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The U.S. may not be scaling electricity fast enough for the expansion of artificial intelligence, Google's President and Chief Investment Officer Ruth Porat said on Monday, speaking about the vast amounts of power needed to scale the company's AI data centers. "We are concerned that we are not full throttle on energy,” she said at the CERAWeek conference in Houston, Texas. (Reporting by Laila Kearney in Houston; Editing by Franklin Paul) [Read more]

No one likes expensive oil, especially in the U.S., where driving, spending, and energy-intensive economic activity are on such a vast scale. But despite fears to the contrary, the average U.S. consumer has never been better equipped to deal with $100-a-barrel oil. U.S. households are the richest they've ever been in nominal terms. They've rarely been better in relative terms either. Unemployment is also historically low, and, perhaps most importantly, gas and energy account for a [Read more]

The rise in oil prices is slowing economic growth everywhere, the chief executive of UAE state-run energy giant ADNOC said on Monday. "Stability in energy markets underpins security in every market," ADNOC CEO Sultan Al Jaber said in a video speech to attendees at the CERAWeek energy conference in Houston. "Energy security is the difference between lights on and lights off." The U.S.-Israeli war on Iran has led to the effective shutdown of a fifth of oil and gas supplies through the [Read more]

Global oil prices have not climbed enough to cause demand destruction, U.S. Energy Secretary Chris Wright said on Monday at the CERAWeek energy conference in Houston, Texas, even as markets continued to gyrate and global oil prices remained over $100 a barrel due to the U.S.-Israel war on Iran. Wright's remarks come amid one of the worst energy crises in decades following the closure of a key shipping channel and attacks on energy infrastructure in the Middle East that have sustained [Read more]

President Donald Trump on Monday told reporters the United States has held talks with Iran and that the two sides had "major points of agreement." Trump said the conversations that took place on Sunday would to continue on Monday and that if the negotiations continued productively, there would be a deal very soon. Trump added that his Middle East envoy Steve Witkoff and son-in-law Jared Kushner held the talks. Earlier Trump said he had given orders to postpone any military strikes [Read more]

Iran's Tasnim news agency, citing an Iranian official, said that the strait of Hormuz will not return to pre-war conditions and energy markets will remain unsettled, adding that no negotiations with the U.S. are under way. Tasnim said U.S. President Donald Trump backed down from attacking critical Iranian infrastructure amid financial market pressure, warning Tehran would continue to defend itself until it achieves deterrence. (Reporting by Reuters; Editing by Toby Chopra) [Read more]

President Donald Trump said on Monday the U.S. has had good and productive conversations with Iran and he will order the military to postpone any military strikes against Iranian power plants and energy infrastructure for five days. Trump's move followed a threat by Iran to attack Israel's power plants and those supplying U.S. bases across the Gulf region if the U.S. targets Iran's power network. Conversations with Iran will continue throughout the week, Trump said in a social media post. [Read more]

U.S. President Donald Trump went into the Iran war convinced that America’s vast oil wealth would insulate the country from the kind of energy shock now battering much of the world. Four weeks into the conflict, that shield is looking fragile. Trump’s wager has only partly paid off. U.S. oil prices have risen less sharply than those elsewhere since U.S.-Israeli air strikes against Iran on February 28 ignited a regional war that rapidly engulfed the Middle East’s energy infrastructure, blocking [Read more]