Russian energy dominance over Europe and what it means amidst the Ukraine crisis

Russia’s invasion of Ukraine has delivered massive shocks to the European energy markets and as the situation escalates, uncertainty is likely to fuel further disruptions. Here’s an infographic representation of how European countries are dependent on Russia for their energy requirements. In the wake of Russia’s invasion of Ukraine, energy prices have skyrocketed, leaving many […]

How high will gas prices go?

America’s average price for a gallon of gas has cracked $4 for the first time since 2008 amid global supply fears, and it’s hurtling fast toward an all-time high. Russia’s invasion of Ukraine has disrupted the global energy market, causing ripples pretty much everywhere: Natural gas prices also hit record highs Monday in both the […]

Global food supply at risk from Russian invasion of Ukraine

Russia’s invasion of Ukraine threatens global food supplies, Norwegian fertiliser maker Yara International said on Tuesday, adding that the international community needed to reduce its dependence on Russian raw materials for agriculture. Ukraine and Russia are both major exporters of some of the world’s most basic foodstuffs, together accounting for about 29% of global wheat […]

Oil rockets to $113, gas hits record on Ukraine conflict

Oil prices soared Wednesday above $113 per barrel and natural gas spiked to a record peak, as investors fretted over key producer Russia’s intensifying assault on Ukraine. European benchmark Brent North Sea oil struck $113.02 per barrel, the highest level since 2014, while New York-traded WTI hit a 2013 peak at $111.50. Later Wednesday, traders […]

US doesn’t have ‘many good options’ to fight energy inflation

President Joe Biden ordered “profound” new sanctions targeting Russia Thursday after its invasion of Ukraine, saying Russian leader Vladimir Putin “chose this war” and his country will bear the consequences. The sanctions target Russian banks, oligarchs and high-tech sectors, but they stop short of imposing restrictions on energy supplies from Russia, the world’s third largest […]

The lifestyle of the rich is driving climate change faster than you think

The top 10% of the world produce nearly half (48%) of global GHG emissions. On the other side of the coin, 50% of the world population, sitting at the bottom of the pyramid, contributes to merely 7% of global GHG emissions Shafiqul Alam. Sketch/TBS The technical responses, i.e., clean and efficient technologies, appear to be […]

Are Oil Prices Headed Back Above $100 A Barrel?

The price of West Texas Intermediate (WTI) opened 2022 at about $75 a barrel (bbl). Last week, the price rose above $90/bbl for the first time since 2014. That was also the last year the price of WTI was above $100/bbl. To recap, in the first half of 2014, oil prices spent most of the […]

U.S. Is Exporting Every Molecule of LNG Possible

Tankers were docked or loading at all seven U.S. liquefied natural gas export terminals for the first time Saturday, marking a small piece of industry history and setting up record flows to the plants amid high prices and tensions in Europe. The Greek-flagged tanker Yiannis is docked at Venture Global LNG’s Calcasieu Pass plant in […]

America Is Running Out of Everything

The global supply chain is slowing down at the very moment when Americans are demanding that it go into overdrive. Is it just me, or does it feel like America is running out of everything? I visited CVS last week to pick up some at-home COVID-19 tests. They’d been sold out for a week, an […]

The Return of Global Inflation

Inflation has come back faster, spiked more markedly, and proved to be more stubborn and persistent than major central banks initially thought possible. After initially dominating headlines in the United States, the problem has become a centerpiece of policy discussions in many other advanced economies. In 15 of the 34 countries classified as AEs by […]

IEA Says Oil Prices Are Rising to `Uncomfortable’ Levels

Toril Bosoni, head of the International Energy Agency’s markets and industry division, says oil prices could climb further because of the OPEC+ coalition’s “chronic” struggle to revive production. “It’s not in the interest of consumers, but not in the interest of producers either,” Bosoni said on Bloomberg Television Friday. (Source: Bloomberg)

The End of Growth. No more cheap energy, no more growth

The energy crunch, of which I have started to write about in September, 2021 doesn’t want to ease its grip on us. The price of natural gas is still near record highs along with coal — both costing three times as much as the last ten years’ average. Oil is also climbing steadily upwards, now […]

As Energy Prices Soar In Europe, U.S. LNG Keeps the Lights and Heat On

Winter in the global north did not spare the United States, United Kingdom or the European Union from record snowfalls and extended cold fronts. And while the United States has been fortunate to rely on its abundant natural gas resources to mitigation reliability and price concerns, our friends across the pond have not been so […]

Chevron CEO Sees $100 Oil on Geopolitical Risks, Demand

Chevron Chairman and CEO Mike Wirth discusses fourth-quarter results, the potential for triple-digit oil prices, and the company’s approach to M&A on “Bloomberg Markets.”

New England Burns Oil Like Crazy to Keep Lights On During Storm

According to ISO New England, the electric power grid manager for New England, short-term power demand forecasting shows projected peak load reaching 19,250 MW on Jan. 29, because of the coming winter storm. The grid’s expected winter power demand peak, or what they plan for at the maximum, is 19,710 MW. That’s really too close […]

Energy Limits Are Likely To Push The World Economy Into Recession In 2022

In my view, there are three ways a growing economy can be sustained: With a growing supply of cheap-to-produce energy products, matched to the economy’s energy needs. With growing debt and other indirect promises of future goods and services, such as rising asset prices. With growing complexity, such as greater mechanization of processes and supply […]

Should You Move While You Can, Or When You Must?

This gives an extreme advantage to those few who move first, long before they must. The financial advantage for first movers is equally extreme. Moving is a difficult decision, so we hesitate. But when the window to do so closes, it’s too late. We always think we have all the time in the world to ponder, […]

China to release oil reserves to curb rising prices

China will release its state crude oil reserves in the Lunar New Year – starting 1 February – as it joins the US-led plan to drive down global oil prices, Reuters has reported. The exact volume to be released has not yet been disclosed, and will reportedly be dependent on oil price levels. The Biden administration conducted a series of talks […]

World food prices hit 10-year peak in 2021

World food prices eased in December after four consecutive monthly gains but jumped 28% over 2021 for the highest average level since 2011, the UN food agency said on Thursday. The Food and Agriculture Organization’s (FAO) food price index, which tracks international prices of the most globally traded food commodities, averaged 133.7 points last month […]

Why is there a global price hike in the oil market?

The current oil market is out of the ordinary. The Covid-19 pandemic has caused funkiness and dislocations throughout the global economy, including in the energy sector. This isn’t just a US problem; energy markets are worldwide, and while America remains the world’s biggest producer, there are many other factors at play. Today, due to widespread […]

Energy got a lot more expensive in 2021

MARY LOUISE KELLY, HOST: Compared to this time last year, we’re all paying a lot more to use all sorts of energy right now, whether it is gas for our cars or heating fuel for our homes. That is part of a global trend. And NPR’s Camila Domonoske is here to explain why. Hey, Camila. […]

Energy costs soar in 2021

Energy prices soared in 2021 — with gas, oil, coal, electricity and carbon all shooting higher in large part owing to a resurgence of geopolitical tensions between producers and consumers. The “steep rise in prices was probably the most dramatic development on the commodities markets in 2021”, noted Commerzbank analyst Barbara Lambrecht. The most spectacular […]

China Panic-Hoards Half Of World’s Grain Supply Amid Threats Of Collapse

About two and a half years ago, we told readers China was panic hoarding food, which was several months before the virus pandemic began to spread worldwide; Beijing has managed to stockpile more than half of the world’s maize and other grains that have resulted in rapid food inflation and triggered famine in some countries. In August […]

Here’s How Oil Could Hit $380 Per Barrel In 2050

Oil prices are set to exceed $100 per barrel in all three scenarios for global energy developments through 2050, with inflation and carbon prices potentially sending oil to $380 a barrel in 2050, Russia’s oil producer Lukoil said in its long-term energy outlook on Friday. The “Transformation” scenario of Russia’s second-largest producer behind Rosfnet assumes […]

IEA: The World Will Generate Record Power From Coal in 2021

The amount of electricity generated from coal is expected to hit an all-time high this year, as electricity demand outpaces low-carbon supply options, according to the International Energy Agency (IEA). That means that the world’s climate targets may be getting further out of reach. Global power generation from coal is expected to jump by 9% […]

Inflation could mean a big heating bill this winter

This winter could be especially cold and expensive. But there are a few ways to keep your wallet full and your family warm. People who heat their homes with natural gas, propane, electricity and heating oil are all in for a bigger bill come winter if they aren’t careful. Nearly half of U.S. households who […]

When Might Oil Demand Peak?

Electric passenger vehicle sales are on a tear. In the first quarter of 2010, 395 EVs were sold worldwide. Last quarter, more than 1.7 million were sold — of those, more than 935,000 sold in Asia. In 1Q 2010, you would have needed three decimal places to show EVs as a percentage of global passenger […]

U.S. Electricity-Price Inflation Shows No Sign of Cooling Off

U.S. consumers continue to face the biggest jump in their energy bills in more than a decade, with the price of electricity in November rising 6.5% from the same month a year ago, according to numbers released Friday by the U.S. Bureau of Labor Statistics. That matches the spike last month, when U.S. consumers saw […]

How to Brick an Entire Economy

“For want of a nail the kingdom was lost” – Proverb Long-haul trucking is one of those industries that everybody relies on, but few spend much time thinking about. The men and women who crisscross our highway systems to deliver critical cargo are among the unsung heroes of our economy. Without them, our entire just-in-time […]

Here’s how your gas could hit $5 a gallon

By Matt Egan, CNN Business The surge in oil prices this year has angered drivers, tainted Americans’ views on the economy and confounded both the White House and Federal Reserve. Unfortunately, JPMorgan Chase says the oil spike is just getting started. In a new report on Monday, JPMorgan warned clients that Brent crude oil will […]

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