The coming energy crisis

How did things get so bad, so fast?

The coming energy crisisBy Stewart Muir and Margareta Dovgal It’s been obvious for months that a global energy crisis was coming. Then last Monday, just when we thought things couldn’t get any worse, the chief executive of Shell predicted that Europe is headed for a multi-winter energy crisis, with consequences that cascade around the world. The situation is…

Punishing Russia has upended global economics

And we can blame political meddling

Punishing Russia has upended global economicsThe crude oil world has inched into a crisis mode. The world faces a “much bigger” energy crisis than the one in the 1970s. Fatih Birol, the executive director of the International Energy Agency (IEA), told the German daily Der Spiegel in an interview last Tuesday. The IEA, the Organization for Economic Co-operation and Development…

As oil prices rise, global economic uncertainty grows

And OPEC is in no mood to open taps to fill in any gaps created by the absence of Russian crude

As oil prices rise, global economic uncertainty growsThe oil markets are likely to face another round of supply disruptions. Most indicators point to a bullish trend in the near future. After recently announcing the release of over 180 million barrels of crude oil from its strategic reserves (SPR) over the next six months to cool down the markets, the United States government…

OPEC is in a defiant mood and the world is paying the price

Full European Union ban on Russian oil could have unintended economic consequences for the West

OPEC is in a defiant mood and the world is paying the priceThe war in Ukraine is transforming global geopolitics and crude oil dynamics. On the geopolitical front, the United States has relentlessly rallied its allies against Russia. The Russian energy sector has still not been directly impacted by the sanctions. But the repercussions are apparent, even as the world is finding it hard to replace Russian…

Canada can still help provide Europe with energy security

Access to stable and affordable energy from Canada is important to the Free World

Canada can still help provide Europe with energy securityCanada’s chattering classes – often more accustomed to playing the ineffectual dovish role – are rushing to prove their outrage over Russia’s invasion of Ukraine and demonstrate their resolve to make Russian President Vladimir Putin pay. However, these are often the same people who opposed Canadian gas pipelines, which could help fellow NATO countries. The…

Thunberg has world leaders in the palm of her hand

World leaders are doing everything Thunberg and people like her say, without batting an eye

Thunberg has world leaders in the palm of her handIt seems everything is about justice these days. As I drove home from the store recently, I saw a sign for the elections here in New York from the local Democratic Party, promising “equity, equality, and justice for all.” Beyond the obvious concerns any sane person should have about a promise of “equity,” the sign…

Carbon taxes on imports will cripple the global economy

Carbon border taxes won’t save the climate but they will create trouble for the world economy

Carbon taxes on imports will cripple the global economyCarbon taxes at borders are becoming a popular idea among some countries and regions of the world. It’s an idea destined to damage the global economy. For example, the European Commission, the European Union executive institution, wants environmental tariffs “on imports from countries with less stringent climate-protection rules.” Democrats in the United States Senate proposed…

Abandoning fossil fuels plunging many Europeans into darkness

Natural gas in Europe rising to five times what it was in early 2021

Abandoning fossil fuels plunging many Europeans into darknessBy Mark Milke and Ven Venkatachalam Canadian Energy Centre With the recent rise in the price of natural gas in Europe to five times where it was in early 2021, expect to see many more Europeans and those in the United Kingdom plunged into what’s known as energy poverty. From Greece to Great Britain, the…

Canada missing out on $1.2-trillion EU natural gas market

According to Natural Resources Canada, at the end of 2018 Canada had 73 trillion cubic feet (tcf) of proven natural gas reserves

Canada missing out on $1.2-trillion EU natural gas marketBy Mark Milke and Lennie Kaplan Canadian Energy Centre In 2009, the eastern European country of Ukraine endured a twin lesson in geopolitics and energy security: Russia cut off its natural gas supply in mid-winter. Russia’s public reason was that it was engaged in a pricing dispute with Ukraine. In reality, it was an attempt…

Europe remains dependent on imported oil from repressive states

Its policies on renewable energy mean that dependence will only deepen

By Mark Milke and Lennie Kaplan Canadian Energy Centre One of the more bizarre developments in Europe in recent years has been the twin policy path in which fossil fuels are discouraged in favour of wind and solar energy, but deals are struck with autocracies such as Russia to import more fossil fuel via pipelines.…
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