'Every discussion about energy should begin or end with a reminder that building a global industrial economy on the basis of ever-increasing rates of extracting and burning finite fossil fuel resources, with polluting byproducts, was and is utterly ...
. Governments are trying to head off that risk with caps on the electricity rates that residents will actually be charged. But price caps will leave governments on the hook for the difference between generating costs and what households pay, possibly leading to huge spending deficits over the short term. Leaders hope to minimize deficits by heavily taxing energy companies.
One visibly prominent gauge of the seriousness of the electricity crisis in Europe: the mayor of Paris has said that lights on the Eiffel Tower will beSo far, Americans have been spared the brunt of the energy crisis. Indeed, motorists have recently enjoyed lower gasoline prices due to a slump in the cost of oil, due in turn to a fall in demand from China and fears of an economic slowdown.
Since March, at the discretion of President Biden, the US has been drawing down its Strategic Petroleum Reserve by a million barrels per day to moderate oil prices. But the SPR is now at its, and there is talk of stopping withdrawals in October and starting to refill it if oil prices continue to fall. Of course, this would put some upward pressure on oil prices.
Global supplies of crude have remained mostly stagnant recently . Earlier this year, after some groveling by Biden, OPEC promised a short-term bump in output, and Saudi Arabia has indeed pumped more. But OPEC as a whole has seen better days.
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