Clean power comeback? Don’t count out renewable energy and this one stock

Despite this news, oil prices remained relatively muted.  WTI crude moved back above $75 per barrel at one point, but that’s only back to levels of a few weeks ago.  It is certainly possible oil inches even higher, but as we wrote recently, there is a lot of oil in the world and it’s clear the market wants to push prices lower if it can. 

MY TAKE →  If you look out further on the futures curve, prices at the CME Group are still just above $70 later in the year. So the outlook for oil is relatively stable.

Still, with the chaos we are seeing inside Iran – the Ayatollah’s son, who is ostensibly ruling the country, didn’t even attend his own fathers funeral and it’s unclear even if he’s alive – where things are with oil in the next 24, 48 or 72 hours is anyone’s guess.  Stay nimble.  It is likely going to stay very dicey for a while.

Another reason why the outlook for oil is remaining steady is because trading during this conflict has proven the extent of the ample energy supplies from America.

So back to what I wanted to talk about first in this newsletter: American exceptionalism and how our energy abundance contributes to that. 

When you travel the world, energy stands out. Billions of people don’t have easy or affordable access to electrical power.  Here in America, our electricity costs are close to half that of Europe.  Having relatively moderate energy costs is a massive benefit.  That benefit isn’t just to economic growth, but how families live.

Some of the reporting I’m most proud of is our early coverage of Europe’s largely self-inflicted energy problems. Back in 2021 we reported from London about the UK’s growing issue of energy poverty.  “Energy poverty” is exactly what it sounds like: people not being able to afford all the heat, cooling or electricity they need to stay comfortable or even safe.  Paying for high power costs can also often take away a person’s ability to afford other necessities.  Choosing between heating or eating is not a decision anyone should have to make in the 21st century.  Sadly, many still do.  

The issue isn’t limited to the U.K.  Across Europe, high energy costs have taken a toll.  In a remarkable report last year, the European Commission admitted that:

“Exceptionally high prices had, and continue to have, serious implications for European households, industry, the broader economy and public finances.”   

According to GlobalElectricity.org., Europe’s residential electricity prices are about 60% higher than what we have here in the U.S.  Europe…