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What was the 1970s oil crisis, and are we heading for something worse?
Alicia Garcia Herrero, chief economist for Asia Pacific at Natixis CIB, said while 1970s oil shocks sent prices sky high, they only cut global supply by 5-7%. In contrast, the current crisis affects 20% of the world’s supplies, “dwarfing the 1970s shock”, she said.
Saltend: Major UK rare earths refinery scrapped in favour of US
Plans for a groundbreaking rare earths refinery in East Yorkshire have been abandoned, after the company behind the project decided to seek investment in the United States instead. Pensana has spent the past seven years developing a rare earths mine in Angola. The $268m (£185m) project, one of the largest of its kind in the…
Water companies told to refund £260m to customers.
Mark Poynting,Climate and science reporter, BBC News and Jonah Fisher,Environment correspondent PA Media England and Wales’ water companies have been ordered to refund more than £260m to customers for poor performance. The economic regulator Ofwat says 40% of that money has already been taken off this year’s bills, with the rest to come off next…
Petrol price: Whats driving Northern Irelands falling fuel costs?
“Locally, the prices are very much linked to geopolitical instability, they’re linked to supply and demand at global level… and money markets, currency exchange rates, which again there’s no ability for people in Northern Ireland to control,” explained Smyth.
