🧑🏫 2x Private Tutoring. 2x Critical Mineral Trade. US Energy Trade Surplus.
Chart of the Day #85 looks at Private Tutoring, US Energy Exports, and Critical Mineral Trade.
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Microsoft signed its biggest renewable energy contract yet, valued at over $10B, which expects to add 10.5GW of wind and solar in the US and Europe between 2026 and 2030. QatarEnergy has ordered 18 LNG vessels from China State Shipbuilding Corporation for $6B, boosting its fleet expansion program.
Today's Topics
🧑🏫 Private Tutoring. ~2x increase in private tutoring in the UK
⛽ Energy Exports. LNG exports make the US a primary energy net exporter
🪨 Critical Minerals. Critical mineral trade doubled since 2012 reaching $375B
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🧑🏫 ~2x Increase in Private Tutoring in the UK
Driven by the increasing academic pressures, private tutoring has become a prevalent option among UK students seeking supplementary learning support. Over the past 17 years, there has been a nearly twofold increase in the number of secondary school students receiving tutoring, highlighting the heightened demand for academic assistance. The personalized attention provided by private tutoring is particularly beneficial for students facing challenges in specific subjects, aiding them in catching up, excelling, and building confidence.
However, the high cost of private tutoring creates disparities, disadvantaging students from lower-income backgrounds. The one-on-one format of private tutoring may limit exposure to social interaction and diverse teaching methods, impeding social development and independent learning. Finding qualified tutors can be challenging, and the intense tutoring sessions may exacerbate students' already busy schedules, impacting their participation in extracurricular activities and overall well-being.
⛽ LNG Exports Make the US a Primary Energy Net Exporter
The US primary energy trade balance witnessed a significant shift in 2019, with exports surpassing imports for the first time, resulting in a positive net energy export. This net export achievement, amounting to 5.97 Quadrillion Btu (6.3 Exajoules) as of 2022, was primarily driven by liquified natural gas (LNG) exports. Last year the US overtook Qatar and Australia to become the world’s leading exporter of LNG for the very first time in industry history. To contextualize this achievement, 40% of the LNG imported by the European Union in 2023 originated from the US, and in the first 4 months of 2024, the US accounted for 54% of the LNG consumed by the EU, with Spain and France being the largest recipients within the bloc.
The EU's pivot away from Russian LNG has presented opportunities for US LNG exports. However, the Biden Administration’s recent pause on exports from new LNG projects due to pressure from climate activists to reassess the impacts of LNG exports on energy costs, energy security, and the environment may impact overall export volumes in the medium to long term. In response, Qatar has unveiled an LNG expansion program to boost LNG production capacity by nearly 85% by 2030, elevating output to 142Mt/year, to fortify its position in the market.
🪨 Critical Mineral Trade Doubled Since 2012 Reaching $375B
The value of critical mineral trade nearly doubled from 2012 to 2022, reaching $375B, and has become central to the global economy, particularly for clean technologies. Critical minerals such as lithium, cobalt, and nickel are essential for electric vehicle batteries, wind turbines, and solar panels. On the import side, developed nations heavily rely on countries rich in these minerals. For instance, China dominates the rare earth element market, exporting a significant portion used in clean tech manufacturing worldwide.
To counter such vulnerabilities, some countries are nationalizing their critical mineral resources. In 2022, Chile, the world's second-largest lithium producer, proposed nationalizing its lithium reserves. This move aims to give the government more control over this vital resource for the clean energy transition. Similarly, the United States has invested heavily in domestic exploration and production of critical minerals, aiming to lessen its dependence on foreign imports. The nationalization trend reflects the strategic importance of critical minerals for a clean-tech future. A secure and sustainable supply chain is essential to achieving climate goals.
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