The Federal Reserve took drastic action on Thursday as the stock market meltdown accelerated, pledging to inject as much as $1.5 trillion into U.S. markets to cull the growing panic sparked by the Coronavirus pandemic. The Fed noted in a statement, “These changes are being made to address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak,”…
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Several democratic presidential candidates have proposed fracking bans, but oil companies have room to breathe easily knowing that killing off fracking in the US is a bit too big of a bite for any political party to handle. But as environmental issues continue to remain front and center in the media, fracking has become a rather easy target that offers…
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After a brief respite following reports of central bank economic stimuli in the United States and the UK, crude oil slumped once again after on Wednesday, President Donald Trump instituted a 30-day travel ban on most European countries because of the coronavirus pandemic. At the time of writing Brent crude was trading down by more than 8 percent at $32.71…
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The world’s top oil exporter Saudi Arabia is going after Russia’s oil market share in Europe with deeply discounted Arab Light crude at up to three times the usual volumes, people with knowledge of European refiners’ operations told Bloomberg on Thursday. The Saudis, OPEC’s de facto leader and top producer, are aiming to grab market share from Russia in the…
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The Council on Foreign Relations has canceled a roundtable called “Doing Business Under Coronavirus” scheduled for Friday in New York due to the spread of the infection itself. CFR has also canceled other in-person conferences that were scheduled from March 11 to April 3, including roundtables in New York and Washington and national events around the U.S. The CFR’s confabs are…
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Climate change is not the only consequence of the burning of fossil fuels. A study published last week in the journal Cardiovascular Research estimated that in 2015, the deaths of more than 3.6 million people worldwide could have been avoided if air pollution from fossil fuels were reduced to zero. These numbers are staggering. They equate to about 10,000 deaths per day, every…
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Oil prices crashed after Russia and Saudi Arabia announced that they will abandon OPEC production quotas and open the taps, and while drillers and oilfield service companies are feeling the pain, the world’s largest oil traders are eyeing huge profits. After all, volatility is a trader’s best friend. Oilprice.com’s Alex Kimani wrote back in January that the world’s 5 largest oil traders…
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Hobart/Bonn, 11 March 2020 (WWEA) – The Government of the Australian state of Tasmania has just announced a long-term strategy for the island in which it sets not a 100% but a 200% renewable energy target for the year 2040. The announcement made by Tasmanian Premier Peter Gutwein follows a previous commitment to 100% renewable energy by 2022. The new strategy…
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The Engro Corporation announced on Tuesday that it is closing all the company’s offices located in The Harbour Front building in Karachi after one of its employees tested positive for the novel coronavirus. In a statement issued today, Engro said that the employee who was diagnosed with COVID19 had come to the office on March 6 “for only a few…
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International oil prices (Brent crude) fell to $50.52 per barrel in the end of February. The highest peak in recent times was $85 in the last months of 2019 — a godsend for the government and the people of Pakistan. In 2016-17, oil prices came down to this level which greatly benefitted the PML-N government. In the beginning of March,…
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