ENERGY

A nationwide power blackout hit Ecuador on Wednesday afternoon, plunging 17 million people into darkness. Authorities are working to repair a faulty transmission line that was responsible for the outage.

"The immediate report that we received from the CENACE (National Center of Energy Control) is that there is a failure in the transmission line that caused a cascade disconnection, so there is no energy service on a national scale," Public Works Minister Roberto Luque wrote on X. (more…)

Oil prices rallied for the second straight day, reaching their highest since April, on "price-supportive rhetoric" from the OPEC and its allies, said Tyler Richey, co-editor at Sevens Report Research.

The initial "knee-jerk selloff" reaction to the June 2 decision by OPEC+ to phase out voluntary oil-production cuts after the third quarter was "largely reversed and seen as overdone," Richey told MarketWatch.

OPEC+ leadership "confirmed that they will (more…)

Authored by P. Gosselin via NoTricksZone.com,

The figures for the registration of new electric cars in Germany are looking increasingly awful.

The KBA also adds that 89,498 passenger cars were equipped with a gasoline engine – an increase of 2.1 percent compared to the same month last year.

44,893 new cars were diesel-powered, an increase of 3.2 percent compared to the same month last year.

71,451 new cars had a hybrid drive in May 2024, accounting for a share of 30.2% (more…)