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Gas Prices Hit a New Record High

by Carl Steward
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natural gasGas Prices Hit a New Record High

According to AAA, petrol prices rose on Sunday, reaching a national average of $5.01 per gallon. According to AAA, the national average price of a gallon of gas last year was $3.07.

As summer arrived, the average increased by nearly 16 cents from the previous week; hence, Americans began driving more for holidays, trips, and outings.

Americans have seen gas prices rise since 2021, then spike this year due to Russia’s invasion of Ukraine.

Gas prices have now broken all previous records. On Sunday, the national average for a gallon of petrol rose to $6.43 in California, the highest in the country. Even states with lower averages, like Texas and Mississippi, are seeing petrol prices rise above $4.50 per gallon.

In May, inflation reached a 40-year high; driven by government spending during the pandemic, international turbulence, interrupted supply chains, and increased consumer demand after COVID-19 limitations.

The Biden administration has borne the brunt of the blame for much of the price increase, with President Biden’s approval rating hitting historic lows in multiple polls last week.

European Union and Crypto regulations

Export Gas from Israel to Europe

Ursula von der Leyen, President of the European Commission, is scheduled to go to Israel on Monday as Jerusalem, Cairo, and Brussels work toward a natural-gas export agreement.

The European Union Embassy in Israel stated that von der Leyen was visiting “to advance relations between the EU and Israel, particularly collaboration in the field of energy.” The president will also meet with Israeli government representatives to discuss the global response to the food crisis and the situation in the Middle East.” The agreement outlines the framework for improved collaboration among the three countries but does not specify how much gas the EU would import or set delivery dates.

The document stated that shipments would include utilizing liquefied natural gas (LNG) infrastructure in Egypt; which wants to become a regional natural gas hub.

According to the paper, the memorandum of understanding would be valid for nine years from the date of signature. However, that part was in brackets, indicating that it is more likely to be amended than other parts. Egypt already exports a modest amount of gas to the European Union. Furthermore, Israel and Egypt intend to increase gas production and exports.

According to industry sources, Israel is on course to quadruple its gas output; over the next few years it should be over 40 billion cubic meters (BCM) per year; it is actively expanding projects and putting new fields online. Israel has stated that it hopes to secure an agreement to send gas to Europe; moreover, it is also considering the construction of a pipeline to export more gas to Egypt.

Last year, the EU purchased 155 billion cubic meters of gas from Russia; this accounting for around 40% of the bloc’s total consumption.

UAE strengthens its position in Natural gas market

Offshore Methane Gas Leak Spotted from Space

The discoveries add an essential tool to a growing space-based armory for locating hitherto unseen methane plumes from the oil and gas industry.

According to the International Energy Agency, fossil fuel activities globally generated approximately 120 million tonnes of the planet-warming gas in 2020; accounting for nearly one-third of total methane emissions from human activity (IEA).

According to a recent study published in the journal Environmental Science and Technology Letters, a plume from an oil and gas production platform in the Gulf of Mexico blasted 40,000 tonnes over 17 days in December.

Methane lasts only a decade in the atmosphere, whereas CO2 lasts hundreds or thousands of years.

According to the UN Environment Programme, a significant reduction in emissions may shave several tenths of a degree Celsius off projected global warming by mid-century; this will help keep alive the Paris Agreement target of limiting Earth’s average temperature increase to 1.5 degrees Celsius (UNEP).

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