EUR/USD 1.14190
-0.191%
Gold 4144.53
-0.489%
Oil 70.298
2.516%
USD/JPY 161.924
-0.096%
GBP/USD 1.33660
-0.176%
GBP/JPY 216.431
-0.271%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Market news: Microsoft (MSFT.O) is replacing OpenAI and Anthropic models with its own AI models in some applications.On July 8th, the U.S. Energy Information Administration (EIA) released its Short-Term Energy Outlook report, which stated that it expects U.S. power sector natural gas consumption to reach a record high next year, driven primarily by rising overall electricity demand, expansion of natural gas generating capacity, and relatively low natural gas prices. The report forecasts a slight increase in natural gas demand across the economy this year, followed by a 3% increase in 2027. It predicts that wholesale electricity prices this summer will be lower than last summer, primarily due to lower natural gas costs delivered to power plants—however, summer heat waves could still cause prices to surge. Nationally, wholesale electricity prices are expected to average around $45 per megawatt-hour, with the largest price drops expected in western hub regions.On July 8th, the U.S. Energy Information Administration (EIA) released its Short-Term Energy Outlook report, stating that it forecasts gasoline prices to average $3.80 per gallon in the third quarter of 2026, down from over $4.20 per gallon in the second quarter. It expects retail prices to fall to around $3.40 per gallon in the fourth quarter of 2026. The EIA forecasts that the average annual retail gasoline price will fall below $3.10 per gallon in 2027.On July 8th, the U.S. Energy Information Administration (EIA) released its Short-Term Energy Outlook report, stating that increased oil production and the recovery of trade flows will lead to lower-than-expected crude oil inventory depletion in the coming months. We project a 2.2 million barrel per day (bpd) decrease in global oil inventories in the third quarter of 2026, compared to our June forecast of over 7 million bpd, and a 5 million bpd decrease in the second quarter of 2026. Next year, we expect rising oil production to return the market to a pre-conflict oversupply state.On July 8th, the U.S. Energy Information Administration (EIA) released its Short-Term Energy Outlook report, noting that on June 18th, the U.S. and Iran signed a memorandum of understanding to end the conflict and open the Strait of Hormuz. With the signing of the agreement and increased traffic through the strait, we have raised our forecast for global oil production for the remainder of this year. We now expect most crude oil production to recover to near pre-conflict levels by the end of this year, and most of the shut-down crude oil production to come online in the first quarter of 2027.

Al Gore asserts that climate change action has reached a "tipping point"

Haiden Holmes

Sep 21, 2022 10:35

26.png


Al Gore, a former vice president of the United States and co-founder of Generation Investment Management, stated in an interview with Reuters that the world has reached a "positive tipping point" in the fight against climate change as rising oil and gas prices prompt governments to decarbonize more rapidly.


His examples included the $430 billion Inflation Reduction Act, which is widely regarded as the largest climate package in U.S. history, and Australia's promise earlier this month to decrease carbon emissions by 43 percent by 2030 and to net zero by 2050.


Gore anticipated policy shifts on climate change from Brazil following an impending election and from China following the resumption of talks between President Joe Biden and Chinese Vice Premier Liu He at the November G20 summit in Indonesia.


The war in Ukraine, which Russia refers to as a "special military operation," has caused oil and gas prices to spike, he said, adding that he was concerned about the efforts of some nations to increase fossil fuel production in response.


Gore stated that there is no such thing as a clean fossil fuel, just as there is no such thing as a healthy cigarette. According to the authors, "we do not want to see investments in fossil fuel infrastructure that A will not alleviate the short-term crisis and B would guarantee decades of increasing emission levels."


He stated, "There is evidence nearly everywhere in the world" of the accelerating rate of change, and added that worsening weather events were also pushing the imperative to act.


Al Gore stated that heatwaves in China, floods in Pakistan, and drought in Europe are examples of how "Mother Nature has joined the climate discussion."


In both "An Inconvenient Truth" (2006) and "An Inconvenient Sequel" (2017), Al Gore, the former vice president of the United States, argues that the struggle against climate change is a moral one.


In 2007, he shared the Nobel Peace Prize for his efforts to address climate change while serving as the chairman of Generation Investment Management, a London-based firm that invests in sustainable public and private markets and conducts research.


He said that some governments are removing fossil fuel facilities with decades of remaining life due to the declining cost of renewable electricity, while others are considering banning the sale of fossil fuel-powered automobiles.


"When the technology provides three times as many jobs per invested dollar as investments in fossil fuels, a very good tipping point will be reached," he stated.


In its most recent annual sustainability trends report, published on Wednesday, Generation anticipated that annual investments in the clean economy would surpass $1 trillion over the next few years.


According to the research, while this is less than what is required to keep global warming at 1.5 degrees Celsius over the pre-industrial average, it is increasing "at a rapid rate."

Suggestion