Tag: Oil (Petroleum) and Gasoline

Nations Brace for Long-Term Economic Woes as Trump Calls Iran Truce Plan ‘Garbage’

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Countries were bracing on Monday for prolonged economic woes stemming from high energy prices after President Trump called the latest Iranian offer to end the war and reopen the Strait of Hormuz “garbage” and declared that the cease-fire was “on massive life support.” Mr. Trump, speaking to reporters in the Oval Office, reiterated that Iran could not be allowed to develop a nuclear weapon and likened the truce announced last month to a patient with a “1 percent chance” of survival. Iran’s state-owned broadcaster reported on Monday that in its…

Shady Shipping

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The peace talks between the United States and Iran have been stuck for a month. On Sunday, President Trump dismissed Iran’s most recent demands as “TOTALLY UNACCEPTABLE!” According to Iran’s state broadcaster, the country’s leaders wanted the U.S. to pay war reparations, end sanctions and — crucially — recognize Iran’s sovereignty over the Strait of Hormuz. Iran’s chokehold on the strait and the U.S. blockade are a source of global economic pain. But the ships occasionally making it out — a Russian oligarch’s yacht, two German cruise ships and the…

In Talks With Iran, China Calls for Opening of Strait of Hormuz

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China’s top diplomat met with Iran’s foreign minister on Wednesday and called for greater efforts to open the Strait of Hormuz and for an end to the war, after the Trump administration pressed Beijing to help end Tehran’s chokehold over the waterway. Meeting in Beijing with his Iranian counterpart, Abbas Araghchi, Foreign Minister Wang Yi of China said that stopping the war was a matter of urgency, according to an official summary of their meeting issued by Xinhua, China’s main state news agency. While Mr. Wang was careful not to…

China’s Big Bet on Wind Power Is Paying Off

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As the war in Iran threatens to choke off oil and gas supplies from the Persian Gulf, China is seizing the moment to extend its dominance in wind power. Across China, hilltops are dotted with wind turbines, and long rows of them span many miles in western deserts. Ultrahigh-voltage power lines carry electricity thousands of miles to the energy-hungry factories along China’s coast. Last year, China installed three times as much wind power capacity as the rest of the world combined, even as its turbine exports jumped. The global industry’s…

Ford Says an Affordable Electric Pickup Truck is Still Coming Next Year

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Last year Ford Motor suspended production of an electric pickup truck, shut down a battery factory in Kentucky and booked a $20 billion loss to account for its diminished plans. Then, last month, the senior executive who oversaw development of this new technology left the company. But Ford executives insist that those setbacks do not mean that the company has given up on electric vehicles. As evidence, they point to a former warehouse here in Long Beach, Calif. There, a team lead by Alan Clarke, a Tesla veteran, is building…

U.S. Warns China Over Iranian Oil as Sanctions Fight Intensifies

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The United States on Monday urged China to push Iran to open the Strait of Hormuz and said that its purchases of Iranian oil amounted to funding global terrorism, delivering a stern rebuke ahead of President Trump’s meeting in Beijing this month with the Chinese leader, Xi Jinping. The warning came from Treasury Secretary Scott Bessent, who will be participating in the high-stakes meetings. Mr. Bessent has been leading an aggressive campaign to cripple Iran’s economy with a blitz of new sanctions. He has also been working to devise ways…

Treasury Issues More Sanctions on Iranian Oil Exports

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The Trump administration on Tuesday ratcheted up economic pressure on Iran, warning financial institutions not to allow independent Chinese refineries to buy Iranian oil and cracking down on Iran’s “shadow” banking sector. The measures were the latest actions taken as part of the Treasury Department’s “Operation Economic Fury,” which aims to cripple Iran’s economy and compel it to agree to a peace deal with the United States. After easing sanctions on Iran last month in hopes of keeping oil flowing on global markets, the Trump administration reversed course in recent…

The Rising Chinese Automaker Not Named BYD

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Each April, the world’s top auto executives and engineers fly to China’s main auto show to take stock of BYD, the electric car powerhouse that passed Tesla in global sales last year. But at the Auto China event now happening in Beijing, another name is commanding attention: Zhejiang Geely Holding Group. In an unexpected development, Geely beat BYD in sales in the first two months of the year and is rapidly broadening its lineup. Geely is now pushing overseas, more than doubling exports to Europe, the Middle East and elsewhere…

Why Diesel Has Become a Much Bigger Economic Problem Than Gasoline

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The price of diesel has risen much more quickly than gasoline as the U.S.-Israeli war with Iran has choked global oil supplies. That could have severe consequences for the diesel-dependent transportation industry. Since the war began on Feb. 28, the average price of a gallon of diesel has gone up about 45 percent, while a gallon of regular gasoline has risen about 35 percent. The Energy Information Administration, a federal research agency, expects average diesel prices to peak at more than $5.80 a gallon this month. Gasoline, the agency said,…

What the Iran War Means for the U.S.-China Relationship

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The war in Iran is threatening a fragile détente between China and the United States, with the two powers now moving to postpone a much anticipated summit meeting after President Trump demanded that China send warships to the Gulf. Mr. Trump on Monday said that he had requested that his visit to Beijing at the end of the month be postponed because of the war. Just a day earlier, he threatened to delay the meeting if China did not contribute warships to end Iran’s de facto blockade of the Strait…