A near half-decade boom in oil investments in Norway is about to come to an end, sapping momentum in the economy of western Europe’s largest crude producer, the country’s main economic forecaster said.
Oil demand will be higher in 2014 than previously estimated as global economic growth recovers, the International Energy Agency said. Pressure on supplies will ease in coming months as seasonal consumption dips.
German Chancellor Angela Merkel’s campaign to limit climate change with an energy system based on renewable sources is cutting into profits of companies that still provide 57 percent of the power that keeps Europe’s biggest economy humming.
The U.S. has made progress at addressing climate change, but additional technologies are needed to promote the use of abundant energy resources while combating emissions, Sen. Lisa Murkowski, R-Alaska.
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