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Aluminum Giant Alcoa To Sell Dormant Smelter To Bitcoin-Miner NYDIG: Report

Aluminum Giant Alcoa To Sell Dormant Smelter To Bitcoin-Miner NYDIG: Report

Authored by Amin Haqshanas via CoinTelegraph.com,

US aluminium giant Alcoa is reportedly nearing a deal to offload its long-idle Massena East smelter in upstate New York to Bitcoin mining firm New York Digital Investment Group (NYDIG).

The company is in advanced discussions and expects the transaction to close “in the middle part of this year,” CEO Bill Oplinger told Bloomberg on Friday. The site, located along the St. Lawrence River, has been inactive since 2014 after Alcoa shut it down amid rising energy costs and global competition.

Built for 24/7 heavy industrial operations, aluminum smelters come with pre-existing substations, transmission lines and high-capacity grid connections. That makes them attractive targets for Bitcoin miners and data center operators, who often spend years securing similar infrastructure approvals from scratch.

Massena East also benefits from hydropower supplied by the New York Power Authority, a key draw for energy-intensive computing firms seeking low-cost and lower-carbon power sources.

US smelters reborn as crypto, AI data centers

The potential sale comes amid a broader trend across the US, where retired industrial sites are being repurposed for digital infrastructure. Earlier this year, Century Aluminum sold its Hawesville smelter in Kentucky to TeraWulf for $200 million, with plans to convert it into a high-performance computing and AI facility rather than traditional industrial use.

TeraWulf shares are up 80% YTD. Source Bloomberg 

Meanwhile, NYDIG has been growing its footprint in Bitcoin mining infrastructure. The firm, owned by Stone Ridge, already holds a stake in Coinmint, which operates mining hardware at the same campus under a long-term lease.

Last year, Crusoe Energy also agreed to sell its Bitcoin mining business, including its digital flare mitigation operations, to NYDIG.

Bitcoin miners pivot to AI

NYDIG’s renewed push into Bitcoin mining comes as other miners are increasingly pivoting toward AI and cloud computing as shrinking margins in mining push them to diversify revenue streams.

Earleir this year, MARA Holdings acquired a 64% stake in French infrastructure company Exaion, giving the company a foothold in AI services. Other miners, including Hive, Hut 8, TeraWulf and Iren, are also repurposing mining facilities into data centers, while some, such as CoreWeave, have fully transitioned into AI-focused infrastructure.

Tyler Durden
Mon, 04/20/2026 – 11:45

UK PM Starmer Faces “Judgment Day” Over Epstein Pal Mandelson’s Appointment

UK PM Starmer Faces “Judgment Day” Over Epstein Pal Mandelson’s Appointment

UK Prime Minister Keir Starmer is preparing for a showdown with the senior official he fired over the appointment of Peter Mandelson as US ambassador, as calls for the prime minister to resign grow.

The controversy stems from Starmer’s decision to appoint veteran Labour politician Peter Mandelson (Lord Mandelson) as Britain’s ambassador to the United States in late 2024/early 2025, despite Mandelson’s well-known past associations with the late convicted sex offender Jeffrey Epstein.

The scandal has escalated dramatically in recent days due to revelations about security vetting failures, leading to intense political pressure on Starmer.

As a reminder, Mandelson, a senior New Labour figure and former EU Trade Commissioner, has long faced questions over his friendship with sex-offender Epstein, and these ties were public knowledge when Starmer nominated him for the prestigious Washington role.

Starmer has said he was aware of the basic relationship but claims Mandelson “lied repeatedly” about the extent of contact.

He later sacked Mandelson in September 2025 after further details emerged about the depth of those links, including allegations of sharing sensitive information.

Starmer apologized to Epstein victims and accused Mandelson of betraying the country.

The appointment was always controversial, with critics questioning the judgment in placing someone with such baggage in a top diplomatic post involving close US-UK relations.

However, things have heated up recently after new reports emerged last week revealing that Mandelson failed his security vetting for the ambassador role.

Security officials recommended against clearance due to reputational and other risks, but Foreign Office officials overruled this and approved him anyway.

Starmer is facing widespread calls to resign from opposition parties and some within Labour circles.

“He is taking the public for fools,” Kemi Badenoch, leader of the Conservatives, said on Friday. “We know that No 10 was told that Mandelson had failed his vetting because journalists told them in September last year. This leaves us with two possibilities: either the Prime Minister is lying or he is so incompetent that he is unfit to run the country.”

“Either way his position is untenable,” she said.

Ed Davey, who heads the Liberal Democrats, also said on Sky News that Starmer had shown “catastrophic misjudgment and that’s why we have said he needs to go.”

Allies are standing by Starmer.. for now…

“Peter Mandelson shouldn’t have been appointed the ambassador,” Scottish Secretary Douglas Alexander said on Sky News on Monday.

“The prime minister, never mind myself, accepts that was a mistake.”

“I have absolutely no doubt at all, knowing the PM as I do, that had he known that Peter Mandelson had not passed the vetting, he would never, ever have appointed him ambassador,” Lammy, who was foreign secretary at the time, told the Guardian.

Starmer is due to make a statement and face grilling from MPs in the House of Commons today (Monday), which many are calling his “judgment day.”

Starmer has repeatedly told Parliament and the public that “full due process” and proper vetting were followed.

He now claims he was not informed that Mandelson had failed the checks – describing it as “staggering” and “unforgivable.”

He says he only learned this in the past few days and is “absolutely furious.”

Within hours of the story breaking, Starmer reportedly forced out the top Foreign Office civil servant, Sir Olly Robbins, who is expected to appear before a parliamentary committee soon (potentially clashing with the government’s narrative).

Allies of Robbins have told British media including the Sunday Times that the former civil servant was being scapegoated.

Officials speaking to Bloomberg argue that Starmer had signaled privately that he was relaxed about Mandelson’s previously known links to Epstein, Russia and China, leading Robbins and his team to feel they were doing the prime minister’s bidding by disregarding concerns and approving his clearance regardless.

The outcry over the Mandelson appointment is leaving Starmer in a vulnerable position.

Losses at the May 7 elections could open the premier up to leadership challenges, with the Sun reporting that Manchester Mayor Andy Burnham and former Deputy Prime Minister Angela Rayner held a “secret meeting” on Friday

Tyler Durden
Mon, 04/20/2026 – 08:35

Xi Urges Immediate Opening Of Hormuz Strait For First Time, In Call With Saudi Crown Prince

Xi Urges Immediate Opening Of Hormuz Strait For First Time, In Call With Saudi Crown Prince

China’s President Xi Jinping on Monday demanded the uninterrupted passage of vessels through the Strait of Hormuz in a phone call with Saudi Arabia’s Crown Prince Mohammed bin Salman, state news agency Xinhua reports. He urged the normalization of shipping traffic after about 50 days of disruption which obviously and significantly impacts Chinese oil imports.

“Normal navigation through the Strait of Hormuz should be maintained, this is in the shared interests of regional countries and the international community,” Xi said, in the statement also carried by AFP. He called for an immediate, comprehensive ceasefire and insisted disputes be resolved through political and diplomatic means.

Getty Images

He added that China will deepen strategic mutual trust with Saudi Arabia and expand practical cooperation

South China Morning Post observes that it was “the first time the Chinese leader had called for the reopening of the strategically vital waterway, which has been repeatedly blockaded since US-Israeli strikes on Iran began on February 28.”

China imported 5.86 million tons of crude oil from Saudi Arabia, down 10% from February, according to customs data released Monday.

As for where things stand on the negotiations front, Iran hesitated over sending diplomats to Pakistan for a second round of peace talks after the US maintained a blockade of the Strait of Hormuz and seized an Iranian vessel, after apparently firing on it, undermining prospects for a breakthrough to end the war. Initially it appeared to shut the door on second talks, however per Associated Press Monday morning:

Iranian authorities have expressed willingness to send a delegation for a second round of talks in Islamabad this week, two Pakistani officials said Monday.

The officials, who spoke on condition of anonymity because they were not authorized to brief the media, said there is cautious optimism that delegations from both Iran and the United States could travel to Islamabad.

The US side would reportedly once again be headed up by Vice President JD Vance – who during the first round cut out early after a serious impasse was reached on the nuclear issue.

The tumultuous weekend events followed Iranian Foreign Minister Abbas Araghchi having posted on X on Friday that the Strait of Hormuz was “completely open”. By Sunday morning, Bloomberg ship tracking data had showed tanker traffic through the Strait of Hormuz was largely ground to a halt. Also, the prior 24 hours had seen multiple incidents of tankers making U-turns, and added to all this a senior Iranian official renewed threats to close the Bab al-Mandeb Strait.

According to a quick review of some other developments Monday morning and per emerging market data, China will import a record volume of US ethane this month as petrochemical producers switch feedstocks after the Middle East war disrupted critical supplies.

Recall that by mid-March Trump was actually asking for China’s help to get the blocked Strait of Hormuz reopened…

And in the broader region, Singapore is securing additional liquefied natural gas from outside the Middle East as the conflict in Iran constrains regional supply, according to a government body. India authorized more Russian insurers to cover vessels calling at its ports and extended permits for others as the closure of the Strait of Hormuz disrupts energy shipments from the Persian Gulf.

The International Energy Agency has meanwhile said that global power consumption rose 3% last year, driven in part by rapid demand growth from electric vehicles and data centers, according to the International Energy Agency.

Tyler Durden
Mon, 04/20/2026 – 08:05

Psychedelic Stocks Soar After Trump Order; RBC Says Commercialization Path Could Accelerate

Psychedelic Stocks Soar After Trump Order; RBC Says Commercialization Path Could Accelerate

Psychedelic drug stocks soared in premarket trading in New York after President Trump signed an executive order aimed at accelerating research and expanding access to therapies used for post-traumatic stress disorder (PTSD).

“The executive order I’m signing, we’re actually signing the executive order today, is really a moment,” Trump said at the signing event. “These treatments are currently in the advanced stages of clinical trials to ensure that they’re both safe and effective for the American patients.”

Trump’s order, signed on Saturday, directs the FDA to prioritize review of certain breakthrough-designated psychedelic therapies, expands potential access under the Right to Try Act, commits at least $50 million in federal funding for state partnerships, and encourages closer coordination among HHS, the FDA, the VA, and private-sector researchers.

“In many cases, these experimental treatments have shown life-changing potential for those suffering from severe mental illness and depression, including our cherished veterans,” Trump said, citing the veteran suicide rate.

The order also instructs the Justice Department to move quickly on rescheduling any psychedelic-based product that successfully completes Phase 3 trials and receives FDA approval.

Trump continued, “And the nice part is we’re actually doing this early, but it has been going on. Research has been going on for quite some time. But, you know, usually with things like this, nothing ever happens, no matter how the research ends up, but we’re changing that. This order will clear away unnecessary bureaucratic hurdles, improve data sharing among the FDA and the Department of Veterans Affairs, and facilitate fast rescheduling of any psychedelic drugs that become FDA-approved.” 

Oppenheimer analyst Jay Olson told clients that Trump’s weekend executive order “represents a structural inflection point for the U.S. psychedelics sector by facilitating research, regulatory timelines, and patient access, which reinforces our positive outlook.”

In response, psychedelic drug stocks in premarket trading, such as Compass Pathways jumped 24.5%, Atai Beckley gained 28%, Definium Therapeutics rose 13%, and GH Research added 17%. 

The path to commercialization could be even faster now,” RBC analyst Brian Abrahams told clients, adding that the executive order “accelerates psychedelics as the key next wave of mental health treatments.”

Abrahams’ research covers Definium Therapeutics, Compass Pathways, and GH Research. He said those stocks are likely to benefit the most.

Jefferies analyst Andrew pointed out that with the federal government increasingly aligned on psychedelics, “investor mindshare should rise meaningfully ahead of potential approvals in 2027-30.”

This marks another big win for the psychedelic space.

Tyler Durden
Mon, 04/20/2026 – 07:45

Powerful 7.5-Magnitude Quake Hits Northern Japan, Triggers Tsunami Warnings

Powerful 7.5-Magnitude Quake Hits Northern Japan, Triggers Tsunami Warnings

A powerful and shallow 7.5-magnitude earthquake struck off Japan’s northeast coast, triggering a tsunami at Kuji Port in Iwate Prefecture.

Public broadcaster NHK initially warned that a tsunami up to 10 feet high was expected to hit the Iwate area on Honshu’s main island. However, so far, it has been reported to be about 31 inches high.

The quake was reported shortly before 17:00 local time, rattled towers as far away as Tokyo, and forced the suspension of Shinkansen high-speed rail services in Iwate, NHK said.

Prime Minister Sanae Takaichi said the government had mobilized an emergency task force and urged citizens in affected areas to evacuate.

“Possible damage and casualties are now being looked into,” Takaichi told reporters in Tokyo.

Japan sits on the Pacific “Ring of Fire,” one of the world’s most seismically active zones, where multiple tectonic plates collide and generate earthquakes.

Since the 2011 Fukushima disaster, when a 9.0-magnitude quake and tsunami sparked triple reactor meltdowns, Japan has overhauled its response and evacuation systems to improve disaster readiness.

NHK cited the Tokyo Electric Power Company as saying that no issues were reported at the Fukushima Daiichi and Fukushima Daini nuclear power plants.

The Japan Meteorological Agency warned that aftershocks are possible over the next week and could be similar in size to the quake recorded earlier today.

Tyler Durden
Mon, 04/20/2026 – 06:55

From Leverage To Liability: The Hormuz Strait Is Now Iran’s Biggest Weakness

From Leverage To Liability: The Hormuz Strait Is Now Iran’s Biggest Weakness

Authored by Daniel Lacalle,

For half a century, the Strait of Hormuz was Iran’s weapon. Today, it is its noose.

The mathematics of energy have flipped, and with them the balance of coercive power in the Persian Gulf.

Iran’s implicit deterrent was geographic, spanning from the tanker wars of the 1980s to the sanctions standoffs of the 2010s. Almost 20% of global seaborne oil, and a similar share of liquefied natural gas, passes through the Strait. The formula was simple: any military confrontation that threatened the Tehran regime risked a closure that would halt trade supplies, spike crude prices, bleed Western consumers, and, above all, inflict pain on the United States, who was the world’s largest oil importer.

The strait served as Tehran’s insurance policy and its most powerful bargaining tool. The threat was predicated on the regime’s belief that it could block everyone except its exports. The Iranian regime revealed its biggest weakness by constantly threatening to damage the global economy through a shutdown of the Strait. In reality, a total shutdown has the most severe impact on Iran.

Almost 90 per cent of Iran’s crude exports, and about 80 per cent of its total exports, depend on the transit through Hormuz. Around 25 per cent of Iranian GDP and 60 per cent of government revenues depend completely on having the Strait open.

Before the war, Iran was exporting roughly 1.7 million barrels per day, receiving around $160 million in daily revenue from exports via the Strait. Thus, Trump’s full closure of the Strait costs Tehran hundreds of millions of dollars a day in losses, not accounting for the additional fiscal and currency consequences in a country already facing an economic disaster with 40–50% inflation. The complete dependence on the Strait of Hormuz also adds to another weakness: 95% of Iranian crude at sea is sold to a single buyer, China. Tehran is not selling into a diversified and open market. Its exports are sold to a monopsony that demands large discounts, between 10 and 11 dollars per barrel.

These weaknesses were visible long before the war. Capital flight reached $15 billion in the first half of 2025 alone; the rial collapsed against the dollar, and the government’s budget, which allocates 51 per cent of oil revenues to the Islamic Revolutionary Guard Corps, became even more dependent on a single export route it could not afford to close. When the war began, Iranian crude shipments collapsed by 94%. Then, the United States’ decision to block all Iran export vessels showed that Iran’s chokepoint had become self-choking.

In the past 30 days, 80% of the essential volumes that moved through the Strait have been rerouted or offset by other oil producers, including US record exports.

The world is very different from what the Iran regime thought. In 2025, U.S. crude oil production hit a new annual record of 13.6 million barrels per day, making the United States the world’s largest producer but also the biggest exporter. The United States shipped 5.2 million barrels per day of crude and 7.2 million barrels per day of petroleum products in March 2026, both global records. For the first time, America exported more petroleum than it imported, by a net margin of almost 2.8 million barrels per day, according to the EIA. Total US liquids production now exceeds that of Saudi Arabia and Russia combined. On the natural gas side, U.S. LNG exports reached well over 15 billion cubic feet per day, surpassing Qatar and Australia to make the United States the world’s largest liquefied natural gas exporter, while U.S. dry gas production exceeds the combined output of Russia, Iran, and China. Furthermore, the United States is also the world’s largest producer of nuclear electricity, at roughly 30 per cent of global generation, and a global leader in renewable energy.

When President Trump could say in April 2026 that the United States was “clearing the Strait as a favour to countries around the world, including China, Japan, Korea, and Germany,” the framing was an accurate description of who needs Hormuz open and who does not. Only 4% of the traffic through the Strait goes to the United States, according to SP Global.

According to the International Energy Agency, throughput at Hormuz collapsed from its long-run average of about 20 million barrels per day to 3.8 million since the beginning of the war through the second week of April. Daily ship transits fell roughly 95 per cent. The Tehran regime, in a gesture more theatrical than realistic, attempted to levy a $2 million toll on each vessel crossing the strait, without understanding that the move showed desperation instead of leverage.

The US response has been the most important measure deployed against Iran in two decades of standoffs. Operation Economic Fury established a full naval blockade of Iranian ports. Iranian naval losses in the first 38 days of combat exceeded 150 vessels. The ceasefire framework under negotiation requires Iran to reopen Hormuz, but the US maintains control. Thus, negotiations revolve around Iranian dismantlement, not American concessions.

The lesson is not just that Iran miscalculated but that it massively underestimated its obvious weaknesses. The United States is not a hostage of the Gulf; it is the guarantee of its safe sea lanes. Europe is tied to U.S. LNG while keeping a substantial Russian dependence, which complicates its energy security and makes it vulnerable to fluctuations in supply and price from both sources. Asia’s largest economies, particularly China, are suffering the marginal cost of a Hormuz disruption, which has led to increased energy prices and supply chain uncertainties that further exacerbate their economic challenges. Iran’s economic nightmare has only started.

Three important factors must be considered.

  • First, the traditional Hormuz risk premium in Brent, which refers to the additional cost added to oil prices due to geopolitical tensions in the Strait of Hormuz, is structurally smaller than in the 2010s because U.S. supply can absorb shocks that previously had no substitute. The Brent price is lower in real and nominal terms than in the 2008, 2018, or 2022 peaks.

  • Second, the strength of American energy, including economics, export infrastructure, and LNG capacity, has become a key global geopolitical variable, influencing global energy prices and the strategic decisions of other nations.

  • Third, Iran’s economy has not only suffered damage; it has also been demolished, and its extremely weak fiscal position indicates that it cannot sustain the threat posture in Hormuz.

The Strait of Hormuz remains the world’s most important chokepoint. However, a chokepoint hurts whoever depends on it most, and Iran relies on it completely. The United States does not.

The geopolitical advantage that Tehran once held has now become its greatest weakness, likely leading to the disappearance of the regime’s effective bargaining power.

Tyler Durden
Mon, 04/20/2026 – 06:30

These Are The Countries Building The Most Nuclear Power

These Are The Countries Building The Most Nuclear Power

China is set to become the world’s dominant nuclear power producer.

Based on existing and planned projects, its total capacity could reach nearly 186 gigawatts, far surpassing the U.S., which currently leads globally. This shift reflects a broader push to secure reliable, low-carbon energy as electricity demand rises.

This chart, via Visual Capitalist’s Tasmin Lockwood, ranks countries by current and prospective nuclear capacity, using data from Global Energy Monitor.

How Nuclear Energy Is Set to Scale by Country

The U.S. currently leads nuclear energy production with a capacity of 102,475 megawatts, exceeding France by more than 35,000 MW.

China ranks third today at 60,898 MW, but that is set to change as new plants come online.

Dive into the data, which includes sites of any capacity as of September 2025, below:

This shift has major geopolitical implications. Countries that expand nuclear capacity can reduce reliance on imported fossil fuels while strengthening energy security and grid stability.

If all planned projects are completed, China will lead with 185,812 MW, followed by the U.S. at 117,910 MW and France at 75,590 MW.

France remains a historic leader in nuclear energy, with around 69% of its electricity generated from the technology.

The UK was home to the world’s first commercial nuclear power plant, which came online in 1956, but later scaled back its use of nuclear. The government is now aiming for a “golden age of nuclear,” though current commitments totaling 15,394 MW would rank the country just 12th globally.

Of the 17 countries with zero installed capacity today, Uganda is set to scale up the most to 18,000 MW, followed by Poland with 15,612 MW and Türkiye with 14,700 MW.

Betting on Nuclear Fusion and Fission

Today’s nuclear expansion is centered on fission, the technology that powers all existing reactors and accounts for about 10% of global electricity generation. While mature, it is evolving through smaller, modular designs that aim to reduce costs, improve safety, and speed up deployment.

This helps explain why much of the prospective capacity in the chart includes not only large-scale plants, but also a growing wave of smaller reactors backed by governments and private capital.

At the same time, nuclear fusion, the process that powers the sun, remains a long-term ambition. Despite rising investment and recent technical progress, it has yet to reach commercial scale.

For now, the global nuclear buildout is firmly rooted in fission, as countries prioritize reliable, low-carbon power that can be deployed within the next decade.

To learn more about nuclear, check out this graphic ranking the countries building the most reactors.

Tyler Durden
Mon, 04/20/2026 – 05:45

Europe Faces Summer Jet Fuel Crisis As Iran War Slashes Supply

Europe Faces Summer Jet Fuel Crisis As Iran War Slashes Supply

Authored by Tsvetana Paraskova via OilPrice.com,

  • Europe faces an imminent jet fuel crisis as the Iran war and Hormuz disruption cut off key Middle Eastern supplies.

  • Long-term refinery closures and rising import dependence have left Europe highly exposed, with limited alternatives and growing competition from Asia.

  • Airlines are already cutting capacity and warning of higher fares, with potential flight cancellations looming as fuel shortages intensify.

Accelerated refinery closures in the past decade and increased dependence on kerosene from the Middle East have exposed Europe’s energy supply vulnerability once again.

For years, European consumers have had to contend with last-minute strikes of ground personnel and cabin crew during peak summer travel. This year, strikes may be viewed as a minor nuisance compared to what’s coming within weeks—a jet fuel supply crisis that could ground flights and hike fares.

The war in Iran has cut most of Europe’s imports of jet fuel, while local output has been falling for nearly two decades due to dozens of refineries closing permanently or being converted to biofuel production.

The war in Iran and the closure of the Strait of Hormuz have severely constrained Europe’s jet fuel supply, while jet fuel prices have spiked to over $200 per barrel. The last imports from the Middle East on tankers that had passed Hormuz before the war began have arrived, and there is only one alternative to source jet fuel—from the United States. These supplies are not only insufficient to replace the loss of Middle Eastern jet fuel. Europe faces increasingly fierce competition from Asia for these cargoes as the crisis first hit Asia with crude supply from the Middle East collapsing, Asian refiners cutting refinery runs, and countries imposing fuel export restrictions to preserve domestic supply.

Back in 2009, nearly 100 refineries were operating in Europe. Of these, 28 refineries – more than 25% of the number of refineries and 16% of refining capacity – have been either shut or transformed since 2009, according to data from the European Fuel Manufacturers Association.

As refineries were closing, due to declining fuel demand in Europe and emission-reduction policies, the European dependence on imported supply has grown. The hit to supply from the Middle East caught Europe off guard regarding the security of energy supply for the second time in just four years, after natural gas deliveries from Russia crashed in 2022.

This time, the jet fuel crisis could be imminent, analysts and forecasters warn.

Last year, Europe imported about a third of the jet fuel it consumed, with 75% of imports coming from the Middle East, the International Energy Agency (IEA) has said.

Its executive director, Fatih Birol, this week warned that Europe has “maybe six weeks or so” of remaining jet fuel supply.

“If we are not able to open the Strait of Hormuz … I can tell you soon we will hear the news that some of the flights from city A to city B might be canceled as a result of lack of jet fuel,” Birol told Associated Press in an interview.

Northwest Europe is one of the regions most exposed to the jet fuel crisis, as imports have dropped from historical norms this month, and the import decline is set to accelerate in the coming weeks as more U.S. jet fuel cargoes would go to Asia instead of Europe, Ernest Censier, market analyst at Vortexa, said in an analysis on Thursday.

The 15% drop in European jet fuel imports so far in April “reflects structural dependence on Middle Eastern supply: approximately half of NWE’s jet fuel imports typically transit through the Strait of Hormuz,” Censier said.

In addition, relatively short voyage times of about 21 days from Mina Abdulla in Kuwait to Rotterdam mean that supply disruptions are transmitted quickly into regional imports, the analyst added.

The U.S. has emerged as the key source of substitution for lost Middle Eastern supply, but this is unlikely to be sustained as U.S. jet/kerosene exports are increasingly being redirected toward the Pacific Basin, reaching a seven-year high this month, and now accounting for over 30% of total U.S. jet fuel exports.

“This reallocation reflects a broader shift in US product exports toward the Pacific Basin,” Vortexa’s Censier noted.

This leaves Europe highly exposed to the turbulence in the jet fuel markets.

Lufthansa, Europe’s biggest airline, on Thursday said it is accelerating plans to reduce its flight program and retire some aircraft earlier.

“In view of significantly increased kerosene prices, which have more than doubled compared to the period before the Iran war, as well as rising additional burdens from labor disputes.”

“The package for accelerated implementation of fleet and capacity measures is unavoidable in light of the sharply increased kerosene costs and geopolitical instability,” said Till Streichert, Chief Financial Officer of Lufthansa Group.

Tyler Durden
Mon, 04/20/2026 – 05:00

Europeans Pay The Most For Public Transport

Europeans Pay The Most For Public Transport

Creating and maintaining reliable, efficient and affordable public transportation networks is crucial for developing a more sustainable mobility sector worldwide, though challenges vary by region.

In Europe, gaps are most evident in rural areas, where low population density limits service frequency.

In North America, many cities also suffer from fragmented public transport systems, making car dependency widespread in both rural and urban areas.

In Latin America and South Asia, semi-formal systems such as minibuses are an important and affordable part of transport networks, but often lack reliability and efficiency.

But, as Statista’s Anna Fleck details below, according to Statista Market Insights, even regions with strong public transport coverage face affordability challenges.

Infographic: Europeans Pay the Most for Public Transport | Statista

You will find more infographics at Statista

In Switzerland, for example, average monthly revenue per user was estimated at around $535 in 2025, with other high figures seen in Nordic countries such as Denmark ($491) and Norway ($443).

However, this metric reflects operator revenue rather than typical ticket prices and should be interpreted cautiously.

At the lower end, countries such as Burundi, Malawi and Madagascar show monthly revenues per user below $3, while Bangladesh and India range between $6 and $8.

Overall, the global public transportation sector generated an estimated $294 billion in 2025, an increase of roughly 40 percent from the pandemic-induced slump in 2021.

Tyler Durden
Mon, 04/20/2026 – 04:15

Cracks Appear In Climate Consensus As Germany’s Energy Minister Admits Renewables Are Ruining The Country

Cracks Appear In Climate Consensus As Germany’s Energy Minister Admits Renewables Are Ruining The Country

Authored by Tilak Doshi,

When Simon Wakter, Political Adviser to Sweden’s Minister for Energy, posted on X last Wednesday with a simple “Wow, incredible article” and a clapping emoji, he captured the shock rippling through Europe’s energy commentariat.

The target of his applause was not some fringe sceptic but Germany’s own Economy and Energy Minister, Katherina Reiche.

In a guest column for the Frankfurter Allgemeine Zeitung, Reiche delivered a verdict that would have been career-ending heresy only a year ago: “One fact has been concealed for too long: an energy transition that ignores system costs will ruin the country it claims to save.” To anyone who has watched Germany’s Energiewende — that totemic experiment in decarbonisation-by-decree — unfold like a slow-motion train wreck, Reiche’s words land like a thunderclap from the Establishment itself.

Here is a senior CDU Minister in Chancellor Friedrich Merz’s Government openly admitting that two decades of Green-inspired fantasy have saddled the continent’s industrial powerhouse with hidden costs now running, according to estimates she cites, at €36 billion a year and climbing towards €90 billion. Grid expansions, backup power for intermittent wind and solar and the sheer inefficiency of trying to run a modern economy on the weather: all of it, she says, must stop being airbrushed out of the official narrative. The self-deception, she warns, is over.

This is not mere technocratic tinkering. It is the first major public crack in the ideological edifice that has dominated German — and by extension European — energy policy since the anti-nuclear, beatnik ’68ers’ generation seized the cultural high ground. Rupert Darwall chronicled the phenomenon with great precision in Green Tyranny: how a handful of German Greens, personified by the sneaker-wearing Joschka Fischer swearing in as Hesse’s environment minister in 1985, exported their peculiar red-green blend of anti-capitalist zeal and romantic environmentalism across the continent and beyond.

That gospel found a ready audience in the Anglosphere. In the summer of 1988, NASA scientist James Hansen delivered his now-infamous testimony to the US Congress, declaring that “the greenhouse effect has been detected and is changing our climate now”. The moment was theatrical, the science shaky, but the political effect electric. It fused with the inchoate ideas already circulating among Western intellectuals: Paul Ehrlich’s The Population Bomb (1968), which prophesied mass famine that never came; Rachel Carson’s Silent Spring (1962), which launched the modern environmental movement on the back of exaggerated claims about DDT; and E.F. Schumacher’s Small is Beautiful (1973), the manifesto of ‘Buddhist economics’ that preached reducing human demand rather than raising living standards. As the great Chicago economist Frank Knight observed, economic progress consists not in suppressing desires nor even in satiating them but in their “ever greater refinement and multiplication” — a direct antithesis to Schumacher’s call for ascetic material restraint as spiritual virtue.

This European ideological curse of environmental misanthropy spread among the young urban intelligentsia of the developing countries through the educational curricula and mass media and the vast number of students studying in the progressive universities of the West, from Canada to Australia, Ireland to Italy and New York to California and Florida.

The spread of Europe’s green gospel was enthusiastically supported by Left-wing billionaire foundations which sprouted thousands of “grassroots NGOs” in Asia, Africa and Latin America. These so-called grassroots NGOs were handy to provide a moral cover for grifting renewable-energy lobbies seeking rents from the public purse. Local ‘Bootleggers and Baptists‘ coalitions arose across the developing countries that derived mutual benefits in Europe’s carbon colonialism. To complete the circle, captured agencies such as the World Bank, the Asian Development Bank and the IMF imposed anti-fossil-fuel constraints as a condition for aid and public finance to poorer African and Asian governments.

At the root of it all lay Europe’s long love affair with Jean-Jacques Rousseau’s “noble savage”, the fantasy that the simple, low-energy lifestyles of Tahitian natives represented a purer existence than the artifice of industrial civilisation. When Voltaire received a copy of Rousseau’s book The Social Contract, he replied:

I have received your new book against the human race, and thank you for it. Never was such a cleverness used in the design of making us all stupid. One longs, in reading your book, to walk on all fours. But as I have lost that habit for more than 60 years, I feel unhappily the impossibility of resuming it.

Perhaps the German intelligentsia never saw the thrust of Voltaire’s rather disdainful response to Rousseau’s love affair with Pacific Islanders.

What began as German domestic posturing metastasized into EU-wide dogma with Angela Merkel’s fateful 2011 decision to shut the country’s nuclear plants after the Fukushima incident in Japan. The results were as predictable as they were catastrophic. Germany, once the engineering envy of the world, now imports electricity when the wind doesn’t blow and the sun doesn’t shine. It has destroyed its nuclear industry — 20 gigawatts of reliable, low-carbon baseload — only to watch coal-fired plants, including the dirty lignite variety, roar back to life.

Fritz Vahrenholt, one of the few credentialled German voices who has consistently refused to drink the Gaia Kool-Aid, pointed out in an interview last week that the country sits atop enough domestic gas reserves for 25 years of secure supply. Yet it refuses to exploit them, crippled by what he calls the “German disease” of nature worship.

The March 2026 closure of the Strait of Hormuz by Iran’s IRGC merely administered the coup de grâce to an already terminal patient. Qatar’s force majeure on LNG shipments removed nearly 20% of global supply overnight. European gas prices spiked and power prices followed as German storage levels plunged.

Suddenly the same political class that had spent years lecturing voters about the moral imperative of Net Zero found itself quietly dusting off moribund lignite coal plants previously earmarked for closure. A ‘renaissance for coal’ is how analysts describe the spectacle. The prior government’s solemn pledge to phase out coal by 2030 now reads like a bad joke told at the expense of German households and manufacturers.

In a Facebook post, the TechTimes said:

In a move that highlights the severe economic strain of the Middle East conflict, the German Government is reportedly considering a ‘renaissance for coal’ to prevent a total energy meltdown. … While Germany has spent years pushing for a 2030 coal phase-out, the current energy crisis has forced a pivot toward energy security over climate targets. Reports indicate that several lignite units, previously held in safety reserve, may be returned to full market operation.

Conservative leader Alice Weidel, riding a surge of popularity for the conservative-populist AfD party that is now second only to the ruling CDU/CSU coalition, has forthrightly stated that under an AfD-led government, the Net Zero movement would be rejected:

We must also declare the climate crisis over. The whole thing is, as the American President so nicely puts it, a hoax – it is a complete scam. … We must immediately end the failed Energiewende. We must also immediately cut back and eliminate the waste of resources and the subsidies for so-called renewable energies.

German Energy Minister Reiche is not alone in her seeming Damascene conversion. Chancellor Merz has repeatedly called the 2023 nuclear shutdown a “serious strategic mistake” that left Germany vulnerable to import shocks and deindustrialisation. Even EU Commission President Ursula von der Leyen, that high priestess of the Green Deal, stood before a nuclear summit in Paris on March 10th and confessed that “reducing Europe’s nuclear sector was a strategic mistake”. Reliable, affordable, low-emission power had been sacrificed on the altar of ideology, she effectively admitted — 15 years too late for the German utilities that had already been forced into insolvency or foreign ownership.

Yet these deathbed ‘repentances’ cannot disguise the deeper truth: the entire red-green project was always a triumph of wishful thinking over engineering reality, favouring Rousseau’s imaginations of noble savages in the South Pacific over Voltaire’s rather commonsensical rejection of being told that walking on all fours was heavenly.

The West’s punitive climate policies — layered atop self-inflicted energy sanctions on Russia — have boomeranged with spectacular precision. Entire sectors of German manufacturing have decamped to jurisdictions unburdened by the climate industrial complex. Energy-intensive industries that once powered the Mittelstand now eye the exits, while households stare at electricity prices that remain among the highest in the developed world.

Following the recent elections in Baden-Württemberg, the exasperated pseudonymous commentator Eugyppius remarked that: “Stupid people in Baden-Württemberg hand massive electoral victory to the Greens so they can continue to sacrifice their industry to the weather gods.” For the German Greens and their socialist allies, of course, the stupid people are the working- and middle-class majority who are ‘climate deniers’. Never mind that they are cost-of-living realists who notice when their heating bills triple, when German industry bleeds jobs and when the same politicians who preached energy poverty as virtue now scramble to fire up the dirtiest coal plants to prevent blackouts.

The polling numbers tell the story with merciless clarity. Alternative für Deutschland (AfD) is now routinely polling at 25–27% nationally, ahead of or level with the CDU/CSU in several surveys. In western states long considered immune to its message, AfD has doubled its vote share in Baden-Württemberg and Rhineland-Palatinate. Its platform could not be clearer: man-made climate change is a ‘scam’, the entire Net Zero apparatus a vehicle for crushing industry and sovereignty.

Enter the ‘Far Right’

This is not fringe muttering; it is the explicit rejection of the Energiewende that Reiche herself is now edging towards. The pattern repeats across Europe. In France, Marine Le Pen’s National Rally leads Presidential polling by framing the Green transition as “ultra-ecological fanaticism” that punishes farmers and motorists while enriching the Davos set. Britain’s Reform UK under Nigel Farage mocks Net Zero as “Net stupid Zero” and surges on promises to drill domestic resources. Italy’s Giorgia Meloni, though more circumspect in office, has little patience for Brussels’s eco-mandates and has quietly prioritised energy security over emission targets. Even a section of British Conservatives, once captured by the same delusions, have begun to row back on timelines that threatened to bankrupt households.

What unites these movements is not they are led by ‘far-Right’ extremists, as the legacy press hysterically insists, but a straightforward recognition that ideology has collided with physics and economics. German households — those not among the young urban Greens steeped in deep-ecology dogma — are fed up. They have watched their country destroy its nuclear fleet, subsidise intermittent renewables to the tune of hundreds of billions of Euros and then beg Qatar and the United States for LNG while quietly reopening coal mines. The same elites who imposed these costs now express shock that voters are turning to parties promising relief.

The Hormuz shock has merely accelerated a reckoning that was already baked in. Ireland’s riots and protests over energy-driven cost-of-living pain offer a grim preview of what happens when governments refuse to admit their role in manufacturing the crisis. Dublin is quietly backing down without ever conceding the policy errors that made energy poverty inevitable. Berlin, Paris and Brussels are engaged in the same contortions: walking back punitive green measures while pretending the original strategy was sound.

History’s reckoning

Yet there is a larger historical arc at work. The German Greens’ capture of energy policy was never really about climate; it was about power — cultural, political and economic. It represented the final victory of a post-1968 worldview that equated industrial civilisation with original sin. BRICS nations and the Global South have no intention of sacrificing development on the altar of Western guilt. China builds coal plants and nuclear reactors with equal enthusiasm; India refuses to apologise for using its own coal.

Only in Europe did policymakers convince themselves that virtue-signalling could substitute for watts. Reiche’s epiphany, however partial, is therefore welcome. So too are Merz’s and von der Leyen’s belated acknowledgments. But rhetorical corrections will not suffice. Germany must confront the full cost of its ideological detour: the lost nuclear capacity, the stranded assets, the industrial hollowing-out and the political polarisation that has handed AfD its strongest hand since its founding.

The question is whether the Establishment possesses the courage to follow where basic economics and common-sense leads — towards a pragmatic energy mix that includes nuclear revival where feasible, domestic fossil resources where necessary and an end to the ruinous subsidies that have enriched renewables rent-seekers while impoverishing citizens.

Fifteen years after Merkel’s nuclear panic and decades after the Greens first infiltrated the corridors of power, reality is reasserting itself with the cold logic of physics and markets.

The fevered dream of a weather-dependent utopia is dissolving under the pressure of rolling blackouts, price spikes and voter revolt.

What comes next will hopefully be a return to something more honest: an energy policy grounded in engineering, not eschatology. For a country that once prided itself on Sachlichkeit — sobriety and realism — the awakening cannot come soon enough. The alternative is not climate salvation but national decline. Germany, and Europe with it, stands at the threshold. The only question remaining is whether its leaders will step through it before the lights go out for good.

Tyler Durden
Mon, 04/20/2026 – 03:30