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The oil market has had a devil of a time finding equilibrium. Only months after OPEC forged a landmark deal to cut production and boost crude prices, U.S. shale producers have turned back on the tap and inventories are soaring again. Rising stockpiles drove oil below $50 per barrel Thursday. Billionaire oilman Harold Hamm warned at an energy conference in Houston that shale producers could “kill” the market if they embark on another spending spree. On the same day, Shell offloaded its Canadian oil-sands assets for $7.25 billion, becoming more of a gas company than an oil company. — Andy Reinhardt
France suffers from a paradox. As they head into their most unpredictable election in decades, French voters have shown a range of contradictory views. On the one hand, they are more skeptical about their country’s future and mistrustful of the EU than many of their neighbors. Yet they’re also more optimistic than most Europeans about their personal situations. This could help explain why independent candidate Emmanuel Macron continues to gain in polls.
Clean energy is coming into its own. The cost of building an offshore wind farm has fallen by 46 percent in the past five years, making it less expensive on a per-megawatt basis to build than a new nuclear power plant. Wind power can even be competitive with new coal plants in some places around the world, says Henrik Poulsen, CEO of Danish utility of Dong Energy.
There’s something stinky happening in Iceland. The tiny North Atlantic nation that virtually built its economy on fishing and fish processing is now enjoying a huge tourism boom. That’s helped drive up the krona nearly 19 percent against the euro—making Icelandic fish exports less competitive. An industry used to storms is facing an unprecedented crisis.
You wouldn’t expect to hear this from the chief of the world’s largest airline. But Emirates president Tim Clark, who has presided over huge international expansion at the Dubai-based carrier, says he’s worried about a “gathering storm” of competition on long-haul routes from upstart discounters.
The most breathtaking cars at the Geneva Motor Show. The world’s biggest car brands are converging in Geneva this week to show off their best efforts of the year. Electric technology, autonomous driving, and pure horsepower were dominant themes. Click in for highlights.