Energy independence: America is now a major exporter of natural gas

3/30/24 8:00PM

Energy independence

‍While artificial intelligence dominates the headlines of business and tech newspapers around the country, America’s energy industry has been quietly thriving. Indeed, 3 weeks ago the US Energy Information Administration (EIA) reported that the US had produced the equivalent of 12.9 million barrels of crude oil and condensate per day last year, 28% more than the world’s previous top producer, Russia, and 33% more than even the oil-rich Kingdom of Saudi Arabia.

And, it’s not just oil.

Thanks to hydraulic fracturing (or fracking), a wave of previously inaccessible, or at least uneconomical, oil and gas reserves are now being extracted at record speed. Indeed, as recently as 2015, America’s liquefied natural gas (LNG) never left the country: now it’s a key component of one of the country’s most geopolitically important exports.

‍Uncomfortable truth: While America’s fossil fuel output is breaking records, sensors in the world’s oceans are also reading temperatures that we’ve never seen before, leaving researchers and scientists “astounded”.

Hyunsoo Rim

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.