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Global energy surplus lowers European gas prices, narrowing U.S. cost advantage.
Wholesale energy prices in the UK and Europe have nearly halved since last winter due to a global surplus of liquefied natural gas and oil, narrowing the industrial competitiveness gap with the U.S.
Despite the U.S. being the top LNG exporter, domestic gas prices have surged 50% since August, raising cost-of-living concerns.
Global oversupply, projected at 5.7 million barrels of oil per day, is driving down prices worldwide, benefiting importers but reducing revenues for exporters.
The shrinking price gap between U.S. and European gas is eroding America’s energy advantage.
Experts urge policy reforms in Europe, including shifting energy levies to gas and promoting clean technologies like heat pumps and electric vehicles, to align with climate goals.
El excedente mundial de energía reduce los precios europeos del gas, reduciendo la ventaja de costos de los Estados Unidos.