Today, we will be discussing how the Ukraine conflict could accelerate transition to clean energy. We will also discuss five facts you need to know about the industry of liquified natural gases and why the gas price has fallen after climbing for weeks.
This is Overnight Energy & EnvironmentThe latest news on energy, the environment, and beyond is available at. For The Hill, were Rachel Frazin and Zack Budryk. This newsletter was sent to you by someone? Register here
Russian fuel could be used to speed up transition
The global clean energy transition could be accelerated by efforts to reduce Russian fuel imports following the invasion of Ukraine.
While nations have been trying in the short term to figure out where to buy oil and natural gas from other than Russia, the invasion could in the long term lead nations, particularly in Europe, to move toward other sources of energy entirely.
This is a real chance for Europe in particular to accelerate some things that they have already been thinking about that would be climate-friendly, said Nathan Hultman, a professor at the University of Maryland who has worked on international climate issues in the Biden and Obama administrations.
Russia is a major exporter fossil fuels and accounts for 40% of the European Unions natural gases supplies and more that 25% of its oil.
This is the story so far In March, the European Union (EU) released a plan to reduce its dependence on Russias natural gas by two-thirds this year and to cut off Russian fuels entirely by the end of the decade. Separately, the bloc proposed a ban for Russian coal imports.
The plan to reduce dependence on Russian natural gas included a variety of policies to promote clean energy, rather than climate-warming fossil fuels. However, the plan also calls upon finding alternative sources of natural gas.
Specifically, it pushes for more rooftop solar panels and energy efficient heat pumps, calls to speed up permitting for renewable energy projects and promotes the import and domestic production of renewable hydrogen energy.
What could that possibly mean? Some of the things the Europeans want, such as more offshore wind and more hydrogen, will be realized by the United States. This will lead to lower costs for those technologies and create a global benefit, according to David Victor, a professor of innovation policy at the University of California in San Diego.
Victor said there is a potential for new energies spurred by the Russian invasion to be jumpstarted, much as solar energy sprang up globally after investments in the United States.
The EU’s plan calls to replace between 16 and 32 percent of the gas it imported from Russia last ye with hydrogen by 2030.
As we think of a lot new technologies coming on the market, I believe it will have global climate ramifications, stated Joseph Majkut director of the Center for International Studies Energy Security and Climate Change Program.
Find out more about the situation.
VIRTUAL EVENT INVITE
The COVID-19 epidemic sparked a revolution within the workplace. Two years later, both employers and workers still seek answers to questions about the future job market. How can companies stay ahead and what does it mean for workers who want to be upskilled and transitioned into new, high-demand positions? Join us for The Hills Future of Jobs summit as we discuss the evolving workforce of tomorrow. Register today
TUNE IN TO RISING, now available as a podcast. It’s politics without the screaming.
Five things you need to know about LNG, the Ukraine crisis and other topics
The Russian invasion in Ukraine has brought to light the production and trading of liquefied gas (LNG), which is a key component of Russia’s energy leverage in Europe.
According to the U.S Energy Information Administration, Russia was Europe’s third largest LNG supplier after the U.S.A and Qatar. This account accounted for 20 percent of all imports prior to the invasion.
Following the invasion, in March, the Biden administration announced that it had reached a deal to increase LNG exports into the EU to compensate for about one-third Russian imports.
Here are five facts about the LNG industry and how it is important in the Ukraine crisis.
It positions the U.S. in a strong position
The U.S. led LNG exports from Europe in 2021 and provided 26 percent of its imports. These resources were exported to Europe by the U.S. even before the Russian invasion. They saw an increase of 3.4 billion to 6.5 billion cubic feet a day between November 2021 and January 2022.
Russia was ready to expand its LNG footprint prior to the invasion
Cahill said that Russia is a relatively young player in the LNG market, but it already has two major projects. The Yamal LNG project will transport 16.5 millions metric tons of LNG to the port of Sabetta, Russia’s Yamal Peninsula.
Export capacity of the United States is almost exhausted
Experts said that while the U.S. is increasing LNG imports to Europe, there’s no way to increase the supply side.
Exports to Europe are rising, which means that other markets will suffer.
2020 saw Asia become the top destination of U.S. LNG exports. The continent saw a 67 percent increase in imports from 2019, according to the EIA.
Environmental groups are not happy
Renewable energy advocates have called the Ukraine crisis and the corresponding rise in gas prices a further incentive for fossil fuel dependence.
Many are dissatisfied about the emphasis on natural gases, which is primarily methane. This is one of the most dangerous greenhouse gases.
Learn more about the industry.
AAA reports that gasoline prices have dropped eight cents in just one week.
According to the American Automobile Association (AAA), the average gasoline price in the country has fallen by about eight cents over a week and by about 13 cents over two weeks.
AAA listed the countrys average price at $4.11 per gallon on Monday, down from $4.19 a week ago and $4.24 two weeks ago.
The recent drop in oil prices comes after several countries, including the U.S.A., announced that they would release additional oil from existing reserves.
After the U.S. announced late last month that it would add one million barrels per day to the market over six months the largest-ever release from its Strategic Petroleum Reserve analysts told The Hill that the move could result in modest price drops.
The recent price drops are due to increased coronavirus cases and subsequent lockdowns in China, which is decreasing the demand.
In recent days, prices for crude oil, from where gasoline is made, also fell. U.S. crude oil was at $95 per barrel Monday morning, down from $103 per barrel a week earlier and even higher in March.
After Russia’s invasion in Ukraine, oil and gasoline prices shot up as many buyers rejected Russian barrels. This reduced the oil supply on the market. Prices were already high before the invasion of Russia. Production has not returned to pre-pandemic levels.
Learn more about the drop by clicking here.
WHAT WE’RE READING
- Chemours Claims that PFAS Chemical GenX Protects the Climate (The Intercept).
- CA utility PG&E avoids wildfire charges, pays millions (The Sacramento Bee).
- Va. House Dems propose $50 payments of drivers in place of gas tax suspension (The Richmond Times-Dispatch).
- HGTVs Good Bones Settles U.S. EPA Action, Accepts $40K Fines For Lead Paint Violations (Deadline)
- How Texas’ Energy Woes Are Derailing Life In This Houston Neighborhood (HuffPost)
And finally, something offbeat and off-beat: Happy accidents.
This is it for today. Thanks for reading. For the most recent news and coverage, visit The HillsEnergy & Environment. We hope to see you again tomorrow.
VIEW THE COMPLETE VIDEO HERE