Guess What Happened The Last Time The Price Of Oil Crashed Like This
Michael Snyder, The Economic Collapse blog
There has only been one other time in history when the price of oil has crashed by more than 40 dollars in less than 6 months. The last time this happened was during the second half of 2008, and the beginning of that oil price crash preceded the great financial collapse that happened later that year by several months. Well, now it is happening again, but this time the stakes are even higher. (Snyder’s latest post: Anyone That Believes That Collapsing Oil Prices Are Good For The Economy Is Crazy)
Ten Reasons Why a Severe Drop in Oil Prices is a Problem
Gail Tverberg, Our Finite World
If high oil prices can be a problem, how can low oil prices also be a problem? In particular, how can the steep drop in oil prices we have recently been experiencing also be a problem? Here is an explanation. (Also see: Energy Matters blog post: Oil price wars – who blinks first? which says OPEC is bound to trump the U.S. shale oil producers in the ongoing price war)
Signs Of Peak Oil Starting To Emerge
Euan Mearns, Oilprice.com
What caused the recent crash in the oil price from $110 (Brent) in July to $70 today and what is going to happen next? With the world producing 94 Mbpd (IEA total liquids) $1.4 trillion has just been wiped off annualized global GDP and the incomes of producing and exporting nations. Energy will get cheaper again, for a while at least. The immediate impact is a reduction in global GDP and deflationary pressure.
India Says Pollution Levels Need to Rise Further to Boost Growth
India said its pollution levels will need to increase in the years ahead to support its economic development and it won’t discuss limiting greenhouse-gas emissions at United Nations climate talks that began this week. Environment Minister Prakash Javadekar also said the government is preparing to make a pledge on how India will develop cleaner forms of energy, though he stopped short of indicating when the country might take on the sorts of caps for emissions that the U.S., China and Europe are adopting. (Editor’s note: Here’s another report based on Javadekar’s statement, which puts a completely different spin on it: India plans 5-fold increase in renewable energy. Also see: The Next Big Climate Question: Will India Follow China?)
A Dam Revival, Despite Risks
Erica Gies, The New York Times
While some dams in the United States and Europe are being decommissioned, a dam-building boom is underway in developing countries. World hydropower production will grow from 4,000 terawatt hours now — about the annual power output of the United States — to 4,670 terawatt hours in 2020, according to Maria van der Hoeven, executive director of the International Energy Agency, in Paris. The Intergovernmental Panel on Climate Change predicts that hydropower generation will double in China between 2008 and 2035, and triple in India and Africa.
Solar as Industrial Revolution
The New York Times
The Hanergy Holding Group, created in 1994 and based in Beijing, is a major renewable-energy company, notably in thin-film solar technology. Its founder and chairman, Li Hejun, has written a book, China’s New Energy Revolution, recently translated into English, in which he argues that solar energy will lead a third industrial revolution.
Energy Efficiency May Be the Key to Saving Trillions
Beth Gardiner, The New York Times
Compared with eye-catching renewable power technologies like wind turbines and solar panels, energy efficiency is nearly invisible. But advocates say doing more with less power may be an even more critical weapon in the fight against climate change and offers big economic benefits, too.
Permaculture, a Vision of the Post-Oil World
Yves Cochet, originally published by Holmgren Design
More than an agricultural technology, permaculture is a vision of the societies of tomorrow, ours, which will be confronted with the evolution of energy and climate systems. Permaculture is not only another way to garden: it is another way of thinking about and acting on the world, a global philosophical and concrete change, at the same time as a drawing together of strategies of resilience in the face of radical transformations, if not collapses, which are presenting themselves.