BP, Pulling Back from Renewables, Enters $5.8B JV with JERA
BP and Japan’s largest power generator JERA are...
BP and Japan’s largest power generator JERA are combining their offshore wind businesses to become one of the world’s biggest offshore wind developers, the companies said Dec. 9.
With capital commitments of up to $5.8 billion through the end of 2030, the 50-50 joint venture will create JERA Nex bp. According to a news release, the companies will have a total potential net generating capacity of 13 gigawatts (GW) comprised of operating assets and development projects.
Many questions remain about Syria’s future after rebels take control
Syria’s prime minister said the government there is still functioning...
Syria’s prime minister said the government there is still functioning post-overthrow of the Assad regime, but the United Nations said that the public sector “has just come to a complete and abrupt halt,” which is impacting efforts to deliver humanitarian aid to the country. Neighboring Israel seized land on the Syrian side of the border in the Golan Heights, which Prime Minister Benjamin Netanyahu told the Biden administration is a temporary measure to establish a buffer zone. “We extend our hand to those who want to live with us in peace; we will cut off the hand of anyone who tries to harm us,” Netanyahu said during a television appearance Monday evening.
OpenAI releases text-to-video tool feared by Hollywood. Sora,...
OpenAI releases text-to-video tool feared by Hollywood. Sora, which caused Tyler Perry to press pause on plans to build an $800 million studio expansion after he saw a demo of the tool in February, was released to ChatGPT Plus and Pro subscribers in an updated form known as Sora Turbo. Users can provide the tool with a text prompt, from which it will then generate a high-resolution video clip up to 20 seconds long. While OpenAI warned that Sora has “many limitations,” it said it is releasing the program anyway to “give society time to explore its possibilities.”
“Merger Monday” took place yesterday as US companies made more than $35 billion worth of deals (including the Omnicom-Interpublic tie-up).
Sympathy for the UnitedHealthcare gunman surprised law enforcement and hindered the investigation.
Daniel Penny was found not guilty in the chokehold death of Jordan Neely.
The 2025 Golden Globes nominations were released. Emilia Pérez led the film side and The Bear got the most TV noms.
Salesforce CEO Marc Benioff came on our After Earnings podcast to discuss tech regulation, whether he’ll work with Elon Musk on DOGE, and more.
Brent Tops $72 as China Easing Boosts Oil Demand Outlook
Oil climbed as China’s leaders used their most direct language on stimulus...
Oil climbed as China’s leaders used their most direct language on stimulus in years, while traders are also keeping an eye on developments in the Middle East.
West Texas Intermediate gained 1.7% to settle above $68 a barrel. Brent topped $72 a barrel. China’s leaders vowed to embrace a “moderately loose” monetary policy in 2025, signaling more rate cuts ahead and shifting from a “prudent” strategy that’s held for 14 years. Easing monetary policy in China lifted oil’s demand outlook, but traders remain measured about potential upside.
Monday’s gain isn’t enough to take oil out of the roughly $6-a-barrel range it has traded in since mid-October. The market has been buffeted by competing drivers, including Donald Trump’s US election win, geopolitical tensions in the Middle East and lackluster Chinese demand — with a significant global surplus expected next year.
Saudi Arabia cut oil prices for buyers in Asia over the weekend, underscoring the market’s weakening outlook following the OPEC+ decision to delay the revival of halted production.
The U.S. national average price of gasoline has fallen below $3 per gallon for the first time in more than three and a half years. According to GasBuddy data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country, the average national gasoline price was $2.97 per gallon on Monday, a level they last touched in 2021. De Haan has noted that some 35 U.S. states now enjoy average gas prices below $3 per gallon, an increase of seven states from a month ago.
“The national average has finally fallen below $3 per gallon, and it couldn’t come at a better time for motorists with the holidays upon us. One would need to count over 1,300 days since we’ve seen the national average this low, with the affordability of gasoline at its lowest non-COVID level since 2015,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
