Saudi Aramco CEO Calls for Realistic Energy Transition, Criticizes Current Strategies

Saudi Aramco CEO Amin Nasser, at the CERAWeek by S&P Global energy conference, criticized current energy transition strategies as unrealistic, urging a reevaluation of the phase-out of oil and gas. He highlighted the persistent global demand for fossil fuels, the minimal impact of renewables on the global energy mix, and the significant role of hydrocarbons, especially in developing nations. Nasser advocated for a balanced approach, focusing on emissions reduction in oil and gas while gradually integrating new energy sources. (CNBC)

Gas Prices Rise Again, Challenging Inflation Reduction Efforts

Gas prices in the U.S. have escalated, with the national average reaching $3.47 per gallon, surpassing last year’s figures. This increase, attributed to routine refinery maintenance, extreme winter conditions, and drone attacks on Russian oil facilities, complicates inflation control efforts. While not predicted to reach the record highs of mid-2022, this trend has delayed hopes for Federal Reserve interest rate cuts and is causing economic strain, particularly as OPEC+ maintains production cuts. (CNN)

U.S. Home Builders’ Confidence Surges Amid New Construction Demand

The U.S. housing market sees a boost in builders’ confidence, reaching its highest level since July, as reported by the National Association of Home Builders/Wells Fargo Housing Market Index. The index rose to 51 in March, its fourth consecutive monthly increase, surpassing economists’ expectations. This positive shift is driven by heightened demand for new homes amidst a shortage of existing properties. However, challenges like supply shortages and rising building costs remain, even as mortgage rates show signs of decline. (Fox Business)