BERLIN—The head of the United Nations warned Friday that the world faces “catastrophe” because of the growing shortage of food around the globe. “There is a real risk that multiple famines will be declared in 2022,” U.N. Secretary-General Antonio Guterres said in a video message to officials from dozens of rich and developing countries gathered…
UN Chief Warns of Food Shortage ‘Catastrophe’
June 25, 2022
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Oil Analyst: Gas Prices Will Reach ‘Apocalyptic’ Levels If Hurricane Hits This Summer
An energy analyst suggested Friday that gas prices may skyrocket even more if a hurricane hits an oil refinery, warning that they may reach “apocalyptic” levels. “Let’s be candid … what I’m hearing is the progress was on relaxing some of the summer standards for gasoline so that you can put some cheap components in…
Oil up More Than $1 but Set for Second Weekly Drop on Recession Fears
LONDON—Oil rose by more than $1 a barrel on Friday supported by tight supply, although crude was heading for a second weekly fall on concern that rising interest rates could push the world economy into recession. U.S. Federal Reserve Chair Jerome Powell said on Thursday the central bank’s focus on curbing inflation was “unconditional,” adding…
Stocks Temper Their Inflation Expectations on Copper Pounding
LONDON—World stocks headed for their first weekly gain in a month and Wall Street was set to open higher on Friday on hopes that slides in copper and other commodities could put a brake on runaway inflation. The week has been marked by steep declines for commodities on concern that the world economy is looking…
Energy Industry and Economists Deride Biden Gas Tax Holiday Proposal
June 23, 2022
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In interviews with The Epoch Times, energy industry insiders and economists expressed disagrement and disdain about the Biden administration’s proposed three-month gas tax holiday. They joined a chorus of critical voices on both sides of the aisle after the president asked Congress to suspend that federal tax on June 22. “It is a silly idea,…
A Dozen EU Countries Affected by Russian Gas Cuts, EU Climate Chief Says
June 23, 2022
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BRUSSELS—A dozen European Union countries have now been affected by cuts to gas supply from Russia, EU climate policy chief Frans Timmermans said on Thursday, as the bloc faces a deepening energy standoff with Moscow. Russia slashed flows through its Nord Stream 1 pipeline to 40 percent of capacity last week citing problems with equipment,…
Germany Triggers Gas Alarm Stage, Accuses Russia of ‘Economic Attack’
June 23, 2022
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BERLIN—Germany triggered the “alarm stage” of its emergency gas plan on Thursday in response to falling Russian supplies but stopped short of allowing utilities to pass on soaring energy costs to customers in Europe’s largest economy. The measure is the latest escalation in a standoff between Europe and Moscow since the Russian invasion of Ukraine…
Oil Extends Falls as Investors Assess Recession Risks
LONDON—A retreat in oil prices continued on Thursday as investors reassessed the risks of recession and how fuel demand will be affected by rising interest rates. Brent crude futures fell by $1.47, or 1.3 percent, to $110.27 by 0949 GMT, having dropped as low as $108.04 earlier in the session. U.S. West Texas Intermediate (WTI)…
Recession Fear Stalks Oil, Copper and Stocks
LONDON—Global markets fell on Thursday as investors worried that further rises in interest rates to quell decades-high inflation would tip economies into recession. The German economy, Europe’s largest, suffered a sharp loss of momentum at the end of the second quarter, according to the latest Purchasing Managers’ Index, while corresponding figures for France also showed…
Russia May Cut Off Gas Completely, Europe Must Act Now: IEA
June 22, 2022
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BRUSSELS—Russia may cut off gas to Europe entirely as it seeks to bolster its political leverage amid the Ukraine crisis, the head of the International Energy Agency (IEA) said on Wednesday, adding Europe needed to prepare now. “I wouldn’t rule out Russia continuing to find different issues here and there and continuing to find excuses…
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