Elon Musk calls US to increase fossil fuels production

Tesla CEO Elon Musk said the US must “immediately” increase its production of crude oil and natural gas amid the ongoing Ukraine crisis which has roiled energy markets. “Hate to say it, but we need to increase oil & gas output immediately,” Musk tweeted.“Extraordinary times demand extraordinary measures,” he tweeted. In the aftermath of Russia’s

EU energy ministers to discuss plans for supply shocks from Ukraine crisis

Energy ministers from European Union countries will on Monday discuss preparations for potential energy supply shocks and measures to shore up gas stocks following Russia’s invasion of Ukraine. The invasion of Ukraine by Russia, Europe’s top gas supplier, has sharpened concerns of disruption to energy supplies and increased scrutiny of European Union countries’ reliance on

Why sanctions on Russia aren’t targeting oil and gas?

There’s an elephant in the room. Since Thursday, when Russian troops stormed into Ukraine, the U.S., the E.U., and their allies have announced a raft of sanctions designed to hurt Russia’s economy and financial system, and make President Vladimir Putin reconsider his invasion. But measures targeting exports of oil and gas, which provided 36% of

EU seeks extra LNG from Japan, hedging against Russia cutoff

The European Commission has approached the Japanese government about sending additional liquefied natural gas to hedge against a possible retaliatory cutoff of supply from Russia following Moscow’s invasion of Ukraine, Nikkei has learned. This infusion would be on top of the LNG that Japan agreed to deliver to Europe in March. The European Union and

Is Putin’s Ukraine invasion about fossil fuels?

What is the relationship between Russia’s threats to Ukraine and the gas price crisis? Gas prices are soaring globally, largely because of the resurgence of demand for fossil fuels after the Covid-19 pandemic and lockdowns, depleted storage and the difficulty of ramping up supply after the disruptions of the past two years. But prices have