A halt of Iran's oil exports to Organization for Economic Cooperation and Development countries could trigger a 20%-30% spike in oil prices, an International Monetary Fund official said Thursday.
"The impact of an oil supply shock in the Middle East could be large if not compensated by a supply increase elsewhere," said Gerry Rice, director of external relations at the IMF. Gas prices and potential supply issues in global oil markets is quickly becoming a hot-button topic both in U.S. domestic politics and internationally as tensions between Iran and western nations intensifies.
"The impact of an oil supply shock in the Middle East could be large if not compensated by a supply increase elsewhere," said Gerry Rice, director of external relations at the IMF. Gas prices and potential supply issues in global oil markets is quickly becoming a hot-button topic both in U.S. domestic politics and internationally as tensions between Iran and western nations intensifies.
Installations of wind farms with less than 20 megawatts of capacity may rise to a record this year if lawmakers expand a federal tax credit.
Two big wind development projects on Appalachian ridges in Bedford and Clearfield counties have been canceled, and fewer new turbines will be spinning across the nation next year due to the possible end of a federal tax credit program that has driven development.
The world's most efficient solar cells, a new vaccine against chicken cholera and recycling car tyres to make steel are among the five winning inventions at the inaugural Australian Collaborative Innovation Awards.