Moscow has announced that Nord Stream 2 will be “replaced” by an alternative gas pipeline to China. Power of Siberia 2, something Moscow and Beijing have discussed for several years, will take the place of Nord Stream 2, said Russian Energy Minister Alexander Novak on Thursday. Nordstream 2 is a proposed route for bringing …
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The G7 appears to be intent on implementing its price cap plan designed to reduce oil prices, reduce Russian revenues, and maintain a steady supply of Russian oil. In reality, there is a strong chance that the price cap would send oil prices soaring, with the risk that Russia retaliates by halting energy exports altogether. …
Continue reading “A Price Cap On Russian Oil Could Cause A Supply Catastrophe”
The Consumer Price Index (CPI) on Tuesday showed consumer inflation rose in August, as prices for most goods continued to climb.1 Headline inflation rose 0.1% in August, following an unchanged reading in July as costs for food, shelter, and medical expenses rose, while energy costs declined. Prices were up 8.3% from a year ago, decelerating …
Continue reading “Year over Year PPI up 8.7% …. CPI up 8.3%”
U.S. consumer prices rise unexpectedly Likelihood grows of a 100 bp Fed rate hike in Sept Indexes slide: Dow 3.94%, S&P 4.32%, Nasdaq 5.16% A broad sell-off sent U.S. stocks reeling on Tuesday after a hotter-than-expected inflation report dashed hopes that the Federal Reserve could relent and scale back its policy tightening in the coming …
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Estimates show that Europe has more recoverable shale gas than the U.S. Despite its huge gas reserves, hydraulic fracturing has many opponents in Europe. Fracking in Europe has long been a contentious issue because of population density. As energy prices continue to soar across Europe, with gas prices surging 26% on Monday after Russia stopped …
Continue reading “Why Europe Won’t Exploit Its Huge Gas Reserves”
Russian President Vladimir Putin said that Moscow “is ready” to open the Nord Stream 2 gas pipeline after the indefinite closure of Nord Stream 1 due, according to the Russian version, to problems of oil leaks. During his attendance at the Eastern Economic Forum, the Russian president stated that the start-up of Nord Stream 2, …
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The US Treasury issued rough compliance guidelines on Friday for its proposed cap on the price of Russian oil, focusing on the documentation needed by the private sector to comply with the program. The guidance, issued by the Treasury’s Office of Foreign Assets Control, gives private companies the task of enforcing the cap by seeking …
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The European Union faces an unprecedented energy crisis and is seeking ways to curb soaring prices with the Commission proposing a number of measures that member states will debate. The EU energy market is designed, demand is met by the cheapest power plants up until the most expensive power plants. The most expensive power plant …
Continue reading “EU seeks ways out of its energy and inflation crisis”
Iraqi Foreign Minister Hoshyar Zebari briefly walked out Thursday of an Arab League ministerial meeting held in Libya to protest against Moammar Gadhafi’s declared support for Saddam Hussein loyalists, delegates said. They said Zebari stormed out after he told his Arab peers that his government was angry over public comments by Gadhafi pledging support to …