ºìÌÒÊÓƵ Blog - By Tag: gas-prices

Economic recessions are one of many phenomena difficult to avoid. As unsettling as they are, many countries around the world are currently going through a recession now. Understanding the causes and potential impacts of a downturn and taking proactive steps is essential to navigating our fast-paced global economy.

This past Monday, the United States government gave the green light for the , a controversial oil and gas development proposal in Alaska. The project, spearheaded by ConocoPhillips, barrels of oil and 3.4 trillion cubic feet of natural gas from the (NPR-A), a 23 million-acre area on the North Slope of Alaska.

The Eurozone is seeing a drop in inflation – this comes as a since the war in Ukraine set off record-high energy and food prices. Inflation has been increasing in months prior, even when the U.S. rate was after July. With this increase in inflation throughout the bloc, the European Central Bank (ECB) increased its key interest rate "." 

As the Ukraine and Russia conflict continues, the surrounding nations are feeling the full effect of the consequences. In retaliation for the European Union's support for Ukraine, Russia is reducing the natural gas supply to most EU countries. As of today, gas is trading at  what it was at this time last year, and as a result, a sense of urgency is arising from many prime ministers that are demanding to address these problems right away.

Russia’s invasion of Ukraine on , has had a rippling effect across the world. On a global level, one of the most talked-about and impacted resources is oil. Even though Russia only makes up  of the global economy, its stake in global energy is far more significant. Russian wells are for 11% of global oil consumption, and an even higher 17% of natural gas consumption.

The past two years have been crazy for many industries, including the oil market. was sliding into the negatives early on in the pandemic; however, the price has surpassed $100 per barrel recently. The global benchmark, Brent crude oil, was  per barrel this past week. Since , there has been a significant increase in gas prices worldwide. Many reasons led to this increase, some weighing more than others.

The rise of the East and the decline of the West have become a common theme among Chinese government officials. Chinese President Xi Jinping and Russian President Vladimir Putin are plotting the next Cold War. . With the United States occupied with COVID-19 and pulling troops out of Afghanistan in disarray, Russia and China see an opportunity to invade the nearby countries Ukraine and Taiwan. Both countries have been targets for China and Russia for decades. As Ukraine struggles to join NATO it will be a tough battle for them to compete with Russia. Also, China is being projected to become the world’s largest economy and building the world’s largest army they will be a force to be reckoned with.

The new year in had a tumultuous start. This blog will be analyzing the events of the new year in Kazakhstan and how it is affecting not only themselves, but other countries as well. 

In recent years, scientists have warned that temperatures in Russia are rising at higher rates than the global average. The largest landmass of any northern nation is warming faster than the rest of the world.

Gas prices across the globe have seen dramatic changes over the course of the COVID-19 pandemic. Yet within the last month, many different factors have been giving rise to a series of high gas prices.

crude oil prices have been falling for the past two years and some claim that prices may not change until 2019, when oil production will reach its peak. Ever since the global oil-price collapse, oil has become a lot more affordable for consumers, hitting a two-month low on Wednesday, July 20th. As a result of excess oil productions, many suspect that oil prices may go back to .

with the development of its Future Growth and Wellhead Pressure Management Project. This expansion is estimated to cost $36.8 billion but will increase the field’s total daily production to about 1 million barrels. Multiple companies own portions of this oil field: Tengizchevroil is 50% owned by Chevron and owns and operates the Tengiz field. However, another 25% is owned by Exxon Mobil Corp, 20% by state-owned energy company, KazMunayGas, and the final 5% is owned by a subsidiary of Russia’s Lukoil.

Since refused to suspend it uranium enrichment program in 1979, various international sanctions have been imposed on this country in order to restrict its policies of developing nuclear weapons. The cost of such military development is the loss of the oil production capacity, which decreased from over 7 million barrels per day in 1979 to around 4.2 million in 2003. Iran has realized the need to boost its oil output for economic growth and it has agreed to curb its nuclear program. In July, Iran signed a historic nuclear deal with six global powers to waive the sanctions, which are expected to be lifted in early 2016. The country is now preparing for the expected economic growth in the coming year.

In the wake of the drastic decline in oil prices since last July, and with the current crude oil prices about half of the 2014 peak, Royal Dutch Shell PLC announced Wednesday that it would buy fellow Oil and Gas Company, BG Group, in a deal amounting to . Assuming the deal is completed, this would be the largest energy merger since Exxon and Mobil in 1998, and would create the world’s largest independent producer of liquefied natural gas. The merger comes as an effort to create cost synergies, or eliminate overlapping costs, in order to offset the effect of low oil prices.

Crude oil is the traditional starting point for the many plastics that are essential to modern life. . Due to this relationship, the cost of plastic is closely tied to the price of oil. And since June, the price of has been cut in half, leading to a decrease in the price of new plastic.

Oil prices , and hit a five and a half year low on Monday. Many analysts are projecting that the price of oil is only going to continue to decrease in the near future. This drop in oil prices is having a drastic effect in a multitude of sectors of the economy, all across the world. What is causing oil prices, which have continually risen in the past decade, to suddenly crash? There is not a single source of this crash, but rather a plurality of causes.

The global price of oil has fallen sharply since June, when oil prices . Now, only four months later, the price for a barrel of oil has dropped to $85, and it could keep dropping. Global supply of oil has increased in recent years, especially in countries outside , which is one reason for the drop in prices. A more concerning reason that could be adding to the lower prices is a global drop in demand, due to slowing economies, which could signal another global economic downturn. Whatever the reasons, the suddenly low oil prices could have huge impacts around the globe, positively or negatively affecting economies that rely on the production or use of oil.

) reported on Tuesday that the shale oil recently found in the will help meet most of the world's demand in the next five years. It is significant to the world market as well as to the U.S. itself because it eliminates the threat of future energy shortage and reshapes the U.S energy market and its relationship with other countries.

In the past few years as petroleum was getting more and more expensive, scientists were trying to find alternative ways of transportation such as hybrid cars. Well, Italian company COVINI Engineering had a different focus. We have all heard of a 4-wheel drive, but how about a 6-wheel car? This is what the Covini Six Wheeler is (C6W). The team of COVINI Engineering has been developing a six wheel car for over 30 years and now they dream has come true – the car will be produced in limited numbers starting at the end of 2009. The C6W has four front wheels and two in the back. The car reaches a maximum speed of 300km/h (185mi/h) and its light weight “can give superb driving sensations” according to the COVINI Engineering website. Some of the reasons Ferruccio Covini – founder of the company gives for creating the CW6 are better grip, better breaking, less chance of aquaplaning.

Never before has the American auto industry witnessed such a myriad of harmful factors that came about with the swiftness and magnitude of the present situation. The credit crunch, soaring gas prices, and an unprecedented collapse in demand for large trucks and SUVs all tangled together to create a perfect storm. The already ailing automakers are now struggling to cope with an 11% slide in U.S. sales so far this year. In the rest of the world, auto sales are either growing or experiencing a much more modest drop. Yet the financial collapse and rising oil costs are worldwide phenomena. So what makes the U.S. so much different?

With ever-increasing gas prices tempting empty wallets and bank accounts all around the world, commuters have been propositioned with a solution that gets them out of their car seats and onto their saddles. No, you will (hopefully) not see horses tied-up outside of your office next time you're at work. International businesses and governments are beginning to sell their constituents a new-fangled-old-school technology that has been proving itself popular both on the streets and in the market place: the bicycle.