Oil could see ‘biggest supply crisis in decades’, IEA says

Oil could see ‘biggest supply crisis in decades’, IEA says

Two things to start:

Welcome back to another Energy Source.

Oil prices continued their recent downward push again on Wednesday, with Brent crude dipping below $98 a barrel, off more than $40 a barrel from its high a little more than a week ago.

Prices dropped on the FT’s reporting that “significant progress on a tentative peace plan” had been made between Russia and Ukraine, signalling a potential off-ramp for the conflict was being constructed. The US Energy Information Administration also showed a surprisingly big increase in crude storage levels on Wednesday, adding to the downward pressure on prices.

In our first item, Derek has more on the state of oil. The International Energy Agency is warning of the “biggest supply crisis in decades” as the fallout from Russia’s invasion of Ukraine upends energy markets.

Next, America’s solar industry says a course correction is badly needed to get the sector back on track. I reported on how it is taking a page out of the fossil fuel industry’s book, using “energy independence” rhetoric to push for incentives that can kick-start growth.

Finally in Data Drill, Amanda has a survey of America’s oil patch, where the surging price of crude has turned the mood optimistic again and