Asia the key driver of growth for petrochemical sector of Qatar

Qatar which is known as one of the largest liquefied natural gas producer of the world has branch out its exports away from the oil and gas sector and amid demand from the region fuelling investment and expansion projects, Asia remains an important driver of growth for petrochemical sector of Qatar. Moreover in the Gulf region it is the second largest exporter of chemicals representing 17% of total chemical exports of Gulf Cooperation Council (GCC),as per the Gulf Petrochemicals & Chemicals Association.

According to the Ministry of Development Planning and Statistics, supplies of energy to widen their industrial bases are being used by countries like Qatar and to enhance exports of non-energy goods such as chemicals with petrochemicals and refining activity building up to 40% of manufacturing output.

By the year 2020, plans are taking place to invest around USD 25 billion in petrochemical capacity to produce 23 million tons, in compare to the capacity 16.8 million tons produced in the year 2012, which clutches the rights to market, sell and distribute chemical and polymer products of Qatar globally, according to the industry experts.

As per the recent researched reports, one of the long-term expansion plans has been embarked by the petrochemical industry, based on the assumption that the demand from other emerging markets such as India and China will continue to develop. Whereas the second major expansion process is the USD 6.5 billion Al Karaana plant, which is 80:20 joint venture between the state-owned Qatar Petroleum and Shell, that is due to come on line in the year 2018. The Al Karaana unit will have a production capacity of 2 million tons that will add 25% petrochemical output to Qatar.

However, after an annulment of the USD 6 billion Al Sejeel petrochemicals plant the long-term outlook is less certain but by the end of the decade one of the megaprojects has been targeted to come on line. According to the industry experts, in the medium term prospects for petrochemicals producers are positive, that are helped by the rising demand and the sluggish velocity of new capacity being brought on line in North America.

Moreover, the demand of for high-density polyethylene has significantly increased above global GDP growth for a short time and Asia is noted for the strongest demand growth. Whereas over the next five years the demand growth for high density polyethylene in China is expected to somewhat slow down and is still expected to be above 6%. Moreover the unrelenting growth coupled with moderately few new capacity additions of China is expected to impel rising exports in particularly from the Middle East.

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Toxin Benzene in Hookah boost risk for leukemia

Hookah which is an ancient form of smoking is quickly gaining popularity amidst adolescents, as per recent studies as they consider hookahs to be safe, however the recent study has found toxic Benzene in the fumes that come from the water pipes. This toxic Benzene has led to an increase in risk of leukemia which is a group of cancers that by and large commences in the bone marrow and results in high numbers of abnormal white blood cells.

As per the reports, the use of burning charcoal is involved in hookah smoking which is needed to heat the hookah tobacco in order to generate the smoke that the smoker inhales. In addition to it carcinogens and toxicants that are inhaled are found in hookah tobacco smoke and moreover large quantities of charcoal carcinogenic emissions and combustion-generated toxic are also inhaled by hookah smokers and nonsmokers who socialize with hookah smokers.

Furthermore, Moassel which is the sweetened and flavored tobacco is noted as one of the most popular kind of hookah tobacco that consist of around 30% tobacco fermented with fruits mixed with glycerin and chemical flavors and molasses.

In the year 2013 in US few researchers found that at some point in time around 23.2% of female and 26.6% of male college students have used hookah. According to few researchers, as the practice of hookah smokings is often seen in social settings and have examined an uptake of Benzene in both hookah smokers and non-smokers who have been presented at hookah social events.

Moreover, S-phenylmercapturic acid (SPMA) which is a metabolite of Benzene have been found in both hookah smokers and non-smokers and the uptake of SPMA in smokers have augmented to 4.2-fold after smoking hookah tobacco at a hookah lounge, whereas on the other hand for non-smokers it has increased to 2.6-fold after attending an event at a hookah lounge.

However, research analysts call for intercessions to diminish or thwart the use of hookah tobacco, regulatory actions to limit hookah-related exposure to toxicants including Benzene, and comprise of hookah smoking in clean indoor air legislation, as they believe that there is no safe level of exposure to Benzene.

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Global petrochemical prices slumped by 4 per cent in October

The $3 trillion-plus global petrochemical industry witnessed a 4 per cent fall in October as upstream energy prices continued their downward spiral. Petrochemical prices fell from $1,384/mt in September to $1,324/mt.  On a year-on-year basis, petrochemical prices slipped 2 per cent from the same month in 2013.

Prices have fallen 10 per cent since October, around $8/mt a day, after a short period of price rise. The steep decline in prices comes at a time when crude and naphtha prices have also been falling. Brent prices declined by 10 per cent in October, while naphtha prices fell by 15 per cent.

Petrochemicals are used by a large number of industries, including construction, pharmaceuticals, aviation, electronics and are used to make plastic, nylon, rubber and other consumer goods.

Prices of olefins, hydrocarbon compounds that function as the building blocks to petrochemical products used to produce consumer products, also declined in October. Ethylene prices slumped by 6 per cent to $1,324/mt, while propylene prices fell by 1 per cent to $1,311/mt.

Polyethylene also slipped by 2 per cent in October and polypropylene prices slipped by 1 per cent during the same period.

Aromatics are scented hydrocarbons with benzene rings. Prices of this compound fell steeply in October. Benzene prices declined by 7 per cent to $1,181/mt, while toluene prices dropped 8 per cent to $991/mt and paraxylene fell by 12 per cent to $1,603/mt. The paraxylene market registered the largest fall.

The falling petrochemical prices were accompanied by a sluggish global equity market. The Nikkei 225 and Dow Jones Industrial Average saw a rise of 2 per cent in October and the London Stock Exchange Index fell by 2 per cent during the same period.

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Sanctions against Iran persists, Britain will not encourage Iran trade

In the conference which was held on 15^th – 16^th October, 2014 is noted as one of the largest gathering of Iranian commercial officials which takes place in London. The conference which took place last month in October, 2014 aim to attract capital, which Iran badly needs owing to its long isolation under international sanctions. On the other hand, as world powers endeavor to achieve a deal with Iran on its nuclear programme sooner than its deadline on 24^th November, 2014, the Europe-Iran Forum is being held at a politically susceptible moment.

According to the sources, Britain still does not persuade to trade with Iran and has withdrawn all the commercial support for trade, in spite of an easing of tensions, since Iranian President Hassan Rouhani has sighted as a realistic member of the clergy, in 2013 it succeeded the fiercely anti-Western Mahmoud Ahmadinejad.

Nevertheless, the country wants to diversify beyond pharmaceuticals to oil from technology to everything, amid a population of close to 80 million and more of its young people going into higher education.

According to one of the researched report, in the year 2015 the Iranian economy in the current fiscal year will rise up to 1.5% mounting to 2.2% and this rise marks a ricochet from a 1.9% decline in 2013. But before the sanctions bit it remains far from 5% growth rates achieved.

Nevertheless, isolation of Iran remains far over for all the improvement in the diplomatic mood under Rouhani. Last year in 2013, Tehran struck a preliminary nuclear agreement with the world powers which is known as the P5+1 (the United States, United Kingdom, Germany, France, Russia, and China, facilitated by the European Union), endearing a limited slackening of the sanctions. However the country made a little progress before the deadline on reaching a final settlement was being discussed in New York in the month of September, 2014.

According to the industry expert, a major investment attraction is being represented by Iran through a liquid and well-developed stock market and diversified economy, however this achievement of Iran might take some time.

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Jobs may be the key to resolve GCC oil dependency issue

Oil rates have dropped to $80 per barrel from around $100, which now raises the question whether these economies will be able to withstand the tests of time. Will these economies be able to flourish in an environment of fixed terms of trade?

This will depend on the condition in each nation. However, all the countries are bound by the need to increase generation of productive jobs and to improve skills and productivity of the workforces. Despite progress in economic diversification in some nations, this accomplishment will not be enough to offset the operational challenges. Dependency on the oil and gas sector has hardly changed in these countries.

Economic diversification may seem to be moving quickly, between 2007 and 2013 GCC non-oil GDP developed by 7 per cent per year, which surpasses the growth of a mere 2 per cent in the oil and gas sector. Nevertheless, the share of oil and gas sector in the GCC economies’ GDP has increased during the past 10 years, primarily because of the climbing oil prices in the period, which increased the minimal value of oil output.

Analysts believe that the diversification that has taken place is to sectors that rely on inexpensive hydrocarbon feedstock. GCC governments have formulated a plan to expand their economy away from oil and gas, which has boosted investment. The investment ratio of these nations has grown from 21 per cent of GDP in 2011 to around 24 per cent in 2014.

A number of projects are in the pipeline and these projects will account for nearly 155 per cent of 2013 GDP, with just Saudi Arabia planning on projects worth $1.1 trillion. But the other investments in infrastructure may not point directly to diversification or sustainable development.

The major hindrance to diversification lies in the lack of education, skills and jobs. The poor quality of education results in poor development of skills and a lack of innovation in the economy, and this can be seen in the number of patents registered that originate in the GCC. The effects of an unskilled population are also reflected in the little money that has been spent on research and development.

GCC nations can be regarded as the world’s weakest performers in primary as well as secondary school levels, accompanied by nations like Yemen and Ghana.

Thus, education continues to weaken the region and GCC’s plans of boosting investments into human resources should gain utmost importance. It seems like GCC members spend much more on infrastructure than any middle/high income nation, while expenditure on education is far less when compared to several other countries, excluding Saudi Arabia and the UAE.

This attitude towards education has led to reduced labour participation levels, especially among women. But when GCC girls surpass boys in global mathematical exams, then lower female participation levels cannot be explained by poor academic feats.

Labour force in GCC is growing by 3-4 per cent every year but the skills of the workforce remain underdeveloped, which makes higher employment rates and greater economic growth much more difficult to achieve.

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Petrochemical industry to facilitate storing solar energy

A new study has shown how electrolysis (the process of passing via water to separate hydrogen from oxygen in H2O) electricity could generate hydrogen to store renewable energy. The solar panels would provide extra electricity for electrolysis, producing hydrogen in the day. At night the hydrogen generated would be combined with oxygen in the air to produce electricity.

Chemical engineers at Stanford have modelled a catalyst that could possibly enable producing large amounts of pure hydrogen by means of electrolysis. Currently, pure hydrogen is derived from natural gas; industrial hydrogen is mostly used for petroleum refining and fertilizer production.

The research team intend to use electrolysis to derive H2 from water and then use the process to conserve solar energy. However to make this method industrially successful the research team must come up with a cost-effective way.

Electrolysis is typically a simple experiment: place two metal electrodes in water, and pass electricity through these electrodes which makes them acts as catalysts to split water molecules into hydrogen and oxygen gas. Platinum is a perfect catalyst for water-splitting process. However to transform this method into an industrial process a low-cost electrode must be used. Thus the aim of the research team is to make H2 without using precious metals.

The team intends to go further than using electrolysis to replace the existing demand for hydrogen. At present there is no economically viable and large-scale method to store solar energy. This research team thinks that electrolysis could convert gallons of water into batteries for preserving solar energy. With the help of electricity, electrolysis will break the chemical bonds that hold H2O together.

Breaking the chemical bonds of H20 will result in the production of a hydrogen ion- a proton with no electron to create a balance. A good H2 catalyst will provide the proton with a place to stick until it can use an electron to form a hydrogen atom on the catalyst surface and then combine with a neighbouring hydrogen atom to come off as H2. This method needs a catalyst with the right stickiness because if the binding is not strong then the ions wouldn’t stick and if the binding is too strong then the ions will never be released.

Platinum is the best catalyst but is quite expensive. In 2013, the Stanford engineers came across a type of molybdenum sulphide, typically used for petrochemical processing, that had some of the properties to act as a cheap yet effective alternative to platinum.

Petrochemical processing has certain similarities to electrolysis as petroleum feed stocks consist of a substantial fraction of heavy molecules. Petroleum refineries rely on catalytic reactions that use hydrogen to break these heavy molecules into lighter molecules.

Electrolysis also involves breaking water molecules or their chemical bonds. However, the researchers soon found a better way of producing hydrogen from water.

Petroleum processing includes scrubbing sulphur out of fuels in order to reduce acid rain, during which some of the sulphur atoms get integrated into petroleum processing catalysts, thereby boosting the activity of the catalysts. This scrubbing process armed the team with another idea- if they added sulphur atoms to a good catalyst, it would function as a better electrode for generating pure hydrogen.

The team decided to lace molybdenum phosphide with sulphur atoms, which resulted in the production of a new catalyst molybdenum phosphosulfide. This new catalyst was much more effective at creating hydrogen than its precursor. This catalyst was much more resilient, which is an extremely important property for a catalyst used in an industrial process. This new catalyst is also stable and has the efficiency similar to that of platinum.

Now the team at Stanford is trying to further improve the catalyst. The team has been relying on environment friendly methods, but these methods have been developed on the basis of concepts borrowed from petrochemical plants.

It is enthralling to see researchers link two totally different areas of technology for such a noble purpose.

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Demand for oil tumbles on the back of weak demand

Industrial output in Germany dropped in August, the lowest since January 2009, putting pressure on European equities and leading to weak demand for oil. Europe and China are experiencing stagnation, thereby making it difficult for the oil price to climb up.

The US Energy Information administration (EIA) made a discouraging forecast, which added to the bearish sentiment. Brent November crude fell $1.03 at $91.76 per barrel, while Brent dropped to a contract low of $91.25 on Monday. US November crude oil fell 96 cents at $89.38.

Iran has declared that OPEC does not intend to hold an emergency meeting to deliberate the drop in oil prices. OPEC oil ministers are slated to meet in Vienna on November 27 to consider making adjustments to their output of 30 million barrels per day. Unless OPEC doesn’t take measures to reduce supply, oil prices will likely remain under pressure.

Brent crude long futures and options positions on the Intercontinental Exchange fell by a sixth in the week to September 30, which points to the fading investor expectations for higher prices.

US crude oil output has risen over 3 million barrels per day since 2010 amidst a global economic slowdown and increase in efficiency has limited growth in oil demand. Experts suggest that the current oil market scenario represents the effect of the colossal rise in US oil production.

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Renewable energy may be the way out of economic quagmire for Egypt

Lack of abundant financial resources combined with the failure to form strategic plans is responsible for Egypt’s energy crisis.  Mohamed Shoeb, former president of the Egyptian Natural Gas Holding Company, said, "The energy problem is well known. Its solutions are also well known, but there is no will to solve it."

Experts suggested that the government should come up with innovative solutions. Solar energy is considered to be a viable and beneficial option for Egypt. Nations like Germany have formulated a plan to produce electricity from renewable energy by 2050. Solar energy has become extremely inexpensive; the cost of it has decreased by 90 per cent in the past 10 years.

Experts opined that smart electricity meters can bring down consumption in peak hours and thereby reduce electricity cuts. Power cuts have become frequent since 2008, but the cuts were limited to summer months. However, in the winter of 2012-12 blackouts became common.

The government can lower consumption of households that make use of several air conditioners or other power-hungry electronic devices.

Households can also increase use of energy saving LED light bulbs, which will reduce consumption by almost 20 per cent. "There are several ideas that can be studied and implemented, but we have been very slow," says Mohamed Moussa Omran, undersecretary of the Ministry of Electricity.

Despite being the first region to start use of solar energy, they were left behind by countries like Bahrain, UAE and Saudi Arabia, which have started use of smart meters. "Transparency is missing, and that is a problem that needs to be solved. The government thinks the people are not capable of understanding the problem," says Shoeb.

Egypt expects to use nearly 2,500 megawatts yearly for the next five years in order to meet the rising demand, at a cost of $2.5 billion per annum. Egypt would also require funds to set up power stations, and fuel needs would cost at least $700 million per station per year. Foreign investors are crucial to the process of developing power stations as well as the power grid.

Nearly 80 per cent of Egypt’s electricity needs are met with the help of natural gas, the production of which has declined tremendously in recent years as a result of political instability and rising government debts have made foreign energy companies hesitant to invest in development of new gas fields. 

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Toxic chemicals used in lotions may prove harmful for human health

In today’s generation many people are found using various types of cosmetic products on to their skin for a softer, fairer and smooth skin. With the upcoming of different brands most of the individuals nowadays prefer to pick and choose the best brand for their skin. However, they are not aware of harmful chemicals such as toxic chemicals used while making the cosmetic products, which at a later stage can destroy overall health. These toxic chemicals that are being used in the products can cause disease like tumors and cancer, and also cause dryness and irritation to the human skin.

Nowadays, most of the branded companies have come up with various lotions for smoother, softer and moist skin throughout the year and for all types season. The uses of hand or body lotions are mostly seen during winter as less moisture is present in air.

According to reports, in today’s world apart from various cosmetic product lotions have also become an essential accessory, which is applied several times a day. Moreover, lotion is basically prepared to treat the unbroken skin which reprieves the skin short term only. However in the long run, it in fact makes the problems worse as number of hand lotions contain toxic chemicals which over a time period get accumulated in increasingly greater amounts in the fatty tissues and liver and thus cause problems in long term.

Most of the lotions are a mixture of oil-in-water with a use of a matter such as cetearyl alcohol, to keep the mixture together, however the water-in-oil lotions are also formulated. Most of the common chemicals which are found in commercial hand lotion consist of mineral oil, parabens (propylparaben, ethylparaben, methylparaben), alcohols, aluminum and other petroleum products which are known to cause skin irritation and dryness. These chemicals that have been applied via lotion onto the skin are absorbed directly into the blood stream.

Toxic chemicals like Paraben and Petroleum affect the overall health of human bodies causing disease like cancer and tumors. Paraben chemical which is used in lotions gets accumulated in the human body affecting the liver, breasts and fatty tissues and are also known for causing dry, irritation and sensitizing skin and also triggering allergic reactions.

Whereas according to the researched studies, cancerous tumors and long-term dryness of skin are caused by petroleum chemical. As per analysts, quite a number of people don’t bother to go through the ingredients list on their cosmetic and other products.

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Declining oil prices benefits the West

The fall in oil prices in the midst of violent clashes in Iraq, hightened tensions between the West and Russia and sanctions against Iran has brought about drastic changes.

However, the rising supplies of crude in North America and the slowing demand have led to a decline in prices, a move indicative of how the shale oil boom has benefitted Washington and its Western allies both politically and economically.

Russia and Iran are dependent on oil sales and are currently experiencing budget shortages, which has affected their position in negotiations concerning Ukrainian sovereignty or the Iranian nuclear deal.

Increasing oil production from the US and Canada have helped provide a buffer against threats of supply disruptions from Russia or the Middle East.

Russian currency has declined drastically against the dollar as its economy is restrained by sanctions from US and EU. These sanctions have forced Russia to shell more money for imports.

Oil production in the United States has increased tremendously. US continues to ban export of crude and has forced barrels from West Africa and the Middle East to look for new markets.

Lower oil prices will benefit US energy firms, while the consumers will gain from spending less the pump.

On the other hand lower oil prices will affect Iran's economy as well as its crude sales. Analysts have also stated that despite having captured oil fields in Syria and Iraq, Iran will be affected by lower oil rates as they will have to discount the black market sales that provide funds for the militant group.

As far as Saudi Arabia is concerned, lower oil prices may lead to short-term budget shortages.

Experts suggested that a price drop may not spur action from OPEC members unless crude falls below $85 per barrel.

For the time being, the surge in US oil production combined with poor demand has forced traders to store additional barrels as they wait for prices to improve.

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Major expansion of Petrochemical industry is scheduled in Qatar

Qatar which is one of the richest state per-capita in the world and as per the year 2012 the country has established nearly 15 billion barrels of oil reserves and around more than 5% of gas fields of the global resource. In terms of its petrochemicalindustry, Qatar is at second position in the midst of Gulf Co-operation Council (GCC) countries. Moreover for the country the petrochemical industry is a key source of hard earning which ranks behind the crude oil and the liquefied natural gas (LNG) sectors.

According to the industry experts, over next 5-10 years the country has a greater petrochemical expansion plans than any other country in the region and the expansion of the petrochemical industry will bring in growing revenue and produce numerous new jobs in the coming years.

According to the industry experts, in the petrochemical industries the country is taking good steps to prolong their success and with this it is taking action against the potential threats from the international souk. Moreover at the same time from low cost shale gas as a feedstock, most of the US manufacturers are gaining benefits as these will make the US the cheapest place in the world to produce petrochemicals.

In the coming years the US tactics to spend around USD 100 billion in the petrochemical facilities and it much prone to flow into the Asian market once the product starts to come on-stream by setting it in an unswerving competition with the product from the Middle East.

According to the sources, the current production of petrochemicals in the small nation state intends to boost surplus twice in order to reinforce its traction in the industry. Moreover in the Gulf region the construction of the two largest petrochemical projects is at present on track and due to the high outlay of these projects the government remains the largest shareholder in petrochemical investments.

In past few years the petrochemical industries in Qatar have seen a noteworthy rise and most of the Petchem companies based in this country have a few really big decisions in front of them as they are facing the choice of defending their markets in Asia against the low cost US product in the midst of a budding impact on price and margin.

Furthermore for the development and expansion of the chemical and the domestic petrochemical industries, the country plans to invest around USD 25 billion and in the year 2012 major petrochemical manufacturers Shell oil companies and the Qatar Petroleum had affirmed the plan to build up an olefins project in Ras Laffan Industrial City at a total outlay of USD 6.4 billion.

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Does chemical Triclosan in Colgate Total lead to cancer-cell growth?

Triclosan is said to cause cancer-cell growth and disrupted development in animals. Thus, is it safe to put chemical triclosan in soaps, toys, toothpastes etc. Let’s find out.

Consumer companies are gradually stopping the use of this harmful chemical. However, millions continue to be exposed to triclosan put in toothpastes like Colgate-Palmolive Co.’s Total. Colgate asserts that Total is safe and that the product underwent rigorous Food and Drug Administration process that led to the toothpaste’s approval in 1997 as an over-the-counter drug.

However, FDA recently published Colgate’s findings on triclosan which proved that FDA’s drug approval process is based on company-backed science to show products are safe and effective. This report made experts question the company’s research on triclosan.

The study showed fetal bone malformations in mice and rats, which was put aside as irrelevant by Colgate. However, such findings when viewed in terms of today’s science may prove that triclosan is capable of disrupting the endocrine system and affecting hormonal functioning.

Colgate continues to defend the effectiveness of its product. Colgate spokesman Thomas DiPiazza said, “In the nearly 18 years that Colgate Total has been on the market in the U.S., there has been no signal of a safety issue from adverse-event reports. Colgate also pointed to an independent 2013 review by the Cochrane Oral Health Group, a network of doctors, researchers and health advocates, which found no evidence of harmful effects associated with using Colgate Total.” The safety of this product is supported by 80 clinical studies involving 19,000 people.

The FDA is reviewing safety information available on triclosan in hand soaps and not in Colgate Total as triclosan hasn’t been proven superior to soap and water at washing hands, however its effectiveness as an ingredient in toothpastes has been made clear through its FDA approval process. FDA, however, is positive that triclosan doesn’t pose a cancer risk for humans.

Colgate stopped use of triclosan in its Softsoap liquid handsoaps and Palmolive antibacterial dish liquid in 2011. Triclosan is the most scrutinized chemical since it is now used in nearly 200 products including rugs and pet-food dispensers. Firms like Johnson & Johnson, Avon Products Inc. and Procter & Gamble Co. have decided to remove triclosan from their products.

Consumers have turned away from chemicals like Bisphenol A and phthalates and have become much more aware about toxicity ranking.

At the end of the day it is the manufacturer’s responsibility to assure that its product is safe and to provide consumers with relevant information.

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Fracking Link has shoddily impact the health of infants

The word ‘fracking’ which is also known as hydraulic fracturing is a well intrusion performed on an oil or gas well, in order to increase the production by improving the flow of hydrocarbons from the drainage area into the well bore. As an allegedly bio-hazardous industry fracking has already attracted controversy, as the early researches have marked that this practice has increase the risk of infant birth defects living near the fracking sites.

Over past few decades in the U.S., the use of fracking a method to extract gas through which chemicals, water and sand are pumped into the ground to discharge trapped fuel deposits has been increased significantly and about 5 years ago the country had produce oil for around 5 million per day and today it produces 7.4 million due to fracking.

According to the research conducted in the month of January 2014 by Lisa McKenzie of the Colorado School of Public Health had discovered that number of congenital heart defects in the infants born to mothers living close to gas wells in Colorado.

Furthermore, two more studies that have not been looked closely shows that in the Pennsylvania, United States new born babies born close to fracking sites were more prone to have low birth weight, which is a sign of developmental problems. Moreover local authorities in Utah which is one of the states of United States are examining a rise in stillbirths after tests, where they found hazardous levels of air pollution from the oil and gas industry.

However, with the rising fracking wells that were also examined by few researchers were resulted in the incidence of neurological defects despite the fact that it was only at high levels of exposure, also premature birth, low birth weight and oral clefts were scrutinize by the researchers for a correlation.

One of the studies that was conducted in Colorado where fracking in five cities of Colorado were banned or drilling within municipal boundaries were also sought long-term moratorium after wells popped up near schools and backyards and industry were also pushed back.

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Europe’s economy in a fragile state

The fragile economy of Europe is likely to be affected by the never ending conflicts in Ukraine and Iraq. While, the economies of Britain and the US grow strongly, output in the euro bloc has come to a standstill. Germany is losing its hold and Italy is plagued by recession.

The global markets have been affected by the sanctions fight between Russia and the West as well as the US air strikes to stop Islamist militants in Iraq. The sanctions war between Moscow and the European Union and the growing concern over Russia’s invasion of eastern Ukraine have slowed down the economic growth.

Moscow supplies nearly a third of the European Union’s gas needs, Europe has strong trade ties with Russia. Thus, the increasing political conflicts in Ukraine and Iraq could have a major impact on the already weak economy of Europe.

Europe’s sluggish economy may help the US come to the forefront. Investors will test the strength of US rebound, while others are in search of reassurance that the recovery will stick even when central banks make borrowing expensive.

In Britain, unemployment rates may decline but earnings are expected to be lower than the previous year. The situation is similar in the United States. The cost of living is much higher than wage growth.Thus, to trust the recovery of the economies of the US and UK, wages need to rise in line with credit.

China’s economy has witnessed improved growth in the second quarter as the government has taken steps to improve construction of railways and public housing. However, the declining property prices and the high local government debts are slowing down the economy. The government will have to bring in deeper reforms to help push the economy forward. 

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