Ron Insana: It’s time to use an ‘all of the above’ energy policy to break up the OPEC+ cartel

Published

3 years ago

October 7, 2022

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An Austrian soldier guards the entrance to the OPEC headquarters on October 4, 2022 on the eve of the 45th Meeting of the Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting held on October 05, in Vienna, Austria.

Joe Klamar | AFP | Getty Images

Saudi Arabia’s decision to ally with Russia and push through the largest supply cut by OPEC+ since 2020 means it’s time for the U.S. to take every available step it can to boost U.S. energy production.

That could even mean exploring the “nuclear option” — a point I mean literally, in terms of deploying nuclear power to assist in meeting the nation’s energy needs.

Energy policy is an instrument of U.S. foreign policy. Given that a former ally has joined with a current adversary, I would argue that, at least for the moment, all bets are off. It’s time to bring Saudi Crown Prince Mohammed bin Salman and Vladimir Putin to heel, and take away some of the power that OPEC and its allies have.

The OPEC+ cuts were set at some 2 million barrels per day. The decision appears aimed at bolstering oil prices, which had fallen to roughly $80 a barrel from more than $120 in early June. Oil has already started to climb back up above $92 a barrel, despite signs of economic slowing.

The Biden administration — short-term environmental concerns aside — should offer price supports to the entire oil and gas industry, beyond the subsidies already offered, to rapidly boost production in some areas where exploration and production have slowed.

Biden, no doubt, would get pilloried by environmental groups, progressives and even some middle-of-the-road Democrats for potentially accelerating climate change, but short-run needs are paramount if the U.S. would like to maintain long-term control of both our energy security and our national security.

A multiyear price floor

With the imposition of a multiyear price floor, the U.S. could support domestic crude prices at, let’s say, $65 per barrel. That’s high enough to encourage existing fracking efforts while also encouraging additional production. Yet, it’s low enough to help pull the rug out from under a former ally that has shown its allegiance to Moscow. (We do this for all manner of commodity producers, by the way.)

Further, a more rapid addition of U.S. supplies of oil and natural gas would pressure global energy prices greatly and hurt the bottom lines of both Saudi Arabia and Russia, who are trying to ensure $100 per barrel oil to prop up their budgets — and, for Putin, to finance the ongoing war in Ukraine.

A flood of U.S. oil could drive prices back into the $20s even as U.S. companies are guaranteed to earn more.

In the 1980s, when the Saudis were the world’s “swing producer” of oil, they set the global price by raising and lowering production to send prices up or down, depending on prevailing circumstances.

The U.S. is poised to return to being the No. 1 producer next year when daily production reaches the old record of 12.3 million barrels per day from the current 11.8 million. (The U.S. has been the world’s largest producer of natural gas since 2017.)

In addition, the U.S. should expedite the build out of pipelines, transmission lines and LNG terminals so that the U.S. can more effectively — and profitably — export surplus oil and natural gas to an energy-starved world.

Adding a little fuel to that fire could help Europe avoid future disruptions of supplies as long as sanctions remain in place against a would-be Peter the Great.

An ‘all of the above energy’ policy

Beyond that, continuing an “all of the above” energy policy — which should absolutely include modern nuclear power plants — would go far in stabilizing global energy markets, ensure more than adequate supplies of power and energy here at home and, once and for all, cripple the OPEC cartel and Russia, whose economy rests almost entirely on energy exports.

And, yes, the U.S. and Europe should place a cap on Russian oil prices to also rob Moscow of the revenue it needs to sustain its invasion of Ukraine.

And, as some foreign policy experts have suggested of late, the U.S. should cut off sales of military hardware to MBS and deprive him of U.S. intelligence, rendering the alliance moot and leaving the Saudis at risk of armed conflict with regional rivals. That should be their problem from now on.

The U.S. should also strike a deal with Iran and Venezuela to allow oil to flow from those pariah states.

At the end of the day — and this may be naive — but what’s the difference between doing business with Saudi Arabia and Russia compared with doing business with Venezuela and Iran? Long ago, we learned that the enemy of my enemy is my friend.

It may well be time to put that philosophy to work and turn the tables on nations whose revenue options are far more limited than our own.

— Ron Insana is a CNBC contributor and a senior advisor at Schroders.

Environment

OpenAI says Robinhood’s tokens aren’t equity in the company

Published

27 mins ago

July 2, 2025

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OpenAI says Robinhood's tokens aren't equity in the company

Jaque Silva | Nurphoto | Getty Images

OpenAI is distancing itself from Robinhood‘s latest crypto push after the trading platform began offering tokenized shares of OpenAI and SpaceX to users in Europe.

“These ‘OpenAI tokens’ are not OpenAI equity,” OpenAI wrote on X. “We did not partner with Robinhood, were not involved in this, and do not endorse it.”

The company said that “any transfer of OpenAI equity requires our approval — we did not approve any transfer,” and warned users to “please be careful.”

Robinhood announced the launch Monday from Cannes, France, as part of a broader product showcase focused on tokenized equities, staking, and a new blockchain infrastructure play. The company’s stock surged above $100 to hit a new all-time high following the news.

“These tokens give retail investors indirect exposure to private markets, opening up access, and are enabled by Robinhood’s ownership stake in a special purpose vehicle,” a Robinhood spokesperson said in response to the OpenAI post.

BYD launches new discounts, offering +50% off smart driving tech

Published

4 hours ago

July 2, 2025

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BYD launches new discounts, offering +50% off smart driving tech

Despite the warnings, BYD continues introducing new discounts. On Wednesday, BYD’s luxury off-road brand began offering over 50% Huawei’s smart driving tech.

BYD introduces new discounts on smart driving tech

After BYD cut prices again in May, the China Automobile Manufacturers Association (CAMA) warned that the ultra-low prices are “triggering a new round of price war panic.”

Although they didn’t single out BYD, it was pretty obvious. BYD slashed prices across 22 of its vehicles by up to 34%, triggering several automakers to follow suit in China.

BYD’s cheapest EV, the Seagull, typically starts at about $10,000 (66,800 yuan). After the price cuts, the Seagull is listed at under $8,000 (55,800 yuan).

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It doesn’t look like China’s EV leader plans to slow down anytime soon. Fang Cheng Bao, BYD’s luxury off-road brand, introduced new discounts on Huawei’s smart driving tech on Wednesday.

The limited-time offer cuts the price of Huawei’s Qiankun Intelligent Driving High-end Function Package to just 12,000 yuan ($1,700).

Buyers who order the smart driving tech in July will save over 50% compared to its typical price of 32,000 yuan ($4,500).

Earlier this year, Fang Chang Bao launched the Tai 3, its most affordable vehicle, starting at 139,800 yuan ($19,300). The Tai 3 is about the size of the Tesla Model Y, but costs about half as much.

BYD-Tai-3-electric-SUV — BYD Fang Cheng Bao Tai 3 electric SUV (Source: Fang Cheng Bao)

The Tai 3 will spearhead a new sub-brand of electric SUVs following the more premium Bao 8 and Bao 5 hybrid SUVs.

BYD’s luxury off-road brand sold 18,903 vehicles last month, up 50% from May and 605% compared to last year. Fang Cheng Bao has now sold over 10,000 vehicles for three consecutive months.

The Chinese EV giant sold 382,585 vehicles in total in June, an increase of 12% from last year. In the first half of the year, BYD’s cumulative sales reached over 2.1 million, a YOY increase of 33%.

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Environment

Dahon launches first super-lightweight e-bike that is actually affordable

Published

4 hours ago

July 2, 2025

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Dahon launches first super-lightweight e-bike that is actually affordable

Every year, it seems like there’s a new headline about the world’s lightest electric bike. Each year, engineers manage to shave a few more grams off of an exotically designed frame built with even more exotic materials. And each year, the continuously lower weight is balanced by continuously higher prices – often exorbitantly high. But now Dahon has bucked that trend, offering us an incredibly lightweight electric bike at a price that normal e-bike riders can afford. Meet the Dahon K-Feather.

To put things in perspective, some of the previous lightest electric bicycles have included the 11.8 kg (26 lb) LeMond Prolog at US $4,500, the 11.75 kg (12.59 lb) Trek Domane+ SLR at US $8,999, and the 10 kg (22 lb) Hummingbird Flax folding e-bike at US $6,050.

So with that in mind, please allow me to introduce you to the new Dahon K-Feather. This is a 12 kg (26.5 kg) folding electric bike priced at an incredibly reasonable US $1,199 in North America or €1,499 in Europe.

Sure, it’s not the absolute lightest folding e-bike we’ve ever seen, but it’s 90% of the way there and at a quarter of the price. Plus, it comes from Dahon, which is one of the most respected names in the folding bike world and is largely credited with paving the way for the booming folding bike industry we see today. Since the 1980s, Dahon’s innovative designs have been imitated around the world, yet the folding bike maker has continued to innovate and stay several steps ahead of competing brands.

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The K-feather achieves its extra low weight through the combination of a novel frame design employing Dahon’s patented frame designs, including the company’s DELTECH technology and “super down tube,” which help improve rigidity and robustness while reducing weight.

The electrical system on the K-Feather is also a featherweight, keeping the e-bike largely in the last-mile category. While the battery claims a maximum range of up to 24.8 miles (40 km), real-world riding and hilly terrain could reduce that range. Still, clever designs like a system that automatically shuts off the extra motor power when detecting a downhill segment help to eke out more range from the small 24V and 5Ah battery.

The ultra-lightweight 250W hub motor also offers just 32 Nm of torque, meaning the assist is more of a helpful push than a powerful shove. But with the inclusion of a torque sensor for the pedal assist, that push comes on quickly and reliably, making the bike feel more like a traditional analog bike being pedaled by someone with extra strong legs.

With 16″ dual-wall rims and 14g spokes, this isn’t the heavy fat tire folding e-bikes we’re used to in North America, and the capacity reflects that. The K-Feather is rated to support riders weighing up to 105 kg (231 lb), though the highly adjustable seating position can support a range of rider heights from 145 to 190.5 cm (4’9″ to 6’3″).

Coming in six colorways, the Dahon K-feather folding e-bike is now available in the US and has launched for pre-order in Europe, with shipments there expected in September.

I had a bit of a preview of the K-feather on my last trip to China when I was able to visit Dahon’s headquarters and test ride the bike.

I still can’t believe how light it felt, both underneath me and while folding it up and carrying it around. Be on the lookout for that full experience from my trip, coming soon.

Electrek’s Take

The K-Feather represents a compelling milestone not just for Dahon, but for the entire folding e-bike market. By delivering a truly lightweight, compact, and fully electric folder at an impressively affordable price point, Dahon has made minimalist e-mobility more accessible than ever.

It’s not just a bike for die-hard lightweight e-bike connoisseurs; it’s a real-world solution for commuters, travelers, and apartment dwellers who want the freedom of electric assist without the bulk or the sticker shock. If the goal is to get more people on two wheels, the K-Feather might just be one of the most important steps forward yet.

Coming in at less than half the weight of most folding e-bikes, and still a fraction of most lighter-duty folders, the K-Feather’s modest performance makes it a great urban ride for those who favor compact size and light weight. In fact, I think it might be perfect for my mother-in-law, who needs an e-bike to get to and from the train she takes to work, but also needs it to be light enough to carry up to her second-story apartment. Hmmm, perhaps I should have her do a review for us…