Oil prices decline

Energy bills: Couple discuss the increase in their prices SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Energy giant Shell has announced that it has raked in a record 84.3 billion dollars (£68.1 billion) in profits in 2022 off the back of soaring oil and gas prices. Earning a staggering 53 percent increase in profits, the London-based oil major reported adjusted earnings of $39.9billion (£32.2billion) for 2022, the highest in its 115-year history. Over the past year, wholesale oil and gas prices have skyrocketed, thanks largely due to Russia 's invasion of Ukraine . As a result, many energy producing firms, particularly the fossil fuel supermajors, have been accused of profitting off the energy crisis , while millions of families … [Read more...] about Shell unveils staggering profits off the back of soaring energy prices

Local oil companies are expected to implement a big rollback in the prices of petroleum products next week, an industry source said. The source said pump prices of diesel may go down by P2.40 to P2.70 per liter and gasoline, by P1.90 to P2.20 per liter. The price of kerosene is also expected to decline by about P2 a liter. Estimates were made based on the four-day average prices in the global market from Jan. 30 to Feb. 2. Last week, prices of gasoline  increased by P1.30 per liter, diesel by P1 per liter and kerosene by P1.35 per liter. Cumulative adjustments stand at P7.20 per liter for gasoline, P3.05 per liter for diesel and P4.55 per liter for kerosene. Your subscription could not be saved. Please try again. Your subscription has been successful. … [Read more...] about Fuel price rollback expected on Feb 7

COPENHAGEN, Denmark (AP) — Prime Minister Jonas Gahr Støre of Norway said Thursday that the oil-rich Scandinavian country will become one of the world’s top donors to Ukraine when his two-party center-left government presents another planned military and civilian aid package. Norway’s profits from oil will finance the additional aid, and there will be a temporary increase in the use of oil money, Gahr Støre told the Norwegian parliament. He did not reveal how large the contribution will be, but he said the government would make it soon. “We are in a situation where we have room for action due to extraordinary income from the petroleum sector,” said the prime minister, who leads Norway’s Labor Party. He said the aid would be arranged in a way that has very little impact on the level of activity in the Norwegian economy. Norway is one of Europe’s largest fossil-fuel exporters, and the conflict in Ukraine has boosted its gas revenues. However, Norway has fended off accusations … [Read more...] about Norway PM says oil profits to fund more aid to Ukraine

Putin reeling as EU slashes Russian gas import by half SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info A senior Ukrainian lawmaker has demanded that US President Joe Biden impose sanctions of China and India for continuing to buy oil and gas supplies from Russia . Over the past year, the EU, the US, and other Western-aligned countries joined forces to sanction Russia , punishing President Vladimir Putin for the invasion of Ukraine which began almost a year ago. While Europe has been phasing out its reliance on Russian natural gas, Putin has turned to the East, towards India and China. During a visit to Washington DC, Oleksandr Merezhko, the head of the foreign affairs committee in Ukraine 's parliament called for greater solidarity … [Read more...] about Ukraine demands Biden sanction India and China for handing Putin energy lifeline

Energy bills: Couple discuss the increase in their prices SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Household energy bills have been far more costly for millions of Britons due to an “injustice” in the electricity market, analysis has revealed. In fact, bills have risen collectively by up to £7.2billion across two years, according to a report by the Carbon Tracker Initiative (CTI). This is because the market system forces energy suppliers to pay the highest price for wholesale electricity , regardless of how much it costs to generate. Related articles Britons being overcharged hundreds of pounds in energy costs Exhibition overturns understanding of ancient Egypt’s mummies This means lower-cost … [Read more...] about Expert lays bare why soaring energy bills have been pushed up by over £7.2bn in two years

Russian military appears to lose control in tank SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Russia ’s invasion of Ukraine sparked an upheaval in Europe’s fossil fuels market. In political tit-for-tats over sanctions imposed by the West, Moscow has been tapering off gas supplies to Europe by shutting down essential pipelines. Almost a year after the conflict began, the EU and UK have come a long way in ridding themselves of Russian oil and gas entirely in what has been a financially devastating blow to Vladimir Putin . Related articles Britain to get 148 of world's most advanced tanks, says Ben Wallace Putin planning sick February 'anniversary' attack with 500k troops Much has changed in … [Read more...] about Putin facing further economic devastation as graph shows damning European gas trend

Martin Lewis predicts when energy prices could drop slightly SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Electricity suppliers in the UK have long paid the highest price all generators agree upon. Now, a groundbreaking new report from a climate think tank claims over £7billion could have been shaved off household bills over the past two years if this system more fairly reflected the lower cost of renewables. Instead of changing the market setup, low-carbon producers now face steeper windfall taxes than their oil and gas counterparts, the proceeds of which go towards energy support schemes. Related articles Energy horror as UK's largest gas supplier threatens to cut supply UK poised to rejoin £80bn EU … [Read more...] about Energy bills costing Britons hundreds of pounds more because of niche supply rule

Rolls-Royce Chief discusses target for Sustainable Aviation Fuel SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Rolls Royce has unveiled a new image of an early-stage nuclear reactor design that could help power humanity's missions to Mars and beyond. The British technology pioneer is working with the UK Space Agency to explore the game-changing potential of nuclear-powered propulsion in spaceflight. Many experts have hailed this prospect as harnessing the energy released from splitting an atom could be used to power astronaut bases on the moon or Mars, or even decrease travel times in space. As part of their efforts with the UKSA, Rolls Royce unveiled their new micro-reactor design, which they can withstand extreme conditions. … [Read more...] about Rolls-Royce shows off new reactor to power Mars missions as UK poised to lead space race

Phil Vickery gives energy saving tip for cooking potatoes SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Households using older log burners could face an "on the spot" £300 fine for flouting emissions rules, as the Governmen tightens restrictions around solid fuel heating systems. As part of the UK's new 25-year Environmental Plan , the emissions regulations around wood-burning stoves have been bolstered, as the amount of smoke that new stoves can emit per hour has been reduced from 5g to 3g. This regulation applies to households in "smoke control areas", which effectively cover most of England's towns and cities. Anyone caught breaking this rule could face a £300 fine on the spot, or even face larger sums and a criminal record for more … [Read more...] about Little known log burner rule which may result in a £300 on-the-spot fine

Martin Lewis discusses Octopus Energy's acquisition of Bulb SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Energy regulator Ofgem has issued a dire warning over the UK energy industry, after Shell announced that it was considering exiting the country's retail sector. Ofgem chief executive Jonathan Brearley warned that this move raises important questions over the industry's attractiveness to businesses, particularly after dozens of suppliers collapsed over a year ago. Aside from threatening 2,000 jobs, this move could also deal a devastating blow to the UK's energy industry, which is reeling from the fossil fuel energy crisis over the past few years, causing nearly 30 suppliers to enter administration. Related articles … [Read more...] about Ofgem issues dire warning as major energy suppliers mull UK exit after Bulb collapse