Economy, Energy, and Supply Chain
Recession Fears Are Escalating: A global economist from Bank of America recently stated that while the risk of a recession is low now, it's expected to rise significantly in 2023 due to inflation pressures that may force the Federal Reserve to raise interest rates until it starts impacting the economy. Bill Gates echoed similar sentiments, suggesting that we're on the verge of a global economic slowdown. Top executives in Europe also share concerns that the continent might soon experience a recession.
Meanwhile, US grid operators are preparing for potential blackouts this summer. If you're concerned about power outages, check out our beginner's guide to off-grid power solutions and our review of the best portable gas-powered generators to keep you powered up.
There are growing discussions about possible global diesel shortages. If you're considering storing fuel at home, here's a practical guide on doing so safely:
[Link to safe fuel storage guide]
The G7 nations—comprising France, Canada, Germany, Italy, Japan, the UK, and the US—have agreed to ban or phase out Russian oil. Experts warn that Europe might face an LNG (liquefied natural gas) crisis this winter. To mitigate this, the EU plans to expedite permits for renewable energy projects to accelerate the shift away from Russian gas.
In the US, 30-year mortgage rates surged to 5.27%, marking the highest level since 2009. Gas prices have also reached new record highs. UK gas prices could remain elevated until 2025.
Here’s a visualization of how political and economic events have influenced oil prices from 1968 to March 2022:
[Image description: A chart showing historical oil price fluctuations linked to major geopolitical events.]
Civica Rx, a nonprofit focused on producing affordable generic drugs, will sell generic insulin for no more than $30 per month starting in 2024, offering relief to millions of diabetics who struggle with high medication costs.
As of April 24, 40% of the top-selling baby formulas were out of stock across the country.
Climate Change
In the "It’s Not Even Summer Yet!" series, California’s largest reservoirs are at their lowest levels ever recorded. The snowpack, which typically accounts for one-third of California's water supply, has melted far quicker than anticipated due to abnormally warm temperatures.
Human activities and climate change are destroying the crucial layers of fungi, lichen, and bacteria known as biocrusts that protect desert ecosystems. Researchers estimate that biocrusts could decline by 25%-40% within the next 65 years. Once disrupted, it can take decades for these vital crusts to recover. Without them, deserts risk transforming into barren dust bowls.
The population of flying insects in the UK has plummeted by nearly 60% since 2004. This alarming statistic underscores just how critical insects are to life on Earth. However, further comprehensive studies are needed to fully grasp the extent of this decline.
Did you know that tidal energy—one of the most reliable renewable resources—is highly predictable? While tidal projects can take years to implement, they work best in specific locations. The UK boasts some of the highest tidal ranges globally, hosting nearly half of the world's installed tidal stream capacity. The Faroe Islands, located north of the UK but not part of it, could derive 40% of its electricity from tidal power. They're currently planning four sites that could generate a combined capacity of 120 megawatts of tidal energy, producing approximately 350 gigawatt-hours annually.
The Rest
President Biden has struck a deal to offer low-income Americans a $30 monthly subsidy ($75 in tribal areas) for internet services. Eligibility extends to households earning up to 200% of the federal poverty line or those whose members participate in programs like SNAP, FPHA, or veteran benefits.
FEMA is covering COVID-related funeral expenses, but awareness remains low among eligible families. There are no income restrictions, and having life insurance doesn't disqualify applicants. No deadlines apply either, except in cases where funerals were prepaid. We previously highlighted this initiative last year, but given its underutilization, it bears repeating.
On a more futuristic note, someone created a dystopian simulation game called 'Quarantineer' (for PC). While we're not entirely sure if it's something we'd want to dive into, if you decide to play it, let us know what you think!
Stay informed and stay safe."
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