World faces worst energy crisis since the 1970s, warns OECD

[seoulbro]

And the culprit is insane anti oil and gas developement policies and ESG. Enjoy your inflation and tell yourself you are saving the planet.

'We are not predicting a recession, but we are certainly projecting a period of pronounced weakness'

PARIS — The global economy should avoid a recession next year but the worst energy crisis since the 1970s will trigger a sharp slowdown, with Europe hit hardest, the OECD said, adding that fighting inflation should be policymakers’ top priority.

It forecast that world economic growth would slow from 3.1 per cent this year – slightly more than the OECD foresaw in its September projections – to 2.2 per cent next year, before accelerating to 2.7 per cent in 2024.

The OECD predicted a contraction of 0.3 per cent next year in regional heavyweight Germany, whose industry-driven economy is highly dependent on Russian energy exports – less dire than the 0.7 per cent slump expected in September.

Even in Europe outlooks diverged, with the French economy, which is far less dependent on Russian gas and oil, expected to grow 0.6 per cent next year. Italy was seen eking out 0.2 per cent growth, which means several quarterly contractions are probable.

The U.S. economy was set to hold up better, with growth expected to slow from 1.8 per cent this year to 0.5 per cent in 2023 before rising to 1.0 per cent in 2024. The OECD had previously expected growth of only 1.5 per cent this year in the world’s biggest economy and its estimate for 2023 was unchanged.

China, which is not an OECD member, was one of the few major economies expected to see growth pick up next year, after a wave of COVID lockdowns. Growth there was seen rising from 3.3 per cent this year to 4.6 per cent in 2023 and 4.1 per cent in 2024, compared with previous forecasts of 3.2 per cent in 2022 and 4.7 per cent for 2023.

While many governments had already spent heavily to ease the pain of high inflation with energy price caps, tax cuts and subsidies, the OECD said the high cost meant such support would have to be better targeted going forward.
https://financialpost.com/news/economy/oecd-outlook-energy-crisis-slowdown?utm_medium=Social&utm_source=Facebook&fbclid=IwAR07u_BJx1hAoM6Hgaou8_1d1ECZlfsQ4Odg7eifjd4A1cFjvP_2GyYUgmM#Echobox=1669128546

[Oliver Clotheshoffe]

Were memes even a thing when Jimmy Carter was president? Well he's going to get some now LOL.

[Shen Li]

This energy crisis is the result libtards wanted.

[Oerdin]

The WEF and Democrats caused this with their ESG scores and their blocking of energy production.

[Herman]

The WEF and Democrats caused this with their ESG scores and their blocking of energy production.

One hundred percent my friend.

[Oliver Clotheshoffe]

Looks like Sammy Hagar is due for a comeback!

[Joe]

The WEF and Democrats caused this with their ESG scores and their blocking of energy production.

Interesting that the Liberal party in Canada is pro-pipeline but their Democratic counterparts in the States are totally against it, Oerdin

Yes, I'd have to agree, the Energy shortage and perhaps Putin was emboldened to invade the Ukraine because of serious miscalculations on the part of the Biden administration. They had no Plan B, and then as a result have to go begging to the Saudis and Iran for oil.

I suppose that the mentality/mindset of the Progressive Wing of the Democratic party is that as long as it's not in their backyard. They hate all this 'dirty oil' from Canada, but doen't seem to mind American consumers having to pay big bucks to import it from elsewhere.

Especially from countries that are either hostile to the US, its culture and they export terrorism.

So that's backwards thinking to be against all pipelines. Sure limit them, but eliminating them altogether was foolish.

[seoulbro]

Oerdin, ignore Joe's trolling. Justin Trudeau is every bit as opposed to domestic energy development as the Dems and probably more so. He has blocked two oil pipelines, several LNG export projects, oilsands mines and bought a pipeline hoping it never gets completed. He passed bill C-48 which blocks oil tanker exports from the upper West coast of BC while doing nothing about imported oil tankers at St John New Brunswick and Montreal, Quebec. He passed Bill C-69 which is the no more pipelines law. On top of all this he has added numerous bureaucracy and costs to domestic energy sector. The result has been 110,000 mortgage paying jobs and over eighty billion dollars in investment leaving Canada and going to other countries.

We should not be surprised though. He did say he wants to phase out domestic fossil fuel production.

[lokmar]

I doubt the liberal idiots will ever understand this but fossil fuels will ALWAYS be necessary for a civilized world.

[Shen Li]

I doubt the liberal idiots will ever understand this but fossil fuels will ALWAYS be necessary for a civilized world.

Which is why True Dope and Bidumb would rather import raw crude than produce it domestically. They think their countries need a little a taste of the third world. I agree. Canada needs some time in the penalty box. I won't be here, so I want Canada to become another Venezuela as much as True Dope and Singh do.

[Joe]

Oerdin, ignore Joe's trolling. Justin Trudeau is every bit as opposed to domestic energy development as the Dems and probably more so.

Well, let's look at the facts, seoulbro

For starters, Trudeau supported Keystone XL:

However, Joe Bieen and the Democrats cancelled it:

...and then Trudeau publicly expressed his disappointmnt that the prject, which Trump wanted, was cancelled:

Obama, Trump's and Biden's predecessor, said Keystone XL was not in the USA's national security interests.

But apparently, given the disuption caused by the Ukraine War, it was in the interests of the USA to build that pipeline.

So...given the outcome of political and world events, Trudeau was actually on the right side of history

so while you rali about projects that Trudeau opposed or cancelled, this was certainly not the case with Keytone XL.

There, I've show evidence, that you are wrong, seoulbro.

do you have any counterargument or eveidence to refute what Trudeau had stated?

[Shen Li]

True Dope never did anything to save the Northern leg of KXL.  He and Bidumb only like foreign oil which suits me fine. I want your country to fail.

[Joe]

True Dope never did anything to save the Northern leg of KXL.  He and Bidumb only like foreign oil which suits me fine. I want your country to fail.

Trudeau publicly endorsed Keystone XL.

If you or anyone else can provide evidence to the contrary, then please post it here and I might be persuaded to believe you.

[Shen Li]

True Dope didn't lift a finger to save KXL.

Of course the Liberals didn't support Keystone. There was no 'political gain'
If there is no 'political' point for doing the right thing, why waste time even thinking about doing the right thing?
https://nationalpost.com/opinion/rex-murphy-of-course-the-liberals-didnt-support-keystone-there-was-no-political-gain

True Dope's anti domestic energy madness is turning Joe's country into a third world hole. 

[seoulbro]

True Dope never did anything to save the Northern leg of KXL.  He and Bidumb only like foreign oil which suits me fine. I want your country to fail.

Trudeau's anti-pragmatic agenda driven war on domestic energy production is having consequences for the entire world. Europeans wish he hadn't killed three LNG export terminals. in Eastern Canada.