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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    An energy crisis afflicting global economies... and a crazy rise in prices

    Rocky
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    • Post n°1

    An energy crisis afflicting global economies... and a crazy rise in prices Empty An energy crisis afflicting global economies... and a crazy rise in prices

    Post by Rocky Tue 12 Oct 2021, 6:44 am

    An energy crisis afflicting global economies... and a crazy rise in prices

    •  Time: 10/12/2021 13:17:14
       
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    {Economic: Al Furat News} An energy crisis that the world has not witnessed since the seventies, according to the website (The Conversation), is ravaging global economies amid a recovery in economic activity.
    Prices are rising as more residents who have been vaccinated against the coronavirus exit lockdown measures, supporting economic activity.
    European and Asian gas prices rose to their highest levels ever, oil prices reached their highest levels in three years, and coal prices rose on the back of energy shortages in China, India and Germany, according to the website (The Conversation).
    The rise in demand is mostly due to the recovery of economies, and the expected severe weather across Europe and Northeast Asia. Russia is reluctant to supply Western Europe with gas.
    As China hoards coal and gas reserves, its largest coal-producing region has been hit by severe flooding, threatening the country's already crippled energy supply and displacing more than 120,000 people as residents demanded help from other regions, the Washington Post reported.
    In Britain, a shortage of truck drivers carrying fuel has led to panic buying. After the United Kingdom left the European Union (Brexit), many European truck drivers have returned to their countries of origin.
    The problem of Britain was exacerbated by the so-called "windless summer", where the production of renewable energy was much lower than usual, which put great pressure on electricity generation, as about 40 percent of its energy is produced by wind.
    Britain has gradually abandoned coal as a source of electricity, and with reduced emergency supplies, you will find it difficult to suddenly return to it, says The Conversion.
    The prices of fuel used to generate electricity are rising globally as a result of the increase in demand for electricity due to industrial growth, which has led to a decline in the supply of coal and liquefied natural gas.
    Oil prices also rose, on Tuesday, to continue achieving gains for the fourth consecutive day, in light of the recovery in global demand, which contributes to the lack of energy in major economies, according to Reuters.
    Brent crude rose 21 cents, or 0.3 percent, to $83.86 a barrel by 06:32 GMT, its highest level in three years, after rising 1.5 percent, on Monday.
    And US crude rose 13 cents, or 0.2 percent, to $ 80.65 a barrel, the highest level in nearly seven years, after it also rose by 1.5 percent in the previous session.
    “There is still a lot of momentum behind higher oil prices and the fundamentals are still very favorable,” said Craig Erlam, chief market analyst at OANDA. “Would it be a surprise to see oil back in the hundreds digits later this year? Probably not.”
    The Organization of the Petroleum Exporting Countries and its allies, within the framework of what is known as the OPEC + group, decided last week to maintain a moderate and gradual increase in production.
    "Oil prices will likely continue to rise in the short term," Reuters quoted Carsten Fritsch, an analyst at Commerzbank as saying.
    However, The Conversation says that if Britain and Germany resolve their gas supply problems with Russia, perhaps by the middle of 2022, gas and oil prices will fall.
    Coal, gas and electricity prices have soared to unprecedented levels in the past few weeks, driven by widespread energy shortages in Asia, Europe and the United States, which have made oil more attractive as a fuel for power generation.
    Some states in India are experiencing blackouts due to coal shortages, while the Chinese government has ordered mining companies to boost coal production as energy prices soar.
    Gas prices have increased 400 percent this year in Europe, partly due to low inventories and strong demand from Asia.
    Analysts estimate that the switch from using natural gas to oil to generate electricity may increase global demand for crude between 250 and 750 thousand barrels per day.
    Qatar, the world's largest producer of liquefied natural gas, told customers on Monday it could not help mitigate the rise in energy prices and bring more fuel to market.
    The Qatari Minister of State for Energy Affairs, Saad Al-Kaabi, indicated that his country has reached the maximum limit and "we have provided all our customers with the quantities prescribed for them."
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