“The U.S. government has limited influence over those global prices, which are shaped by market and geopolitical factors. Gas prices dropped during the early months of the pandemic, for example, because millions of people stayed home and dramatically reduced their gas consumption. But as the Bureau of Labor Statistics documented, prices surged as society reopened and the economy started to rebound.
While energy prices have consistently been higher under Biden than they were during Trump’s first term, they have dropped from their heights in 2022, when Russia’s invasion of Ukraine sent global prices soaring. As the Agriculture Department noted in February, fuel and oil costs saw significant declines in 2023 and are expected to decline again in 2024, thanks to drops in global energy prices. U.S. oil prices in the past few days have dropped to their lowest level in two years as OPEC+ says it will increase its own oil production later this year and fuel demand in China looks weaker.
And it’s not clear green-lighting more domestic drilling would have much impact on energy costs. For one thing, the U.S. is already producing record amounts of oil and gas, not to mention renewable energy like solar, wind and hydropower. The Biden administration has also approved more permits to drill for oil on federal land than many of its predecessors, even as it moves to restrict how much federal land is available for drilling.
Several economists also told POLITICO that while energy costs are a factor in every part of the food supply chain, they’re just one of many inputs companies consider when setting prices.”
“European industry — and Germany first and foremost — was battered by the surge in energy prices following Russia’s invasion of Ukraine. The bloc rode out the immediate emergency better than expected, finding alternatives to Russian gas, for example, through imports of U.S. liquefied natural gas.
But the hope that European industry would swiftly recover has faded, even as the eurozone economy in the aggregate returns to growth.
Eurostat’s industrial production index for the eurozone remains below its 2021 level, and is trending lower. And policymakers are starting to realize that the turnaround they had expected is not materializing.”
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“The numbers underline the challenge of maintaining Europe’s competitiveness — and relevance — as China and the U.S. race to reshape the global economy within the context of an increasingly acute geopolitical rivalry.”
“Whether LNG is better for the climate than other options is a topic of intense debate. If it replaces coal, then in general, yes. Since it’s made mostly of methane, it burns more cleanly than coal, producing roughly half of the greenhouse gas emissions. But it’s still a fossil fuel that contributes to warming, and every new gas terminal, transport tanker, and power plant implies these emissions will continue for decades more.
By one estimate, US LNG shipments to China reduced the intensity of greenhouse gas emissions — the amount of greenhouse gases released per unit of energy — by as much as 57 percent. Other analyses have also found that countries that import LNG produce power with lower emissions than with local coal. Another advantage is that gas produces fewer air polluting substances like particulates, so turning away from coal has immediate health benefits. And having more cheap gas on the global market could undermine the case for new coal power plants in some countries, if they can secure a reliable gas supplier.
But some environmental activists say this paints too optimistic a picture. For gas importers like the United Kingdom, LNG has a greenhouse gas footprint four times larger than gas extracted locally. Methane is itself a heat-trapping gas, about 30 times more potent than carbon dioxide, so small leaks from gas infrastructure — as little as 0.2 percent — can quickly overwhelm any environmental advantages. The added steps of chilling and shipping gas create even more opportunities for LNG to escape, and the industry has done a poor job of tracking its fugitive emissions. In addition, some LNG exports will simply fill in existing gas needs, as they do in parts of Europe, so the climate impact overall is at best a wash, though likely worse than more locally produced gas. At the same time, renewable energy is already the cheapest source of electricity in many parts of the world, and climate activists argue that gas no longer serves as a bridge to a low-carbon world.”
“If the economics can be made to work, geothermal would provide a renewable energy source that’s always on, and that employs plenty of ex-oil and gas workers, to boot. That has been its promise for decades. Maybe the 2020s will end up being the time that promise is finally fulfilled.”
“A fourth reactor is also nearing completion at the site, where two earlier reactors have been generating electricity for decades. The Nuclear Regulatory Commission on Friday said radioactive fuel could be loaded into Unit 4, a step expected to take place before the end of September. Unit 4 is scheduled to enter commercial operation by March.
The third and fourth reactors were originally supposed to cost $14 billion, but are now on track to cost their owners $31 billion. That doesn’t include $3.7 billion that original contractor Westinghouse paid to the owners to walk away from the project. That brings total spending to almost $35 billion.
The third reactor was supposed to start generating power in 2016 when construction began in 2009.
Vogtle is important because government officials and some utilities are again looking to nuclear power to alleviate climate change by generating electricity without burning natural gas, coal and oil.”
“The clean energy subsidies that undergird President Joe Biden’s climate agenda have just prompted one Norwegian manufacturer to choose Michigan, not Europe, as the site of a nearly $500 million factory that will produce the equipment needed to extract hydrogen from water. And other European-based companies are being tempted to follow suit, people involved in the continent’s hydrogen efforts say — making the universe’s most abundant substance the latest focus of the transatlantic trade battle on green energy.
The Norwegian firm, Nel, announced its decision in May, nine months after Congress approved Biden’s flagship climate law, the Inflation Reduction Act. The move takes 500 new jobs to the other side of the Atlantic, despite the European Union’s efforts to position itself as the obvious place for clean tech investment.”
“The most significant policy change—or, perhaps, the least insignificant—is new limits on how long mandatory National Environmental Policy Act (NEPA) reviews can take. The Fiscal Responsibility Act incorporated some changes first proposed by the Trump administration’s Council on Environmental Quality (CEQ) in 2020 to limit NEPA environmental reviews to no more than two years and the resulting environmental impact statements to no more than 150 pages.
That’s a welcome change. As part of the process that originally produced those suggestions, the CEQ found that the average environmental impact study is 661 pages and typically takes more than four years to complete. Time is money, and all those delays are expensive. In its report, the CEQ cited a study, by the nonpartisan reform coalition Common Good, estimating that “the cost of a 6–year delay in starting construction on public projects costs the nation over $3.9 trillion, including the cost of prolonged inefficiencies and avoidable pollution,” as Reason’s Ron Bailey reported at the time.
The environmental impact of major infrastructure projects is important to consider, but NEPA has devolved into a tool often wielded by opponents of development rather than sincere concern for the plight of the sage grouse. Placing limits on how long NEPA can delay a building project makes a lot of sense.
The NEPA tweaks included in the Fiscal Responsibility Act will “slightly improve the process,” says Stapp, “but the biggest problem—judicial review—was left untouched.”
Indeed, the Fiscal Responsibility Act’s limits on NEPA reviews don’t apply to the often-inevitable litigation that spirals out from them. Without that component, the new rules have a giant loophole—one that opponents of new construction will continue using to delay and drive up costs.”
“The European researchers behind the new study do an in-depth analysis of how much land and sea area it would take to implement the Net Zero by 2050 roadmap devised by the International Energy Agency (IEA) in 2021. The IEA outlines an energy transition trajectory to cut global carbon dioxide emissions from burning fossil fuels to zero by 2050. The Net Zero goal is to keep the increase of global average temperature below the threshold of 1.5 degrees Celsius above the late 19th-century baseline. “This calls for nothing less than a complete transformation of how we produce, transport and consume energy,” notes the IEA.
The Scientific Reports study finds that implementing the IEA’s roadmap requires that much of the world’s agricultural and wild lands be sacrificed to produce energy. Biofuels, both liquid and solid, are especially egregious destroyers of the landscape. On the other hand, the energy source that spares the most land is nuclear power. In addition, electricity produced by fission reactors is not intermittent the way that vastly more land-hungry solar and wind power are.”
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“wind and solar projects occupying massive amounts of land increasingly get NIMBY pushback from disgruntled neighbors. Energy analyst Robert Bryce, author of A Question of Power: Electricity and the Wealth of Nations (2020), has compiled a database showing that nearly 500 renewable energy projects have been rejected or restricted over the past decade.
The European researchers calculated that nuclear power plants sited on just 20,800 square km (8,000 square miles) of land could supply all of the carbon-free electricity demanded in 2050. That’s less land than is occupied by the state of Vermont.
Over at Tech Xplore, study co-author and energy conversion researcher at Norwegian University of Science and Technology Jonas Kristiansen Nøland points out that “the spatial extent of nuclear power is 99.7% less than onshore wind power—in other words, 350 times less use of land area.” He adds, “An energy transition based on nuclear power alone would save 99.75% of environmental encroachments in 2050. We could even remove most of the current environmental footprint we have already caused.””