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IEF, IHS Markit: deepening underinvestment in hydrocarbons raises specter of continued price shocks and volatility

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Underinvestment in oil and gas development extended into a second year in 2021 even as global energy demand rebounded, raising the prospect of price shocks, scarcity and growing energy poverty, according to a new report by the International Energy Forum (IEF) and IHS Markit. —Joseph McMonigle, secretary general, IEF.

Price 416
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IEA: global CO2 emissions rebounded to their highest level in history in 2021; largely driven by China

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billion tonnes, their highest ever level, as the world economy rebounded strongly from the COVID-19 crisis and relied heavily on coal to power that growth, according to new IEA analysis. Coal accounted for over 40% of the overall growth in global CO 2 emissions in 2021, reaching an all-time high of 15.3 billion tonnes. billion tonnes.

Emissions 370
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IEA: governments must act to ensure sufficient supply of critical minerals to meet net-zero goals

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Demand outlooks and supply vulnerabilities vary widely by mineral, but the energy sector’s overall needs for critical minerals could increase by as much as six times by 2040, depending on how rapidly governments act to reduce emissions. Source: IEA. However, in climate-driven scenarios, these positions are reversed well before 2040.

Supplies 248
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Rhodium Group estimates US GHG emissions rose 1.3% in 2022

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Despite efforts to continue stimulating the US economy in the wake of the pandemic, high inflation put a damper on economic growth, which was exacerbated by a spike in oil prices as a result of Russia’s invasion of Ukraine. Consequently, the US economy grew 1.9% in 2022, down from a 5.7% GDP increase in 2021. compared to the previous year.

Emissions 273
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Wood Mackenzie: China thermal coal demand to double to nearly 7btpa by 2030

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In a new report, energy, mining and minerals consultancy Wood Mackenzie projects that despite efforts to limit coal consumption and seek alternative fuel options, China’s strong appetite for thermal coal will lead to a doubling of demand by 2030. It is very unlikely that demand for thermal coal in China will peak before 2030.

Coal 218
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DOE and Air Force issue RFI on Mil-Spec jet fuel production using coal-to-liquid technologies

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The US Department of Energy (DOE) in partnership with the US Air Force has issued a request for information (RFI)— DE-FOA-0000981 —on research & development aimed at greenhouse gas emissions reductions and cost competitiveness of Mil-Spec jet fuel production using coal-to-liquid (CTL) fuel technologies. Information Request.

Coal 207
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EIA expects US motor fuel consumption to increase this summer, but remain below 2019 levels

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EIA also forecasts the Brent crude oil price will average $64 per barrel this summer, a 78% increase from last summer’s average of $36 per barrel. That price increase paired with an increase in gasoline and diesel demand will likely increase the cost of regular gasoline and diesel fuel this summer. gal on 22 March. gal by September.

2019 186