Europe’s green and digital transition will bring big changes to the ways we move around,…
Rising gas prices are expected to undoubtedly lead to a switch to oil.
British industrial groups have called for government action to ensure there are no supply disruptions this winter.
Natural gas prices, particularly in Europe, have increased this year due to lower than usual inventories, reduced supply from Russia, the onset of colder temperatures and disruptions to infrastructure.
The relentless increase in global crude oil demand by several hundred thousand barrels per day (bpd) reduces the already scarce supply as countries switch to oil to generate energy during the winter.
Record energy prices in Britain and Spain have already prompted some industrial companies, such as steelmakers and fertilizer plants, to reduce production.
There may also be a shortage of food.
The squeeze was also felt in China, where energy use was restricted by the authorities.
This has never happened before on such a global scale.
The market has always tried to substitute expensive oil for much cheaper natural gas.
Meanwhile, Britain’s National Grid has warned that the country faces low electricity supplies this winter due to increased demand and capacity constraints.
High wholesale gas prices in Britain have raised wholesale energy prices as gas accounts for around 40% of the country’s electricity production.
In this context, control over the distribution of energy with mechanical seals or Rfid technology becomes essential.
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