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40,000 Factories At Risk Of Closing In Pakistan’s Commercial Capital Amid Fuel Crisis
40,000 Factories At Risk Of Closing In Pakistan’s Commercial Capital Amid Fuel Crisis Pakistan faces potential economic collapse as inflation jumps and widespread civil unrest could be nearing. The latest sign the South Asian country is spiraling into the abyss is rising electricity costs that threaten to close tens of thousands of businesses. Bloomberg reports that as many […]
Six Million Britons Could Face Power Rationing If Russia Cuts Supplies
Six Million Britons Could Face Power Rationing If Russia Cuts Supplies Millions of UK households could face a treacherous winter riddled with power blackouts if Russian natural gas supplies to Europe stop, according to The Times, citing a government report. Officials from Whitehall have drawn up a “reasonable” worst-case scenario, outlining widespread natgas shortages are possible […]
Households Worldwide Wrecked By Soaring Gas Prices
Households Worldwide Wrecked By Soaring Gas Prices Soaring commodity prices have been financially devastating for households, devoting larger and larger shares of disposable income to pay for energy. For instance, at nine California filling stations, the price of regular gas is higher than the federal minimum wage. Patrick De Haan of GasBuddy said several gas stations in Los […]
Bankrupt Sri Lanka Takes Russian Crude As Fuel Crisis Depletes Stocks, Mulls Loan From China
Bankrupt Sri Lanka Takes Russian Crude As Fuel Crisis Depletes Stocks, Mulls Loan From China A foreign exchange shortage has resulted in the worst financial crisis Sri Lanka has ever endured, with shortages of everything from food to crude. Fuel supplies are down to just days, food has run out at supermarkets, and social-economic chaos has unfolded […]
One Billion People At Risk Of Power Blackouts As Global Grids Stretched
One Billion People At Risk Of Power Blackouts As Global Grids Stretched This summer, power grids worldwide won’t produce enough electricity to meet the soaring demand, threatening more than one billion people with rolling blackouts. Grids are stretched thin by fossil fuel shortages, drought and heatwaves, commodity disruptions and soaring prices due to the war […]
Quick Shot Of Heat To Roast 100 Million People In Northeast
Quick Shot Of Heat To Roast 100 Million People In Northeast About 100 million people in the Northeast will be blasted with a quick shot of heat and humidity this Saturday and Sunday. High temperatures are expected to range between the upper 80s and mid-90s from Ohio to Washington, D.C. to Baltimore to Philadelphia to […]
Supply Chain Congestion Set To Worsen As Container Rates Rebound On Easing China Lockdowns
Supply Chain Congestion Set To Worsen As Container Rates Rebound On Easing China Lockdowns Update (Friday): The locked-down megacity of Shanghai eased pandemic restrictions this week and will see public transportation networks reopen as soon as Sunday. After two months, the city of 26 million people appears to have contained the spread of COVID-19 via […]
Crisis-Hit Sri Lanka Defaults On Debt As It Runs Out Of Fuel
Crisis-Hit Sri Lanka Defaults On Debt As It Runs Out Of Fuel There’s no money to buy petrol, the crisis-hit Sri Lankan government said Wednesday as it urged citizens to “not to wait in line” for fuel, and following violent protests in the streets, which started in early April in the capital of Colombo and quickly […]
Sri Lanka Out of Gasoline, ‘Difficult’ Months Ahead, Prime Minister Says
Sri Lanka’s new Prime Minister, Ranil Wickremesinghe (C), visits a Buddhist temple after his swearing in ceremony in Colombo on May 12, 2022. (Ishara S. Kodikara/AFP via Getty Images) Sri Lanka Out of Gasoline, ‘Difficult’ Months Ahead, Prime Minister Says Sri Lanka has run out of gasoline and the country’s finances are “extremely precarious,” its new prime […]
Cutting Off Russian Gas Would Be “Catastrophic”, German Industry President Warns
Cutting Off Russian Gas Would Be “Catastrophic”, German Industry President Warns As we detailed yesterday, almost two months after Europe rushed to declare it would impose unprecedented sanctions on Russia in response to Putin’s invasion of Ukraine with no regard for how such sanctions would boomerang and cripple its own economies, the old continent which […]
US Gasoline Prices Hit New Record Amid Refinery Bottlenecks And Tight Supplies
US Gasoline Prices Hit New Record Amid Refinery Bottlenecks And Tight Supplies US retail gasoline prices soared to another record on Monday as global refineries struggled with adding new capacity ahead of the driving season. Before diving into Goldman Sachs’ new commodity note explaining how global refining will be tight for the foreseeable future, last week, […]
European Natural Gas Prices To Triple In “Perfect Storm”
European Natural Gas Prices To Triple In “Perfect Storm” A top commodity research firm in Norway warns a “perfect storm” is brewing as European energy security worsens following Russia’s invasion of Ukraine, which could result in the tripling of natural gas prices. “There simply is not enough LNG around to meet demand. In the short term, […]
Texas Power Grid Warns Of Record Demand Amid Back-To-Back Triple-Digit Heatwaves
Texas Power Grid Warns Of Record Demand Amid Back-To-Back Triple-Digit Heatwaves An early summer heatwave pattern continues to boil parts of the Central and Southern Plains. This means parts of Texas will continue to roast with temperatures forecasted to reach triple digits next week. The Electric Reliability Council of Texas (ERCOT), the state’s power grid […]
Food Riots In Sri Lanka Turn Deadly As Protesters Beat Up Police, Burn Down Politicians’ Houses
Food Riots In Sri Lanka Turn Deadly As Protesters Beat Up Police, Burn Down Politicians’ Houses Two months ago, we noted the first Arab Spring 2.0 incident when, as a result of soaring food, energy (and everything else) prices, thousands of angry Iraqis took to the street to protest. Needless to say, their complaints did not get much […]
“Diesel To Be Rationed On East Coast This Summer,” Warns US Oil Billionaire
“Diesel To Be Rationed On East Coast This Summer,” Warns US Oil Billionaire Billionaire refinery and fuel station owner John Catsimatidis warned that the East Coast might experience diesel shortages this summer as inventories hit multi-decade lows and refining capacity slumps. “I wouldn’t be surprised to see diesel being rationed on the East Coast this summer. […]
