German minister criticizes U.S. over ‘astronomical’ natural gas prices
A photo of a natural gas flare burning near an oil pump jack at the New Harmony Oil Field in the U.S. on June 19, 2022.
Luke Sharrett | Bloomberg | Getty Images
Germany’s economy minister accused the U.S. and other “friendly” gas supplier states of astronomical prices for their supplies, suggesting they were profiting from the fallout of the war in Ukraine.
“Some countries, including friendly ones, sometimes achieve astronomical prices [for their gas]. Of course, that brings with it problems that we have to talk about,” Economy Minister Robert Habeck told regional German paper NOZ in an interview published Wednesday which was translated by NBC News. He called for more solidarity from the U.S. when it comes to assisting its energy-pressed allies in Europe.
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“The United States contacted us when oil prices shot up, and the national oil reserves in Europe were tapped as a result. I think such solidarity would also be good for curbing gas prices,” he said.
CNBC contacted the White House for a response to the comments and is awaiting a reply.
Habeck, the co-leader of Germany’s Green Party, which is a part of Berlin’s coalition government led by center-left Chancellor Olaf Scholz, said the EU should also do more to address the region’s gas crisis, with countries scrambling for alternative supplies which has pressured prices even more, that was brought about by the war in Ukraine and deteriorating relations with Russia.
Moscow’s state-owned gas giant Gazprom has cut supplies to the bloc drastically over the last few months, largely due to international sanctions and a desire to punish Europe — the EU used to import around 45% of its gas supplies from Russia but is seeking to halt all imports — for supporting Kyiv.
Habeck said the EU “should pool its market power and orchestrate smart and synchronized purchasing behavior by the EU states so that individual EU countries do not outbid each other and drive up world market prices.”
European market power is “enormous,” it just has to be used, he noted, according to the German news outlet.
Europe is facing a hard winter with gas shortages predicted across the region. Countries like Germany have been largely dependent on Russian gas supplies for decades with massive energy infrastructure, such as the Nord Stream 1 and 2 gas pipelines, designed to bring gas from Russia to Germany via the Baltic Sea.
While the $11 billion Nord Stream 2 pipeline was never even launched, with Germany refusing to certify the pipeline following Russia’s invasion of Ukraine in February, Nord Stream 1 has become a pawn in souring relations between Moscow and Brussels.
Over the summer, gas supplies via the pipeline stopped and started seemingly at Moscow’s whim, although it invariably cited the need for maintenance and sanctions as a reason for halting supplies. But then supplies came to a halt in September.
More recently, Russia and Europe’s energy ties have literally been damaged with the Nord Stream pipelines suffering leaks last month in suspicious circumstances.
Russia denied it had sabotaged the pipelines, with reported underwater explosions damaging the pipes in several places, sending natural gas spewing from the Baltic Sea. The damage prompted an international outcry with the EU vowing a “robust” response to attacks on its energy infrastructure.
After kicking off production last month, Zero Motorcycles has now officially begun deliveries of its highly anticipated X Line models. The first wave of customers is taking delivery of their new Zero XE and Zero XB electric motorcycles, marking a major milestone for the company’s push into more affordable off-road and adventure EVs.
“The delivery of the first X Line bikes is a major milestone for Zero and for the future of off-road EV performance,” said Zero CEO Sam Paschel. “It’s the start of a new chapter in how adventure riding is experienced. With the XB and XE, we’re making electric motorcycles more accessible and approachable for riders everywhere.”
Zero first unveiled the X Line late last year, announcing the two-bike lineup aimed at adventure and trail riders. The XE and XB models were designed to be affordable new platforms, not just budget versions of Zero’s existing on-road bikes.
Both bikes are designed to be street-legal in Europe, but are intended only for off-road riding in the US.
The two models were developed alongside Zero’s Chinese partner Zongshen to offer an approachable gateway to electric two-wheeled adventure, with lightweight frames, swappable battery packs, and plenty of power for getting off the beaten path. They’re also the most affordable models Zero has ever produced: the smaller Zero XB starts at just $4,395 in the U.S., while the larger, more powerful Zero XE comes in at $6,495.
At those price points, the X Line represents a big shift for Zero, which has historically focused on premium electric motorcycles priced well into five-figure territory.
Deliveries began this week and will continue to roll out over the coming months. Buyers who place new reservations starting today can expect deliveries to begin in Fall 2025, according to the company.
The X Line is a strategic move for Zero as it looks to expand its rider base beyond urban commuters and high-end sport bike enthusiasts. With more riders, especially younger and off-road focused customers, showing interest in electric motorcycles, the XE and XB could be just the right mix of capability and price to bring new blood into the EV moto world.
Electrek’s Take
This is a big moment for Zero. After more than a decade building high-performance electric motorcycles for the street, the company is finally breaking into the more affordable end of the market, and doing it with purpose-built off-road machines, not watered-down street bikes.
The fact that the XB starts at under $4,500 is kind of wild, especially considering Zero’s bikes have historically hovered around the $15K mark. Sure, these aren’t full-size dual-sport monsters, but they’re not toys either. And yes, there are questions about how much of these bikes are actually Zero, and how much are basically Sur Rons built by Zongshen. But with decent range, real off-road chops, and swappable batteries, if these bikes can deliver a quality ride then it might not really matter. The new models have the potential to carve out a whole new corner of the market for Zero, one that’s long been dominated by DIY conversions or budget Asian imports.
If Zero can ramp up deliveries smoothly and keep the quality high, the X Line might be the company’s most important launch yet. And judging by the response so far, there’s real demand for affordable, capable electric trail bikes. Now they just need to homologate them for the US market.
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The brand logo of the mineral oil and natural gas company Shell plc can be seen at a filling station of the company in Nuremberg (Bavaria) on July 25, 2025.
Picture Alliance | Picture Alliance | Getty Images
Britain’s Shell on Thursday reported better-than-expected second-quarter profit and maintained the pace of its shareholder returns, despite the impact of lower global oil and gas prices.
The energy giant posted adjusted earnings of $4.26 billion for the three months through June, beating analyst expectations of $3.87 billion, according to an LSEG-compiled consensus.
A separate, company-provided analyst forecast had expected Shell’s second-quarter profit to come in at $3.74 billion.
Shell reported adjusted earnings of $6.29 billion over the same period last year and $5.58 billion in the first three months of 2025.
The results come shortly after the London-listed firm flagged weaker trading results at its integrated gas division and losses at its chemicals and products arm.
Shell also announced another $3.5 billion in share buybacks over the next three months, keeping the pace of its shareholder returns. It marks the 15th consecutive quarter of at least $3 billion in buybacks.
“The backdrop of the macro has been challenging, and what I would say is we continue on the momentum that we have in transforming Shell,” CEO Wael Sawan told CNBC’s “Squawk Box Europe” on Thursday.
“On all measures, [I’m] pleased with that performance. And on the trading side, indeed, despite difficult macro, pleased with how the team has performed,” Sawan said.
Shares of Shell were up 2.5% at around 9 a.m. London time (4 a.m. ET).
Value creation
In March, Shell announced plans to prioritize shareholder returns, ramp up the cost of savings and double down on its liquified natural gas (LNG) push. The strategic update was designed to bolster its commitment to value creation, while maintaining focus on “performance, discipline and simplification.”
The plan appears to have been well received by investors. Shell’s share price has outperformed many of its European and U.S. rivals so far this year, notching gains of 8%. By comparison, Britain’s BP is up 3%, France’s TotalEnergies is down 2% and Exxon Mobil is up 4% over the same period.
Notably, Shell recently dismissed speculation about a possible takeover bid for BP, saying in late June that it had “no intention” of making an offer for its struggling domestic rival.
Asked about the prospect of acquisitions and whether the current state of play means bigger is better for oil companies, Sawan replied: “I don’t buy bigger is better. I think you have to drive it from a value perspective.”
Shell’s CEO said scale is not of concern for the world’s largest trader of liquified natural gas (LNG).
“It is how do we leverage that scale by focusing on the areas where we have competitive strengths and the areas where can create value,” he addd.
‘You can be sure of Shell’
Shell on Thursday said that it achieved structural cost reductions of $800 million through the first six months of 2025, bringing cumulative reductions since 2022 to $3.9 billion. Earlier in the year, the company set a cost reduction target of $5-7 billion by the end of 2028.
The company’s net debt, meanwhile, came in at $43.2 billion at the end of the second quarter, up from $41.5 billion on a quarterly basis.
Shell’s Sawan repeated his comments from earlier in the year when asked about the prospect of the company moving its listing from London to New York, saying it is not a live discussion.
Customers pump gas into their vehicles at a Shell station on April 10, 2025 in Miami, Florida.
Joe Raedle | Getty Images
“Part of the reason is actually we have been outperforming. We have been able to just stick to our own story, just deliver on what we say we’re going to do. At Capital Markets Day we used the old tag line: ‘You can be sure of Shell,'” Sawan said.
“On the back of that, we feel more and more confident that our message is getting through to those pools of capital that want to invest in this differentiated investment thesis that we have,” he added.
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