Daily Digest 12/14 - Petroleum's Great Revival, What Next For UK After Fracking Ban Lift?
Eurozone bank deal: Group edges towards union (westcoastjan)
So, when Europe's leaders gather in Brussels they will be examining a "blueprint" for building what is called "genuine" economic and monetary union.
So, down the road - and probably not too far ahead - the European Union will seek closer co-ordination of national budgets and economies, how to enforce reforms and how to fund and wind down failing banks.
The district recently borrowed $300 million just to pay bills and issue paychecks through the end of the school year. It faces an equally tough picture for next year, and if one action built into its five-year plan doesn't happen, dominoes would start to tumble.
"If we don't take these actions now, we actually have no money to spend," Hite said of the closings.
Was the equity in the bubble years real or phantom? It was real for those who sold and turned the bubble equity into cash. But how many of the 75 million mortgage holders sold and did not acquire another mortgage? Given that the number of mortgages has barely budged (around 50 million), not many.
For everyone else, borrower and lender alike, the equity and the collateral were phantom.
Net Energy, the Key to Energy Investing (James S.)
Net Energy is the Long-Term Key. Net Energy is the equivalent of take home pay, or after tax profits. It is useful energy: relative to the energy required to deliver said energy to the economy. Net Energy is expressed as a ratio such as oil in the 1970s of 25:1. Oil has depleted below 5:1. As Net Energy drops below 5:1 the resource drops off the Energy Cliff.
UK Lifts Fracking Ban, Now What? (James S.)
Environmentalists feel it is still too early to be green-lighting fracking, in the absences of a sound environmental impact study. It’s not only earthquakes that have the public worried—it’s the potential to poison drinking water.
It may seem surprising that Norway, the largest oil producer in Europe, is aggressively pursuing this alternative source of energy. However, the nation has always been a proponent of nuclear energy, though its attempts to develop domestic plants petered out in the 1960s – and Norway has extensive reserves of thorium. (In fact, thorium was discovered by a Norwegian mineralogist and named after Thor, the Norse god of thunder.)
Peter Foster: Petroleum’s Great Revival (westcoastjan)
Dr. Yergin also outlined a “rebalancing” of the entire global energy industry, significantly related to that Great Revival. He did not dwell on the irony that this revival should have taken place under perhaps the most anti-oil president in U.S. history, but then diplomacy is needed when you have the ear of the White House, which in Dr. Yergin’s case is good news for Canada.
“The current situation in terms of access to resources, with the overarching tensions, has become unsustainable,” Mr. Gallagher said in an interview. “That is the key to the whole thing. Recognizing that Plan A has not worked; let’s put a Plan B together.”
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