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In the United States, soaring gasoline prices—currently an average of $3.40 per gallon, a dollar higher than a year ago—was a drop on President Biden’s approval ratings. trying to persuade Congress to pass climate policies aims to reduce fossil fuel emissions. At the same time, the Biden administration defended moves to issue new oil and gas permits on public lands. slowed down by federal courts.
But high oil prices aren’t always bad news for clean energy. For example, they can also reduce oil demand by forcing people to buy electric vehicles that don’t need gasoline. Last year, electric cars accounted for 20 percent of all new sales in Europe and 15 percent of new sales in China. According to BloombergNEFa research group.
Gas Scarcity Spins Europe
In recent months, the world has been grappling with the skyrocketing prices of natural gas, a fuel used in both power plants and home heating. caused ripple effects around the world. As bills rose from Italy to South Korea, fertilizer plants in Britain and Germany had to cut operations. (Natural gas is a key ingredient in nitrogen-based fertilizer).
The causes of the gas crisis are many: global demand has recovered faster than supply since the pandemic began; Lower production from hydroelectric dams in China and Brazil has resulted in increased gas imports; Across Europe, the cold last spring boosted demand and reduced gas stocks.
The crisis is particularly severe in Europe, where gas prices are five times higher than they were a year ago. Authorities Race to procure new gas shipments from overseas In the event that Russia, which supplies one-third of Europe’s natural gas, cuts supply in the event of a conflict over Ukraine.
There are also signs of gas compression can undermine the union On policies to combat climate change within the European Union.
Authorities are currently discussing a comprehensive set of new clean energy measures aimed at reducing emissions by 2030. Some countries, such as Spain, have called for a faster move away from fossil fuels to reduce Europe’s exposure to gas markets. But others, like Poland, they call for delay in stricter climate action in the middle of the crisis.
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