Climate policies could spark an ‘even worse’ energy crisis, Saudi finance minister says

Published

3 years ago

October 22, 2021

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Saudi Arabia’s finance minister has told CNBC that an “even worse” energy crisis could be triggered if the world is not careful with its climate policies.

“If we are not careful about what we are doing to achieve our targets, we may end up having [a] very serious energy crisis like what we are seeing now, and it could be even worse in the future,” said Mohammed al-Jadaan, though he noted that climate policies are “very important.”

Gas prices across Europe and elsewhere have surged because of a number of factors including increased demand, low inventories and a lack of wind power generation.

Speaking to CNBC’s Hadley Gamble Wednesday in an exclusive interview, Finance Minister al-Jadaan called for balance, saying he would like to see developments in new technologies for capturing, reusing and recycling carbon alongside investment in renewable energy sources.

Carbon capture refers to technology that captures carbon dioxide either from the atmosphere or as it is emitted, such as when fossil fuels are burned for energy. Some see it as a promising way to reduce greenhouse gas emissions, though not everyone agrees.

“I think we will be a lot safer in both climate change and energy security” if the right balance is struck, said al-Jadaan.

It comes as Saudi Arabia attempts to diversify its economy away from reliance on hydrocarbons, although the majority of its revenues still come from oil.

Oil price concerns

Brent and U.S. crude benchmarks have both risen more than 65% this year, and are hovering around multi-year highs.

Al-Jadaan said the kingdom doesn’t want oil prices too high or low.

“I don’t want a price that is too low, which then will cripple investments and cause a serious energy crisis,” he said. He added that “unintended consequences” of policies focusing on renewables in places like Europe had helped cause gas prices to soar.

A “balanced” oil price is one that is good for producers and allows them to continue investing in supply, but does not derail the world’s recovery from a “very devastating Covid-19 crisis,” he said.

Saudi Minister of Finance Mohammed Al-Jadaan speaks during a meeting of Finance ministers and central bank governors of the G20 nations in the Saudi capital Riyadh on February 23, 2020.

FAYEZ NURELDINE | AFP via Getty Images

Separately, al-Jadaan also said he is concerned about inflation, but not stagflation.

Economist Stephen Roach has warned that energy price spikes could affect China’s supply chain and lead to stagflation — where prices are rising, but economic growth is slowing — in the U.S. and beyond.

“I’m worried a little bit about inflation, and particularly in areas where it relates to energy,” al-Jadaan said.

He said energy price rises should be watched carefully, and “people would need to rethink what have we done to cause this shortage … of supply, and try to correct it.”

However, he added that the problems are unlikely to be long term ones, and could be resolved in one to two years.

— CNBC’s Chloe Taylor, Sam Meredith and Stephanie Landsman contributed to this report.

Environment

Cramer names oil and natural gas stocks set to do well under Trump

Published

58 mins ago

November 22, 2024

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Cramer names oil and natural gas stocks set to do well under Trump

CNBC’s Jim Cramer on Friday said companies related to natural gas and oil will thrive under President-elect Donald Trump’s administration and a majority Republican Congress.

“We’re hearing about all sorts of Trump trades right now, and many of these things have made insane moves in less than three weeks, to the point where, actually, they’re feeling precarious to me,” he said. “If you want a sustainable Trump trade, I say bet on the natural gas ecosystem. This is an industry that already had a lot going for it, it just needed some cooperation from the federal government, which it is about to get.”

President Joe Biden’s administration is largely opposed to fossil fuels, Cramer said, and the federal government has worked to block pipelines and paused new liquified gas export authorizations. This dynamic, coupled with a weaker global economy, caused the sector to underperform for much of the year, he suggested. But Trump has shown more favor to the industry, and Cramer pointed out that he tapped prominent oil executive Chris Wright to lead the Department of Energy.

Cramer recommended several stocks in the sector, including energy producers EQT and Coterra. The former is focused on natural gas and recently acquired peer Equitrans, raising the combined company’s valuation to an estimated $35 billion, Cramer noted. He added that Coterra is a good long-term holding and called the company “one of the shrewdest operators in the industry.”

He highlighted pipeline companies, including Energy Transfer and Kinder Morgan, and said he was especially bullish on Enbridge. Enbridge says it transports about 20% of all natural gas consumed in the U.S., and Cramer claimed the Canadian outfit has “strategically located assets.” He also named Cheniere and Sempra, saying the former is the “best play” for liquified natural gas exports.

“Seasonally, this is a good time for the commodity,” he said, pointing out that natural gas itself has climbed since the election. “But I also think there’s some optimism about the future of the industry driving this move.”

Jim Cramer’s Guide to Investing

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Jeep launches Wagoneer S EV lease prices starting at just $599 per month

Published

2 hours ago

November 22, 2024

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Jeep launches Wagoneer S EV lease prices starting at just 9 per month

Jeep’s first global luxury electric SUV will arrive at US dealerships any day. Despite its $72,000 price tag, lease prices for the 2024 Jeep Wagoneer S EV start at just $599 per month.

2024 Jeep Wagoneer S EV lease prices

After unveiling its first global electric SUV, Jeep’s CEO said the Wagoneer S “marks a new chapter” in its storied history.

Jeep claims the Wagoneer S packs “exhilarating performance.” With 600 hp and 617 lb-ft of torque, the big-body SUV can sprint from 0 to 60 mph in just 3.4 seconds. Its 100 kWh battery pack also gives it a driving range of over 300 miles.

The electric SUV is unmistakably still a Jeep, but it did get several upgrades to distinguish it as an EV. The grille is now enclosed without the need to cool a massive engine, giving it a sporty, more modern look.

Jeep revamped its design with a new illuminated seven-slot grille with ambient cast lightning. It also fine-tuned its profile, adding flush door handles, a rear wing, and integrated fins for better airflow.

The first Jeep Wagoneer S Launch Edition models get exclusive dark accent design elements like 20″ Gloss Black Wheels.

Inside, the electric SUV is loaded with the latest tech and connectivity, including a best-in-class 45″ of usable screen space. The setup includes a 12.3″ center screen and an exclusive 10.25″ interactive front passenger screen.

Jeep already announced that the 2024 Wagoneer S EV will start at $71,995, but now the company has revealed lease prices for the first time.

According to Jeep, the 2024 Jeep Wagoneer S Launch Edition can be leased for $599 per month for 36 months (10,000 miles per year). The deal includes $4,999 due at signing and a $7,500 EV incentive. However, you may want to act fast, as Jeep’s offer is only good until December 2, 2024.

Jeep Wagoneer S vs Tesla Model Y	Starting Price	Range	Lease Price
Jeep Wagoneer S Launch Edition	$71,995	+300 miles	$599/mo
Tesla Model Y RWD	$44,990	320 miles	$299/mo
Tesla Model Y AWD	$47,990	308 miles	$399/mo
Tesla Model Y AWD Performance	$51,490	279 miles	$599/mo

In comparison, Tesla Model Y RWD lease prices start at $299 for 36 months with $2,999 down (10,000 miles). The Performance AWD model starts at $599 per month. In an end-of-year promo, Tesla also offers 3 months of free Supercharging and Full Self-Driving.

Ready to drive off in your new electric SUV? We can help you get started. You can use our links below to view offers on the Jeep Wagoneer S and Tesla Model Y at a dealer near you.

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Environment

Caltrain makes history with fully electric trains on SF to San Jose route

Published

3 hours ago

November 22, 2024

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Caltrain makes history with fully electric trains on SF to San Jose route

Caltrain, the 160-year-old San Francisco to San Jose rail corridor, has ditched diesel and is now fully electric.

This makes Caltrain’s zero-emission service from San Francisco to San Jose the first diesel-to-electric transition in North America in a generation. To celebrate, Caltrain is offering free rides this weekend on its new half-hourly weekend service, and it’s hosting events at every city along the corridor.

The new electric service is also faster and more frequent. During peak hours, trains will run every 15 to 20 minutes at 16 stations along the corridor. Express service from San Francisco to San Jose will take less than an hour, and weekend service will be twice as frequent as before.

Each trainset will have seven cars instead of the previous five to six. The new electric trains accelerate and decelerate faster than the diesel fleet, allowing more frequent stops in the same amount of time.

The trains were built by Stadler US at their facility in Salt Lake City, Utah. After they were assembled, they were sent to a test facility in Pueblo, Colorado. where they were tested at high speeds under numerous conditions as required by the Federal Railroad Administration.

The new electric trains are not just better for the environment; they’re also a big upgrade for passengers. Riders can now enjoy perks such as free wifi, more seat power outlets, and expanded under-seat storage. Plus, the ride is much quieter.

Serving the region since 1863, Caltrain is the oldest continually operating rail system west of the Mississippi. The Electrification Project is fully funded by federal, state, and local partners.

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