Analyzing the Impact of Recent Economic Events on European Commodities
Europe’s Oil Giants Slow Green Goals and Act More Like Exxon
- Russia’s war in Ukraine shifted focus to energy security.
- Companies criticized for neglecting short-term climate goals.
- Big Oil is fashionable again in London and Paris.
- After a year of record profits, Europe’s supermajors are shifting their focus back to fossil fuel production despite the implications for their pledges to reduce CO2 emissions. It’s an approach already familiar to American giants Exxon Mobil Corp. and Chevron Corp., whose vision of the future has always stayed close to their oily core.
Europe’s Oil Giants Slow Green Goals and Act More Like ExxonUK Experiencing Largest Loss of Purchasing Power Since Mid-1970s
- The UK economy suffered the biggest loss of purchasing power since the 1970s oil crisis after Russia’s invasion of Ukraine sparked a surge in energy prices.
- The blow is laid bare in new analysis published by the Office for National Statistics on Wednesday. Whereas real GDP rose by 1.9% in the year through the third quarter of 2022, gross domestic income – a measure that adjusts output for the steep rise in imported energy and commodity prices – declined by 0.2%.
UK Property Surveyors Say Buyers Disappearing After Rate Rise
- RICS says new buyer inquiries and agreed sales fell in January.
- Survey is the latest to indicate gloom about house prices.
- UK property surveyors said the housing market settled further into hibernation in January as buyer inquiries, agreed sales and new instructions to sell all fell again.
- The lackluster activity, driven by higher interest rates and the tightest cost-of-living squeeze in generations, translated into a further drop in prices at the start of the year, the Royal Institution of Chartered Surveyors said Thursday.