Global warming ‘set to speed up to rates not seen for 1,000 years’ The Guardian, UK New evidence suggests the rate at which temperatures are rising in the northern hemisphere could be 0.25C per decade by 2020 – a level not seen for at least 1,000 years. The analysis, based on a combination of data from…
Read More about News updateLester Brown: ‘Vast dust bowls threaten tens of millions with hunger’ The Guardian, UK Vast tracts of Africa and of China are turning into dust bowls on a scale that dwarfs the one that devastated the US in the 1930s, one of the world’s pre-eminent environmental thinkers has warned. Over 50 years, the writer Lester…
Read More about News updateIndia’s 100 GW Solar Target Could Create 1 Million Jobs by 2022 The Energy Collective Delhi is abuzz as the first renewable energy-financing summit organized by the Indian government, RE-Invest 2015, wrapped up with commitments totaling a whopping 266 GW of renewable energy in the next 5 years. For context of the magnitude of these…
Read More about News updateWhat is Saudi Arabia not telling us about its oil future? Kurt Cobb, Resource Insights What if the Saudis are acting now to undermine U.S. and Canadian oil production because they realize that Saudi production will soon reach a peak? What if the Saudis fear that energy efficiency, fuel substitution (say, toward natural gas), and…
Read More about News updateMadhya Pradesh to get world’s largest solar power plant Times of India Next year on Independence Day, India will have the world’s largest 750MW solar power plant in Rewa district of Madhya Pradesh, which will pip America’s much-vaunted 550-megawatt Desert Sunlight solar project in California, commissioned four days ago. The state government is setting up…
Read More about News updateThe Fracking Bust Hits Home Wolf Richter, Wolf Street In the latest reporting week, drillers idled another 84 rigs, the second biggest weekly cut ever, after idling 83 and 94 rigs in the two prior weeks. Only 1056 rigs are still drilling for oil, down 443 for the seven reporting weeks so far this year…
Read More about News updateCommodities crash: Bad news for the world economy, but is anyone listening? Kurt Cobb Reading the general run of financial headlines might lead one to believe that price declines in those commodities which are highly sensitive to economic conditions such as iron ore, copper, oil, natural gas, coal, and lumber are good on their face… Food…
Read More about News updateOPEC Chief Claims Oil Could Rebound to $200 a barrel Oilprice.com OPEC’s secretary-general says the 7-month-old plunge in oil prices finally may have bottomed out and may be ready to rise again. In fact, Abdullah al-Badri hypothesized that a decision by his cartel to cut production conceivably could lead to oil at $200 a barrel….
Read More about News updateClimate change inaction pushes ‘doomsday clock’ closer to midnight The Guardian, UK The symbolic doomsday clock moved to three minutes before midnight on Thursday because of the gathering dangers of climate change and nuclear proliferation, signalling the gravest threat to humanity since the throes of the cold war. It was the closest the clock has…
Read More about News update2014 Warmest Year on Record The New York Times Last year was the hottest on earth since record-keeping began in 1880, scientists reported, underscoring warnings about the risks of runaway greenhouse gas emissions and undermining claims by climate change contrarians that global warming had somehow stopped. Groundbreaking Study Confirms: We Must Leave Fossil Fuels “In…
Read More about News updateThe First Shale Casualty: WBH Energy Files For Bankruptcy; Many More Coming Zero Hedge While the mainstream media continues to chant the happy-clappy side of lower oil prices, now, we have the first casualty of the shale oil leverage debacle as WSJ reports, on Sunday, a private company that drills in Texas, WBH Energy LP,…
Read More about News updateBad loans will worsen if economy falters: RBI Indian Express The Reserve Bank of India (RBI) has warned that the asset quality of scheduled commercial banks may worsen from the current level if the macroeconomic conditions deteriorate drastically. The central bank’s latest Financial Stability Report has also raised red flag on connected banks triggering a…
Read More about News updateThe Oil Price Crash of 2014 Richard Heinberg, Post Carbon Institute Oil prices have fallen by half since late June. This is a significant development for the oil industry and for the global economy, though no one knows exactly how either the industry or the economy will respond in the long run. Since it’s almost…
Read More about News updateEditor’s note: The ongoing oil price war that pits a shale-boom riding U.S. and their allies OPEC against arch rivals Russia, Iran and Venezuela could have far-reaching consequences. It has begun to seriously impact a Russian economy already isolated by U.S. and EU sanctions. At a time when Ukraine is a flashpoint between the West and Russia, such…
Read More about News updateGuess 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…
Read More about News updateIndia Struggling Between International Image & Equity at Lima Climate Talks Dispatches from COP 20, Lima by Kabir, What’s With The Climate Indian government delegation is warming up for a test match like scenario at COP 20 in Lima. It seems that India in coordination with other developing countries will push for Adaptation, Adaptation, and Adaptation…
Read More about News updateCoal Rush in India Could Tip Balance on Climate Change The New York Times India’s coal mining plans may represent the biggest obstacle to a global climate pact to be negotiated at a conference in Paris next year. “If India goes deeper and deeper into coal, we’re all doomed,” said Veerabhadran Ramanathan, director of the…
Read More about News updateStakes are high as US plays the oil card against Iran and Russia Larry Elliott, The Guardian UK With the help of its Saudi ally, Washington is trying to drive down the oil price by flooding an already weak market with crude. As the Russians and the Iranians are heavily dependent on oil exports, the…
Read More about News updateOil Price Slide – No Good Way Out Gail Tverberg The world is in a dangerous place now. A large share of oil sellers need the revenue from oil sales. They have to continue producing, regardless of how low oil prices go unless they are stopped by bankruptcy, revolution, or something else that gives them…
Read More about News updateWhy 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…
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