Energy crisis grips the world
Oct 9, 2021 13:20:58 GMT -5
Post by schwartzie on Oct 9, 2021 13:20:58 GMT -5
Energy crisis grips the world: Lebanon runs out of power, India warns its coal-fired plants could go dark in just three days, blackouts hit China and gas prices soar in Europe
Lights go out in Lebanon as biggest two power stations shut due to fuel shortage
Energy network unlikely to be restored for 'several days', according to officials
Meanwhile, some Chinese provinces are rationing electricity amid crisis
Europeans are paying exorbitant prices for liquefied gas and India is low on coal
Comes as world leaders prepare to meet in Glasgow for the Cop26 summit
By LAUREN LEWIS and CHRIS JEWERS and AMIE GORDON FOR MAILONLINE
PUBLISHED: 08:18 EDT, 9 October 2021 | UPDATED: 14:10 EDT, 9 October 2021
Countries around the world are feeling the brunt of the global energy crisis.
Some Chinese provinces are rationing electricity, Europeans are paying exorbitant prices for liquefied gas and Lebanon has run out of centrally-generate electricity.
Furthermore, India is close to running out of coal and in the United States, the price of a gallon of regular gasoline was $3.25 on Friday, up from April's $1.27.
As the global economy works to recover from the Covid-19 pandemic, the sudden energy crisis is putting a strain on supply chains and stirring geopolitical tensions.
What's more, as global leaders are preparing to meet for the landmark Cop26 in the hope of taking steps towards easing climate change, questions are now being raised about the plausibility of a global green energy revolution.
The crisis has been blamed on a perfect storm of factors, primarily the economic recovery from the pandemic coming after countries spent less on the extraction of fossil fuels over the last 18 months.
An unusually cold winter in Europe that drained the continent's energy reserves, a series of hurricanes that shutdown Gulf oil refineries, worsening relations between China and Australia and less wind over the North Sea have also contributed.
'It radiates from one energy market to another,' Daniel Yergin, author of The New Map: Energy, Climate, and the Clash of Nations, told the Washington Post.
'Governments are scrambling to get subsidies in place to avoid a tremendous political backlash,' he said.
'There's a pervasive anxiety about what may or may not happen this winter, because of something we have no control over, which is the weather.'
Ahead of the Cop26 summit in Glasgow at the end of the month, renewable energy advocates are arguing that the crisis shows the need to move away from fossil fuels.
But their critics have argued that it shows the opposite, saying that wind and solar are not meeting demand. Analysts are also concerned that the shortages and high prices will damage economic recovery.
Full story at link
Lights go out in Lebanon as biggest two power stations shut due to fuel shortage
Energy network unlikely to be restored for 'several days', according to officials
Meanwhile, some Chinese provinces are rationing electricity amid crisis
Europeans are paying exorbitant prices for liquefied gas and India is low on coal
Comes as world leaders prepare to meet in Glasgow for the Cop26 summit
By LAUREN LEWIS and CHRIS JEWERS and AMIE GORDON FOR MAILONLINE
PUBLISHED: 08:18 EDT, 9 October 2021 | UPDATED: 14:10 EDT, 9 October 2021
Countries around the world are feeling the brunt of the global energy crisis.
Some Chinese provinces are rationing electricity, Europeans are paying exorbitant prices for liquefied gas and Lebanon has run out of centrally-generate electricity.
Furthermore, India is close to running out of coal and in the United States, the price of a gallon of regular gasoline was $3.25 on Friday, up from April's $1.27.
As the global economy works to recover from the Covid-19 pandemic, the sudden energy crisis is putting a strain on supply chains and stirring geopolitical tensions.
What's more, as global leaders are preparing to meet for the landmark Cop26 in the hope of taking steps towards easing climate change, questions are now being raised about the plausibility of a global green energy revolution.
The crisis has been blamed on a perfect storm of factors, primarily the economic recovery from the pandemic coming after countries spent less on the extraction of fossil fuels over the last 18 months.
An unusually cold winter in Europe that drained the continent's energy reserves, a series of hurricanes that shutdown Gulf oil refineries, worsening relations between China and Australia and less wind over the North Sea have also contributed.
'It radiates from one energy market to another,' Daniel Yergin, author of The New Map: Energy, Climate, and the Clash of Nations, told the Washington Post.
'Governments are scrambling to get subsidies in place to avoid a tremendous political backlash,' he said.
'There's a pervasive anxiety about what may or may not happen this winter, because of something we have no control over, which is the weather.'
Ahead of the Cop26 summit in Glasgow at the end of the month, renewable energy advocates are arguing that the crisis shows the need to move away from fossil fuels.
But their critics have argued that it shows the opposite, saying that wind and solar are not meeting demand. Analysts are also concerned that the shortages and high prices will damage economic recovery.
Full story at link