Energy
Russia will shut off gas to Finland from Saturday, Finnish energy provider says
A drilling rig at a gas processing facility, operated by Gazprom. Maxim Shemetov | Reuters Russia may have just made its first retaliatory move against Finland after lawmakers in Helsinki officially applied to join the military alliance NATO. Gasum, Finland’s state-owned gas wholesaler, said in a statement Friday morning that natural gas imports from Russia […]
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‘Who is talking about climate change now?’ What the Ukraine war means for global heating
A group of Ukrainian women demonstrate to call for further action against Russia near the headquarters of the EU Commission in Brussels, Belgium. Thierry Monasse | Getty Images News | Getty Images LONDON — Reflecting on energy markets just over one month into Russia’s onslaught in Ukraine, Saudi Arabia’s top energy official said: “Look at […]
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Europe admits it’ll have to burn more coal as it tries to wean itself off Russian energy
A wind turbine and coal in Lower Saxony, Germany. The EU’s desire to wean itself off Russian hydrocarbons means it will need to find fossil fuels from other parts of the world to plug supply gaps. Mia Bucher | Picture Alliance | Getty Images The European Commission has fleshed out details of a plan to […]
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Consumers are hurting as ‘global energy shock’ gets underway, says World Energy Council
The current oil crisis isn’t like previous ones — and consumers will have to bear the brunt of it even as they grapple with rising inflation, Angela Wilkinson from the World Energy Council told CNBC. “I think this is a first global energy shock, this isn’t the same as the 1970s crisis, oil shock crisis. […]
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Stephen Roach calls stagflation his base case, warns market is unprepared for the consequences
Stagflation is making a comeback, according to former Morgan Stanley Asia chairman Stephen Roach. He warns the U.S. is on a dangerous path that leads to higher prices coupled with slower growth. “This inflation problem is widespread, it’s persistent and likely to be protracted,” Roach told CNBC’s “Fast Money” on Thursday. “The markets are not […]
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Rising fuel costs are a massive problem for business and consumers — Here’s why they’re so high
A sign displays gas prices at a gas station on May 10, 2022 in San Mateo County, California. Liu Guanguan | China News Service | Getty Images The surge in gasoline prices is impossible to miss and at the top of consumers’ minds as large billboards announce that gas now costs $4, or $5, and […]
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Gas prices just hit a new record high. Here are a few ways to cut down the cost
As the summer driving season nears, gasoline prices show no signs of slowing down. The national average for unleaded gas hit a new high of $4.59 per gallon Thursday, according to AAA. For the first time ever, the average price was $4 per gallon or above in all 50 states this week, AAA data shows. Last year at […]
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How relocating Americans created new inflation hot spots
Americans moved around a lot over the past two years, and those destinations also now happen to have the highest inflation rates in the U.S. “We saw right away that inflation was highest in Phoenix and lowest in San Francisco,” Redfin deputy chief economist Taylor Marr told CNBC. The relationship between migration and inflation has […]
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An energy transition loophole is allowing Big Oil to offload high-polluting assets to private buyers
An oil flare burns at Repsol’s oil refining complex in Cartagena, Spain. Repsol was one of the top sellers of assets between 2017 and 2021 in EDF’s analysis. Bloomberg | Bloomberg | Getty Images Oil and gas giants are increasingly selling off dirty assets to private firms, amplifying concerns that the fossil fuel industry’s traditional […]
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Keeping Illinois nuclear plants open is saving some customers $237 a year on average
Byron, UNITED STATES: The Exelon Byron Nuclear Generating Stations running at full capacity 14 May, 2007, in Byron, Illinois. (Photo credit should read JEFF HAYNES/AFP via Getty Images) JEFF HAYNES | AFP | Getty Images Nuclear energy pays in times of energy price fluctuations. In September, Illinois lawmakers passed a watershed clean energy law which […]
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