June 27, 2022

Market and Financial News

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You’ll Miss Fossil Fuels When They’re Gone

1 min read

What would a world without oil and gas look like? We’re getting a preview: surging prices for food and other everyday goods. Oil and natural gas aren’t needed to only generate energy. They’re also critical for an array of products including face masks, diapers and vegan leather.

Consider fertilizer, which is produced using hydrogen from natural gas (the molecule CH4). Natural gas accounts for about 75% to 90% of fertilizer production costs. Russia and Belarus are large producers, and uncertainty about sanctions has reduced their exports. But skyrocketing natural-gas prices in Europe have also pushed fertilizer producers such as Norway’s Yara and Hungary’s Nitrogenmuvek to curtail production. Some suspended operations last fall when Russia slowed natural-gas deliveries.

2022-04-04 18:30:00

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