EU has divided over Russian energy and as per reports the Nord Stream turbine is stuck in Germany. Meanwhile, Russian natural gas cutoff could weigh on Europe's economies.

WION Fineprint: Europe divided over Russia: The Great Gas Turbine blame game

The European Commission on Wednesday urged the EU countries to cut demand for natural gas by 15 per cent over coming months. This step is being recommended to secure winter stocks and fight Russian "blackmail". EU commissioners have announced an emergency plan and has urged member states to give Brussels powers to impose compulsory energy rationing in case Russia cuts Europe's gas.

Last year Russia provided 40 per cent of Europe's total consumption of natural gas. However, in the wake of Ukraine conflict and EU imposing sanctions on Russia, it is widely expected that Russia would significantly reduce gas supply as a retaliatory measure. It has already started to do so.&nbsp;

Any further disruption to supply would also push consumer prices higher and raise the risk of a deep recession.

"Russia is blackmailing us," European Commission President Ursula von der Leyen told reporters.&nbsp;

"Russia is using energy as a weapon and therefore, in any event, whether it's a partial major cut off of Russian gas or total cut off... Europe needs to be ready."&nbsp;

Europe is eagerly watching whether Russia will resume gas supplies via the Nord Stream 1 pipeline on Thursday when scheduled maintenance is due to be completed.

German pipeline manager Gascade said it expected Russian gas deliveries to resume at 40 percent of capacity, the level of supplies before maintenance work.

On Wednesday evening, the president of Germany's Federal Network Agency Klaus Mueller estimated on Twitter that the delivery on Thursday might only be "around 30 percent" of the capacity, after updating the data.

(With inputs from agencies)

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The European Commission on Wednesday urged the EU countries to cut demand for natural gas by 15 per cent over coming months. This step is being recommended to secure winter stocks and fight Russian "blackmail".

The European Commission on Wednesday urged the EU countries to cut demand for natural gas by 15 per cent over coming months. This step is being recommended to secure winter stocks and fight Russian "blackmail". EU commissioners have announced an emergency plan and has urged member states to give Brussels powers to impose compulsory energy rationing in case Russia cuts Europe's gas. Last year Russia provided 40 per cent of Europe's total consumption of natural gas. However, in the wake of Ukraine conflict and EU imposing sanctions on Russia, it is widely expected that Russia would significantly reduce gas supply as a retaliatory measure. It has already started to do so. Any further disruption to supply would also push consumer prices higher and raise the risk of a deep recession. "Russia is blackmailing us," European Commission President Ursula von der Leyen told reporters. "Russia is using energy as a weapon and therefore, in any event, whether it's a partial major cut off of Russian gas or total cut off... Europe needs to be ready." Europe is eagerly watching whether Russia will resume gas supplies via the Nord Stream 1 pipeline on Thursday when scheduled maintenance is due to be completed. German pipeline manager Gascade said it expected Russian gas deliveries to resume at 40 percent of capacity, the level of supplies before maintenance work. On Wednesday evening, the president of Germany's Federal Network Agency Klaus Mueller estimated on Twitter that the delivery on Thursday might only be "around 30 percent" of the capacity, after updating the data. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

EU asks countries to cut gas use to tackle Russian 'blackmail'

North Stream Gas pipeline linking Russia to Germany has restarted after 10 days of maintenance work, the pipeline's operators have confirmed that the pipeline is now working, however the amount of gas that is being delivered by Russia is not known at present.

North Stream Gas pipeline restarts, quantity of gas supplies being delivered not known yet

EU has placed sanctions on Russian gas in an effort to punish Moscow for its war in Ukraine. However, the move has led to rampant inflation in Europe and the Europe's energy security is at stake.

EU suffers high inflation from lack of Russian gas

Europe is facing a major energy crisis amid the ongoing Russia-Ukraine war. However, there is a Solar tech company named WeDoSolar that aims to cut Germany's reliance on Russian gas.

Solar tech company aims to cut Germany's reliance on Russian gas amid Ukraine war

Solar tech company aims to cut Germany's reliance on Russian gas

Russia's invasion of Ukraine earlier this year and sanctions that followed have triggered a downfall for European currency. Euro has dropped to a new low; Euro and Dollar have now reached parity.

Euro falls amid fears that Russia would cut off gas

Norwegian offshore workers began a strike on Tuesday that will reduce oil and gas output. Workers are demanding wage hikes to compensate for rising inflation.

Norwegian oil and gas workers start strike, cutting output

Eurozone inflation accelerated to another record high in June, official data showed on Friday, as Russia's war in Ukraine drives up energy prices and hammers the European economy.

The EU's Eurostat data agency said the increase in consumer prices in the 19 countries that use the euro reached 8.6 percent in June, leaping from the previous record of 8.1 percent a month earlier.

Consumer prices in the eurozone have hit records since November, buffeted by sky-high energy prices, which jumped by 41.9 percent over one year, caused by the fallout of Russia's invasion of its neighbour Ukraine.

But analysts also pointed to the rise in food prices, which accelerated by 8.9 percent, showing that the inflation problem was spreading through the economy.

"Historically, we have never had such a high figure for the contribution of food. It will have a big impact," said Philippe Waechter of Ostrum Asset Management.

The European Central Bank has said it will do whatever it takes to bring inflation back to its target level, with political pressure high to bring energy and food prices into check.

"With eurozone inflation now becoming more broad-based in nature, the outlook for the Eurozone for the rest of 2022 continues to look bleak," warned Pushpin Singh, Economist at the Centre for Economics and Business Research.

"This comes amid a mounting possibility of a severe gas crisis in Europe, with Russia using gas exports as a means to counter sanctions," he added.

Rate hike

As the conflict rages on, Russia has shown an increased willingness to cut off gas supplies to Europe, a danger that has raised the prospect of energy rationing in the eurozone to get through next winter.

Some analysts took solace in the core inflation data, which excludes energy and food prices and came in at 3.7 percent, a tiny drop from the previous month.

But this would not be enough to change the course decided at the ECB's last meeting, when policymakers agreed to the bank's first interest rate hike in more than a decade.

The quarter-point raise, set to take place at its next meeting on July 21, will raise rates from their historic lows.

"We will go as far as necessary to ensure that inflation stabilises at our two percent target over the medium term," ECB head Christine Lagarde said on Tuesday.

The ECB is being pressured by some to go faster in halting inflation and choose a path more akin to the United States where the Federal Reserve has warned it may trigger a recession to cool prices.

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Eurozone inflation accelerated to another record high in June, official data showed on Friday, as Russia's war in Ukraine drives up energy prices and hammers the European economy.

Eurozone inflation accelerated to another record high in June, official data showed on Friday, as Russia's war in Ukraine drives up energy prices and hammers the European economy. The EU's Eurostat data agency said the increase in consumer prices in the 19 countries that use the euro reached 8.6 percent in June, leaping from the previous record of 8.1 percent a month earlier. Consumer prices in the eurozone have hit records since November, buffeted by sky-high energy prices, which jumped by 41.9 percent over one year, caused by the fallout of Russia's invasion of its neighbour Ukraine. But analysts also pointed to the rise in food prices, which accelerated by 8.9 percent, showing that the inflation problem was spreading through the economy. "Historically, we have never had such a high figure for the contribution of food. It will have a big impact," said Philippe Waechter of Ostrum Asset Management. The European Central Bank has said it will do whatever it takes to bring inflation back to its target level, with political pressure high to bring energy and food prices into check. "With eurozone inflation now becoming more broad-based in nature, the outlook for the Eurozone for the rest of 2022 continues to look bleak," warned Pushpin Singh, Economist at the Centre for Economics and Business Research. "This comes amid a mounting possibility of a severe gas crisis in Europe, with Russia using gas exports as a means to counter sanctions," he added. Rate hike As the conflict rages on, Russia has shown an increased willingness to cut off gas supplies to Europe, a danger that has raised the prospect of energy rationing in the eurozone to get through next winter. Some analysts took solace in the core inflation data, which excludes energy and food prices and came in at 3.7 percent, a tiny drop from the previous month. But this would not be enough to change the course decided at the ECB's last meeting, when policymakers agreed to the bank's first interest rate hike in more than a decade. The quarter-point raise, set to take place at its next meeting on July 21, will raise rates from their historic lows. "We will go as far as necessary to ensure that inflation stabilises at our two percent target over the medium term," ECB head Christine Lagarde said on Tuesday. The ECB is being pressured by some to go faster in halting inflation and choose a path more akin to the United States where the Federal Reserve has warned it may trigger a recession to cool prices. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Eurozone inflation hits record, as gas crunch looms

Thirteen people have died and more than hundred have been injured in a toxic gas leak from a storage tank at Jordan’s Aqaba port. The leak triggered an explosion of toxic yellow smoke.

Toxic gas leak in Jordan leaves 13 dead and hundreds injured, explosion at Aqaba port

Europe is facing energy crisis as Russia-Ukraine war has exposed EU's Russian gas dependency. Russia has blamed sanctions for reduced flow of gas.

Russia-Ukraine war exposes EU's Russian gas dependency

Europe is planning to go back to coal as Russia choked off gas supplies. Experts have warned of climate risks against 'backsliding on fossil fuels'.

Embracing the 'dirty fuel': Russia's gas choke sends Europe back to coal

Germany triggers the ‘alarm" level’, the second of three steps under the emergency plan, bringing the country a step closer to the final stage that could see gas rationing in Europe's top economy, as reported by AFP.

Germany moved closer to rationing natural gas on Thursday as it raised the alert level under an emergency plan after Russia slashed supplies to the country. "Gas is now a scarce commodity in Germany," Economy Minister Robert Habeck told reporters at a press conference.

Russia was using gas "as a weapon" against Germany in retaliation for the West's support for Ukraine following Moscow's invasion, Habeck said, with the aim of "destroying" European unity.

But the Kremlin dismissed Germany's suggestion there were political motives behind the limits to supply as "strange".

Germany, like a number of other European countries, is highly reliant on Russian energy imports to meet its needs. Russian energy giant Gazprom cut supplies to Germany via the Nord Stream pipeline by 60 per cent last week, blaming the new limits on delayed repairs.

Germany has dismissed the technical justification provided by Gazprom, instead of calling the move a "political decision".&nbsp;

Kremlin spokesman Dmitry Peskov said Thursday there was "no double meaning" in the supply decision. "Our German partners are well aware of the technological servicing cycles of a pipeline. It's strange to call it politics," he said.&nbsp;

Also Read:<a href="https://www.wionews.com/photos/in-pics-want-to-meet-mermaids-you-might-find-one-in-your-local-community-pool-490972">&nbsp;In pics: Want to meet mermaids? You might find one in your local community pool</a>

The German government expects supply to stop between July 11 and July 25 for annual maintenance on the Nord Stream pipeline.

If deliveries do not resume after the service period, Germany could face a shortage of gas as soon as "mid-December".

Since the outbreak of the war in Ukraine, Germany has managed to reduce the share of its natural gas supplied by Russia from 55 per cent to around 35 per cent.

(with inputs from agencies)

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Germany triggers the ‘alarm" level’, the second of three steps under the emergency plan, bringing the country a step closer to the final stage that could see gas rationing in Europe's top economy, as reported by AFP.

Germany triggers the ‘alarm" level’, the second of three steps under the emergency plan, bringing the country a step closer to the final stage that could see gas rationing in Europe's top economy, as reported by AFP. Germany moved closer to rationing natural gas on Thursday as it raised the alert level under an emergency plan after Russia slashed supplies to the country. "Gas is now a scarce commodity in Germany," Economy Minister Robert Habeck told reporters at a press conference. Russia was using gas "as a weapon" against Germany in retaliation for the West's support for Ukraine following Moscow's invasion, Habeck said, with the aim of "destroying" European unity. But the Kremlin dismissed Germany's suggestion there were political motives behind the limits to supply as "strange". Germany, like a number of other European countries, is highly reliant on Russian energy imports to meet its needs. Russian energy giant Gazprom cut supplies to Germany via the Nord Stream pipeline by 60 per cent last week, blaming the new limits on delayed repairs. Germany has dismissed the technical justification provided by Gazprom, instead of calling the move a "political decision". Kremlin spokesman Dmitry Peskov said Thursday there was "no double meaning" in the supply decision. "Our German partners are well aware of the technological servicing cycles of a pipeline. It's strange to call it politics," he said. Also Read: In pics: Want to meet mermaids? You might find one in your local community pool The German government expects supply to stop between July 11 and July 25 for annual maintenance on the Nord Stream pipeline. If deliveries do not resume after the service period, Germany could face a shortage of gas as soon as "mid-December". Since the outbreak of the war in Ukraine, Germany has managed to reduce the share of its natural gas supplied by Russia from 55 per cent to around 35 per cent. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Germany triggers ‘alarm level’, next step could see gas rationing

The head of the international energy agency has warned that Europe needs to prepare immediately for a scenario where Russia just stops the supply of gas to the continent.

IEA chief issues warning: 'Russia may cut off Europe's gas supply'

Russia&nbsp;has&nbsp;promised to continue&nbsp;gas&nbsp;shipments&nbsp;to&nbsp;Hungary&nbsp;and that Gazprom will fulfil its contractual obligations to the country,&nbsp;Foreign&nbsp;Minister&nbsp;Peter Szijjarto said in an interview on public service radio on Sunday.

In&nbsp;Russia's response to Western sanctions imposed on Moscow since its invasion of Ukraine, state energy giant Gazprom&nbsp;has&nbsp;cut supplies to Denmark's Orsted&nbsp;and to Shell Energy&nbsp;for its contract to supply&nbsp;gas&nbsp;to Germany.

Also read |&nbsp;<a href="https://www.wionews.com/world/indias-russian-coal-buying-spikes-as-traders-offer-steep-discounts-489537">India's Russian coal buying spikes as traders offer steep discounts: Report</a>

It also cut supplies to Dutch&nbsp;gas&nbsp;trader&nbsp;GasTerra along with Bulgaria, Poland and Finland for refusing to make payments for&nbsp;Russian&nbsp;gas&nbsp;in roubles under a new rouble scheme.

Szijjarto said that Gazprom CEO Alexey Miller and&nbsp;Russia's deputy prime&nbsp;minister&nbsp;Alexander Novak had both&nbsp;assured&nbsp;him in a phone call that the company would fulfil its obligations towards&nbsp;Hungary&nbsp;set out in its contract.

The&nbsp;minister&nbsp;did not say when the phone call took place. The&nbsp;foreign&nbsp;ministry did not immediately reply to a request for comment.

Watch |&nbsp;NATO chief warns Russia-Ukraine war might last long

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Under a deal with Gazprom signed last year,&nbsp;Hungary&nbsp;receives 3.5 billion cubic metres (bcm) of&nbsp;gas&nbsp;per year via Bulgaria and Serbia under its long-term deal with&nbsp;Russia, and a further one bcm via a pipeline from Austria.

The agreement is valid for 15 years, with an option to modify purchased quantities after 10 years.

Szijjarto also said on Sunday that&nbsp;Hungary's energy security, including its&nbsp;gas&nbsp;supply, is stable and that&nbsp;gas&nbsp;shipments&nbsp;have been arriving daily as per the contract, on schedule, and without any disruptions.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-has-nothing-against-ukraine-joining-eu-putin-489203">Russia has 'nothing against' Ukraine joining EU, says Vladimir Putin</a>

Russian&nbsp;gas&nbsp;flows to Europe fell short of demand on Friday as Italy and Slovakia reported receiving less than half of the usual volumes through the Nordstream 1 pipeline, which crosses the Baltic Sea from&nbsp;Russia&nbsp;to Germany and accounts for around 40 per cent&nbsp;of&nbsp;Russian pipeline flows to the European Union.

On Sunday Germany announced further steps to boost&nbsp;gas&nbsp;storage levels to prepare for the next winter season, when it fears&nbsp;Russia&nbsp;could reduce or even completely halt supplies.

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Russia has promised to continue gas shipments to Hungary and that Gazprom will fulfil its contractual obligations to the country, Foreign Minister Peter Szijjarto said in an interview on public service radio on Sunday.

Russia has promised to continue gas shipments to Hungary and that Gazprom will fulfil its contractual obligations to the country, Foreign Minister Peter Szijjarto said in an interview on public service radio on Sunday. In Russia's response to Western sanctions imposed on Moscow since its invasion of Ukraine, state energy giant Gazprom has cut supplies to Denmark's Orsted and to Shell Energy for its contract to supply gas to Germany. Also read | India's Russian coal buying spikes as traders offer steep discounts: Report It also cut supplies to Dutch gas trader GasTerra along with Bulgaria, Poland and Finland for refusing to make payments for Russian gas in roubles under a new rouble scheme. Szijjarto said that Gazprom CEO Alexey Miller and Russia's deputy prime minister Alexander Novak had both assured him in a phone call that the company would fulfil its obligations towards Hungary set out in its contract. The minister did not say when the phone call took place. The foreign ministry did not immediately reply to a request for comment. Watch | NATO chief warns Russia-Ukraine war might last long Under a deal with Gazprom signed last year, Hungary receives 3.5 billion cubic metres (bcm) of gas per year via Bulgaria and Serbia under its long-term deal with Russia, and a further one bcm via a pipeline from Austria. The agreement is valid for 15 years, with an option to modify purchased quantities after 10 years. Szijjarto also said on Sunday that Hungary's energy security, including its gas supply, is stable and that gas shipments have been arriving daily as per the contract, on schedule, and without any disruptions. Also read | Russia has 'nothing against' Ukraine joining EU, says Vladimir Putin Russian gas flows to Europe fell short of demand on Friday as Italy and Slovakia reported receiving less than half of the usual volumes through the Nordstream 1 pipeline, which crosses the Baltic Sea from Russia to Germany and accounts for around 40 per cent of Russian pipeline flows to the European Union. On Sunday Germany announced further steps to boost gas storage levels to prepare for the next winter season, when it fears Russia could reduce or even completely halt supplies. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Russia has assured Hungary of continued gas shipments: Foreign Minister

In order to replace Russian energy imports, Israel and Egypt signed a memorandum of understanding (MoU) on Wednesday with an aim to boost natural gas exports to Europe as supply chain disruptions due to the ongoing Russia-Ukraine war are causing shortages.

The framework deal signed with the European Union (EU) will be the first to allow "significant" exports of Israeli gas to Europe, Israel's energy ministry said. Under the agreement, the EU will encourage European companies to participate in Israeli and Egyptian exploration tenders.

European Commission President, Ursula Von Der Leyen says, “And indeed, we’re experiencing a war on European soil and therefore we are now in the process of completely diversifying our energy supplies away from Russian fossil fuels to other trustworthy suppliers, and you are these trustworthy suppliers.”

Some Israeli gas is already sent by pipeline to liquefaction plants on Egypt's Mediterranean coast, from where it is re-exported as liquefied natural gas (LNG). Officials say they expect shipments of LNG from Egypt to Europe to increase under the agreement, though they have said it would likely take a couple of years before the exports can be significantly expanded.

Also Read:<a href="https://www.wionews.com/photos/in-pics-ukraine-bids-farewell-to-its-war-heroes-488400">&nbsp;In pics: Ukraine bids farewell to its war heroes</a>

Ursula says, “And I see it as a first step leading to a Mediterranean-wide agreement because I see that the energy supplies from traditional are from the most Northern part now are shifting towards the global south because you have an abundance of natural resources. You have the sun, you have the wind, you have partially the hydropower, so these are the pre-audition resources that will feed the global clean energy of the future.” 
Egypt is also a gas producer, but its exports have been limited by rising domestic demand.

The agreement recognizes that natural gas will have a central role in the EU's energy market until 2030. Following that, the use of natural gas is expected to decline in line with its commitment to becoming a zero-emission economy by 2050.

(with inputs from agencies)

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In order to replace Russian energy imports, Israel and Egypt signed a memorandum of understanding (MoU) on Wednesday with an aim to boost natural gas exports to Europe as supply chain disruptions due to the ongoing Russia-Ukraine war are causing shortages.

In order to replace Russian energy imports, Israel and Egypt signed a memorandum of understanding (MoU) on Wednesday with an aim to boost natural gas exports to Europe as supply chain disruptions due to the ongoing Russia-Ukraine war are causing shortages. The framework deal signed with the European Union (EU) will be the first to allow "significant" exports of Israeli gas to Europe, Israel's energy ministry said. Under the agreement, the EU will encourage European companies to participate in Israeli and Egyptian exploration tenders. European Commission President, Ursula Von Der Leyen says, “And indeed, we’re experiencing a war on European soil and therefore we are now in the process of completely diversifying our energy supplies away from Russian fossil fuels to other trustworthy suppliers, and you are these trustworthy suppliers.” Some Israeli gas is already sent by pipeline to liquefaction plants on Egypt's Mediterranean coast, from where it is re-exported as liquefied natural gas (LNG). Officials say they expect shipments of LNG from Egypt to Europe to increase under the agreement, though they have said it would likely take a couple of years before the exports can be significantly expanded. Also Read: In pics: Ukraine bids farewell to its war heroes Ursula says, “And I see it as a first step leading to a Mediterranean-wide agreement because I see that the energy supplies from traditional are from the most Northern part now are shifting towards the global south because you have an abundance of natural resources. You have the sun, you have the wind, you have partially the hydropower, so these are the pre-audition resources that will feed the global clean energy of the future.” Egypt is also a gas producer, but its exports have been limited by rising domestic demand. The agreement recognizes that natural gas will have a central role in the EU's energy market until 2030. Following that, the use of natural gas is expected to decline in line with its commitment to becoming a zero-emission economy by 2050. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Israel and Egypt sign MoU with EU to boost gas exports to Europe

United States President Joe Biden on Wednesday called on major oil refinery companies to take "immediate actions" to ramp up supply as Americans continue to see soaring prices at the gas pump. He warned the oil industry of unspecified emergency measures over high fuel prices at the heart of 40-year high inflation.&nbsp;

Average fuel prices are now $5 a gallon for drivers in the United States, up from $3 a year ago, and the spike is reverberating through the entire economy, helping to sink Biden's approval ratings to below 40 per cent.

The letter, sent to seven major oil corporations, was Biden's most direct salvo yet in a campaign to blame the industry for stoking price increases.&nbsp;

Average fuel prices are now $5 a gallon for drivers in the United States, up from $3 a year ago, and the spike is reverberating through the entire economy, helping to sink Biden's approval ratings to below 40 per cent.

"Refinery profit margins well above normal being passed directly onto American families are not acceptable," Biden wrote in the letter to executives from Shell, Marathon Petroleum Corp, Valero Energy Corp, ExxonMobil, Phillips 66, Chevron and BP.

Biden said the economy is in "a time of war," referring to the global fallout from President Vladimir Putin's invasion of Ukraine and subsequent sanctions against energy exporter Russia.

"My administration is prepared to use all reasonable and appropriate federal government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied," Biden said, without detailing what kind of actions he could take.

Biden has regularly lambasted the oil industry for what he says is a failure to tap into already approved wells and increase output.&nbsp;

However, the letter, accompanied by a graph depicting rising producer profits, marked an escalation in the war of words.

In the letter, he asked for an "explanation of any reduction in your refining capacity since 2020 and any concrete ideas that would address the immediate inventory, price, and refining capacity issues in the coming months, including transportation measures to get the refined product to market."

"The crunch that families are facing deserves immediate action. Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis," he wrote. 
Biden's Democratic Party risks a heavy defeat, losing control of Congress, in the November elections and polls show that fears over the economy dominate.

Also Read:&nbsp;<a href="https://www.wionews.com/photos/in-pics-sheep-fire-flames-engulf-dense-vegetation-in-southern-california-488426">In pics: Sheep fire flames engulf dense vegetation in southern California</a>

In a fiery speech Tuesday, Biden blamed Republican obstruction in Congress and Russia's war in Ukraine for price increases that he said are "sapping the strength of a lot of families."

The Federal Reserve was due Wednesday to raise interest rates again in an aggressive effort to tamp down inflation, amid fears that the unintended result will be a recession.

(with inputs from agencies) 
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United States President Joe Biden on Wednesday called on major oil refinery companies to take "immediate actions" to ramp up supply as Americans continue to see soaring prices at the gas pump.

United States President Joe Biden on Wednesday called on major oil refinery companies to take "immediate actions" to ramp up supply as Americans continue to see soaring prices at the gas pump. He warned the oil industry of unspecified emergency measures over high fuel prices at the heart of 40-year high inflation. Average fuel prices are now $5 a gallon for drivers in the United States, up from $3 a year ago, and the spike is reverberating through the entire economy, helping to sink Biden's approval ratings to below 40 per cent. The letter, sent to seven major oil corporations, was Biden's most direct salvo yet in a campaign to blame the industry for stoking price increases. Average fuel prices are now $5 a gallon for drivers in the United States, up from $3 a year ago, and the spike is reverberating through the entire economy, helping to sink Biden's approval ratings to below 40 per cent. "Refinery profit margins well above normal being passed directly onto American families are not acceptable," Biden wrote in the letter to executives from Shell, Marathon Petroleum Corp, Valero Energy Corp, ExxonMobil, Phillips 66, Chevron and BP. Biden said the economy is in "a time of war," referring to the global fallout from President Vladimir Putin's invasion of Ukraine and subsequent sanctions against energy exporter Russia. "My administration is prepared to use all reasonable and appropriate federal government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied," Biden said, without detailing what kind of actions he could take. Biden has regularly lambasted the oil industry for what he says is a failure to tap into already approved wells and increase output. However, the letter, accompanied by a graph depicting rising producer profits, marked an escalation in the war of words. In the letter, he asked for an "explanation of any reduction in your refining capacity since 2020 and any concrete ideas that would address the immediate inventory, price, and refining capacity issues in the coming months, including transportation measures to get the refined product to market." "The crunch that families are facing deserves immediate action. Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis," he wrote. Biden's Democratic Party risks a heavy defeat, losing control of Congress, in the November elections and polls show that fears over the economy dominate. Also Read: In pics: Sheep fire flames engulf dense vegetation in southern California In a fiery speech Tuesday, Biden blamed Republican obstruction in Congress and Russia's war in Ukraine for price increases that he said are "sapping the strength of a lot of families." The Federal Reserve was due Wednesday to raise interest rates again in an aggressive effort to tamp down inflation, amid fears that the unintended result will be a recession. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Joe Biden calls out oil refineries to take ‘immediate actions’ over soaring gas prices

Qatar on Sunday named France's TotalEnergies as its first foreign partner to develop the world's largest natural gas field and eventually help ease Europe's energy fears.

The French energy major will have a 6.25-percent share of the giant North Field East project that will help Qatar increase its liquefied natural gas (LNG) production by more than 60 percent by 2027, Qatar's Energy Minister Saad Sherida al-Kaabi told a news conference.

Kaabi said it was "a marriage more than an engagement" as the accord will last until 2054.

Also read |&nbsp;<a href="https://www.wionews.com/world/europe-reels-under-high-fuel-prices-protests-in-poland-486691">Europe reels under high fuel prices; protests in Poland</a>

Other foreign firms will also have joint venture stakes with state-owned Qatar Energy (QE) but none will be bigger than TotalEnergies, said Kaabi, who did not reveal names.

Industry sources say ExxonMobil, Shell and ConocoPhillips are all in line to take part in the giant $28-billion expansion, that Qatar had originally wanted to finance alone.

"We have finished the selection process and we have signed the agreements," Kaabi said, adding that names would be announced in the "near future".

With European nations scrambling to find alternatives to Russian oil and gas, LNG from North Field is expected to start coming on line in 2026.

TotalEnergies chief executive Patrick Pouyanne said the company's biggest deal with Qatar would help make up for the company's withdrawal from Russia in the wake of the Ukraine invasion.

Hard bargain

Without giving figures, Pouyanne indicated that Qatar had demanded a high price in the talks that started in 2019.

"Your team and yourself have been a very good defender of Qatar's interests in this project," he said in comments to the minister who is also the QE chief.

"Qatar Energy certainly drove a hard bargain. But for&nbsp;the biggest global LNG players like Shell and TotalEnergies, Qatar is too good to pass up. A stake in these LNG trains delivers scale, low-cost supply, great marketing opportunities, and a good partner," said Ben Cahill, an energy security specialist at the Center for Security and International Studies in Washington.

Watch |&nbsp;Can EU find alternate to Russian oil and gas sources?

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Qatar is already one of the world's top LNG producers, alongside the United States and Australia.&nbsp;

QE estimates that North Field holds about 10 percent of the world's known natural gas reserves.

The reserves extend under the sea into Iranian territory, where Tehran's efforts to exploit its South Pars gas field have been hindered by international sanctions.

South Korea, Japan and China have become the main markets for Qatar's LNG but since an energy crisis hit Europe last year, the Gulf state has helped Britain with extra supplies and also announced a cooperation deal with Germany.

Europe has for long rejected the long-term deals that Qatar seeks for its energy but the Ukraine conflict has forced a change in attitude.

Qatar’s expansion "underlines its position as a leader in this industry", said Bill Farren-Price, head of macro oil and gas research at the Enverus energy consultancy.

"With gas balances tight globally amid reduced Russian gas exports to Europe, LNG is a key and growing component in the energy transition and Qatar is determined to leverage its world-class North Field reserves to capture additional value through this deal.

Also read |&nbsp;<a href="https://www.wionews.com/world/blaming-west-for-food-and-energy-crises-putin-guarantees-peaceful-exports-from-ukraine-484938">Blaming West for food and energy crises, Putin ‘guarantees’ peaceful exports from Ukraine</a>

"Its partnership with TotalEnergies reinforces Doha’s political partnership with Western powers while giving it even more marketing options."

The Ukraine conflict has also injected a new urgency into efforts around the world to develop new sources.

Tanzania on Saturday signed a framework agreement with British and Norwegian energy giants Shell and Equinor towards implementing a $30-billion project to export its natural gas.

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Qatar on Sunday named France's TotalEnergies as its first foreign partner to develop the world's largest natural gas field and eventually help ease Europe's energy fears.

Qatar on Sunday named France's TotalEnergies as its first foreign partner to develop the world's largest natural gas field and eventually help ease Europe's energy fears. The French energy major will have a 6.25-percent share of the giant North Field East project that will help Qatar increase its liquefied natural gas (LNG) production by more than 60 percent by 2027, Qatar's Energy Minister Saad Sherida al-Kaabi told a news conference. Kaabi said it was "a marriage more than an engagement" as the accord will last until 2054. Also read | Europe reels under high fuel prices; protests in Poland Other foreign firms will also have joint venture stakes with state-owned Qatar Energy (QE) but none will be bigger than TotalEnergies, said Kaabi, who did not reveal names. Industry sources say ExxonMobil, Shell and ConocoPhillips are all in line to take part in the giant $28-billion expansion, that Qatar had originally wanted to finance alone. "We have finished the selection process and we have signed the agreements," Kaabi said, adding that names would be announced in the "near future". With European nations scrambling to find alternatives to Russian oil and gas, LNG from North Field is expected to start coming on line in 2026. TotalEnergies chief executive Patrick Pouyanne said the company's biggest deal with Qatar would help make up for the company's withdrawal from Russia in the wake of the Ukraine invasion. Hard bargain Without giving figures, Pouyanne indicated that Qatar had demanded a high price in the talks that started in 2019. "Your team and yourself have been a very good defender of Qatar's interests in this project," he said in comments to the minister who is also the QE chief. "Qatar Energy certainly drove a hard bargain. But for the biggest global LNG players like Shell and TotalEnergies, Qatar is too good to pass up. A stake in these LNG trains delivers scale, low-cost supply, great marketing opportunities, and a good partner," said Ben Cahill, an energy security specialist at the Center for Security and International Studies in Washington. Watch | Can EU find alternate to Russian oil and gas sources? Qatar is already one of the world's top LNG producers, alongside the United States and Australia. QE estimates that North Field holds about 10 percent of the world's known natural gas reserves. The reserves extend under the sea into Iranian territory, where Tehran's efforts to exploit its South Pars gas field have been hindered by international sanctions. South Korea, Japan and China have become the main markets for Qatar's LNG but since an energy crisis hit Europe last year, the Gulf state has helped Britain with extra supplies and also announced a cooperation deal with Germany. Europe has for long rejected the long-term deals that Qatar seeks for its energy but the Ukraine conflict has forced a change in attitude. Qatar’s expansion "underlines its position as a leader in this industry", said Bill Farren-Price, head of macro oil and gas research at the Enverus energy consultancy. "With gas balances tight globally amid reduced Russian gas exports to Europe, LNG is a key and growing component in the energy transition and Qatar is determined to leverage its world-class North Field reserves to capture additional value through this deal. Also read | Blaming West for food and energy crises, Putin ‘guarantees’ peaceful exports from Ukraine "Its partnership with TotalEnergies reinforces Doha’s political partnership with Western powers while giving it even more marketing options." The Ukraine conflict has also injected a new urgency into efforts around the world to develop new sources. Tanzania on Saturday signed a framework agreement with British and Norwegian energy giants Shell and Equinor towards implementing a $30-billion project to export its natural gas. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

TotalEnergies gains foothold in Qatar gas expansion

The Indian External Affairs Minister Jaishankar spoke at Globsec 2022. He called out Europe's hypocrisy amid a row over importing Russian oil & gas.

Indian External Affairs Minister Jaishankar speaks at Globsec 2022, calls out Europe's hypocrisy

A 38-year-old black man was bundled into a car by cops who then released a gas grenade inside. The victim died of asphyxiation. The death has sparked outrage in Brazil. Palki Sharma tells you more.

Gravitas: Cops in Brazil gas man to death in an "improvised gas chamber"

Amid the ongoing Russia-Ukraine conflict, there has been a lot of talk about European countries boycotting Russian oil and gas imports in order to hurt the nation economically. However, Russian energy giant Gazprom has earned record high profits in 2021 due to rising oil and gas prices.

The COVID-19 pandemic has proven to be a problem for a lot of businesses, but Gazprom announced that they have earned a net profit of $29 billion in 2021 which was a substantial increase from 2020.

Also read |&nbsp;<a href="https://www.wionews.com/world/finland-sweden-will-begin-nato-membership-process-in-may-says-local-media-474770">Finland, Sweden will begin NATO membership process in May, says local media</a>

According to the official statement, a profit of 2.09 trillion Roubles was earned by the energy company in comparison to 135 billion Roubles in 2020. When it comes to revenue, it rose 62 per cent to 10.2 trillion Roubles which is also a record, and it accounts for five per cent of Moscow’s trade.

However, it is unlikely that the growth will be uniform in 2022 because of the sanctions imposed by a number of countries in response to the aggression in Ukraine. Europe is the main consumer for Russian oil and gas, but the sanctions mean that the Russian economy can take a hit this year.

Also read |&nbsp;<a href="https://www.wionews.com/world/human-rights-groups-concerned-as-uk-brings-about-biggest-overhaul-to-its-asylum-law-474772">Human rights groups&nbsp;concerned as&nbsp;UK makes&nbsp;biggest overhaul to its asylum laws</a>

Earlier, Gazprom decides to stop deliveries to Bulgaria and Poland as they said that they will only be taking payment in Rubles from now on.

Although the United Nations have termed this move ‘blackmail’ in response to the sanctions, Russia is adamant that they will stop supplies to any nation not willing to pay them in Roubles and this can be a big problem for the European Union.

WATCH |&nbsp;Russia-Ukraine Crisis: Ukraine soldier narrates ground situation in Mariupol

&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russia-ukraine-crisis-ukraine-soldier-narrates-ground-situation-in-mariupol-474849/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

<div class="videoWrapper trancodeVideo">&nbsp;</div>

<div class="videoWrapper trancodeVideo">(With inputs from agencies)</div>

Amid the ongoing Russia-Ukraine conflict, there has been a lot of talk about European countries boycotting Russian oil and gas imports in order to hurt the nation economically.

Amid the ongoing Russia-Ukraine conflict, there has been a lot of talk about European countries boycotting Russian oil and gas imports in order to hurt the nation economically. However, Russian energy giant Gazprom has earned record high profits in 2021 due to rising oil and gas prices. The COVID-19 pandemic has proven to be a problem for a lot of businesses, but Gazprom announced that they have earned a net profit of $29 billion in 2021 which was a substantial increase from 2020. Also read | Finland, Sweden will begin NATO membership process in May, says local media According to the official statement, a profit of 2.09 trillion Roubles was earned by the energy company in comparison to 135 billion Roubles in 2020. When it comes to revenue, it rose 62 per cent to 10.2 trillion Roubles which is also a record, and it accounts for five per cent of Moscow’s trade. However, it is unlikely that the growth will be uniform in 2022 because of the sanctions imposed by a number of countries in response to the aggression in Ukraine. Europe is the main consumer for Russian oil and gas, but the sanctions mean that the Russian economy can take a hit this year. Also read | Human rights groups concerned as UK makes biggest overhaul to its asylum laws Earlier, Gazprom decides to stop deliveries to Bulgaria and Poland as they said that they will only be taking payment in Rubles from now on. Although the United Nations have termed this move ‘blackmail’ in response to the sanctions, Russia is adamant that they will stop supplies to any nation not willing to pay them in Roubles and this can be a big problem for the European Union. WATCH | Russia-Ukraine Crisis: Ukraine soldier narrates ground situation in Mariupol (With inputs from agencies)

Russian energy giant Gazprom posts record-high net profit of $29 billion in 2021

The European Commission has termed Russian move to cut gas supply to European countries a 'blackmail'. On Wednesday, Russia cut gas supplies to Poland and Bulgaria for refusing to pay in roubles. Gas prices soared on fears that more states could be hit, notably Germany, Europe's biggest economy, which last year bought more than half its gas from Russia.

President Vladimir Putin's demand for payment in roubles is designed to soften the effect of Western sanctions that include freezing hundreds of billions of dollars of Russian assets. Russia's top lawmaker said other "unfriendly" countries might also be cut off.

Though the EU has now accused Moscow of blackmail, the bloc issued an advisory to EU countries last week. The advisory mentioned options by which EU buyers may continue payments for gas without breach of sanctions. Uniper, Germany's main importer, said it could pay without violations.

Gravitas: Russia stops exporting gas to Poland &amp; Bulgaria

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However, EU Energy Commissioner Kadri Simson said on Wednesday that Brussels was still advising companies to stick to the terms of their contracts, which usually specify payment in euros or dollars, and avoid paying in roubles.

Also Read | <a href="https://www.wionews.com/world/russias-response-to-outside-intervention-will-be-lightning-fast-putin-on-ukraine-war-474481">Russia's response to outside intervention will be lightning fast: Putin on Ukraine war</a>

At a meeting on Wednesday, member state ambassadors asked the Commission for clearer guidance, four EU diplomats said.

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Gazprom, the state-controlled energy giant that supplies Europe with about 40% of its gas needs, said transit via Poland and Bulgaria - whose pipelines supply Germany, Hungary and Serbia - would be cut if fuel was siphoned off illegally.

(With inputs from agencies)

The European Commission has termed Russian move to cut gas supply to European countries a 'blackmail'. On Wednesday, Russia cut gas supplies to Poland and Bulgaria for refusing to pay in roubles.

The European Commission has termed Russian move to cut gas supply to European countries a 'blackmail'. On Wednesday, Russia cut gas supplies to Poland and Bulgaria for refusing to pay in roubles. Gas prices soared on fears that more states could be hit, notably Germany, Europe's biggest economy, which last year bought more than half its gas from Russia. President Vladimir Putin's demand for payment in roubles is designed to soften the effect of Western sanctions that include freezing hundreds of billions of dollars of Russian assets. Russia's top lawmaker said other "unfriendly" countries might also be cut off. Though the EU has now accused Moscow of blackmail, the bloc issued an advisory to EU countries last week. The advisory mentioned options by which EU buyers may continue payments for gas without breach of sanctions. Uniper, Germany's main importer, said it could pay without violations. Gravitas: Russia stops exporting gas to Poland & Bulgaria × However, EU Energy Commissioner Kadri Simson said on Wednesday that Brussels was still advising companies to stick to the terms of their contracts, which usually specify payment in euros or dollars, and avoid paying in roubles. Also Read | Russia's response to outside intervention will be lightning fast: Putin on Ukraine war At a meeting on Wednesday, member state ambassadors asked the Commission for clearer guidance, four EU diplomats said. WATCH WION LIVE HERE × Gazprom, the state-controlled energy giant that supplies Europe with about 40% of its gas needs, said transit via Poland and Bulgaria - whose pipelines supply Germany, Hungary and Serbia - would be cut if fuel was siphoned off illegally. (With inputs from agencies)

EU calls Russian move to cut gas a 'blackmail'

Russia's Gazprom stopped exporting natural gas to Poland and Bulgaria after both nations refused to make payments in Rouble. But reports say at least 10 European companies have agreed to Putin's rouble-only demand. Palki Sharma Upadhyay tells you more.

Gravitas: Russia stops exporting gas to Poland & Bulgaria

Battered with sanctions for initiating war against Ukraine, Russia is now mulling to accept Bitcoins as a payment for oil and gas exports.

In a news conference on Thursday, Russian lawmaker Pavel Zavalny reportedly said that it is willing to be flexible with payments when it comes to “friendly” countries such as China or Turkey.

Zavalny, who is also the chair of Russia’s Duma committee on energy, said that the national fiat currency of the buyer, as well as Bitcoin, were being considered as alternative ways to pay for Russia’s energy exports.

"We have been proposing to China for a long time to switch to settlements in national currencies for rubles and&nbsp;yuan," Zavalny said, according to the translation. \

"With Turkey, it will be lira and rubles." "You can also trade bitcoins," he added.

The price of the cryptocurrency reportedly spiked when the news reports of Zavalny’s remarks first came up yesterday.

The remarks come a day after Russian President Vladimir Putin said Moscow will accept only rubles as payments for gas exports from “unfriendly nations”.

Also read |&nbsp;<a href="https://www.wionews.com/world/eu-us-sign-mega-lng-deal-in-an-attempt-to-curb-reliance-on-sanctions-hit-russia-465514" hreflang="en">EU, US sign mega LNG deal to curb reliance on sanctions-hit Russia</a>

The list of countries includes the United States, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine.

Echoing Putin’s remarks, Zavalny said, “If they want to buy, let them pay either in hard currency, and this is gold for us, or pay as it is convenient for us, this is the national currency.”

Also read |&nbsp;<a href="https://www.wionews.com/world/putin-says-will-accept-only-rubles-for-gas-sales-to-unfriendly-nations-464927">Putin says will accept only rubles for gas sales to ‘unfriendly nations’</a>

Energy is the single most important source of income for Russia. In 2021, the oil and gas trade brought in $119 billion in revenue for the country, according to&nbsp;Reuters.

Russia has been looking for an alternative payment system mechanism ever since it was&nbsp;blocked from using the international&nbsp;SWIFT payment system.

Earlier this week, European Central Bank President Christine Lagarde highlighted that the Russian private sector is&nbsp;using crypto to bypass Western sanctions.

Watch |&nbsp;Ukraine-Russia conflict: Putin says Russia to only take gas payments in rubles

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(With inputs from agencies)

Battered with sanctions for initiating war against Ukraine, Russia is now mulling to accept Bitcoins as a payment for oil and gas exports. In a news conference on Thursday, Russian lawmaker Pavel Zavalny reportedly said that it is willing to be flexible with payments when it comes to “friendly” countries such as China or Turkey.

Battered with sanctions for initiating war against Ukraine, Russia is now mulling to accept Bitcoins as a payment for oil and gas exports. In a news conference on Thursday, Russian lawmaker Pavel Zavalny reportedly said that it is willing to be flexible with payments when it comes to “friendly” countries such as China or Turkey. Zavalny, who is also the chair of Russia’s Duma committee on energy, said that the national fiat currency of the buyer, as well as Bitcoin, were being considered as alternative ways to pay for Russia’s energy exports. "We have been proposing to China for a long time to switch to settlements in national currencies for rubles and yuan," Zavalny said, according to the translation. \ "With Turkey, it will be lira and rubles." "You can also trade bitcoins," he added. The price of the cryptocurrency reportedly spiked when the news reports of Zavalny’s remarks first came up yesterday. The remarks come a day after Russian President Vladimir Putin said Moscow will accept only rubles as payments for gas exports from “unfriendly nations”. Also read | EU, US sign mega LNG deal to curb reliance on sanctions-hit Russia The list of countries includes the United States, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine. Echoing Putin’s remarks, Zavalny said, “If they want to buy, let them pay either in hard currency, and this is gold for us, or pay as it is convenient for us, this is the national currency.” Also read | Putin says will accept only rubles for gas sales to ‘unfriendly nations’ Energy is the single most important source of income for Russia. In 2021, the oil and gas trade brought in $119 billion in revenue for the country, according to Reuters. Russia has been looking for an alternative payment system mechanism ever since it was blocked from using the international SWIFT payment system. Earlier this week, European Central Bank President Christine Lagarde highlighted that the Russian private sector is using crypto to bypass Western sanctions. Watch | Ukraine-Russia conflict: Putin says Russia to only take gas payments in rubles (With inputs from agencies)

Russian lawmaker says considering Bitcoin payments for oil exports from ‘friendly’ nations

When Adam Potash started driving for Lyft six months ago to help make ends meet, he was happy with the pay. The business was far from lucrative, but he was making about $200 a day before paying for costs like gas and car maintenance.

But as gas prices have risen in recent weeks, Potash has barely been breaking even. To compensate, he has focused on driving during peak customer hours and tried to fill up at cheaper gas stations in the area around San Francisco where he works. He has also reduced his driving time from about 45 hours each week to roughly 20 hours.

“It hurts. I don’t have money coming in,” Potash, 48, said of his reduced hours. “But I’m not willing to operate at a loss.”

Gig workers who drive for ride-hailing and delivery companies like Uber, Lyft and DoorDash have been hit hard by rising gas prices because their ability to earn money is tied directly to driving hundreds of miles each week. And because the drivers are contract workers, the companies do not reimburse them for the cost of fueling up.

Some drivers say that they have had enough and that the added cost of gas is making an already difficult financial equation untenable. The national average price of a gallon of gas peaked at a record $4.33 last week, according to AAA. In California, where Potash lives, gas now averages $5.77 a gallon.

“High gas prices are the final nail in the coffin,” said Harry Campbell, who writes a blog called the Rideshare Guy and produces a podcast aimed at helping ride-hailing drivers. “Rising gas prices make a tough situation even tougher, and for a lot of drivers, it’s sort of the final straw that pushes them over the edge.”

In a survey last week of 325 drivers who follow his content, Campbell found that 38% were driving less because of high gas prices and 15% had quit driving altogether.

Some drivers around the country staged a boycott of ride-hailing apps Thursday, though it was difficult to say for certain how many participated. The effort, initially organized to raise awareness about driver safety, gave way to an outpouring of frustration about how high gas prices were making a tough business even tougher.

“We started organizing months ago about the poor safety, and when gas prices went through the roof, many drivers said, ‘We need to stand up and make the companies get involved in both,’” said Torsten Kunert, who gives advice to drivers on his YouTube channel, Rideshare Professor.

Uber, Lyft and DoorDash say overall driver numbers are not down. Uber said it has more active drivers now than it did in January. Both Uber and Lyft added small fees to the price of rides in most places for the next two months, a change they say will help compensate drivers.

“We know drivers and couriers are feeling the sting of record-high prices at the pump,” Liza Winship, Uber’s head of driver operations in the U.S. and Canada, said in a statement announcing the gas surcharge. Lyft echoed that sentiment in a blog post Monday.

DoorDash announced a gas rewards program Tuesday. Those who use a prepaid debit card designed for DoorDash workers will get 10% cash back at gas stations, the company said, and DoorDash is adding bonus payments depending on miles driven. Grubhub also said it would boost driver pay.

Both Uber and Lyft say that drivers have been making more money since lockdowns lifted than they did earlier in the pandemic or even pre-pandemic, even when accounting for rising gas prices. And both companies are touting a partnership with an app called GetUpside that offers some cash back rewards for getting gas.

Gridwise, an app that helps drivers track their earnings and tallies data, found that drivers’ earnings have risen nationally in recent months, from an average of $308 per week in early January to $426 in early March. But gas costs for ride-hailing drivers have also gone up, from $31 per transaction to nearly $39 in the same period.

Uber and Lyft say the entirety of their new gas fees — $0.35 to $0.55 per trip for Uber and $0.55 for Lyft — will go to the drivers. But some drivers say the action is inadequate. Gas prices, on average, have increased by 49% in the past year, according to AAA.

“That literally insulted every driver, and that was their first communication since gas prices were going up,” said Philippe Jean, an Uber and Lyft driver in Coopersburg, Pennsylvania.

Jennifer Montgomery, an UberEats driver in Las Vegas, where gas costs $5 per gallon, agreed that the gas fee “doesn’t even put a dent” in the cost of fuel, which for her has been at least $30 more each day since prices began to increase.

Montgomery, 40, said she was becoming disillusioned with the job and had begun looking for other work that did not require her to drive. She has cut her six-hour daily shifts in half because “it’s really not a profit anymore.”

“I don’t want to deliver anymore,” she said. “Especially when you have bills to pay and rising cost of rent and mortgage, groceries — it affects everything.”

Jean mostly drives for Uber and Lyft during the winter and spring, when his work as a handyman tends to slow down. He said he enjoys interacting with passengers and usually makes $300 to $400 per week, with about $60 of that going to filling his tank.

Lately, though, Jean has been paying twice that amount for gas and has had to cut back elsewhere to compensate — including by reducing his car insurance coverage.

“I’m driving Uber now hoping not to get in an accident, because if I do, I’m going to lose my car completely,” he said.

The gas price woes have actually caused Jean to drive more in the short term, because people with cars that get poor gas mileage have told him they have stopped driving. With his hybrid Toyota Prius, he figured he would be able to snap up some of their business and still be able to make some money. But Jean said he would likely give up Uber altogether later in the spring when his handyman work picks up again, because of the high gas prices.

He questioned whether he or other drivers were even profiting from the ride-sharing business at all, after all of the costs involved.

“I think personally if I sat down and did the numbers, it would be break-even,” Jean said. “I don’t think we’re making money on it anymore. I think I’m afraid to admit it to myself, because then I would definitely stop doing it.”

When Adam Potash started driving for Lyft six months ago to help make ends meet, he was happy with the pay. The business was far from lucrative, but he was making about $200 a day before paying for costs like gas and car maintenance.

When Adam Potash started driving for Lyft six months ago to help make ends meet, he was happy with the pay. The business was far from lucrative, but he was making about $200 a day before paying for costs like gas and car maintenance. But as gas prices have risen in recent weeks, Potash has barely been breaking even. To compensate, he has focused on driving during peak customer hours and tried to fill up at cheaper gas stations in the area around San Francisco where he works. He has also reduced his driving time from about 45 hours each week to roughly 20 hours. “It hurts. I don’t have money coming in,” Potash, 48, said of his reduced hours. “But I’m not willing to operate at a loss.” Gig workers who drive for ride-hailing and delivery companies like Uber, Lyft and DoorDash have been hit hard by rising gas prices because their ability to earn money is tied directly to driving hundreds of miles each week. And because the drivers are contract workers, the companies do not reimburse them for the cost of fueling up. Some drivers say that they have had enough and that the added cost of gas is making an already difficult financial equation untenable. The national average price of a gallon of gas peaked at a record $4.33 last week, according to AAA. In California, where Potash lives, gas now averages $5.77 a gallon. “High gas prices are the final nail in the coffin,” said Harry Campbell, who writes a blog called the Rideshare Guy and produces a podcast aimed at helping ride-hailing drivers. “Rising gas prices make a tough situation even tougher, and for a lot of drivers, it’s sort of the final straw that pushes them over the edge.” In a survey last week of 325 drivers who follow his content, Campbell found that 38% were driving less because of high gas prices and 15% had quit driving altogether. Some drivers around the country staged a boycott of ride-hailing apps Thursday, though it was difficult to say for certain how many participated. The effort, initially organized to raise awareness about driver safety, gave way to an outpouring of frustration about how high gas prices were making a tough business even tougher. “We started organizing months ago about the poor safety, and when gas prices went through the roof, many drivers said, ‘We need to stand up and make the companies get involved in both,’” said Torsten Kunert, who gives advice to drivers on his YouTube channel, Rideshare Professor. Uber, Lyft and DoorDash say overall driver numbers are not down. Uber said it has more active drivers now than it did in January. Both Uber and Lyft added small fees to the price of rides in most places for the next two months, a change they say will help compensate drivers. “We know drivers and couriers are feeling the sting of record-high prices at the pump,” Liza Winship, Uber’s head of driver operations in the U.S. and Canada, said in a statement announcing the gas surcharge. Lyft echoed that sentiment in a blog post Monday. DoorDash announced a gas rewards program Tuesday. Those who use a prepaid debit card designed for DoorDash workers will get 10% cash back at gas stations, the company said, and DoorDash is adding bonus payments depending on miles driven. Grubhub also said it would boost driver pay. Both Uber and Lyft say that drivers have been making more money since lockdowns lifted than they did earlier in the pandemic or even pre-pandemic, even when accounting for rising gas prices. And both companies are touting a partnership with an app called GetUpside that offers some cash back rewards for getting gas. Gridwise, an app that helps drivers track their earnings and tallies data, found that drivers’ earnings have risen nationally in recent months, from an average of $308 per week in early January to $426 in early March. But gas costs for ride-hailing drivers have also gone up, from $31 per transaction to nearly $39 in the same period. Uber and Lyft say the entirety of their new gas fees — $0.35 to $0.55 per trip for Uber and $0.55 for Lyft — will go to the drivers. But some drivers say the action is inadequate. Gas prices, on average, have increased by 49% in the past year, according to AAA. “That literally insulted every driver, and that was their first communication since gas prices were going up,” said Philippe Jean, an Uber and Lyft driver in Coopersburg, Pennsylvania. Jennifer Montgomery, an UberEats driver in Las Vegas, where gas costs $5 per gallon, agreed that the gas fee “doesn’t even put a dent” in the cost of fuel, which for her has been at least $30 more each day since prices began to increase. Montgomery, 40, said she was becoming disillusioned with the job and had begun looking for other work that did not require her to drive. She has cut her six-hour daily shifts in half because “it’s really not a profit anymore.” “I don’t want to deliver anymore,” she said. “Especially when you have bills to pay and rising cost of rent and mortgage, groceries — it affects everything.” Jean mostly drives for Uber and Lyft during the winter and spring, when his work as a handyman tends to slow down. He said he enjoys interacting with passengers and usually makes $300 to $400 per week, with about $60 of that going to filling his tank. Lately, though, Jean has been paying twice that amount for gas and has had to cut back elsewhere to compensate — including by reducing his car insurance coverage. “I’m driving Uber now hoping not to get in an accident, because if I do, I’m going to lose my car completely,” he said. The gas price woes have actually caused Jean to drive more in the short term, because people with cars that get poor gas mileage have told him they have stopped driving. With his hybrid Toyota Prius, he figured he would be able to snap up some of their business and still be able to make some money. But Jean said he would likely give up Uber altogether later in the spring when his handyman work picks up again, because of the high gas prices. He questioned whether he or other drivers were even profiting from the ride-sharing business at all, after all of the costs involved. “I think personally if I sat down and did the numbers, it would be break-even,” Jean said. “I don’t think we’re making money on it anymore. I think I’m afraid to admit it to myself, because then I would definitely stop doing it.”

Gig workers say high gas prices may be a breaking point

Russian President Vladimir Putin on Monday (February 21) ordered the deployment of troops to two breakaway regions in eastern Ukraine. In a televised address, Putin ordered to despatch Russian peacekeepers to Ukraine's two breakaway regions - the self-proclaimed Donetsk People's Republic and the Lugansk People's Republic.

Russian President Vladimir Putin on Monday (February 21) ordered the deployment of troops to two breakaway regions in eastern Ukraine. In a televised address, Putin ordered to despatch Russian peacekeepers to Ukraine's two breakaway regions - the self-proclaimed Donetsk People's Republic and the Lugansk People's Republic. The Russia-Ukraine crisis impacted the prices of some of the commodities worldwide. The prices are expected to rise further: Here's a list: Gold Gold prices are already rising globally amid the ongoing conflict and after Putin's latest move to deploy troops to two breakaway regions in eastern Ukraine, the gold hit a near nine-month high on Tuesday (February 22). Spot gold XAU= was up 0.2% at $1,909.60 per ounce by 0332 GMT, after scaling its highest since June 1 at $1,913.89 per ounce earlier. US gold futures GCv1 gained 0.6% to $1,911.50. Jeffrey Halley, who is a senior market analyst at OANDA, said: "With the situation deteriorating seemingly by the day in Eastern Europe, there is very little reason to be negative on gold at the moment." Halley added, "Rising stagflationary pressures around the world are also underpinning the precious metal, a situation that will be exacerbated by massive Western sanctions on Russia if they come to play." ALSO READ | US imposes sanctions on two Russian-backed areas in eastern Ukraine Aluminium The escalating border tensions between Russia and Ukraine could result in soaring prices of Aluminium as Russia accounts for approximately 6 per cent of the global aluminium supply. The conflict could result in a potential supply shock in the aluminium market, which is already tight. In recent days, Aluminum prices have risen about 15 per cent till Feb 21. The prices are near multi-year highs and there's a possibility that it could still rise further. Christopher LaFemini, who is a Jefferies analyst quoted as saying by Oilprice.com that when the conflict ends, aluminium prices might decline but will rise again because the deficit would persist. Oil After Putin's latest announcement, oil jumped to a seven-year high. Important to note that Russia is an oil and gas powerhouse, as the country is pumping about nine million barrels of crude oil a day. Crude - already up more than 20 per cent this year on surging demand - piled higher still on Tuesday, with Brent closing in on the $100 mark for the first time since 2014. Hopes of an Iran nuclear deal, which could see Tehran resume global oil exports, were unable to temper the gains. The jump in oil is compounding worries about inflation around the world, with the Federal Reserve coming under intense pressure to tighten monetary policy to prevent prices from running out of control. ALSO READ | Vladimir Putin orders troops into eastern Ukraine: Key points from his crucial address Natural gas The ongoing conflict could result in much higher prices for natural gas as Russia is a leading producer of natural gas. As per BP data, the country pumped about 639 billion cubic meters of natural gas in 2021, which was nearly 17 per cent of global production of 3.854 trillion cubic meters. West claims that Russia is using natural gas as a tool to take advantage of the crisis situation. The claims also state that Russia delays in the certification of Nord Stream 2, which is a system of offshore natural gas pipelines in Europe, running under the Baltic Sea from Russia to Germany. Copper Russia produced 920,000 tonnes of refined copper in 2021, which is about 3.5 per cent of the world's total, the USGS data tells. As per a report by Oilprice.com, UMMC and Russian Copper Company are the other two major producers. Europe and Asia are two major export markets for Russia and the ongoing conflict is likely to impact exports resulting in higher prices globally. Cobalt The Russia-Ukraine conflict could also result in rising prices of Cobalt. Russia produced 7,600 tonnes of cobalt last year, more than 4 per cent of the world total, as per the data from the US Geological Survey (USGS). ×

These commodities could become super expensive amid escalating Russia-Ukraine crisis

In order to break up a convoy of vehicles, Paris police fired tear gas and issued hundreds of fines. Over 50 people were also arrested. The French authorities have deployed over 7,000 officers in the next three days to stop the demonstrators.

The convoy of vehicles is attempting to block traffic as a protest against coronavirus restrictions and a surge in living costs.&nbsp;

The group of protestors have taken inspiration from the Canadian "Freedom convoy" which has disrupted trade on the US border and occupied streets in Ottawa.&nbsp;

<a href="https://www.wionews.com/world/wont-tolerate-canada-style-freedom-convoys-french-police-ban-paris-protest-452239">Also read |&nbsp;Won't tolerate Canada-style 'Freedom Convoys': French police ban Paris protest</a>

This comes after the French police issued a warning saying that they would prevent 'Freedom convoys' from blockading Paris and banned the protest scheduled for February 11-14. Not just the French police, but also Austria and Belgium have banned such convoys from entering their capitals.&nbsp;

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Inspired by Canadian protests, thousands of French demonstrators converge on Paris.<a href="https://twitter.com/hashtag/Manifs12Fevrier?src=hash&amp;ref_src=twsrc%5Etfw">#Manifs12Fevrier</a> <a href="https://twitter.com/hashtag/GiletsJaunes?src=hash&amp;ref_src=twsrc%5Etfw">#GiletsJaunes</a> <a href="https://twitter.com/hashtag/Citoyensencol%C3%A9re?src=hash&amp;ref_src=twsrc%5Etfw">#Citoyensencolére</a> <a href="https://twitter.com/hashtag/ConvoidelaLiberte?src=hash&amp;ref_src=twsrc%5Etfw">#ConvoidelaLiberte</a> <a href="https://twitter.com/hashtag/Paris?src=hash&amp;ref_src=twsrc%5Etfw">#Paris</a> <a href="https://twitter.com/hashtag/passvaccinal?src=hash&amp;ref_src=twsrc%5Etfw">#passvaccinal</a> 
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Crowd chants “liberté” in Paris, France at the Freedom Convoy protest and police respond with teargas. <a href="https://t.co/0fiA7zeCPn">pic.twitter.com/0fiA7zeCPn</a>
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Similar demonstrations also emerged in Australia, New Zealand and the Netherlands.

Even after the efforts by police, more than 100 vehicles managed to converge on the Champs-Elysees.&nbsp;

The movement has raised fears of a repeat of the 2018 "yellow vest" anti-government protests that rocked France, only two months before President Emmanuel Macron is expected to seek re-election.

(With inputs from agencies)

In order to break up a convoy of vehicles, Paris police fired tear gas and issued hundreds of fines. Over 50 people were also arrested. The French authorities have deployed over 7,000 officers in the next three days to stop the demonstrators.

In order to break up a convoy of vehicles, Paris police fired tear gas and issued hundreds of fines. Over 50 people were also arrested. The French authorities have deployed over 7,000 officers in the next three days to stop the demonstrators. The convoy of vehicles is attempting to block traffic as a protest against coronavirus restrictions and a surge in living costs. The group of protestors have taken inspiration from the Canadian "Freedom convoy" which has disrupted trade on the US border and occupied streets in Ottawa. Also read | Won't tolerate Canada-style 'Freedom Convoys': French police ban Paris protest This comes after the French police issued a warning saying that they would prevent 'Freedom convoys' from blockading Paris and banned the protest scheduled for February 11-14. Not just the French police, but also Austria and Belgium have banned such convoys from entering their capitals. Inspired by Canadian protests, thousands of French demonstrators converge on Paris.#Manifs12Fevrier #GiletsJaunes #Citoyensencolére #ConvoidelaLiberte #Paris #passvaccinal 📽️@maroc_online pic.twitter.com/PSnUx5Hg80 — Protest News (@ProtestNews_EN) February 12, 2022 × Crowd chants “liberté” in Paris, France at the Freedom Convoy protest and police respond with teargas. pic.twitter.com/0fiA7zeCPn — Marie Oakes (@TheMarieOakes) February 12, 2022 × Similar demonstrations also emerged in Australia, New Zealand and the Netherlands. Even after the efforts by police, more than 100 vehicles managed to converge on the Champs-Elysees. The movement has raised fears of a repeat of the 2018 "yellow vest" anti-government protests that rocked France, only two months before President Emmanuel Macron is expected to seek re-election. (With inputs from agencies)

Watch: French police fire tear gas as convoy enters Paris; over 50 people arrested

Europe energy supplies are under further pressure as the German gas shortage hits record lows amid the ongoing Ukraine conflict. Meanwhile, Japan has offered gas to Europe.

Europe energy supplies are under further pressure as German gas shortage hits record lows

Days after scientists had declared a months-long volcanic eruption on the Spanish Canary Island of La Palma officially over, gas emissions & high temperatures continue.

Inside La Palma's volcano: Gas emissions & high temperatures continue

In Pics | At least 16 killed, many trapped after gas explosion in Southwest China

Amid surging European gas prices, Russian President Vladimir Putin said that the Nord Stream 2 undersea gas pipeline is ready and would help calm gas prices since it was ready for exports.

Russian President Vladimir Putin: Nord Stream 2 undersea gas pipeline is ready to calm rising gas prices

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