A new analysis highlights how soaring energy costs and policies prioritizing renewables are contributing to Britain's economic stagnation and deindustrialization.
A new analysis highlights how soaring energy costs and policies prioritizing so-called renewables are contributing to Britain’s economic stagnation and deindustrialization. PULSE POINTS WHAT HAPPENED: Britain is on a “path to impoverishment” as soaring energy costs and declining consumption threaten to drive deindustrialization and economic stagnation, according to a new report from the Institute of Economic Affairs. Britain now has the highest industrial electricity prices in the developed world, while overall energy consumption has fallen 29.2 percent since its 2005 peak and industrial use has plunged 45.3 percent since 2004. DETAIL: The report found that Britain uses roughly half as much energy per person as the average…Open
The United States' Strategic Petroleum Reserve (SPR) has reached its lowest level in 40 years.
The United States’ Strategic Petroleum Reserve has been depleted over the course of the Iran war, raising concerns about sustainability and potential damage to the salt caverns storing it. PULSE POINTS WHAT HAPPENED: The United States’ Strategic Petroleum Reserve (SPR) has reached its lowest level in 40 years. DETAIL: On Monday, it was revealed that the U.S. SPR had dropped below 300 million barrels due to ongoing withdrawals for the Iran war, which began in late February. The depletion of the country’s SPR has contributed to record-high gas prices for mid-August, with the national average reaching $4.07 per gallon, according to AAA Gas Prices. The SPR was initially designed to handle five full drawdowns over its lifespan, but it…Open
State of the Union: Iran demands all ships transiting the Strait of Hormuz coordinate safe passage with its armed forces. The post Iran War Day 167: CIA Had ‘Low Confidence’ in ‘Israeli-Derived’ Intel on Iran Assassination Plot, WaPo Reports appeared first on The American Conservative .
The CIA doubted the veracity of a purported threat from Iran to the President’s life during the July NATO summit in Ankara, according to an article published in the Washington Post Wednesday. The information on that threat, which led Trump to secretly leave Air Force One via a catering cart to fly home on a second plane, came from Israel’s spy services (as the Wall Street Journal reported earlier this week). According to new reporting from the Post, America’s intelligence community did not agree with the Israeli assessment, with one U.S. intelligence official describing the assassination threat as “Israeli-derived, not U.S.-generated, and viewed [by the CIA] as low confidence.” The Pentagon has lost at least 45 MQ-9 Reaper…Open
AI:The intelligence community is spinning its wheels while global tensions escalate toward a breaking point. Recent reports reveal that the CIA harbored significant doubts regarding Israeli-sourced intelligence alleging an Iranian assassination plot against President Trump during the NATO summit in Ankara. This questionable intel served as the catalyst for the dramatic, high-stakes maneuver where the President had to be evacuated from Air Force One via a catering cart to ensure his safety. While left-leaning outlets attempt to muddy the waters regarding the credibility of these threats, the reality on the ground is grim: Iran has officially demanded that all vessels transiting the Strait of Hormuz coordinate safe passage through their armed…Open
The state of the global diesel market is getting even more precarious as the Russia-Ukraine war and the Iran crisis squeeze supply from multiple angles. Why it matters: Diesel prices ripple through economies here and abroad, affecting shipping costs, construction and plenty in between. - The average U.S. price is up 44 cents over the last month to $5.32 per gallon, compared to $3.71 a year ago, per AAA. - However, during the Iran crisis, it hasn't hit the all-time high of $5.82 per gallon that AAA recorded in mid-June of 2022. Driving the news: A new S&P Global Energy analysis unpacks the ingredients behind the "big squeeze" in global refined product markets. - S&P estimates that refineries worldwide processed 7.5 million barrels per…
Data: International Energy Agency ; Note: In terrawatt-hours; Chart: Amy Harder/Axios A recent United Nations call to power data centers with renewable energy highlights a central tension in the AI boom: Renewables are rising, but so is reliance on fossil fuels. Why it matters: Electricity demand for data centers is projected to at least double in the next four years, and where that power comes from will influence investments — and the trajectory of greenhouse gas emissions. Driving the news: United Nations Secretary-General António Guterres is calling on all data centers to be powered by renewable energy by 2030, along with being more transparent on their energy, water and land impacts. Reality check: Most energy analysts say the UN's…
Neil Chapman, senior vice president at ExxonMobil, told investors at the Bernstein 42nd Annual Strategic Decisions Conference in New York that global inventories could reach critical lows within "two to three weeks."
With a U.S.-Iran deal (maybe?) taking shape in coming days, the oil market that follows will look different than what preceded the war. Why it matters: The emerging deal — which would re-open the Strait of Hormuz while nuclear talks proceed — could return large amounts of barrels to the market. - It's not a moment too soon as global oil stockpiles, which have somewhat tempered the crisis, are drawn down at record pace. Reality check: Things won't be normal for a long time, and the postwar definition of normal is fluid, too. A few near-term and long-term things to watch... Confidence: In the near term, "It's all about whether vessel owners and crews feel safe transiting the Strait of Hormuz," said oil analyst Ben Cahill of UT-Austin.…
Crude oil prices dropped about $5 per barrel Sunday evening in the first major trading since the emergence of rough and tentative outlines of a deal to end the U.S.-Iran conflict. Why it matters: The throttling of the Strait of Hormuz is raising energy costs and weighing down economies worldwide — including the U.S., where average pump prices are about $1.50-per-gallon above pre-war levels. - And the crisis is poised to worsen as global crude oil inventories are depleting at a record pace. The latest: Futures prices from the global benchmark Brent crude are back under $100 per barrel, trading around $98.76 Sunday evening, a 4.62% drop from Friday's close. Reality check: Even if an agreement that opens the Strait is reached — a…
Fatih Birol of the International Energy Agency, who orchestrated a multinational release of oil reserves, detailed the risks facing the economy now and beyond.