News update

Why the Fracking Phenomenon Will Leave Us High and Dry
Asher Miller, Post Carbon Institute
A new, landmark report shows that hopes of a long-term golden era in American oil & gas production are unfounded.

Eight Pieces of Our Oil Price Predicament
Gail Tverberg
A person might think that oil prices would be fairly stable. Prices would set themselves at a level that would be high enough for the majority of producers, so that in total producers would provide enough–but not too much–oil for the world economy. The prices would be fairly affordable for consumers. And economies around the world would grow robustly with these oil supplies, plus other energy supplies. Unfortunately, it doesn’t seem to work that way recently.

Is there really an oil glut?
Kurt Cobb, Resource Insights
Yes, the price drop has only just occurred, and, of course, we cant expect that it will have an immediate affect on consumption. But, increased consumption would likely take the oil markets back above $100 per barrel since small changes in supply and demand tend to move the oil price sharply. At the $100 level no one would be calling the situation a glut.

How can oil as dirty and destructive as the tar sands be profitable? Massive subsidies.
Priceofoil.org
A new report by Oil Change International, Cashing in on All of the Above: U.S. Fossil Fuel Production Subsidies under Obama, demonstrates the huge and growing amount of subsidies going to the fossil fuel industry in the U.S. every year. In 2013, the U.S. federal and state governments gave away $21.6 billion in subsidies for oil, gas, and coal exploration and production.

IPCC Report Says Climate Change Is ‘Severe, Widespread and Irreversible’
Bill McKibben, Ecowatch
Breaking the power of the fossil fuel industry won’t be easy, especially since it has to happen fast. It has to happen, in fact, before the carbon we’ve unleashed into the atmosphere breaks the planet. I’m not certain we’ll win this fight—but, thanks to the IPCC, no one will ever be able to say they weren’t warned.

Why We Can’t Ditch the 2 C Warming Goal
Jonathan Coomey, EcoWatch
The warming limit approach is the most powerful analytical way of thinking about the climate problem that the climate science and policy community has yet devised. So the answer is not to “ditch the 2 C limit,” but to use it to show (in Victor and Kennel’s words) that “politicians … pretend that they are organizing for action when, in fact, most have done little.

Hydropower May Be Huge Source of Methane Emissions
Bobby Magill, Climate Central
Reservoirs and hydropower are often thought of as climate friendly because they don’t burn fossil fuels to produce electricity. But what if reservoirs that store water and produce electricity were among some of the world’s largest contributors of greenhouse gas emissions?

Revealed – the capitalist network that runs the world
New Scientist
As protests against financial power sweep the world, science may have confirmed the protesters worst fears. An analysis of the relationships between 43,000 transnational corporations has identified a relatively small group of companies, mainly banks, with disproportionate power over the global economy.

Terrifying US cluelessness on interest rates suggests politics is powerless
Andrew Critchlow, The Telegraph UK
Clues to the current market turmoil can be found in the Scottish referendum, the Ebola outbreak, and a set of seventeen dots. The last of these are the “dots diagrams” that the US Federal Reserve uses to illustrate where its officials think interest rates will be in the future. They provide a glimpse inside the decision-making process of the main monetary control room in the world. And the picture that emerges is, frankly, terrifying.

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