Tag: Gas

The UN Food and Agriculture Organization reports food prices hit unprecedented levels in March, with grains and vegetable oils experiencing significant price increases. Russia's invasion of Ukraine has caused massive supply disruptions, potentially leading to widespread hunger and malnutrition in vulnerable regions.

The European Union has agreed to ban Russian coal, marking its first significant energy sanctions over the Ukraine conflict. While the €4 billion annual ban represents a symbolic break from Russian energy dependence, deeper challenges remain in restricting oil and natural gas imports without triggering potential economic recession.

Congress overwhelmingly approved measures to end normal trade relations with Russia and ban oil imports, escalating economic pressure over the Ukraine conflict. The Senate passed both bills unanimously, and the legislation now awaits President Biden's signature.

Asia is investing over $350 billion in liquefied natural gas (LNG) infrastructure, aiming to reduce coal usage. While these projects could help lower emissions, they also risk prolonging fossil fuel dependency and potentially slowing renewable energy adoption.

Guyana has granted ExxonMobil permission to develop its fourth offshore oil field, the $10 billion Yellowtail Project. Expected to produce up to 250,000 barrels per day, the project will come onstream by 2025, adding to the company's existing Liza and Payara fields.

Russian soldiers allegedly committed atrocities in Bucha, leaving behind 410 civilian bodies with signs of torture and execution. European leaders condemned the actions and called for increased sanctions against Moscow.

Eurozone consumer prices surged to a record 7.5% in March, marking the highest inflation rate since 1997. Rising energy and food costs, fueled by the conflict in Ukraine, are squeezing household budgets and forcing central banks to consider aggressive monetary policy responses.

Poland moves to cut Russian oil by year-end, with Germany cautioning on gas conservation as European energy landscape shifts due to conflict with Russia.

Climate activists from Fridays for Future movement staged global protests across multiple countries, calling for systemic change and criticizing G20 nations' continued fossil fuel support while connecting environmental activism with peace efforts.

The Ukraine conflict is pushing Western Europe closer to the United States, with President Biden offering expanded natural gas shipments to help Europe break free from Russian energy dependency. The EU currently relies on Russia for 40% of its natural gas needs, making this strategic shift crucial for energy security.