Oil prices surged over $90 per barrel this week for the first time in seven years. Analysts are predicting a continued bullish oil market due to a number of factors, including low inventories and very little indication that OPEC+ will produce more oil than required under the terms of its agreement.
Yet even amid surging energy prices, a U.S. District Court for the District of Columbia yesterday blocked a federal offshore oil and gas lease sale conducted in November, Lease Sale 257 – a move that will make the U.S. more reliant on OPEC+ and work against our global climate goals.
Meanwhile, sources say the White House is considering extending Trump-era tariffs on solar power imports, but with a few tweaks to make it easier for American installers to access supplies.
Want more energy news? Check out our favorite stories from the week below!
5There’s a new electric school bus in town, and it has vehicle-to-grid capability
The new electric school bus with innovative vehicle-to-grid technology can serve as a power storage resource when it’s not transporting students. Electrek shares that the bus can transport 30 students and travel 140 miles on a single charge.
4Electric vehicle sets new world record
A new Guinness World Record was set recently when an electric vehicle by Porsche traveled from Los Angeles to New York City with less than 2.5 hours of charging along the way. Slash Gear reports that they previous record stood at just over 7 hours.
3One of the largest hydrogen electrolyzers in the world begins operations
Based in China, the electrolyzer will produce green hydrogen for fuel cell vehicles during the 2022 Winter Olympics. CNBC shares that following the Olympic games, the 20 megawatt hydrogen electrolyzer will be used in commercial and public transportation.
2Offshore electric charging stations could help decarbonize the maritime industry
The world’s first full-scale offshore charging station for vessels will make its debut in the third quarter of 2022, when it is scheduled for demonstration at an offshore wind farm. Electrek reports that the charging station will deliver offshore electric charging solutions to vessels at ports, hubs and offshore energy operations.
1Nuclear scientists achieve new milestone in nuclear fusion
Researchers achieved a mega milestone when, for a fraction of a second, they sparked a fusion reaction that sustained itself by reaching temperatures more than three times hotter than the center of the sun. PBS explains how this milestone puts nuclear fusion closer than ever to the threshold of ignition, when the fuel can continue to burn on its own and produce more energy than what’s needed to spark the initial reaction.