Qatar And Saudi Arabia Say 'Worst Yet To Come' For Europe Energy Shortages

After Russia's invasion of Ukraine sparked an energy supply crisis, Europe dodged serious problems this past winter largely because of milder-than-expected temperatures but major supplier Qatar warns the same is unlikely to happen again © Ina FASSBENDER / AFP  

France 24: 'Worst yet to come' for Europe energy shortages: Qatar minister 

Qatar's energy minister warned on Tuesday the "worst is yet to come" for Europe's oil and gas shortages, saying a warm winter had prevented greater difficulties in recent months. 

Saad al-Kaabi and his Saudi counterpart Prince Abdulaziz bin Salman said a lack of investment in oil and gas, as the world tries to transition to cleaner fuels to prevent global warming, risked causing an energy crunch. 

"The only thing that saved humanity and Europe this year was a warm winter, and the slowdown in the economy," Qatari Energy Minister Saad Al-Kaabi told the Qatar Economic Forum. 

"If the economy starts churning back up in (2024) and you have just a regular winter, I think the worst is yet to come."  

Read more ....  

Update: Qatar Energy Minister says 'only a warm winter can save Europe this year' (Middle East Monitor)  

WNU Editor: I am sure that if it is a very cold winter the EU will find a way to buy energy on the open markets. But it is going to be astronomically expensive.

Why Canada Is Not A Super-Power When It Comes To Energy Exports

True North: Trudeau slammed for “missed opportunity” over Germany LNG deal 

As a US ship arrived in Germany’s newly built liquified natural gas (LNG) terminal with a fresh shipment of gas, critics of Prime Minister Justin Trudeau blasted him for turning down an opportunity to sell Canadian gas to the European nation.  

Conservative MP and foreign affairs critic Michael Chong called the deal a “missed opportunity” for Canada as Germany seeks for ways to offset its dependency on Russian energy.  

“Germany’s newly constructed LNG terminal received its first full cargo from the U.S. today – not Canada,” tweeted Chong.  

“That’s partly because Trudeau believes there’s ‘never been a strong business case’ for exporting East Coast LNG. What a missed opportunity.”  

Read more ....  

WNU Editor: Canada has the resources to become one of the top 3 energy exporters in the world (after Saudi Arabia and Russia). But because of politics, regulations, and giving First Nations people veto power over major infrastructure projects. this has all but stopped/crippled any new energy projects. 

In regards to the above report on the missed opportunity for A Germany LNG deal. What makes it not possible is Quebec (where I live) is hostile to building any new pipelines from Western Canada to the East coast. Since Quebec is where a good portion of Trudeau's support comes from, you can take this to the bank, he is not going to jeopardize that base of support.

World Facing A Dire Diesel Shortage

 

Bloomberg: World's Most-Crucial Fuel Heads for Shortage Touching Everything 

(Bloomberg) -- No fuel is more essential to the global economy than diesel. It powers trucks, buses, ships and trains. It drives machinery for construction, manufacturing and farming. It’s burned for heating homes. And with the high price of natural gas, in some places it’s also being used to generate power. 

Within the next few months, almost every region on the planet will face the danger of a diesel shortage at a time when supply crunches in nearly all the world’s energy markets have worsened inflation and stifled growth. 

The toll could be enormous, feeding through into everything from the price of a Thanksgiving turkey to consumer bills for heating homes this winter. In the US alone, the surging diesel cost will mean a $100 billion hit to the economy, according to Mark Finley, an energy fellow at Rice University's Baker Institute of Public Policy. 

Read more ....  

WNU Editor: Europe is imposing its Russian oil embargo on December 5. It currently imports 500,000 barrels of diesel from Russia, and that supply will need to be replaced elsewhere. 

Before sanctions the U.S. imported Russia diesel when the U.S. east coast experienced cold snaps during winter. No more now. US suppliers will be competing with European suppliers for diesel. 

It is not hard to predict that diesel prices are going to remain high for the foreseeable future. 

And as for developing countries that do not have the financial resources to outbid Western buyers for diesel. They have been priced out.

A Quarter Of All Americans Could Face Energy Emergencies This Winter

OilPrice.com: A Quarter Of All Americans Could Face Energy Emergencies This Winter 

* The U.S. heating season is underway, and the outlook is bleak.  

* A quarter of all Americans could face energy emergencies this winter if temperatures dip below averages. 

* Power grids from the Great Lakes to Louisiana, New England, Carolinas, and all of Texas are the most at risk for power supply shortfalls during high-demand periods 

The US heating season has officially begun, and new warnings show that a quarter of all Americans could experience energy emergencies this winter if temperatures fall below average due to tight fossil fuel supplies.  

Power grids from the Great Lakes to Louisiana, New England, Carolinas, and all of Texas are the most at risk for power supply shortfalls during high-demand periods, according to Bloomberg, citing a new report from the North American Electric Reliability Corporation (NERC), a regulatory body that manages grid stability. 

Read more ....  

Update: A Quarter of Americans at Risk of Winter Power Blackouts, Grid Emergencies (Bloomberg)  

WNU Editor: Americans are already suffering .... ‘It’s like living in an igloo.’ People are turning off their heat as prices surge (CNN). 

But there may be some relief. There is talk that OPEC+ may increase oil production to lower prices as worries of a global recession are increasing .... Oil Plunges After Report On OPEC+ Production Increase (Zero Hedge). I think it is going to be too little and too late.

Europe's Energy Crisis Is Going To Trigger Years Of Shortages And Blackouts For Poorer Nations

Financial Post/Bloomberg: Europe's Energy Crunch Will Trigger Years of Shortages and Blackouts  

To replace Russian gas, Europe is buying up fuel that used to go to developing countries. 

(Bloomberg) — Bills will be high, but Europe will survive the winter: It’s bought enough oil and gas to get through the heating seasons. 

Much deeper costs will be borne by the world’s poorest countries, which have been shut out of the natural gas market by Europe’s suddenly ravenous demand. 

It’s left emerging market countries unable to meet today’s needs or tomorrow’s, and the most likely consequences — factory shutdowns, more frequent and longer-lasting power shortages, the foment of social unrest — could stretch into the next decade.  

Read more ....  

Update: Why Europe’s Energy Crisis Is A Disaster For Emerging Economies (OilPrice.com)  

WNU Editor: This global energy crisis explains why India will continue to buy Russian oil .... India says Russia oil deals advantageous as Yellen visits Delhi (Reuters).

Will Soaring Energy Prices Harm The Democrats In Tomorrow's Midterm Elections?

Bloomberg: Sky-High Electricity Is Biden’s New Pain Point Before Elections 

(Bloomberg) -- For months now, high gasoline prices have been arguably the most visible political pain point for President Joe Biden.In most towns, they can be seen every few blocks on signs at filling stations. It’s the fundamental commodity Americans need to go to work, buy groceries and get around. 

But in the runup to the US midterm elections, another energy cost is coming into focus: skyrocketing electricity bills.

It’s a topic that led off a recent gubernatorial debate in California, home to some of the nation’s priciest power. In Maine, politicians have clashed over whether renewable energy is making electricity more expensive. In New York, the Republican candidate for governor is urging the state to reverse its ban on natural gas drilling to lower utility bills.  

Read more ....  

Update #1: "People Are Fed Up": Soaring Electricity Bills Become New Pain Point For Biden (Zero Hedge)  

Update #2: High energy prices dog Democrats heading into midterms (Houston Chronicle)  

WNU Editor: I am willing to bet that soaring home heating oil prices (primarily in the US northeast), rising gasoline prices (basically everywhere), and rising electricity prices (also basically everywhere) will motivate a lot of voters to the polls to punish the Democrats. When your pocket book is being directly impacted as many are now facing with high energy prices, you are not a happy person. 

And the Americans are not alone. I know in my case where I live (Montreal) my home heating bill (I heat with oil) will, if current prices do not change, rise from $5000/year Canadian to a minimum of $12,000 Canadian this year. And I am pissed!!! But I should not complain. Diesel is now $3.07/liter Canadian in the Maritimes, or about $9/gallon US!!!!! (link here)

Is Now The Time For President Biden To Threaten "Big Oil"

Bloomberg: Biden Feud With Big Oil Ratchets Up Just as World Needs More US Oil 

As October drew to a close, the White House saw another potential energy flash point on the horizon. 

Diesel and heating oil inventories in the US Northeast were getting worryingly low. Officials swung into action, organizing a series of calls between Energy Secretary Jennifer Granholm and several of the country’s biggest oil refiners to discuss strategies to boost stockpiles. The tone was cordial, according to people with knowledge of the conversations. 

But the very next working day, the oil industry was blindsided. At a hastily arranged press conference on Oct. 31, President Joe Biden castigated Big Oil for handing “outrageous” profits to shareholders and executives rather than bringing down prices at the pump. Unless that changed, he warned, oil companies faced more taxes. “Their profits are a windfall of war -- the windfall from the brutal conflict that’s ravaging Ukraine and hurting tens of millions of people around the globe,” he said.  

Read more .... 

WNU Editor: As I have mentioned before. No one is going to invest in refineries/oil/natural gas/coal projects when the President of the United States and the Democratic party are on the record threatening to put them out of business.

The Main Energy Crises Will Take Place In The Autumn Of 2023 And winter Of 2024

Time: Think the Energy Crisis Is Bad? Wait Until Next Winter 

For policymakers grappling with global energy shortages and households scrambling to pay record high utility bills, some unwelcome news: 

This year’s energy crisis is going to look mild once next year’s kicks in. It is winter 2023-2024 that is going to be the real crisis. Any current energy planning that fails to account for next year and beyond is jumping out of the frying pan and into the fire—where this winter is a problem, 2023’s may be a catastrophe. 

Read more .... 

WNU Editor: If North America and Europe face a brutally cold winter, the main energy crisis will be happening much sooner. 

The Main Energy Crises Will Take Place Next Year 

Europe Solved the 2022 Natural-Gas Crisis but 2023 Looks Tougher -- Barrons  

2023: The year of the real energy crisis -- Kerem Alkin, Daily Sabah 

Europe Faces Widening Natural Gas Shortfall Next Year, IEA Says -- Bloomberg 

IEA says Europe must act now to avoid winter 2023 gas shortages -- Reuters

IEA Sounds Alarm Over Europe's Gas Supply Next Year -- OilPrice.com 

Europe has enough energy to survive the winter. Next year might be different -- CNN  

The Real Challenge For Europe’s Energy Market Will Come Next Year -- OilPrice.com

The U.S. Is Facing A Crisis In Diesel Supplies (Update)

FILE PHOTO: Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil into California Air Resources Board (CARB), gasoline, diesel fuel, and other petroleum products, in Carson, Califor (REUTERS/Bing Guan / Reuters Photos) 

Daily Mail: 'Some cities may run dry for a few days': Diesel supplier warns businesses on the US East Coast to prepare for diesel shortage after Russia cut off imports 

* Mansfield Energy issued the advisory to make sure companies are prepared 

* Businesses have been told to take steps to plan for a potential lack of supply 

* Main reason for shortage is Russia cutting off imports of diesel to the US 

* Also caused by high distallate demand, refinery maintenance and lower capacity 

A diesel supplier has warned businesses on the US East Coast that there may be a shortage for a few days after Russia cut off imports. 

Mansfield Energy, the supplier, led by CEO Michael Mansfield, issued the advisory in a bid to make sure that companies are prepared. 

Businesses which rely on the fuel have been told to take steps to plan for the potential lack of supply which is mostly caused by Russia cutting off imports.  

Read more ....  

WNU Editor: This is going to be the top economic news story in the US by Christmas. 

 The U.S. Is Facing A Crisis In Diesel Supplies (Update)  

US diesel supplier warns businesses to prepare for shortages, higher prices for consumers -- FOX News  

The diesel market is in a perfect storm as prices surge, supply dwindles ahead of winter -- CNBC  

US diesel supplier warns businesses to prepare for shortages, higher prices for consumers -- FOX News

U.S. President Biden Accuses Oil Companies Of ‘War Profiteering’. Threatens Windfall Tax

  

Daily Mail: Biden says oil company profits are 'outrageous' and a 'windfall' from the Ukraine War: President says 'enough is enough' and execs should be paying higher taxes if they don't reduce prices at the pump 

* President Joe Biden will work with Congress on a 'windfall tax' on energy companies 

* 'Oil companies' record profits today are not because they're doing something new or innovative,' Biden said in remarks at the White House 

* 'Their profits are a windfall of war,' he said 

* Such a tax is unlikely to be approved by Congress if Republicans take power in November 

* Last week Exxon Mobil broke records with its profits in the third quarter, raking in $19.66 billion in net income, and Chevron had $11.23 billion in profits 

* A 'windfall profits tax' would fall on the profits of energy firms that are in excess of their typical annual profits 

* Biden trying to lower gas prices ahead of midterm election * Congress would have to approve any new tax 

* Biden making remarks on energy prices at White House Monday afternoon 

President Joe Biden railed against Big Oil's exorbitant profits as he called on Congress to impose a 'windfall tax' on energy companies in a speech Monday.

'Oil companies' record profits today are not because they're doing something new or innovative,' Biden said in remarks at the White House. 'Their profits are a windfall of war. The windfall from the brutal conflict is ravaging Ukraine and hurting tens of millions of people around the globe.' 

Biden announced that he would work with Congress on a tax targeted at what he deems 'excess' profits, but did not lay out the details.  

Read more ....  

WNU Editor: Diesel and home heating oil prices at record highs. Gas prices now rising. President Biden and the Democrats must blame someone for a situation that many Americans are now suffering from. This is most unfortunate. The focus should be on how to increase US oil and energy production, not taxing those who produce it.

U.S. President Biden Accuses Oil Companies Of ‘War Profiteering’. Threatens Windfall Tax  

Biden paints oil firms as war profiteers, talks windfall tax -- AP  

Biden Warns Oil Firms He'll Seek to Tax Their 'Windfall' Profits -- Bloomberg 

Biden threatens higher taxes on oil companies if they do not work to lower gas prices -- CNBC  

Biden bashes oil sector for ‘war profiteering,’ warns of windfall tax on profits -- Politico  

Biden threatens oil companies with ‘higher tax’ if they don’t increase production -- The Hill  

Biden Accuses Oil Companies of ‘War Profiteering’ and Threatens Windfall Tax -- New York Times  

Biden issues a warning as he accuses oil and gas companies of ‘war profiteering’ off Russia’s invasion of Ukraine -- CNN 

Biden, days before midterms, accuses oil companies of 'war profiteering' on gas prices -- ABC News  

Biden floats new taxes while accusing Big Oil of "windfall of war" -- Axios

IEA Chief Says The World Is In Its ‘First Truly Global Energy Crisis’

 

BBC: World facing 'first truly global energy crisis', report says 

Russia's invasion of Ukraine will have long-lasting effects on energy supply and markets, a new report suggests. 

The International Energy Agency (IEA) said the world faces its first "truly global energy crisis" as a result. 

 It added that unaffordable energy bills remain a huge problem, driven up as the exports of oil and gas have been restricted. 

But the crisis should also be seen as a turning point, speeding up the world's transition to green energy, it said. 

"With unrelenting geopolitical and economic concerns, energy markets remain extremely vulnerable, and the crisis is a reminder of the fragility and unsustainability of the current global energy system. 

"The heaviest burden is falling on poorer households where a larger share of income is spent on energy", the report warned. 

Read more ....  

WNU Editor: The IEA report is here .... World Energy Outlook 2022. 

IEA Chief Says The World Is In Its ‘First Truly Global Energy Crisis’  

World is in its ‘first truly global energy crisis,’ says IEA chief -- CNN  

World is experiencing ‘first truly global energy crisis,’ IEA director says -- Washington Examiner  

The world is in the middle of the 'first truly global energy crisis' and needs Russian oil to flow into the market, IEA chief says -- Business Insider

Why The U.S. Will Be Facing High Prices And Shortages In Gas And Diesel For Years

OilPrice.com: Energy Execs Tell Granholm Shuttered U.S. Oil Refineries Won’t Restart 

U.S. energy executives told Jennifer Granholm that shuttered crude oil refineries won’t restart, Valero’s Chief Executive Joe Gorder said on Tuesday. 

The comments were made to the U.S. Energy Secretary at a recent White House meeting with energy executives, Reuters reported on Tuesday. 

“The one interesting thing that came out of it, too, was there was consideration for the ability to restart refining capacity that had been shut down, and I think the general sentiment was that wasn’t going to happen,” Gorder said.  

Read more ....  

WNU Editor:Who would want to invest billions in a refinery when top government officials, including the U.S. President, are vowing to shut the industry down?

Update: The US diesel crisis is worsening .... A Diesel Shortage Is Spreading Across The U.S. (OilPrice.com), and it is spreading in Europe .... Parts of Europe Are Starting to Run Out of Diesel (Bloomberg).

Europe Is Not The Only Place Facing An Energy Crisis. Heating Oil Rationing Begins In The US Northeast

Heating oil, which is chemically similar to diesel, is primarily used in New York, Pennsylvania and New England  

Daily Mail: New York and New England start RATIONING heating oil before winter as stockpiles slump by 70% and fears rise that families will be left in the cold 

* Heating oil stockpiles in New England are a currently third of normal levels 

* Wholesalers have begun rationing to prevent panic buying and hoarding 

* Heating oil, which is similar to diesel, is used widely in New England 

* Energy Department says heating oil prices will be 27% higher this winter 

Heating oil suppliers in the Northeast and New England have begun rationing the key fuel ahead of winter, after stockpiles dropped to a third of their normal levels. 

Concerns are rising that supply shortages and soaring prices will leave families in the cold this winter, particularly in New England, which is more reliant on heating oil than other parts of the country. 

Chris Herb, president of the Connecticut Energy Marketers Association, told Bloomberg recently that heating oil wholesalers are beginning to limit allocations for retail suppliers.  

Read more ....  

WNU Editor: I live in Montreal, and the price for heating oil here is $2.30 Cad/liter, or around $6.7 USD/gallon 

Europe Is Not The Only Place Facing An Energy Crisis. Heating Oil Rationing Begins In The US Northeast  

The US Diesel Crisis Is Here and It's Spreading Along the East Coast -- Bloomberg  

It Begins: New York, New England Begin Rationing Heating Oil—Before Peak Winter Has Even Hit -- Red State  

New York, New England Ration Heating Oil Even Before Peak Winter -- Bloomberg

The West Is Facing A Diesel Crisis

OilPrice.com: Diesel Crisis Deepens As Inventories Fall To Dangerous Levels 

* Global diesel and distillate fuel stocks have fallen to dangerous levels. 

* The U.S. has been exporting a lot of diesel to troubled Europe, but now things are changing. 

* U.S. buyers are snapping up diesel cargos originally planned for Europe as the crisis deepens. 

While the OPEC+ agreement to cut crude oil production and the U.S. reaction to it dominate headlines, a much more immediate crisis is getting worse by the day. 

Global diesel and other distillate fuel stocks have been on the decline for a while now, and there is no reversal of this trend in sight. 

Demand, on the other hand, has been growing, leading to a widening shortage. 

The situation has become so grave that U.S. buyers have begun snapping up diesel cargos originally sailing for Europe. 

Read more ....  

Update #1: Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left (Zero Hedge)  

Update #2: Diesel Supply of Just 25 Days Poses Problem for Biden (Bloomberg)  

WNU Editor: This is going to get worse. Correction. Far worse when EU sanctions on Russian oil take effect in a few months .... Europe Diesel Stockpiles Set to Tank When Russian Supply Cut Off (Bloomberg). The impact that this is going to have on inflation, transportation, farming, food production, household debt, etc. .... if this is not addressed ASAP, the damage it is going to cause is going to be deep.

On a personal note. I live in Montreal, Canada, and I heat my home with heating oil. To fill my fuel tank last year cost about $800/delivery. I use up about 6 deliveries per year. It will now cost me a minimum of $2100/delivery. And while I can absorb the extra costs, my biggest worry right now is supply. When I asked my supplier today if there will be problems with supply in the coming months, without hesitation his answer was yes.

On another note. The main stream media in Canada is completely avoiding this story.

China Halts Resales Of Russian LNG To European Buyers To Protect Winter Supply

Bloomberg: China Halts LNG Sales to Foreign Buyers to Ensure Own Supply 

(Bloomberg) -- China told its state-owned gas importers to stop reselling LNG to energy-starved buyers in Europe and Asia in order to ensure its own supply for the winter heating season. 

The National Development and Reform Commission, the nation’s top economic planner, asked PetroChina Co., Sinopec and Cnooc Ltd. to keep winter cargoes for domestic use, according to people with knowledge of the matter who asked not to be named as the information isn’t public. While the sales had offered some relief to European buyers, rapidly filling inventories and record-high shipping costs also reduced the appeal of reshipping fuel, they said.  

Read more .... 

China Halts Resales Of Russian LNG To European Buyers To Protect Winter Supply  

China halts LNG sales to foreign buyers to ensure own supply - Bloomberg News -- CNA/Reuters  

China Stops Natural Gas Sales to Europe to Protect Winter Supply: Report -- Insider 

China To Stop Reselling LNG To Europe -- OilPrice.com  

China Halts Resales Of Russian LNG To European Buyers -- Zero Hedge

The World’s Energy Problem Is Far Worse Than What We Are Being Told

World fossil fuel energy consumption per capita, based on data of BP’s 2022 Statistical Review of World Energy.  

OilPrice.com: The World’s Energy Problem Is Far Worse Than We’re Being Told 

* Citizens around the world can sense that something is very wrong, and it looks like the economy may be headed for a serious recession in the near term. 

* The operation of our economy requires energy of the correct type and the right quantity. 

* The International Energy Agency and politicians around the world have recommended a transition to the use of renewables to try to prevent climate change for quite a few years. 

No politician wants to tell us the real story of fossil fuel depletion. The real story is that we are already running short of oil, coal and natural gas because the direct and indirect costs of extraction are reaching a point where the selling price of food and other basic necessities needs to be unacceptably high to make the overall economic system work. At the same time, wind and solar and other “clean energy” sources are nowhere nearly able to substitute for the quantity of fossil fuels being lost.  

Read more ....  

WNU Editor: This is a good analysis on why high energy prices are going to be with us for a long time, and why renewal energy sources are not going to be the panacea that many say it will be.

Another Major U.S. LNG Plant Hit With Explosions

Fire at Oklahoma natural gas facility prompts evacuations. © Provided by NBC News

Michael and Brittany Stone captured this video of an explosion in Medford, Oklahoma, near the Kansas border. This gas plant fire caused evacuations and road closures #KWCH12 pic.twitter.com/V8Cy8FbYfM

— KWCH Eyewitness News (@KWCH12) July 9, 2022

ABC News: Evacuations urged after 'major fire' ignites at natural gas plant in Oklahoma  

ONEOK said it is unaware of any injuries at its plant. 

Authorities are urging people to evacuate after a large fire ignited at a natural gas plant in Oklahoma. 

The Grant County Sheriff's Office advised anyone who lives within a 2-mile radius of the ONEOK plant in Medford to evacuate Saturday afternoon. It is unclear when people will be able to return. 

"Please avoid any travel into or through Medford on U.S. Highway 81 at this time," the sheriff's office said earlier, citing an "active incident' at the plant.  

Read more ....  

WNU Editor: Looking at the above video it is obviously a major fire. This fire follows another major LNG hub being shut down due to fire .... Global Gas Supplies Worsen After Fire Shuts Down Freeport LNG Export Plant. Will Remain Shut Down Until The End Of the Year (June 14, 2022). US commitment to aid Europe with LNG shipments to replace Russian supplies certainly does not look promising. 

Another Major U.S. LNG Plant Hit Closed Down Due To Fire

 Large fire at Oklahoma gas plant forces major evacuations -- CBS News  

Fire at Oklahoma natural gas facility prompts evacuations -- NBC  

Explosion Rocks Oklahoma Natural Gas Plant -- Zero Hedge

Japan Is Facing A Looming Energy Crisis

An employee of Cosmo Energy Holdings' Cosmo Oil service station checks its nozzles at a branch in Tokyo, Japan, December 16, 2015. REUTERS/Yuya Shino 

 OilPrice.com: The World’s Third-Largest Economy Is Facing A Looming Energy Crisis 

Japan is facing an energy crisis that can severely hurt the world's third-largest economy as it is forced to tackle a combination of a weak local currency, the fallout from the Ukraine war, and a heatwave. 

Japan already had a significant energy import bill as it depends on foreign oil and gas for 90 percent of its needs. But as the yen fell to the lowest in 20 years, Japan's bill became even bigger, with the price rise in crude oil, which has been some 40 percent in dollar terms since the start of 2022, reaching a whopping 70 percent in yen terms. 

"A confluence of factors, including the higher fuel prices since the war and the tumbling currency, is putting a significant pressure on Japan's energy security, making this one of the most serious energy crises Japan has had," said Jane Nakano, a senior fellow at Washington-based think tank the Center for Strategic & International Studies.  

Read more ....  

Update #1: Japan is trying to avoid power blackouts during a scorching heat wave by setting ACs to 82 degrees and turning off heated toilet seats (Fortune)  

Update #2: Japan, South Korea buyers have not yet been asked to pay roubles for Russian LNG imports (Reuters)  

WNU Editor: Because Japan imports 90% off its energy needs, it needs to continue to buy Russian oil and natural gas. Japan is also the country that proposed to the G7 to cap Russian oil export prices at half the current rate. 

Update #3: Japan is not the only Asian facing an energy crisis .... Factbox: Asia-Pacific economies face escalating energy crisis (A&P Global).

One More Reason Why High Gas Prices And Shortages Will Continue

Hot Air: Oil industry agrees. Refineries likely not coming back online under current conditions 

President Joe Biden and his allies have continued to badger the American oil and gas industry to produce more gasoline in an effort to bring down prices ahead of the midterm elections. At the same time, they have been hurling accusations of “corporate greed” at major industry players and attempting to claim that the high prices are all the fault of the producers. As we’ve discussed here repeatedly, however, those allegations and characterizations of the industry are demonstrably false. What we’re dealing with is a lack of refinery capacity. The United States currently has the lowest number of functioning refineries capable of producing gasoline, diesel, and jet fuel that we’ve seen since 2016, largely as a result of government policies. Industry analyst S&P Global Commodity Insights reports this week that our existing refineries are running at or very near maximum capacity, and the odds of any of the shuttered refineries coming back online are slim to none.  

Read more ....  

WNU Editor: When you have the US President and Congress openly saying that their goal is to have the US economy transition out of fossil fuels, no sensible person is going to invest their money in an industry that the government wants to be out of business.

Who Will Invest Money In A Project That The Government Wants To Shut Down In 5 Years?

This clip is ASTONISHING.

Energy Sec. @JenGranholm demands energy companies to make massive investments to increase oil supply while simultaneously saying they want to shut them down over the next 5-10 years.

WHAT IS THIS WHITE HOUSE?! pic.twitter.com/CTgC4dk92x

— Jason Howerton (@jason_howerton) June 15, 2022

WNU Editor: To be fair. President Biden did promise to shut down the oil industry in his debate with President Trump in 2020 (see video below at the 50 second mark), and a majority of Americans agreed.