There is the opportunity that actions we take to deal with that challenge present to us economically when it comes to clean energy and developing domestic energy alternatives to the import of foreign energy.
Not surprising, the countries with the most energy-efficient economies are those who import their energy supplies.
In other news, renewable energy is heating up around the globe as the EU recently announced that it will import solar energy from the Sahara Desert within 5 years.
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Inflation will increase as higher energy, food and import costs feed through to consumer prices.
However, Meridian Energy has yet to import any electric cars, while the second-hand fossil fuel models continue to arrive from Japan.
We have known for decades that our survival depends on finding new sources of energy, yet we import more oil today than ever before.
Recent data suggest the economy may already have emerged from recession, but resource-scarce Japan's need to import almost all the energy it uses, and many other commodities, have eaten into its perennial trade surpluses.
Energy industry experts predict the EU will import 90 percent of its oil and 80 percent of its natural gas within 20 years as onshore and offshore fields become mature.
In the absence of new discoveries or breakthroughs in alternative energy, the continent will need to import more and more oil to meet the demand, an expensive and politically treacherous path.
The effects of passed-on energy costs, as well as higher import prices stemming from a weaker dollar, have probably not run their course, so core inflation may edge higher in the months to come.
At this pace, the U.S. Energy Information Administration has estimated that China will import almost 75% of its crude oil by 2035.
As a final, but vital, benefit, the UK can meet all of its requirements from domestic sources, cutting out the need to import supplies and allaying growing concerns over energy security.
U.S. economic reports due for release Wednesday include the weekly MBA mortgage applications survey, import and export prices, the weekly DOE energy stocks report, the monthly Treasury budget statement, and the FOMC decision.
The U.S. is at last moving in that direction, with the Department of Energy in recent weeks approving the proposal by Cheniere Energy to turn its little-used liquified natural gas import terminal at Sabine Pass on the Louisiana coast into an export terminal.
The country no longer needs to import natural gas, and some 15% of energy executives believe natural gas exports will become a major driver of demand by 2017.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, import and export prices indexes, the weekly DOE energy stocks report, and the Treasury budget statement.
The Department of Energy is considering applications for new export terminals and conversions of idle import terminals that want to export.
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And while green energy will pick up some slack, Germany will still need to import power from Poland, the Czech Republic and France.
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U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, import and export price indexes, and the weekly DOE energy stocks report.
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U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, import and export prices, gross domestic product, and the weekly DOE energy stocks report.
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Kenya has cancelled plans to import crude oil from Iran following threats of sanctions, an official at the Kenyan energy ministry has said.
Supporters argue that, with a second nuclear plant, Bulgaria will not have to import electricity from neighbouring Turkey and Romania, who are speeding up plans for nuclear energy development.
"When you look at the ongoing insecurity of the areas where we import our fossil fuel from, we feel a greater emphasis should be put on energy security, " he said.
In fact, gas is so plentiful in the U.S. right now that companies like Cheniere Energy have gotten the green light to start exporting it. (See: To Import Less Oil, U.S. Must Export More Gas).
U.S. economic data due for release Thursday includes the weekly jobless claims report, import and export prices, international trade in goods and services, and the weekly DOE energy stocks report.
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If Venezuela's next leader were to end the program, or even reduce the generous terms, many countries would see a shock as import bills rise (not to mention having to face a public forced to pay much higher energy prices).
But the pipeline that took Turkmen energy supplies to Russia ruptured in April 2009, after Moscow failed to tell Ashgabat that it had significantly lowered its import level of natural gas, causing the pipeline to explode due to the increased pressure.
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