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After recovering from the COVID-19 pandemic, energy company profits increased with greater revenues from higher fuel prices resulting from the Russian invasion of Ukraine, falling debt levels, tax write-downs of projects shut down in Russia, and backing off from earlier plans to reduce greenhouse gas emissions. [72]
Fuel demand is gradually recovering as coronavirus lockdown measures ease around the globe but a second wave of infections could swiftly undermine the trend, industry data showed. Road traffic in ...
While crude oil and natural gas are also being phased out in chemical processes (e.g. production of new building blocks for plastics) as the circular economy and biobased economy (e.g. bioplastics) are being developed [17] to reduce plastic pollution, the fossil fuel phase out specifically aims to end the burning of fossil fuels and the consequent production of greenhouse gases.
In addition, due to the effects of the COVID-19 pandemic on the fossil fuel and petrochemical industry, natural gas prices dropped so low for a short time that gas producers were burning it off on-site (not being worth the cost to transport it to cracking facilities). Bans on single-use consumer plastic (in China, the European Union, Canada ...
Energy-intensive industries and renewables saw the strongest recovery post-pandemic, with sales increased by 76% and 72%, from 2020 to 2021. Other sectors in the EU also experienced significant turnover growth post-COVID-19. [62] In Europe, the hardest hit sector by the COVID-19 pandemic was electronics, due to semiconductor shortages.
Optimism is spreading in the U.S. as COVID-19 deaths plummet and states ease restrictions and open vaccinations to younger adults. The pandemic's diverging paths on the two continents can be ...
Some analysts and politicians linked the driver shortage to Brexit, whilst others blamed the COVID-19 pandemic, or their combined impact. Although the UK did not have a shortage of fuel, the panic buying of fuel combined with supply chain issues caused by the media and the HGV driver shortage led to many petrol stations running out of fuel.
The strategy includes a minimum 10% electricity interconnection target for all member states by 2020, which the Commission hopes will put downward pressure onto energy prices, reduce the need to build new power plants, reduce the risk of black-outs or other forms of electrical grid instability, improve the reliability of renewable energy supply ...