Recently adopted environmental regulations have added months to New York’s already yearslong energy permitting process, colliding with new deadlines for federal subsidies.
President Trump said that he would “obliterate” Iran’s electricity plants if it did not open the Strait of Hormuz within 48 hours. Iran dismissed the ultimatum as its missiles hit southern Israel, including near the country’s main nuclear research center.
At least 39 energy oil refineries, natural gas fields and other energy sites in nine countries have been damaged since the United States and Israel began bombarding Iran, a New York Times analysis found. Some have been struck by drones. Several have been hit more than once.
As the attacks escalate, both sides increasingly view energy as a potent target — one that is capable of inflicting severe economic pain. Iran depends on oil and natural gas to keep the lights on and its government running, while the United States wants to prevent prices from soaring further and damaging the underpinnings of the global order.
Governments around the world are pressuring consumers to reduce energy use in one of the broadest efforts to alter fuel-consumption habits since the 1970s, as the Iran war drives oil-and-gas prices sharply higher.
The changes are being rolled out as a mix of voluntary acts, soft restrictions and incentives to cut demand. But the policies are multiplying and growing more constraining as the crisis continues.
The war has closed the Strait of Hormuz, which normally caters to about 20% of global oil consumption, causing the biggest supply shock in the history of the oil market, according to the International Energy Agency.