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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.

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USA Rare Earth jumps 8% after CEO confirms discussions with Trump administration

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October 2, 2025

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USA Rare Earth jumps 8% after CEO confirms discussions with Trump administration

USA Rare Earth CEO: We are in close communication with White House

Shares of USA Rare Earth jumped in extended trading Thursday, after CEO Barbara Humpton told CNBC that the rare earth miner is “in close communication” with the White House.

Humpton’s comment comes after the Trump administration took a 5% equity stake in Lithium Americas this week. The Defense Department took a 15% stake in rare earth miner MP Materials in July.

“We are in close communication with the administration,” Humpton told CNBC’s Morgan Brennan when asked whether USA Rare Earth was interested in a deal with the Trump administration.

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USA Rare Earth stock year to date.

USA Rare Earth shares were last up about 8% after hours. Its stock gained 23% in regular trading Thursday and has nearly doubled this year.

“This is a field where it will not be a zero sum game,” Humpton said of the rare earth supply chain. “It’s going to take a lot of players to build out this marketplace.”

USA Rare Earth is developing a mine in Sierra Blanca, Texas, and a magnet production facility in Stillwater, Oklahoma. Humpton said she supports the Trump administration’s deals with MP and Lithium Americas.

“What we’re doing is keeping the administration informed of our own plans,” she said.

The adminstration has said it is making the investments to help support the industry and break U.S. dependence on China.

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Tesla applies for patent to make Cybertruck look even more ridiculous but more efficient

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October 2, 2025

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Tesla applies for patent to make Cybertruck look even more ridiculous but more efficient

Tesla Cybertruck inflatable aero device towing

Tesla has applied for a new patent that would make the Cybertruck look even more ridiculous than it already does, but it would also make towing more efficient.

The Cybertruck is one of, if not the most, polarizing vehicles of all time, and its design is primarily to blame.

Much of the design is due to the use of stainless steel panels and the attempt to make pickup trucks more aerodynamically efficient.

Tesla has managed to improve on the drag coefficient of the average pickup truck.

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However, it doesn’t help much with towing a trailer, which is going to catch a lot of that drag.

Tesla has now applied for a new patent on a device that would help push wind over a trailer towed by the Cybertruck.

The American automaker wrote in the abstract of the patent application:

An inflatable aerodynamic deflector to reduce drag and enhance efficiency. Constructed from drop stitch material, it forms one or more air chambers between parallel skins. The component includes a pressure regulation mechanism and diverse attachment interfaces such as rail systems, magnetic fasteners, and quick disconnect clips, distributed along the vehicle for secure mounting. This component acts as an aerodynamic deflector, optimizing airflow around conveyances, especially combination vehicles like tow vehicles and trailers.

In short, Tesla is working on an inflatable device that could sit on the bed of the Cybertruck and rise to close the air gap between the truck, thereby extending the angle of the windshield over the trailer.

Here are some of the drawings from the patent application

Electrek’s Take

To be fair, companies often apply for patents on products that they don’t have concrete plans to bring to production, and this could easily be the case here.

That’s especially true for the Cybertruck.

The program is so much smaller than Tesla anticipated, and with smaller volumes, it makes less sense to launch accessories.

That said, I’m pro everything that makes driving more efficient, regardless of whether it makes a vehicle silly.


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Hyundai drops Kona Electric lineup to just one trim: The cheapest

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October 2, 2025

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Hyundai drops Kona Electric lineup to just one trim: The cheapest

Hyundai-Kona-Electric-lineup

The 2026 Hyundai Kona Electric lineup will be offered in a single trim, but at least it’s the most affordable one.

Here’s the new 2026 Hyundai Kona Electric lineup

With the IONIQ 5 stealing the spotlight, Hyundai is downsizing the 2026 Kona Electric to just one trim — the base SE model.

Hyundai didn’t provide prices, but the 2025 Hyundai Kona Electric SE was the brand’s most affordable EV, starting at just $32,975. The SEL, Limited, and N Line trims will not be offered for the 2026 model year.

In another blow, Hyundai is also dropping the Long Range battery, meaning the 2026 Kona Electric will only be available with the Standard Range battery.

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The Long Range 64.8 kWh battery offers a driving range of up to 261 miles, while the Standard Range 48.6 kWh battery delivers a driving range of just 200 miles. The only other change is that the SE trim will now include a larger console tray.

Hyundai-Kona-Electric-lineup
The Hyundai Kona Electric (Source: Hyundai)

With new models arriving, like the 2026 Nissan LEAF and the 2027 Chevy Bolt EV, the Kona Electric will no longer be one of the few EVs starting under $35,000.

Nissan claims the 2026 LEAF “has the lowest starting MSRP for any new EV currently on sale in the US” at just $29,990. The new LEAF also offers significantly more range, with over 300 miles, and features a NACS port for recharging at Tesla Superchargers.

Hyundai-Kona-electric-interior
The interior of the Hyundai Kona electric (Source: Hyundai)

While it’s cutting the Kona Electric lineup, Hyundai appears to be focused on its top-selling EV for 2026, the IONIQ 5.

Following the expiration of the federal EV tax credit, Hyundai reduced prices on the 2026 IONIQ 5 by up to nearly $10,000 on certain trims. The 2026 IONIQ 5 now starts at just $35,000. It’s also extending the $7,500 credit for 2025 models.

Is the Kona Electric on its way out with the IONIQ 5 now available for about the same price? Either that, or Hyundai will have to cut prices on the Kona EV to stay competitive.


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