In mid-September, Chinese scientists announced a breakthrough in extracting hydrogen and fresh water from the ocean with about 15% better energy efficiency than older techniques. Their research, published in Nature Energy on Sept. 15, underscores that China continues to dominate in the renewable energy race, generating so much that the country can’t even use it all. As Reuters reported in August, “China turned away enough clean energy to power Mexico for a year in the six months through June as its grids hit their limits.” At the Fortune Leaders Forum in Macau on Sept. 8, Youyuan Huang, executive vice chairman of BTR New Material Group, the world’s top maker of battery anode materials, said “China’s grid is a very strong and stable one . . . but we’ve installed too much green energy.”
Boy, the U.S. could sure use some of that excess juice. Currently, this country is embroiled in a self-inflicted energy crisis, largely a result of President Donald Trump’s war against Iran, that is sending deep ripple effects across the globe as oil prices spike. In the U.S. alone, diesel prices have risen around 70% since before the war began on Feb. 28, hitting a record $6.52 on Sept. 22, and in the last two months, at least 16 trucking companies, both large and small, have been bankrupted. The world’s richest nations are trying to staunch the bleeding, recently vowing to release up to 100 million barrels of diesel and crude oil within four months. But on Monday, Amin Nasser, CEO of Aramco, the world’s largest oil company, cautioned that this is little more than a Band-Aid and that long-term supply issues remain. Until the Strait of Hormuz “fully reopens and confidence returns, the crude reality is that pressure at both ends of the barrel will intensify,” Nasser said at the Energy Intelligence Forum in London.
