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Energy shortages continue to ravage the globe

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Energy Shortage

Oil prices peak as countries deplete their energy stores

Oil peaked at its highest price in years on Monday, and as coal and gas prices soar countries are resorting to switching off their power.

Scarcity of these commodities has been triggered by the fall in U.S. gas production last year as well as the covid-19 recession.

Market Strategist Daniel Weiner says that the shortage is triggered by “[countries] trying to cut down on coal” as well as the “PPP not creating sure access to a gas supplier that would stabilise prices”.

Coal supply shortages and looming emission targets in China have grounded many factories.

Meanwhile, in Europe, with gas and power prices steadily growing some governments have taken to combatting prices.

Spain cut taxes to lower gas bills in June but has since reverted the move, blaming lost revenue and the continuing gas price boom.

ANZ bank analysts predict the gradual easing of restrictions across the globe will help recover fuel consumption, along with the the construction of additional oil and natural gas rigs in the U.S.

U.S. energy firms added oil and natural gas rigs for a sixth week in a row. PHOTO: BBC

White House Press Secretary says President Biden is reviewing options to address the energy crisis.

“Some of the issue here is the supply as a result of the pandemic, there’s a gas shortage around the world hence the need for the United States to continue to export natural gas,” she says.

Depleted energy and ongoing maintenance are some of the biggest contributors to the price surge.

While it may be a while before the world’s oil and gas stores recover, all eyes will be on the COP26 climate change conference to see if world leaders are planning to shift away from commodities like coal to greener energy.

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Nintendo’s live presentation sets the stage to end the financial year with a bang

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PlayStation 5 has received a fresh Discord update, enhancing your social gaming experience. Connect with friends, join voice chats, and stay in the loop directly from your console.

Prepare for a thrilling showcase packed with game reveals, exclusive trailers, and updates on your favourite Nintendo franchises.

Whether you’re a fan of Mario, Zelda, or new indie titles, this Direct promises to deliver something for everyone. Mark your calendars and get ready for a gaming extravaganza!

Emily Leaney joins to discuss the latest.

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U.S. advocates for tobacco-style warning labels on social media platforms

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In an attempt to safeguard adolescent mental health, the U.S. Surgeon General has advocated for the implementation of warning labels on social media platforms.

On this episode of Ticker Hot Shots – U.S. Surgeon General Vivek Murthy looks to implement warnings on social media platforms, Adobe get sued over hidden payments, a micro-EV slots into the urban market and the Pope attends G7 to warn over the use of AI.

Ticker’s Mike Loder and Veronica Dudo discuss. #featured #trending

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China & Australia are working to strengthen ties amid panda and wine diplomacy

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Australian Prime Minister Anthony Albanese and Chinese Premier Li Li Qiang engaged in discussions concerning trade relations and human rights during a recent diplomatic meeting.

The talks aimed to address key issues affecting the economic and political relationship between the two nations.

Albanese emphasised the importance of maintaining a constructive dialogue despite recent tensions, highlighting Australia’s commitment to fostering mutually beneficial trade partnerships with China.

Professor Tim Harcourt from UTS joins to discuss. #featured #trending #global view

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