in the oil price war between Russia and Saudi Arabia, a dispute that combined with COVID-19's economic toll is pushing prices sharply downward and creating financial jeopardy for U.S. producers.
At the appropriate time, I will get involved, yes.
Renewable energy industries and some Democrats have begun efforts to ensure the economic response to the coronavirus outbreak helps a sector that's suddenly facing strong headwinds.
The state of play: The industry has already had discussions with lawmakers' offices about how to proceed, Axios has learned.
The oil-and-gas giant Total said Thursday it's acquiring an 80% stake in a planned floating wind project off the coast of Wales.
The state of play: Total said the deal with the developer Simply Blue Energy will make it one of the "first movers in this technology in the UK, the world’s largest offshore wind market."
This morning is bringing fresh and stark signs of how economic contraction from COVID-19 is crushing the oil market and forcing companies to cut back.
The big picture: The price collapse stems from COVID-19 freezing a significant amount of travel and economic activity, and the collapse of the Saudi-Russia agreement to limit production.
One complicated dimension of the unfolding coronavirus tragedy is what it ultimately means for carbon emissions in China, by far the world's largest greenhouse gas emitter.
Driving the news: A Rhodium Group analysis shows China's emissions grew by another 2.6% last year.
Most Asian central banks and other monetary facilities say finance into low-carbon areas is important — but most have also not issued any policies on the matter.
Coronavirus isn’t just wreaking havoc on our health, livelihoods and economies, it’s now poised to feed Middle East unrest and, possibly, terrorism.
The big picture: The oil-rich region is being ravaged by the novel coronavirus and low oil prices that have dropped even more due to the pandemic cutting off global demand and a related price war between Saudi Arabia and Russia.
