Crude oil prices rose by Rs 85 to Rs 4,410 per barrel on Monday as participants widened their positions on firm spot demand.
On the Multi Commodity Exchange, crude oil for February delivery traded higher by Rs 85, or 1.97 per cent, at Rs 4,410 per barrel in 3,826 lots.
Analysts said the raising of bets by participants kept crude oil prices higher in futures trade.
Globally, West Texas Intermediate crude oil gained 2.17 per cent to USD 60.76 per barrel, while Brent crude traded 1.62 per cent higher at USD 63.44 per barrel in New York.
Joe Biden’s ambitious goals of decarbonizing the energy sector by 2035 and attaining net-zero greenhouse gas emissions by 2050 is within reach according to Bill Gates. That is, if clean energy storage and transmission challenges are met, next-generation nuclear power remains part of the portfolio, and the federal government ramps up investment in research and development of carbon-neutral building materials to make them far less expensive.
Executive orders are the latest step in the Biden-Harris administration’s aggressive early actions seeking to combat climate change and reverse Trump administration policies seen as harming that goal. Their overarching aim is to “center the climate crisis” in U.S. foreign policy and national security, and to create a “whole-of-government approach” to shifting the country from reliance on fossil fuels to sources of low- or no-carbon energy, according to a White House fact sheet.
The federal government also spent about $4.4 billion on its vehicle fleet in 2019, according to General Services Administration data, setting a rough estimate of the potential value of Biden’s goal to electric vehicle makers and equipment vendors. Under the administration’s target, federal agencies would buy U.S.-made EVs to replace the roughly 645,000 vehicles it now owns.
“The transportation sector is the largest domestic source of carbon emissions,” Tom Kuhn, president of U.S. investor-owned utility trade group Edison Electric Institute, said in a statement. “By accelerating transportation electrification and increasing the number of electric vehicles in the federal fleet and on U.S. roads, we can leverage the already ongoing emission reductions in the power sector to meet economy-wide carbon reduction goals.”
Beyond being a market for existing clean energy technologies, “government procurement has played a critical role in driving early commercialization and maturation of a whole range of technologies,” Jesse Jenkins, assistant professor at Princeton University and co-author of a December report on U.S. decarbonization pathways, said in a Wednesday interview.
NGV Global Group Continues to grow as the demand for reduced carbon footprints across all business industries continues to rise. The Parent company recently soft launched Green Path logistics, a logistic freight forwarding company thats entire fleets runs off of CNG and RNG (Renewable Natural Gas). Companies can grow their corporate social responsibility in the Fort Worth Dallas area by utilizing Green Path’s vehicles at the same price as their diesel counterparts.
For more information on how to acquire your CNG/RNG Box Trucks, Busses and Semi Trucks please give us a call. We can walk you through the steps and help you weigh your options regardless of your company size.
NGV Global Group Inc.
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Phone: +1 (214) 630-1000
www.ETEnergyworld.com. “Crude Oil Futures Rise on Spot Demand – ET EnergyWorld.” ETEnergyworld.com, ET EnergyWorld, 15 Feb. 2021, energy.economictimes.indiatimes.com/news/oil-and-gas/crude-oil-futures-rise-on-spot-demand/80923149.
St. John, Jeff. “Biden Executive Orders Set Broad Federal Role in Clean Energy and Climate Change Mitigation.” Greentech Media, Greentech Media, 27 Jan. 2021, www.greentechmedia.com/articles/read/biden-executive-orders-set-broad-federal-role-in-climate-change-and-clean-energy.