It will balance itself out ... or something:
The dry bulk cargo ship has been drafted into the service of retail giant Walmart, which is chartering its own vessels in an effort to beat the global supply chain disruptions that threaten to torpedo the retail industry’s make-or-break holiday season.
What will they do if they cannot flood the Christmas season with cheap Chinese garbage?
They might have to focus on spiritual matters instead.
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Winter is coming — and so are expensive heating bills.
As North American natural gas prices reach heights not seen in years, experts say Torontonians can expect to pay a big premium for their heating, electricity and fuel costs.
Enbridge Gas, which heats more than 75 per cent of the homes in Ontario, already increased its rates on Oct. 1. A typical customer who heats their home with natural gas will see their annual bill increase between $57 and $81 per year depending on where they live, the company said in a statement.
Prices could continue to increase throughout the winter, experts say. The Ontario Energy Board, which regulates energy pricing in the province, reviews energy prices every three months, hiking them if needed. If the drop in LNG supply doesn’t abate, analysts say the province could see another hike in January.
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Natural gas markets have traditionally been influenced by supply and demand within continents. But the recent spike to record-high spot prices for shipments of liquefied natural gas to Asia has had a ripple effect, contributing to upward pressure on fuel prices in Europe and North America.
A combination of things has led to soaring prices in Canada. But instead of domestic factors alone, as was the case in past rallies, the global energy crunch is playing a significant role this time.
“We’re really being pulled up by the rest of the globe,” Prof. Shaffer said. “That comes all the way back here to lowly Alberta also being pulled up.”
The same Alberta that produces natural gas and oil?
That Alberta?
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If you rely on solar or wind power on an industrial scale, it's no surprise that you have no power to work with:
The bad is that the Europeans are guilty of spectacularly bad planning. What was lost – coal-fired plants and their ability to meet peak demand fairly quickly – was never adequately replaced. Yes, loads of solar and wind power came on stream, but not enough. And – surprise! – solar and wind power became utterly useless when the sun did not shine and the wind did not blow.
At the same time, Germany made the ill-fated decision to close its nuclear plants and failed to store enough natural gas to keep the gas plants amply fed.
The result is a genuine energy crisis, sending electricity bills soaring, eating into disposable income, shuttering some factories and energy wholesalers (mostly in the U.K.), triggering inflation and threatening the post-lockdown economic recovery. Blackouts are not out of the question as winter approaches and the demand for gas to heat homes and keep the lights on climbs.
In effect, the Europeans manufactured their own energy crisis. An energy system that was greener but less resistant to supply and price shocks was bound to trigger a crisis at some point.
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Lebanon has no centrally generated electricity after fuel shortages forced its two largest power stations to shut down, a government official told Reuters on Saturday.
“The Lebanese power network completely stopped working at noon today, and it is unlikely that it will work until next Monday, or for several days,” the official said.
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Delhi Chief Minister Arvind Kejriwal warned Prime Minister Narendra Modi of declining coal reserves that’s sparking a power crisis in India’s capital.
At least one power station has run out of coal stock, while others have reserves of one to four days as of Oct. 5, Kejriwal said in a letter to Modi Saturday which he posted on Twitter. The central electricity regulatory commission mandates stations to maintain a stock of 10 to 20 days, he said.
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Chinese officials have ordered more than 70 mines in Inner Mongolia to increase coal production by almost 100m tonnes, with the country battling its worst power crunch and coal shortages in years.
The move is the latest attempt by Chinese authorities to boost coal supply amid record high prices and shortages of electricity that have led to power rationing across the country, crippling industrial output.
(Sidebar: it couldn't happen to a nicer dictatorship.)
None of this accidental.
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