Headline News:
- “How Can The Oil Price Be Negative?” • Oil is the world’s most heavily traded physical commodity, but most of the trades are in the futures market, with the oil not actually changing hands until a contract matures. When that happens, the oil has to be stored. In the US, that usually means it goes to storage tanks in Cushing, Oklahoma, but the tanks are full. [ShareCafe]
Pump jacks (Shutterstock image)
- “Anyone Who Thinks Oil Has Hit A Floor Is ‘Playing With Fire’ – Yes, Prices Can Go Lower” • An oil futures contract in the US made a historic plunge, with West Texas Intermediate crude for May delivery falling below zero for the first time to settle at negative $37.63 per barrel. Oil demand crashed due to the pandemic, and storage facilities are full. [CNBC]
- “Renewables Overtake Coal-Fired Power Generation For First Time” • The International Energy Agency report on key electric power trends in the world’s developed economies, released last week, shows renewable energy overtaking coal as a source of electricity generation for the first time. In 2019, coal use was 13.4% lower than in 2018. [MINING.com]
- “We Could Release Herds of Animals In The Arctic To Fight Climate Change, Says Study” • Herds of horses, reindeer, and bison could play a significant part in saving the world from an acceleration in global heating. That is the conclusion of a recent study showing how grazing herbivores can slow down the pace of thawing permafrost in the Arctic. [ScienceAlert]
- “Clean Power Promises Brighter Future” • A study recently released International Renewable Energy Agency, “Global Renewables Outlook,” says the implementation of robust clean power commitments would create around 42 million jobs and add $98 trillion to expected ‘business-as-usual’ figures by the middle of the century. [Innovators Magazine]
For more news, please visit geoharvey – Daily News about Energy and Climate Change.
April 21 Green Energy News posted first on Green Energy Times
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