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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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Prayer app Hallow takes #1 spot on Apple App Store

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A new Catholic prayer app recently beat out major social media apps in global downloads.

The company says, Hallow passed 10-million downloads and 225-million prayers prayed around the globe, becoming the largest prayer app in the world.

Hallow has also become the first faith-based app to ever crack the top 10 apps in the App Store coming in at #3 overall–and beating Netflix, Spotify, Instagram, Amazon, Tiktok, and YouTube.

The Cofounder and CTO of Hallow Erich Kerekes joins Veronica Dudo to discuss. #IN AMERICA TODAY #featured #apps #prayerapp #socialmedia #Applestore #business

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Google’s take on AI search to shake market direction

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Search Generative Experience (SGE), is the latest innovation from Google Labs

This cutting-edge feature, recently announced by Google, is set to transform search results for a select subset of queries and a small portion of U.S. search traffic.

With SGE, instead of the traditional top-10 results, users may encounter AI-generated responses prominently displayed at the top of the page.

This shift has significant implications, as it pushes both ads and organic results further down the page. Stay tuned for updates on this groundbreaking development in search technology.

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The battery set to change Electric Vehicles and Tesla’s market share

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The world’s biggest battery maker announced this week they’re working with Tesla to making cheaper batteries.

Recent developments in the electric vehicle (EV) market raise essential questions about its trajectory.

Cost cuts by the world’s largest battery maker could impact EV prices, potentially boosting their competitiveness. Meanwhile, advancements in mileage, power, and charging times are driving increased adoption.

However, considerations about downsides like battery disposal and resource extraction are pertinent. Nonetheless, the broader implications for climate change efforts and the automotive industry underscore the transformative potential of EVs in creating a more sustainable future.

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