South County Mail

Missouri and the World

global economy

Oil companies earning billions from Iran war as fuel prices rise worldwide

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The war involving Iran is generating enormous profits for some of the world’s largest oil and gas companies, even as consumers and businesses face rising fuel and energy costs.

According to an analysis by environmental organization Global Witness using data from energy research firm Rystad Energy, the world’s 100 largest oil and gas companies earned an estimated $23 billion in additional profits during the first month of the conflict alone.

The report estimates that if oil prices remain elevated throughout 2026, those extra profits could rise to as much as $234 billion by the end of the year. [Read more…] about Oil companies earning billions from Iran war as fuel prices rise worldwide

EU and China are pulling ahead of the US in the global energy transition

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While fossil fuels still dominate much of the global economy, new data suggests the transition toward renewable energy is accelerating rapidly – and the United States risks falling behind Europe and China in the race to build the next generation of energy systems.

A new analysis published by The Better News argues that the global energy transition is already well under way in the electricity sector, with the European Union and China leading large-scale expansion of renewable power generation.

The article, based on analysis by economist Nikolaus Kowall and originally published by Austrian outlet Kontrast.at, says the shift toward renewable electricity is progressing faster than many people realize. [Read more…] about EU and China are pulling ahead of the US in the global energy transition

‘Friendshoring’ could become the next phase of globalization

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As tensions between the United States and China continue reshaping the global economy, economists and policymakers are increasingly focusing on a new concept that could define the next era of international trade: “friendshoring”.

Rather than bringing manufacturing fully back home, countries and multinational corporations may instead shift production and investment toward politically friendly nations.

A new analysis published by The Conversation argues that friendshoring may allow globalization to continue in a different form, even as trade between the world’s two largest economies becomes more strained. [Read more…] about ‘Friendshoring’ could become the next phase of globalization