Gail Tverberg writes: We are about to see a substantial disruption to the economy, as oil limits, as well as other energy limits, cause the economic supercycle to contract. Whether its Peak Oil, the Limits to Growth, or the Debt Supercycle, the underlying problem is the same – we’re reaching the limits of a finite world.
The Economic Times reports: The Central government has unveiled a new Crop Insurance Scheme with the premium to be paid by farmers as low as 1.5 per cent of the sum assured for all rabi crops and 2 per cent for kharif crops. The scheme comes without any cap on overall premium rate to ensure full claims.
Gail Tverberg explains the correlation between rates of GDP growth and growth in energy supply. For decades, energy has been becoming more costly to obtain, but instead of accepting lower GDP growth, we have been using debt to fund further energy extraction. That strategy has diminishing returns, and we are close to the moment of reckoning.
The Guardian reports: Investors face a “cataclysmic year” where stock markets could fall by up to 20% and oil could slump to $16 a barrel, the Royal Bank of Scotland have warned. In a note to clients, it said: “Sell everything except high quality bonds. This is about return of capital, not return on capital.”
5 reasons why Tibet’s melting ice is a disaster for India, Europe and US Nihar Gokhale, Catch News Did you know that rivers originating in Tibet’s glaciers supply water to 1.3 billion people? That’s equivalent to the entire population of India. But these glaciers are fast disappearing due to global warming. Tibet’s sustainability is crucial
Doomstead Diner Doomstead Diner Discussions on The Shit Hits The Fan (TSHTF) – Three Recordings on Aug. 23, 2015. At the Doomstead Diner, we investigate, discuss and debate the ramifications of the Economic Collapse of Industrial Civilization. Often referred to in shorthand as TEOTWAWKI. The End of the World as We Know It. Energy Discussion
World will pass crucial 2C global warming limit, experts warn The Guardian UK Pledges by nations to cut carbon emissions will fall far short of those needed to prevent global temperatures rising by more than the crucial 2C by the end of the century. This is the stark conclusion of climate experts who have analysed
Parliamentary Standing Committee rejects TSR Subramanian report on environmental laws Down to Earth A Parliamentary Standing Committee (PSC) rejected a high-level committee (HLC) report that reviewed various Acts administered by the Ministry of Environment, Forests and Climate Change (MoEF&CC). The committee precisely noted that some of the essential recommendations made by the HLC “would result
Continued destruction of Earth’s plant life places humans in jeopardy Science Daily Unless humans slow the destruction of Earth’s declining supply of plant life, civilization like it is now may become completely unsustainable, according to a paper published recently by University of Georgia researchers in the Proceedings of the National Academy of Sciences. “You can think
Warming of oceans due to climate change is unstoppable, say US scientists The Guardian UK The warming of the oceans due to climate change is now unstoppable after record temperatures last year, bringing additional sea-level rise, and raising the risks of severe storms, US government climate scientists has said. The annual State of the Climate
G7 leaders bid ‘Auf Wiedersehen’ to carbon fuels Reuters Leaders of the world’s major industrial democracies resolved on Monday to wean their energy-hungry economies off carbon fuels, marking a major step in the battle against global warming that raises the chances of a U.N. climate deal later this year. The Group of Seven’s energy pledge
G7: End of fossil fuel era? BBC News The G7 has called for a transformation of electricity generation towards renewables and nuclear by 2050. And they said fossil fuel should not be burned in any sector of the economy by the end of the century. Their targets are not binding – but they send a clear message
Will Tesla’s home battery really transform our energy infrastructure? The Guardian UK “The goal is complete transformation of the entire energy infrastructure of the world,” Tesla founder Elon Musk told reporters as he launched the electric car company’s new home power storage battery. “This is actually within the power of humanity to do. It is
Alice In Shale Gas Wonderland Julian Darley It is hard to know where to begin regarding Ambrose Evans-Pritchard’s article entitled “Energy crisis is postponed as new gas rescues the world.” But since the speculative world he invokes has more to do with Alice In Wonderland than the hard reality of engineering and science, let us
Goldilocks Is Dead Richard Heinberg Five years ago I wrote an article for Reuters titled “Goldilocks and the Three Fuels.” In it, I discussed what I call the Goldilocks price zone for oil, natural gas, and coal, a zone in which prices are “just right”—high enough to reward producers but low enough to entice consumers.
India’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
What 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
The 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
OPEC 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.
“He who laughs has not yet heard the bad news.” – Bertolt Brecht (Editor’s Note: As a necessary corrective to the unbridled optimism of the mainstream media, here’s a selection of forecasts for 2015 by some of the most insightful alternative voices on world politics, energy and the economy. For those in a hurry, here’s a one-line