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No one spared: The head of the International Energy Agency said Monday that the global economy faces a “major, major threat” because of the Iran war. “No country will be immune to the effects of this crisis if it continues to go in this direction,” Fatih Birol said at Australia’s National Press Club in Canberra on Monday. The crisis in the Middle East, he said, has had a worse impact on oil than the two oil shocks of the 1970s combined, and a worse effect on gas than the Russia-Ukraine war. Read more from The Associated Press.
Alternative rides: Rising gas prices are colliding with a slowdown in electric vehicle demand, creating a rare window for buyers. Automakers and dealers are rolling out steep discounts—sometimes slashing prices by thousands—to move inventory. The result: EVs are becoming more affordable than ever, even without federal incentives, as the market recalibrates. Read the full story from The Wall Street Journal.
Pulling the plug: The Trump administration will pay $1 billion to a French company to walk away from two U.S. offshore wind leases as the administration ramps up its campaign against offshore wind and other renewable energy. TotalEnergies has agreed to what’s essentially a refund of its leases for projects off the coasts of North Carolina and New York, and will invest the money in fossil fuel projects instead, the Department of Interior announced Monday. Read the full story from the Associated Press.
