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Wildfires in oilsands prompt evacuation orders as region braces for smoke-filled summer
Wildfires in oilsands prompt evacuation orders as region braces for smoke-filled summer More than 65 per cent of Canada abnormally parched or in drought at the end of March An out-of-control wildfire, dubbed Wildfire MWF012, is seen burning west of Saprae Creek on April 21, 2024. PHOTO BY ALBERTA WILDFIRE Wildfires erupted across Canada’s main oil producing […]
India’s most innovative cities including Bengaluru run out of water
India’s most innovative cities including Bengaluru run out of water Tech professionals are leaving India’s IT hub of Bengaluru amid an intensifying drought that has gripped the city as it sweats through another torrid pre-monsoon season A thirsty growth engine | Photo: Bloomberg At the time Egypt’s pyramids were being constructed, one of the cradles […]
A Million Simulations, One Verdict for US Economy: Debt Danger Ahead
A Million Simulations, One Verdict for US Economy: Debt Danger Ahead Bloomberg Economics ran a million forecast simulations on the US debt outlook. 88% of them show borrowing on an unsustainable path. The Congressional Budget Office warned in its latest projections that US federal government debt is on a path from 97% of GDP last […]
Pakistan’s Dystopian Warning to the World
Pakistan’s Dystopian Warning to the World Supporters of former Prime Minister Imran Khan at a rally in Rawalpindi in November. Photographer: Asad Zaidi/Bloomberg Pakistan has touted itself as one of the world’s cradles of civilization, flourishing for thousands of years along ancient trade routes passing through the fertile Indus Valley. Now it presents a dystopian […]
World’s most-crucial fuel diesel heads for shortage touching everything
World’s most-crucial fuel diesel heads for shortage touching everything Within the next few months, almost every region on the planet will face the danger of a diesel shortage Photo: Bloomberg No fuel is more essential to the global economy than diesel. It powers trucks, buses, ships and trains. It drives machinery for construction, manufacturing and farming. It’s burned […]
New York, New England ration heating oil even before peak winter
New York, New England ration heating oil even before peak winter The US Northeast is so short on heating oil that the fuel used to power home furnaces is being rationed even before the start of winter. Some wholesalers in Connecticut are putting retailers on allocation, meaning they can only get a limited amount of […]
JPMorgan Sees ‘Stratospheric’ $380 Oil on Worst-Case Russian Cut
JPMorgan Sees ‘Stratospheric’ $380 Oil on Worst-Case Russian Cut An employee walks across the top of an oil storage tank at an oil field near Salym, Russia. Source: Bloomberg Global oil prices could reach a “stratospheric” $380 a barrel if US and European penalties prompt Russia to inflict retaliatory crude-output cuts, JPMorgan Chase & Co. analysts warned. […]
A World That’s More Expensive Is Starting to Destroy Demand
A World That’s More Expensive Is Starting to Destroy Demand Buyers are balking at high prices for fuel, food and metals, threatening to tip economies back into recession. The Central de Abastos Market in Mexico City. Photographer: Alejandro Cegarra/Bloomberg Prices for some of the world’s most pivotal products – foods, fuels, plastics, metals – are spiking beyond […]
The U.K. is two months away from a brutal cost-of-living crisis
The U.K. is two months away from a brutal cost-of-living crisis Soaring inflation is causing headaches around the world, but in Britain the squeeze is coming from all sides Commuters walk over London Bridge during the morning rush hour in central London. Britain’s acute cost-of-living crunch will hit in April. PHOTO BY DANIEL LEAL/AFP VIA GETTY IMAGES […]
China stockpiling food at historically high levels
China stockpiling food at historically high levels China is stockpiling food at historically high levels and now has more than half of the world’s maize and other grains. By mid-2022, the country is estimated to hold 69% of the world’s corn reserves, 60% of rice, and 51% of wheat. At the end of 2021, NIKKEI […]
Deep freeze disrupts crude flows in oil sands and Bakken shale
Deep freeze disrupts crude flows in oil sands and Bakken shale A deep-freeze in Canada and Northern U.S. is disrupting oil flows, causing a surge in crude prices just as American stockpiles are declining. With temperatures from North Dakota to Northern Alberta below zero Fahrenheit (-18 Celsius), TC Energy Corp.’s Keystone pipeline was shut on […]
Pakistan Textile Exports Hit by Gas Crunch, Industry Body Says
Pakistan Textile Exports Hit by Gas Crunch, Industry Body Says $250 million of textile exports were lost in Dec., group says Energy minister rejects claims low gas supplies are to blame Pakistan’s natural gas shortage is hurting its crucial textile exports, according to an industry trade organization, putting even more stress on the nation’s struggling […]
Tiny North American Oat Crop Could Be Coming for Your Breakfast
Tiny North American Oat Crop Could Be Coming for Your Breakfast The smallest harvest ever in the U.S. is expected to shrink supplies needed for everything from Cheerios to oat milk A drought struck North America’s oat fields this season, and farmers are harvesting such a small crop that prices have risen to record highs, signaling inflation for breakfast […]
Someone is betting that oil will soar to a record US$200 per barrel
Someone is betting that oil will soar to a record US$200 per barrel Crude oil prices are falling after inventories revealed a build in stockpiles for the first time in eight weeks after natural disasters knocked several U.S. refineries offline. Could the energy crunch get so bad that oil prices hit US$200 a barrel? One […]
U.S. Oil Production Has Already Passed Its Peak, Occidental Says
U.S. Oil Production Has Already Passed Its Peak, Occidental Says America’s oil production will never again reach the record 13 million barrels a day set earlier this year, just before the pandemic devastated global demand, according to Occidental Petroleum Corp. “It’s just going to be too difficult to replace the 2 million barrels a day […]
