Due to the decline in Russian imports, the European Union is currently experiencing an energy crisis. The developing world may fall into energy poverty due to Europe’s increasing demand.
The new shareholder-focused approach of shale companies, supply chain restrictions, and inflation have all combined to change how the sector functions. The US shale boom is officially over.
In 2019, only Uganda, the Central African Republic, Somalia, and the Democratic Republic of the Congo had renewable energy make up 90% of their total energy consumption. Africa currently leads the world in renewable energy consumption.
In Vietnam, the government sets the retail price of gasoline, which is adjusted every 10 days to reflect changes in the price of the commodity on the world market. Now, gas stations in Vietnam are starting to close due to widespread shortages.
In free markets, commodities bought and sold possess perceived value. When a buyer and seller reach an agreed upon price for any product, there is a "meeting of the minds." The value of any natural raw material is proportional to its scarcity. The more of it there is, and the more easily it can be obtained, the less value it holds. A vendor who sells ordinary rocks cannot make a living when his product is found freely all over the ground. If he transacts in gold or silver, diamonds or rubies, however, his hard-to-find "rocks" are worth a small fortune. If only there were a way to turn ordinary rocks into valuable commodities!
Israel and Lebanon announced earlier this month that they had come to an agreement over their maritime border, a historic step in diplomacy that should help boost the natural gas output of both countries. As the world battles gas shortages going into the winter months, this deal provides a ray of hope for global energy markets in the future.
A wind farm is being dismantled in western Germany to make way for an expansion of an open-pit lignite coal mine in a “paradoxical” situation highlighting the current prioritization of energy security over clean energy in Europe’s biggest economy.
The European energy crisis might be good, claims Bill Gates. According to the billionaire, countries would turn to renewable energy as a result of gas shortages and exorbitant prices.
General Electric (GE) plans to make major job cuts in its U.S. wind operations and will consider its other markets too as windfarms are proving to be a major expense in the wake of Covid and the Russian invasion of Ukraine. Continued supply chain disruption and the high cost of wind turbines are deterring companies from investing in wind energy, as they look for cheaper alternatives.
The biggest refinery in Europe, Shell’s Pernis in the Netherlands, suffered a malfunction late on Wednesday, which could exacerbate an already worsening fuel supply situation in northwest Europe due to the strikes in France.