America’s Electric Grid Has A $2 Trillion Problem

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Getting America to reach the goals of zero-carbon electricity generation by 2035 and net-zero economy by 2050 with a surge in electric vehicle transportation and renewable power installations will require massive investments in outdated power transmission lines and building thousands of miles of new lines. The undertaking is huge, and it’s so huge not only because the price tag for…

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CPEC Helping Pakistan Achieve SDG-2030 Agenda

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The China-Pakistan Economic Corridor (CPEC) has been contributing to the United Nations sustainable development goals (SDGs) 2030 Agenda in Pakistan. Although it is expected that CPEC will empower Pakistan to move forward economically, it also has a high potential to achieve a number of SDGs. Three out of 17 Sustainable Development Goals of the United Nations Agenda 2030 are highly…

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Greed and fear’: How BP and Shell oil profit is boosted by own traders

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The British oil giants BP and Shell reported huge quarterly profits this month, reigniting calls for a windfall tax to ease the burden of bills on struggling families. Tesco’s chairman, John Allan, this week argued that there was an “overwhelming case” for a one-off levy on North Sea extractors. While the focus was on their oil production businesses, both “supermajors”…

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OPEC Cuts Global Oil Demand Growth Forecast, Again

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Slower global economic growth, China’s fight against COVID, and the Russian invasion of Ukraine prompted OPEC to slash for a second month running its global oil demand growth estimate for 2022. In its Monthly Oil Market Report (MOMR) out on Thursday, OPEC revised down—again—its forecast for global economic growth and said oil demand would grow by 310,000 barrels per day (bpd) less…

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European Oil Majors Report ‘Exceptional’ Trading Profits

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Europe’s top oil firms reported blowout earnings for the first quarter as oil and gas prices spiked with the European energy crisis and the Russian invasion of Ukraine. All three major producers and traders—Shell, BP, and TotalEnergies—posted their highest quarterly earnings in years, hailing “outperforming” and “exceptional” trading results for contributing to the high earnings, together with spiking oil and…

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More Oil From U.S. Strategic Petroleum Reserve Heads To Europe

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Europe is set to receive more cargoes of U.S. crude from the Strategic Petroleum Reserve (SPR) as the European Union discusses an oil embargo on Russia and looks to reduce reliance on Russian oil, Bloomberg reported on Thursday, citing tanker-tracking data and sources with knowledge of the shipments. In recent weeks, Europe has increased purchases of U.S. crude as it…

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A Ban On Excessive Gasoline Prices Heading To Congress For Vote

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A piece of legislation that would ban excessive gasoline prices is headed for a vote in Congress next week, House Speaker Nancy Pelosi said on Thursday afternoon. The bill, known as the Price Gouging Prevention Act of 2022 and introduced by Democrat senators Tammy Baldwin, Elizabeth Warren, and Democrat Representative Jan Schakowsky, comes in response to what Pelosi calls “a…

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Russia Could Cut Gas Supplies To Finland Tomorrow

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Hours after Moscow warned there would be retaliation for Helsinki’s announcement that it is applying for NATO membership, Finnish media reports that the Kremlin threatened to cut the country off from Russian gas by Friday. Citing unnamed sources, Finland’s Iltalehti reported the Russian warning to politicians, who refrained from specific comment. Prior to this warning, the local media outlet noted…

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Is This The Most Disruptive Event Ever For U.S. Solar?

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As much as 17.5 gigawatts (GWac) of planned US solar capacity installations in 2022 are in doubt after the Department of Commerce (DOC) opened an investigation into panel imports from southeast Asia, Rystad Energy research shows. The US was expected to install 27 GWac of solar energy capacity in the utility, residential, and commercial and industrial (C&I) markets this year,…

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