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Insight Weekly: Energy reforms after midterms; Crisis ends 'age of gas'; bank deposits fall


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Insight Weekly: Energy reforms after midterms; Crisis ends 'age of gas'; bank deposits fall

Today is Tuesday, November 08, 2022, and here’s your weekly selection of essential intelligence on financial markets and the global economy from S&P Global Market Intelligence. Subscribe to be notified of each new Insight Weekly

In this edition of Insight Weekly, we take another look at how this month’s midterm elections will impact energy policies in the U.S. At the federal level, the outcome of Congressional contests will help to shape likely reforms of permitting legislation for energy infrastructure projects. Gubernatorial races and elections for state utility commissions will also greatly influence local energy agendas and the ongoing transition from fossil fuels to renewable energy sources.

The energy crisis could accelerate decarbonization efforts, resulting in faster deployment of clean power around the globe. The International Energy Agency highlighted Russia's invasion of Ukraine as the main cause of the diminishing use of gas, potentially bringing an "end to the golden age of gas."

U.S. banks reported further declines in deposits during the third quarter of the year. Nine of 13 lenders with assets of between $100 billion and $1 trillion posted quarter-over-quarter falls in deposits, according to S&P Global Market Intelligence data. SVB Financial Group had the largest drop-off at 5.9%.

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Written and compiled by Waqas Azeem

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