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EOG Resources and ADNOC Start Drilling at UAE Shale Play
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Abu Dhabi’s oil and gas giant ADNOC has drilled some horizontal wells and tested oil to the surface at a shale play in the United Arab Emirates operated by EOG Resources, the chief executive of the U.S. shale giant said at a conference. In May, EOG Resources was awarded a new oil exploration concession for Unconventional Onshore Block 3 (UCO3) by Abu Dhabi. The concession area is nearly 900,000 acres, in an over-pressured, oil prone basin within the Al Dhafra region of Abu Dhabi. EOG holds 100% equity and operatorship and, in coordination…
Iran Rejects GCC Claims Over Disputed Islands and Gas Field
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Iran has struck back at claims from the Gulf Cooperation Council on the ownership of three islands in the Persian Gulf and an offshore gas field. The Iranian Foreign Ministry said in a statement that the islands Abu Musa, Greater Tunb, and Lesser Tunb were sovereign Iranian territory and so was the Arash gas field, calling the claims made earlier this week “hackneyed and legally baseless”. The Arash gas field, called Dorra by the Arab Gulf states, is a disputed asset between Iran and Kuwait. It was discovered in the 1960s, on the edge…
China Demand Shields Petrobras From U.S. Tariff Fallout
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Strong demand for crude oil from Asian countries, especially China, has insulated Brazil’s Petrobras from the worst of the tariff war fallout, chief executive Magda Chambriard told Bloomberg in an interview. “There is a lot of demand in Asia for our products,” Chambriard told the publication at an industry event in Sao Paulo, adding that China was the biggest buyer of its crude. The country accounted for 52% of Petrobras’ oil exports over the second quarter of the year, according to Bloomberg. Europe was the Brazilian state…
Oil Prices Hold Steady After U.S. Sanctions on Iranian Crude Scheme
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Crude oil prices stabilized today after inching up on Tuesday following the news of new U.S. sanctions on people involved in exporting Iranian crude disguised as Iraqi crude. At the time of writing, Brent crude was trading at $68.93 per barrel and West Texas Intermediate was trading at $65.42 per barrel, both slightly down from opening. On Tuesday, the U.S. Treasury Department announced a round of sanctions on a network involved in selling Iranian crude abroad after blending it with Iraqi crude in order to disguise its real origin. “By targeting…
U.S. Utilities Are Baffled by Phantom Data Centers
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America’s electric utilities are preparing for the surge in electricity demand coming with the data centers powering AI. Utilities have increased investments as they see unprecedented demand growth in the coming years after two decades of flat U.S. electricity consumption. But they are grappling with increased levels of uncertainty because not all requests for interconnection they receive will materialize in actual data centers, necessitating electricity supply. Phantom Data Centers Hyperscalers and AI-focused…
Miners Dig Through Yesterday’s Waste to Find Tomorrow’s Metals
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The mining industry is instrumental for securing the metals necessary for a transition to a more electricity-heavy energy system in the future. It has also been struggling with finding the motivation to invest in these metals. The paradoxical situation has stimulated an alternative approach: recycling and re-mining. “I genuinely don’t see where all of this copper is going to come from at this point in time.” The observation was made by Anglo American’s chief executive, Duncan Winblad, to Bloomberg three years ago, referring…
AI Energy Demand Is Soaring but Not Because of Consumer Queries
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Artificial intelligence (AI) is eating up more and more energy all the time as large language models become increasingly complex and pervasive. In the United States, nearly half of all growth in electricity demand between now and 2030 will come from data centers, driven by the AI boom. But the problem isn’t your daily queries to ChatGPT – it’s indiscriminate AI integration in technologies and services that are far outside the end-users' control. Yet, it’s consumers who are footing the bill for soaring energy demand. …
Why Climate Advocates Should Back Responsible Drilling
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“Drill, baby, drill” is not something you’d expect a ‘climate activist’ to say. You probably wouldn’t hear it from Just Stop Oil. But it is something I think you’ll hear more and more from serious climate commentators. We need to champion homegrown, sovereign, and traditional energy. Not just for price stability, but also as part of a grown-up energy mix. The conversation around Rosebank and the future of North Sea oil in the UK, for example, has become dangerously binary: shut it all…
America's Oil Boom Concentrated in Ten Permian Counties
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If you want to know where America’s oil boom is happening, no need to look at the whole map—because it’s limited to just ten counties in the Permian Basin. Between 2020 and 2024, these small dots in Texas and New Mexico delivered 93% of all U.S. crude oil growth, according to the latest EIA and Enverus data. It's almost like the rest of the US doesn’t even matter when it comes to oil production growth. The U.S. added 1.9 million barrels per day (bpd) of new crude and condensate output over that stretch. But nearly all of…
U.S. Sanctions Network Moving Iranian Oil Disguised as Iraqi Crude
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The U.S. Treasury Department on Tuesday rolled out new sanctions against a shipping network accused of smuggling Iranian crude under the cover of Iraqi origin, part of Washington’s broader effort to choke off Tehran’s oil revenues. The network is led by a businessman holding Iraqi and St. Kitts & Nevis citizenship and based in the United Arab Emirates. According to Treasury, his group covertly blended Iranian oil with Iraqi barrels and sold it abroad as if it were entirely of Iraqi origin—an effort to skirt restrictions that…
Markets Brace for Turbulent September
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US equity futures are flat, with cash markets of course closed for Labor Day holiday, stabilizing after Friday's selloff in tech stocks amid renewed Nvidia jitters, and setting a steadier tone at the start of a month that could bring plenty of tests to markets trading near record highs. S&P futures were unchanged with Nasdaq futures rising 0.1% to start a traditionally brutal month for markets. The stock rally to all-time highs faces a crucial stretch, with jobs numbers, inflation data and the Fed’s rate call all landing within…
IEA Considers Brazil's Membership Bid
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Brazil wants a seat at the International Energy Agency’s table, filing a formal request this week to move from partner status to full membership. On Tuesday in Paris, Brazil’s ambassador delivered a letter from Foreign Affairs Minister Mauro Vieira and Mines and Energy Minister Alexandre Silveira to IEA chief Fatih Birol, saying the government wanted to begin the accession process. The ministers pointed to the IEA’s support on energy security, data, and policy analysis, while stressing Brazil’s weight as both a major oil…
The U.S. and China Are Battling for Control of the World’s Bauxite Supply
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Despite a few hiccups and occasional worries of oversupply, the global bauxite market has been growing steadily. Much of this expansion has been fueled by rising demand in the aluminum market, especially from automotive, aerospace and renewable energy sectors. About 60% of EV manufacturers and over 70% of aerospace materials use aluminum in one form or another. Moreover, about 85% of bauxite is used for alumina production. Because of these facts, the global alumina and bauxite market is projected to grow from US $84.51 billion in 2025 to US $125.91…
Oil Prices Up 2% Ahead of OPEC+ Meeting
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In this week’s newsletter, we will take a quick look at some of the critical figures and data in the energy markets this week. We will then look at some of the key market movers early this week before providing you with the latest analysis of the top news events taking place in the global energy complex over the past few days. We hope you enjoy.- Gold prices surged to an all-time high above $3,500 per ounce on Tuesday amidst increasing bets on a September interest rate cut from the US Federal Reserve and ongoing tension…
Low Oil Prices Force Saudi Arabia to Tap More Debt
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Saudi Arabia’s budget deficit is growing this year as oil prices are down from last year’s levels and well below the $90 per-barrel price the Kingdom is estimated to need to balance its budget. Brent Crude oil prices have declined by about 8% since the beginning of the year, at around $69 a barrel as of early Tuesday, additionally straining Saudi Arabia’s public finances, which rely the most on oil income to have more money to spend on projects to diversify the economy. Earlier this year, Saudi Arabia’s…
Ukraine Urges China to Pressure Putin as War Overshadows SCO Summit
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Ukraine urged China to pressure Vladimir Putin to move toward peace as the Russian president arrived in Beijing following his participation in the Shanghai Cooperation Organization (SCO) summit -- where he defended the war that has killed tens of thousands of people. "Given the significant geopolitical role of the People's Republic of China, we would welcome a more active role [for Beijing] in bringing peace to Ukraine based on respect for the UN Charter," Ukraine's Foreign Ministry said in a statement as Putin arrived in the Chinese capital on…
India’s Electricity Generation Jumps as Industry Rebounds
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India’s manufacturing activity, which consumes about half of the country’s power supply, surged in August to the highest level in 17 years, driving the fastest growth in electricity generation in five months. India saw a 4% rise in power generation in August, according to a Reuters analysis of data from Grid India, the federal grid operator. Industrial activity, which began to recover in July and soared in August to a 2008 high, was the key driver of higher electricity generation in one of the fastest-growing developing economies. …
Lower Oil Prices Are Fueling Asia’s Crude Buying Spree
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Asia’s crude oil imports rebounded in August from a year-low level in July, likely fueled by low oil prices in May and early June when the cargoes arriving in August must have been nominated. Asia, the world’s biggest oil-importing region and a key gauge of global oil demand growth, saw crude oil imports average 27.18 million barrels per day (bpd) in August, higher than in July and in August last year, per data from LSEG Oil Research cited by Reuters columnist Clyde Russell. The July import levels of 24.91 million bpd were the…
Russia and China Ink Deal for Massive New Gas Pipeline
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Russia’s gas giant Gazprom on Tuesday signed an agreement with China’s state energy firm CNPC to build a second huge natural gas pipeline from Russia to China, Gazprom’s CEO Alexey Miller said. Russia bets on selling increased volumes of energy products to China after losing Europe as a key oil and gas export market following Putin’s war in Ukraine. Gazprom and CNPC signed today a “legally binding memorandum” on the construction of the Power of Siberia 2 gas pipeline from Russia to China via Mongolia, Russian…
Syria Exports First Crude Oil in 14 Years
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Syria has just exported its first cargo of crude oil in 14 years after the U.S. Administration revoked in June the sanctions on the country that has been in a prolonged war over the past decade and a half. Syria shipped on Monday 600,000 barrels of heavy crude oil from the port of Tartus under an agreement to sell the cargo to B Serve Energy, a company affiliated with global trading firm BB Energy, Riyad al-Joubasi, assistant director for oil and gas at Syria’s Energy Ministry, told Reuters. The 14 years of civil war and proxy wars…
Sanctioned Russian Arctic LNG 2 Project Is Shipping Cargoes
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The sanctioned Arctic LNG 2 project in Russia has accelerated cargo loadings and shipments in recent weeks, in a sign that the facility has now found its first customer after more than a year, and new buyers may have emerged—all in China. Arctic LNG 2 is under sanctions by the United States, the EU, and the UK, which have also blacklisted many of the LNG vessels thought to be servicing the project’s output. The Russian export project has struggled for more than a year to find any buyer willing to risk secondary sanctions. It appears…
UK Could Allow Oil and Gas Exploration for Tiebacks to Producing Fields
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The UK government, which has pledged not to issue new oil and gas exploration licenses, plans to offer operators flexibility and allow them to explore the potential of tiebacks to link adjacent resources to existing oil and gas hubs in the North Sea, a senior figure in Scotland from the ruling Labour party told the Financial Times. “Even if it is only a marginal increase [in production], why wouldn’t we give it to them,” the Labour official told FT. The UK government, earlier this year, launched a consultation on the clean future…
India Saves $12.6 Billion on Oil Import Bill With Russian Crude
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India’s savings from discount Russian crude since 2022 have reached $12.6 billion, the Indian Express has calculated, although there could be much higher implied savings, the media outlet reported. The implied savings stem from the fact that India’s Russian oil ramp-up helped avoid a major international oil price hike following the events from February 2022, when Russian troops entered eastern Ukraine, and the European Union, the UK, the U.S., and Canada rushed to impose sanctions on Moscow, specifically targeting the energy industry.…
Saudi Arabia and Iraq Suspend Oil Sales to Sanctioned Indian Refinery
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Saudi Aramco and Iraq’s state oil marketing company SOMO have stopped selling crude oil to the Nayara Energy refinery in Vadinar, India, following the release of the European Union’s 18th sanction package on Russia, adopted last month. Reuters reported, citing unnamed sources, that the refinery, in which Russia’s Rosneft has a 49.13% stake, was running at 70-80% of capacity because buyers are in tight supply after the sanctions. As for crude supply, Nayara Energy is processing only Russian oil supplied by its part-owner, according…
Russian Oil Discount for India Widens on U.S. Pressure
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The discount of Russia’s flagship Urals crude blend for Indian buyers has widened to between $3 and $4 per barrel for Indian barrels amid continued pressure on the latter coming from the United States. At the time of writing, Urals crude was trading at $62.89 per barrel, compared with $68.45 per barrel of Brent crude. However, over the last month, Urals has been trading within a range of between $61 and $65 per barrel, which makes it hard to put forward a solid argument that the discount has widened in the past few days—in mid-August,…
Gold Prices Surge to Record High as Rate Cut Looms
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Gold surged to an all-time high on Tuesday as markets responded to a weakening U.S. dollar, intensifying expectations of a Federal Reserve rate cut, and heightened investor concerns over the central bank’s independence. The price of gold climbed 0.9% to $3,508.70 per troy ounce in early Asian trading before pulling back slightly to around $3,497. Expectations of a Federal Reserve rate cut in September remain elevated, with the CME FedWatch tool indicating a roughly 90% probability of a 25-basis-point cut. A softer U.S. dollar has made…
Why China's Oil Production Keeps Growing Despite Lower Oil Prices
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Over the past couple of years, China’s oil industry has revealed a peculiar trend, with production maintaining an upward trajectory that seems to defy falling oil prices. Under normal circumstances, oil and gas producers tend to cut back output whenever prices fall too much in a bid to cut their losses. For instance, several U.S. shale producers are signaling production cuts due to low oil prices: back in May, Diamondback Energy (NASDAQ:FANG) chair and CEO Travis Stice warned that the Shale Patch had reached a "tipping point" with production…
Russian Oil Giants Buckle Under Low Prices and Sanctions
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Russia’s oil giants are being squeezed from all sides—by falling crude prices, sanctions, and punishing interest rates—leaving first-half profits in freefall and exposing the limits of Moscow’s ability to shield its energy sector from global headwinds. Rosneft, the country’s largest oil producer, reported a 68% decline in profits for the first six months of 2025 versus the same period of 2024, citing a global crude oil oversupply driven by OPEC+’s unwinding of production cuts. Chief executive Igor Sechin warned…
Why Japan Still Can't Quit Fossil Fuels
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Japan marked a significant milestone in its journey toward net-zero in the first half of the year; for the first time ever, fossil fuels accounted for less than 60% in Japan’s electricity generation. However, dependence on oil, gas, and coal imports in the resource-poor G-7 economy remains above 80% of total energy consumption amid shifting energy policies and priorities after the Fukushima disaster of 2011. In the wake of the devastating earthquake, Japan closed all its nuclear reactors for years-long safety checks and inspections.…
Putin and Xi Drive SCO Agenda
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Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, and other leaders from the Shanghai Cooperation Organization (SCO) are attending a two-day summit in China where Xi Jinping will aim to hone his vision of an alternative world order. More than 20 leaders are gathering in the northern port city of Tianjin on August 31 to September 1 as China hosts the bloc’s annual summit to discuss regional security and trade issues against the backdrop of rising tensions with the West. The summit is also an opportunity for China to portray…
Guyana Begins Pivotal Election as Oil Boom Dominates Campaign
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Guyana is holding general elections today that will determine who governs one of the world’s fastest-growing oil economies as ExxonMobil, Hess, and China’s CNOOC continue rapid development of the Stabroek block, which has transformed Guyana into a top emerging offshore producer. The election pits the ruling People’s Progressive Party (PPP) against the opposition coalition, A Partnership for National Unity (APNU), with both parties pledging to maintain oil investment, but differing over revenue management and transparency. Policy…
Norway Begins Peak Gas Pipeline Maintenance
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Europe’s biggest gas supplier, Norway, is starting the annual maintenance on gas fields, processing plants, and pipelines, which will see Norwegian gas flows slashed through the middle of September. Some planned works have already begun this week, including the processing plant at Nyhamna. Others begin this weekend, with most maintenance expected to be completed by September 18. The giant Troll gas field in the North Sea—Europe’s biggest gas-producing field, and the Kollsnes onshore processing plant, will start maintenance on…
Oil Industry Gains Ground in California Regulatory Battle
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In a rare win for the oil and gas industry in California, the state’s regulators are expected to delay the enforcement of a cap of refinery profits, Bloomberg reports, citing sources with knowledge of the plans. The California regulator, the California Energy Commission, plans to vote on Friday a five-year delay to the so-called refinery profit cap, passed in the state in 2023 with the goal to limit spikes at the pump for Californian residents. Senate Bill X1-2, the California Gas Price Gouging and Transparency Law, was…
Oil Prices Are Likely To Rise Anytime Soon
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Rising supply from both OPEC+ and non-OPEC+ producers, slowing demand growth after the peak summer consumption, and uncertainties about demand amid inconsistent U.S. trade and tariff policies are set to keep oil prices subdued around current levels, analysts said in the monthly Reuters poll released on Friday. The price of Brent Crude, the international benchmark, is expected to average $67.65 per barrel this year, according to nearly three dozen economists and analysts surveyed by Reuters. The forecast in the August poll is slightly lower…
Strathcona Seeks to Block $5.7 Billion Cenovus Deal to Buy MEG Energy
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Previously rejected MEG Energy bidder Strathcona Resources intends to buy an additional 5% stake in MEG and vote these shares and the existing 9.2% stake against the Cenovus acquisition offer for MEG, as the latest major Canadian deal faces hurdles towards completion. Last week, Cenovus Energy announced it has entered into a definitive arrangement agreement to acquire MEG Energy Corp in a cash and stock deal valued at US$5.7 billion (C$7.9 billion), including assumed debt. The agreement between Cenovus and MEG came after…
Citgo Auction Heats Up as Bidder Sweetens Offer
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The court-ordered auction for the parent company of Citgo just got more interesting as the former preferred bidder has to sweeten its offer to stay in the race after the emergence of a surprise rival. Earlier this week, media reported that a company affiliated with hedge fund Elliott Management had emerged as the frontrunner in the bidding for PDV Holding, a PDVSA unit that owns U.S.-based Citgo. The new bidder, Amber Energy, had beaten the offer of the consortium led by miner Gold Reserve, which had previously been considered the best one of all.…
Europe Jet Fuel Imports From Asia Hit Record High
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Jet fuel imports from Asia to Europe reached a record this summer as prices subsided from 2022 highs, the Financial Times has reported, noting the bulk of the record imports came from China and South Korea, cementing their dominance in fuel markets. Citing data from energy analytics provider Vortexa, the FT reported that Europe has imported some 11.5 million barrels of jet fuel from Asia since the start of August alone, which was a decline from June and July. “We have record arrivals from the Far East if you look at the amount of [jet fuel]…
Oil Prices Dip but Stay on Track to Extend Last Week’s Gains
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Crude oil prices were set for another weekly rise after additional 25% tariffs on Indian exports to the United States kicked in on Wednesday, raising doubts about the supply of Russian crude. At the time of writing, Brent crude was trading at $68.17 per barrel, with West Texas Intermediate at $64.20 per barrel, both slightly down from Thursday’s close as the end of driving season in the United States comes and the seasonal fuel demand peak passes. Meanwhile, India has been buying more Russian oil ahead of the additional tariffs, and this…
Gulf Countries Respond to U.S. Trade Pressure With Trillion Dollar Plans
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Over the past decade, the Gulf Cooperation Council (GCC), comprising Saudi Arabia, Qatar, the UAE, Bahrain, Kuwait, and Oman, has advanced bold strategies to reshape its economies by reducing reliance on oil while developing new sectors like renewable energy, tourism, financial services, and digital innovation. Charting a course toward long-term economic resilience, these nations have launched sweeping infrastructure projects and enacted reforms designed to attract foreign investment. And it has worked swimmingly, so far. During his May 2025…
EIA Delays Key Reports Following Staff Cuts
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The U.S. Energy Information Administration, the federal government’s chief energy data provider, has announced delays to several of its most closely watched reports following a steep reduction in staffing this year. The setbacks underscore growing concerns over the agency’s ability to maintain its role as a reliable source of market-moving information for the global energy sector. According to an EIA spokesperson, the agency’s Annual Uranium Marketing Report - originally slated for release in June - will now be published in September.…
China’s Overcapacity Forces Painful Petrochemicals Reset
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In the late 2010s, petrochemicals were seen as the biggest driver of oil demand in the future—and it was a distant future. Yet petrochemicals are already the biggest source of oil demand growth. This growth is only going to accelerate. But first, refiners need to take care of overcapacity. Over the five years to 2024, growth in demand for petrochemicals accounted for 95% of total oil demand growth, Reuters’ Ron Bousso wrote in a column arguing that President Donald Trump’s trade war was a silver lining for the petrochemical industry…
Britain’s Biggest Untapped Oilfield Put on Hold as Climate Rules Bite
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Britain’s largest undeveloped oilfield has been thrown into limbo. Equinor’s Rosebank project, a $3.8 billion investment once known as the future backbone of UK energy security, has been suspended after regulators demanded new environmental approvals that account for the full carbon footprint of the oil and gas it would produce. What was supposed to be a flagship development on the UK Continental Shelf has instead become the clearest example yet of how legal challenges and climate politics are reshaping the fate of offshore hydrocarbons.…
Bolivia's Gas Exports at Crossroads After MAS Defeat
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The Bolivian presidential election is poised to have a profound impact on the country's natural gas sector, with significant implications for its commercial relationships with neighboring Argentina and Brazil. As both leading presidential candidates, former president Jorge Quiroga and Senator Rodrigo Paz, acknowledge the looming threat of declining gas production, they are under pressure to devise strategies to boost output and prevent a potentially devastating decline in exports over the next decade. The first round of the Bolivian presidential…
UK's Largest Battery Storage Site Secures £1 Billion Private Funding
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Global energy company Natpower is set to dwarf a key Labour investment in battery storage development as it said £1bn would be injected into one of the largest storage sites in the UK. The new battery storage project on Sembcorp Utilities’ Wilton International Site near Middlesbrough will receive £1bn in private funding with “no government contracts required”. Natpower UK has said the site will deliver one of the highest capacity projects for battery energy storage in the UK, with duration and capacity…
California Faces High Pump Prices as Phillips 66 Shuts LA Refinery
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Phillips 66 will begin shutting down its 139,000 bpd Los Angeles-area refinery as soon as next week, sources told Reuters, moving forward on a closure plan announced last year. Units at the plant will idle in phases through Q4 2025, with the facility permanently offline by year-end. The decision isn’t a surprise—Phillips 66 said in October it would exit the site, citing “market dynamics.” But it comes with fallout: about 600 employees and 300 contractors will lose their jobs by December, with only a handful reassigned to…
Oil Trading Giant Vitol Eyes Syrian Crude
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The West has moved fast on Syria in the wake of Assad's ouster - first lifting most sanctions and now ensuring oil and gas are tapped and get flowing again. The brutal sanctions served to punish the broader Syrian population for many years. It underscores once again that the disastrous war was really about externally-driven regime change and installing a more malleable puppet government - which turned out to be essentially Al Qaeda in suits. Bloomberg is reporting that the Switzerland-based Vitol Group, which is the largest independent oil…
Exxon Sees 20% Gas Demand Growth by 2050, U.S. Nearing Records in 2025
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Exxon projects global natural gas demand will rise more than 20% by 2050 from 2024 levels, driven by coal displacement in industry and growing electricity use in emerging markets, according to a Reuters report. The outlook underpins Exxon’s long-term strategy, including an 18% production increase over five years. Oil demand is expected to plateau after 2030 but remain above 100 million barrels per day through 2050, while oil and gas together hold around 55% of the global energy mix, the report said. The company frames gas as a key transition…
The Return of the Nuclear Battery
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Nuclear batteries are not a new invention, but they’ve fallen out of commercial favor since the 70s, when they were used in pacemakers. Nuclear batteries were an ideal solution for these medical devices due to their longevity, but were ultimately eliminated due to governmental unease about radioactive isotopes walking out into the world untracked and unreturned. Now, a new generation of scientists is working on the return of the nuclear battery, but this time with a much broader variety of applications. The science behind nuclear batteries…
Malaysia’s Oil Play Under China’s Shadow
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Back in 2019, Malaysia, Vietnam and the Philippines famously banned DreamWorks’ and Pearl Studio’s joint film Abominable from cinemas for featuring a scene with a map of China's controversial U-shaped nine-dash line, China’s symbolic claim to sovereignty over almost all of the South China Sea. China’s territorial claims to roughly 90% of the South China Sea, including the Paracel and Spratly Islands, encompasses both naturally formed and artificial islands, as well as areas China deems "historic waters". However, a 2016…
Exxon Serves Up Hard Lesson in Climate
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ExxonMobil has decided it’s time to play teacher. In its freshly minted Global Outlook, the U.S. supermajor offered a chapter called “Lessons from Europe”—and the grading isn’t pretty. The EU’s climate policies, Exxon argues, are a cautionary tale of what happens when governments push through decarbonization with heavy regulation and magical thinking. The report claims that Europe’s “high-regulation, high-cost” climate crusade has hobbled industry, pushed up energy prices, and weakened public…