Energy & the Environment News and Discussions

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U.S. crude oil falls below $70 a barrel, closing at the lowest level since June

PUBLISHED WED, DEC 6 202311:48 AM EST
UPDATED 44 MIN AGO

By Spencer Kimball

U.S. crude declined 4% on Wednesday, closing at the lowest level since late June with retail gasoline prices hitting the lowest point since January just ahead of the holiday shopping and travel season.

The West Texas Intermediate contract for January fell $2.94, or 4.07%, to settle at $69.38 a barrel, while the Brent contract for February declined $2.90, or 3.76%, to settle at $74.30 a barrel.

U.S. crude and the global benchmark have fallen for five straight days, despite efforts by OPEC+ to boost prices by promising to slash supply in the first quarter of 2024.

Prices at the pump in the U.S., meanwhile, have followed oil prices lower to hit $3.22 a gallon on average as of Wednesday, the lowest price since Jan. 3, according to AAA.

Read more: https://www.cnbc.com/2023/12/06/us-crud ... h-low.html

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AMERICA ARE YOU FUCKING STUPID?

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AEMO’s jaw dropping prediction for coal power – all but gone from the grid in a decade

15 December 2023

The Australian Energy Market Operator is predicting that the country’s remaining coal fired generators are likely to close much quicker than expected, saying they are becoming less reliable, more difficult to maintain and less able to compete with the growing share of renewables.

AEMO’s draft 2024 Integrated System Plan, the latest version of its 30-year planning blueprint, suggests coal fired generation will be gone from Queensland and Victoria within a decade – by 2033/34 – and that the last coal unit will close in NSW by 2038.

The prediction accelerates the exit of coal by five years from the previous ISP, and is part of a broad reassessment of the state of the energy transition, which includes a growing recognition of the central role of households, who will install a lot more rooftop solar, and electrify their homes much quicker than thought.

“Our updated analysis shows that Australia’s coal power stations are likely to close earlier than planned, and Australians are electrifying their homes and businesses at a faster rate,” CEO Daniel Westerman says in a statement accompanying the report.

https://reneweconomy.com.au/aemos-jaw-d ... -a-decade/

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