DAILY ON ENERGY: • A little demand destruction? • More on gas demand... • Dimming lights and less bathing in Germany
A LITTLE DEMAND DESTRUCTION? As gas prices soared in June to a national average of $5.016 a gallon, gas sales saw a 5% drop compared to pre-pandemic levels, according to data from the U.S. Energy Information Administration , and 2.6% compared to the same point last year. And in April, Americans drove 6% fewer miles than they did before the pandemic in 2019, according to a transportation analysis from Sivak Applied Research.
Analysts had wondered how much the soaring gas prices would reduce demand, given that many people were eager, as the pandemic waned, to get out and visit friends and family and explore the country at the peak of the summer driving season. MORE ON GAS DEMAND… According to EIA data, gas demand increased from 8.92 million b/d to 9.41 million b/d ahead of the July 4 holiday weekend, while total U.S. gas stocks decreased by roughly 2.5 million bbl. While this supply/demand imbalance would typically put upward pressure on gas prices, AAA noted in a blog post, falling oil prices have contributed to lower prices at the pump.
De Haan noted that investor worries about a downturn have crimped oil demand and lowered prices, which dipped below $100 this week. At the same time, gasoline supplies have improved. “It’s lasted three weeks, it will probably make a fourth,” De Haan added. “But beyond that, it's certainly not guaranteed to continue much beyond where we are now.”
DOT officials said Thursday that the effort would help deliver on Biden’s climate goals, including reaching net-zero carbon emissions by the year 2050. “Unfortunately, this action follows a common theme by both DOT and the administration, which is implementing partisan policy priorities they wish had been included,” Sen. Shelley Moore Capito , the ranking member of the Senate Environment and Public Works Committee, said in a statement.
In June, Russian state-owned gas giant Gazprom announced a 60% reduction in natural gas delivery to Germany. At the time, Gazprom blamed the reductions on Western sanctions, saying they halted delivery from Canada of the part needed for repairs. Landlords and housing associations in particular have responded to Habeck’s requests to use less hot water and electricity.
Stuart Kirk, who was head of global responsible investing at the bank’s asset management division, announced via his LinkedIn page yesterday that he is resigning after the bank opened up an investigation and suspended him for his comments in a speech at a finance forum in May. Kirk had accused policymakers and central banks of drastically overstating the risks that climate change poses to the financial sector and said that countries can adapt to the changing climate.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Germany's largest landlord to reduce heating for tenants to save energyGermany's largest residential landlord Vonovia will reduce heating for tenants in many of its apartments at night, as Europe's biggest economy braces for a possible gas crunch with falling Russian fossil fuel imports.
Read more »
Democrats race to clinch deal on climate, energy with ManchinDemocratic leaders are racing to finalize a revised proposal to tackle climate change and jump-start the nation’s transition to clean energy, part of a larger sprint to strike a deal with Sen. Joe Manchin III on their stalled spending bill this month.
Read more »
Computer component could use as little energy as physically possibleThe Landauer limit is the least amount of energy that a computer component can use to process information. A new logic gate that uses 'nanoscopic trampolines' could approach this lower bound
Read more »
Biden 'crime family' profits from oil while Americans suffer from gas prices: Energy expertPower the Future founder Daniel Turner lambasted the Biden family's alleged dealings as well as the Biden administration Thursday on 'The Ingraham Angle.'
Read more »
Discounted $51, Google's Energy-Saving Nest Learning Thermostat Basically Pays For ItselfGoogle says users saved an average of 15% on their cooling bills after switching to this smart thermostat RSrecommends
Read more »
Europe Will Count Natural Gas and Nuclear as Green Energy in Some CircumstancesThe European Union voted earlier this week to keep some specific uses of natural gas and nuclear energy in its taxonomy of sustainable sources of energy.
Read more »