Chris Wright, President-elect Trump's nominee to lead the U.S. Department of Energy, is planning to tell senators in charge of his confirmation that he will focus on restoring American "energy dominance" at home and abroad. 

Wright, a fossil fuel executive who in the past has been critical of the media blaming climate change for repeated wildfires, is expected to deliver his opening statement before the Senate Energy and Natural Resources Committee on Wednesday morning. Fox News Digital obtained a copy of the statement in advance ahead of the hearing scheduled to start at 10 a.m. ET.

"I am humbled by the great responsibility this position holds," Wright is expected to say in his opening statement. "America has a historic opportunity to secure our energy systems, deliver leadership in scientific and technological innovation, steward our weapons stockpiles, and meet Cold War legacy waste commitments." 

Describing himself as a "science geek, turned tech nerd, turned lifelong energy entrepreneur," Wright will tell the committee how his "fascination with energy started at a young age in Denver, Colorado." His opening statement discusses how he enrolled at MIT "specifically to work on fusion energy" and later started graduate school at the University of California at Berkeley where he worked "on solar energy as well as power electronics."

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"Energy is the essential agent of change that enables everything that we do. A low energy society is poor. A highly energized society can bring health, wealth, and opportunity for all," Wright will say. "The stated mission of the company that I founded – Liberty Energy – is to better human lives through energy. Liberty works directly in oil, natural gas, next generation geothermal and has partnerships in next-generation nuclear energy and new battery technology." 

"Energy has been a lifelong passion of mine, and I have never been shy about that fact," Wright plans to tell the committee. "Then again, I have never been shy about much. President Trump shares my passion for energy and, if confirmed, I will work tirelessly to implement his bold agenda as an unabashed steward for all sources of affordable, reliable and secure American energy."

On Tuesday, committee Democrats led by Sen. Martin Heinrich of New Mexico called for Wright's confirmation hearing to be delayed by at least a week, citing how they had not yet received "the standard financial disclosure report, ethics agreement, or the opinions from the designated agency ethics officer and the Office of Government Ethics stating that the nominee is in compliance with the ethics laws." 

Chairman Mike Lee, R-Utah, has already pushed back the confirmation hearing for Doug Burgum, Trump's pick for interior secretary, by two days until Thursday due to an OGE paperwork delay, but Wright's remained on the schedule Wednesday. 

If approved as secretary, Wright would manage energy policy and production in the United States, as well as the nation's nuclear weapon stockpile. He would also work with Burgum on the National Energy Council, where they would develop Trump's energy dominance policy involving increased production of U.S. oil and gas.

Wright has indicated that he plans to resign as CEO and chairman of his fracking company, Liberty Energy, if approved.

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In his opening statement, Wright identifies three "immediate" tasks that he would focus his attention on if confirmed.

"The first is to unleash American energy at home and abroad to restore energy dominance," Wright will say. "The security of our nation begins with energy. Previous administrations have viewed energy as a liability instead of the immense national asset that it is. To compete globally, we must expand energy production, including commercial nuclear and liquified natural gas, and cut the cost of energy." 

• Have you bought a virtual reality or augmented reality headset?
• If so, you're part of a small group of consumers — despite repeated predictions that the market will boom.
• Meta alone has lost $60 billion on this tech over five years. It's going to keep spending, says Mark Zuckerberg.

Mark Zuckerberg has spent tens of billions of dollars chasing it. Some of the biggest names in tech, including Apple, Microsoft, Google and Sony, have poured in billions more. For years.

But so far, no one has nailed it.

Maybe one day wearing computers on our heads will be something many of us do all the time, instead of a novelty we try a few times and then forget. We're not there yet.

It doesn't matter whether you're talking about super high-end devices like the Apple Vision Pro or low-priced novelties, like early editions of Snap's Spectacles. Or whether you're discussing virtual reality devices that create an entirely new world around the user or augmented reality headsets that let you see the outside world as well as digital images. All of these devices have yet to take off. Consumer demand isn't budging.

That hasn't stopped the tech industry from trying. Or deterred people around the tech world from predicting that one day, this will be a huge market.

You can see this spelled out in a new chart from analyst and investor Matthew Ball, as part of a new report he's released on the problems in the video gaming business. This one tracks the gap between projected headset sales, as estimated by International Data Corp., and actual sales.

As you can see, while IDC has been continually bullish about VR and AR headsets, consumer interest has lagged far behind. No matter what's on offer, at whatever price, these devices seem mired in the 10 million units a year or less range.

That's not to suggest that Zuckerberg — who has racked up more than $60 billion in losses on this tech over the past five years, filings show — is chasing after the market because of an IDC estimate. It just shows you that for close to a decade, the industry has been excited about this stuff, while many consumers remain unimpressed.

I talked to Jitesh Ubrani, the IDC researcher who works on this stuff, about the gap between his company's projections — which, to be fair, are projections — and reality.

He said his shop has become less optimistic over time about the market, which you can see reflected on the right side of the chart.

"Everyone is a bit more realistic about these expectations," he said, noting that the market for the tech has been "notably volatile" over the past few years, as big players like Microsoft and Google temper their interest in headsets. Meta PR declined to comment.

In his public comments, Zuckerberg has been telling investors that he'll continue chasing virtual and augmented reality tech, and that they should expect to see more losses in the future.

For him, the stakes seem quite clear: He wants people to use a new computing platform instead of, or in addition to, phones. And he wants to be able to interact with them on that platform without Google or Apple getting involved, as they do with their mobile platforms. And if all of that happens — meaning that Zuckerberg essentially creates the next iPhone — then burning tens of billions on R&D will seem like a good bet.

Meanwhile, Meta does seem to be making progress. The Orion glasses Zuckerberg showed off last fall — but isn't selling yet — are super-impressive. I've tried them, and I could definitely imagine using some version of them if they were way cheaper, and worked as advertised.

But those are big ifs, and it's possible Meta never figures out how to make these things at scale, and in a way that will sell hundreds of millions of units per year — like Apple does with its phones. But someone, somewhere, will keep insisting that the headset of the future is just around the corner.

• Finland said a Russia-linked oil tanker was close to wreaking havoc on its undersea cables.
• Its president said that officials intervened about 12 minutes before the damage got "much worse."
• The tanker is accused of being part of a Russian "shadow fleet" sabotaging European infrastructure.

Finnish President Alexander Stubb said on Tuesday that his country had stopped the crew of a Russia-linked oil tanker just minutes before it caused catastrophic damage to undersea cables in the Baltic Sea.

"Had it continued for another 12 minutes, the carnage would have been much worse than the four basic cables that were there," Stubb told reporters at this week's Baltic-focused NATO summit in Helsinki.

The tanker, the Eagle S, was seized in late December as Finland probed recent damage to its Estlink-2 power line, one of two vital cables carrying electricity in the Baltic Sea.

Four data cables were also severed.

Finnish investigators have accused the Eagle S crew of trying to sabotage the cables by dragging the ship's anchor for miles along the seabed.

The Finnish head of the investigation, Risto Lohi, told Reuters on Tuesday that the Eagle S would likely also have attempted sabotage on the other power cable, the Estlink-1, had police not boarded the vessel.

"There would have been an almost immediate danger that other cables or pipes related to our critical underwater infrastructure could have been damaged," said Lohi, who is the chief of Finland's National Bureau of Investigation.

On Tuesday, Stubb said that Finland's security process for protecting the cables started with the private company overseeing them. If a cable is severed, the firm would alert the authorities, who then try to find possible ships around the location of the damage.

"Once that happens, you identify the ship and contact the ship. Number four, you stop the ship," Stubb said.

Stubb added that Finnish authorities would compel the ship to enter Finnish waters, where officers could then legally board the vessel.

That process is set to change now. European members of NATO announced at the summit that they would launch a new program, called the "Baltic Sentry," to collectively patrol near Baltic Sea infrastructure.

The surveillance program involves frigates, maritime aircraft, and "a small fleet of naval drones," said NATO's secretary-general, Mark Rutte, at the summit.

The investigation into the Eagle S is of particular significance to the European Union because it's suspected for years that Russia has been intentionally trying to covertly damage Western undersea infrastructure. Other cables, such as two fiber-optic data cables running between Finland and Germany, were cut last year.

Though the Eagle S is registered in the Cook Islands, European officials say it's tied to Russia because it was carrying 35,000 tons of unleaded gasoline loaded in Russian ports.

They have accused the ship of being part of a Russian "shadow fleet," or a network of vessels with owners registered outside Russia that are actually carrying sanctioned Russian oil.

Russia has denied being involved in any way with such sabotage. The Russian Foreign Ministry did not respond to a comment request sent outside regular business hours by Business Insider.

• UK markets are a mess with yields on government bonds at historic highs and the pound tanking.
• Worries about inflation, public finances, and sticky interest rates are behind the chaos.
• Here's a breakdown of what's going on and what it means for Britain.

UK markets are roiling as wary investors prepare for trouble. Here's a closer look at what's happening — and what it means for the British people and their beleaguered economy.

Gilts and pounds

Yields on UK government bonds, or "gilts," have recently surged, while the pound has sunk against the dollar and lost ground versus the euro.

The benchmark 10-year gilt yield jumped from about 4.2% at the start of December to 4.9% on Monday, its highest level since 2008. Over the same period, the 30-year gilt yield leaped from around 4.7% to almost 5.5% for the first time since 1998.

Meanwhile, the pound weakened to a 14-month low against the dollar on Monday, with £1 worth $1.21 compared to $1.34 as recently as September. Sterling also revisited its November low against the euro with £1 worth 1.19 euros.

Prices and rates

Gilt yields have climbed and the greenback has gained against the pound because of the UK's bleak economic outlook.

Official estimates show the economy failed to grow in the third quarter of 2024. In late November, Goldman Sachs economists forecast a meager 1.2% growth rate for 2025, below the Bank of England's 1.5% estimate.

Annualized inflation spiked to a multi-decade high of more than 11% in October 2022, spurring the BoE to raise its base interest rate to 5.25% by August 2023 — a huge increase from virtually zero going into 2022.

Inflation has cooled significantly from its peak but accelerated to 3.5% last November, far outpacing the BoE's target rate of 2%. The central bank has trimmed its base rate to 4.75%, but signs of stubborn inflation have cut the chances of a flurry of further cuts this year.

President-elect Donald Trump's plans to impose tariffs and cut taxes once he enters office have also stoked global inflation fears, eroding hopes for rapid rate cuts in the UK and other countries.

Steeper interest rates encourage saving over spending and investing and make borrowing more expensive, which can ease upward pressure on prices but can also temper growth.

Public purse pressure

Investors are worried the UK government is overspending. It borrowed about £113 billion in the eight months through November 2024, raising the national debt to about £2.8 trillion — more than double the level before the financial crisis of 2008.

Rachel Reeves, the Chancellor (finance minister), has signaled she may rein in spending by making greater cuts to public services — but tightening the purse strings threatens to further weaken growth.

Concerns about persistent inflation, the public finances, and stagnation have hammered market sentiment toward the UK economy. Investors now demand a higher return to hold government debt, which has pushed up gilt yields.

Flight to safety

The prospect of higher rates for longer should benefit the pound because the currency's holders can expect to earn more interest. But that effect is being outweighed by the dollar's strength, underpinned by similar concerns in the US of stubborn inflation, sticky rates, and rising Treasury yields. Investors are flocking to the greenback as a haven asset, heaping pressure on the pound.

"Bond market turbulence, fears over unsustainable debt, and a lack of investor confidence in Britain's long-term prospects are all combining to pull sterling lower," Nigel Green, CEO of deVere Group, said in a note.

"The combination of a robust dollar and a weakening pound is accelerating the capital flight from sterling. Investors are turning to safer currencies and assets, as the UK appears increasingly fragile in this turbulent environment."

Flashes of the past

The upswing in gilt yields and the pound's retreat against the dollar evoke the crisis sparked by then-Prime Minister Liz Truss and Chancellor Kwasi Kwarteng's mini-budget in September 2022.

The tax cut plans spooked investors with the prospect of reckless government borrowing, resurgent inflation, and interest rates staying higher for longer.

With some pension funds on the brink of collapse, the BoE stepped in to shore up markets and calm the situation. The chaos dissipated but Truss resigned a few weeks later.

This time, government officials have indicated that gilt markets are functioning normally and emergency intervention isn't warranted.

Prime Minister Keir Starmer said on Monday that the government would continue to comply with its fiscal rules and reiterated his confidence in Reeves.

Budget pressure

The UK government funds itself partly by issuing gilts, so higher yields mean it has to pay more interest to bondholders. That raises its borrowing costs and eats into its tax revenue, leaving it with less money to spend on public services.

"The Chancellor already had limited wiggle room and the risk is that she may have to either cut spending or raise taxes," Susannah Streeter, head of money and markets at Hargreaves Lansdown, said in an emailed note.

Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, made a similar point in an emailed note: "Rachel Reeves is losing her fiscal headroom and her manoeuvre margin with every basis point rise in borrowing costs, and that muddies the UK's growth outlook."

Feeling the squeeze

Higher gilt yields mean steeper interest payments for households and businesses too, tempering the economy's growth prospects further.

Moreover, a weaker pound makes imports more expensive. That could fuel inflation, curb growth, pinch businesses that rely on foreign goods, and turn the screw on households already mired in a cost-of-living crisis.

Many consumers are struggling after sharp rises in the cost of food, fuel, housing, and other essentials since the pandemic — especially when they're paying more for their mortgages, credit cards, and other debts due to rate rises.

"Inflationary pressures remain persistent and elevated, while at the same time the growth backdrop, exacerbated by the recent budget, is deteriorating and straining government finances further," Mark Dowding, BlueBay chief investment officer at RBC Global Asset Management, said in an emailed note.

"Moreover, households will face rises in energy costs, water bills and council tax in April, adding to the squeeze in consumer budgets."

Savills recently estimated that nearly 700,000 UK homeowners face higher mortgage costs when their fixed-rate deals ended this year. Many hoped the BoE would steadily cut its base rate and mortgage rates would decline.

"But now, the newly elected Labour government, which promised to rescue the country, improve finances, and boost growth, faces its own reckoning," Ozkardeskaya wrote.

"To deliver on its ambitions, it needs market support — a resource proving elusive. Without it, borrowing costs will spiral higher, forcing tougher choices: more taxes, less spending, and weaker growth. And none of that bodes well for the pound."

• Russia's state-owned gas giant is mulling a sweeping cut to its managing staff in St. Petersburg.
• A letter from Gazprom's board to its CEO suggested layoffs of 40% for its headquarters amid "challenges."
• The letter said wages among managers had risen to nearly $500 million a year.

Russian energy giant Gazprom is considering a 40% cut to its headquarters staff after posting its first loss in 24 years, according to a letter from one of its board members to the firm's CEO.

The letter, first reported by St. Petersburg-based outlet 47News on Monday, proposed that the central office head count be reduced from 4,100 to 2,500 people. It was dated December 23, 2024.

A Gazprom spokesperson confirmed the letter's authenticity with Agence France Presse and the state media outlet TASS.

In the proposal, Elena Ilyukhina, the board's deputy chairperson, wrote that wages for Gazprom managers had risen several times in the last two decades to about $486.5 million a year.

"The challenges facing the Gazprom group require a reduction in the time required for preparing and taking decisions," she wrote to CEO Alexei Miller.

Ilyukhina added that the company could instead rely on "automation and digitalization" for roles like accounting and planning.

47News wrote that Ilyukhina also estimated a 40% cut would align Gazprom's management-to-employee ratio with that of Rosatom, a state-owned nuclear energy firm.

Gazprom said in June 2024 that it had 498,000 employees for 2023. In comparison, Rosatom's director general told Russian leader Vladimir Putin in October that his company planned to have about 400,000 employees in 2024.

Ilyukhina added that some money saved in the proposed job cuts could be diverted to offering new performance bonuses for remaining employees.

Gazprom Group, which is mostly owned by the Russian state, posted its first annual loss in 24 years in May as wartime Western sanctions pushed its European customers to sever ties with Russian energy.

The company announced a net loss of 629 billion rubles, worth about $6.84 billion at the time, for the year 2023. It last suffered a net loss in 1999.

The gas producer has continued to face headwinds, with its flagship company announcing a $3.2 billion loss for the nine-month period ending in September 2024.

It's unclear if Miller has approved the layoffs suggested by Ilyukhina, and TASS reported that the company declined to comment beyond confirming that the letter is real.

Gazprom's press service did not respond to a request for comment sent outside regular business hours by Business Insider.

Russia had for years been a major supplier of natural gas to the European Union until Moscow's invasion of Ukraine prompted most of the region to start weaning itself off Russian energy. The transition has taken years, with the EU whittling down Russia's share of gas imports from 40% in 2021 to 8% in 2023.

Much of the gap has been filled by American gas supplies, with US gas imports to the EU jumping from 18.9 billion cubic meters in 2021 to 56.2 billion cubic meters in 2023.

More recently, Kyiv allowed the expiration of a pre-war contract to pipe Russian gas to Western customers such as Austria. Ukraine declined to renew the contract in early January.