While it’s true that the cost of energy is only a small part of U.S. GDP, its impact is multiplied when the U.S. economy and government try to provide the same standard of living as it did prior to 1970. Furthermore, the EROI- Energy Returned On Invested of U.S. oil production declined significantly since the 1950’s. The EROI of U.S. oil and gas production in 1970 was 30/1, however shale oil comes in at a low EROI of 5/1.
Thus, the falling EROI means less profitable barrels to provide the same (higher) standard of living as Americans enjoyed before 1970.”
Another Market Meltdown? (Tiffany D.)
Traders are in a panic about the news that Britain is leaving the European Union — Brexit. Many feel a crash is imminent. That, of course, is possible at any time. We saw it in 2008, and we’ve seen mini-crashes with regularity in 2011, 2012, 2015 and twice already in 2016.
The blue columns are the Russell, representing the weekly yoy (year over year) indexed change. The black line the Federal Funds Rate. It should be somewhat obvious that in ’00 and ’08 as the Russell turned negative on a yoy basis, the Fed began or had already begun rate cuts. However, this time the Fed’s determination to hike rates precipitated the downturn in the Russell…which previously had been the signal for the Fed to begin a new rate cut cycle?!?
Foot traffic has slowed to a shuffle along some of the city’s most famous corridors. On Fifth Avenue, between 54th and 55th Streets, 26,831 pedestrians — enough to fill Madison Square Garden and Radio City Music Hall combined — passed through in three hours on a weekday in May 2015, up from 20,639 the year before, according to city data.
Outside The Hall Of Mirrors (Joe M.)
In Britain as well as America, the pendulum started swinging the other way in the last quarter of the century. The triumph of Margaret Thatcher in the 1978 general election had the same role there as Ronald Reagan’s victory in 1980 did over here: a new, more aggressive conservatism took up the Left’s rhetoric of class warfare with a vengeance and inverted it, ushering in an era in which the rich rebelled against the poor. The Labour Party under Tony Blair, in turn, responded to that shift the same way that the Democrats did under Bill Clinton: both parties quietly dropped their previous commitments to the working class and the poor, and focused instead on issues that appealed to affluent liberals. They gambled that the working class and the poor would keep voting for them out of habit and misplaced loyalty—and over the short term, that gamble paid off.
240 years of US energy use (jdargis)
Biomass spent nearly a century on top of the US energy mix before being displaced by coal, although it never went above providing four quadrillion Btus (each Btu is a bit over 1,000 Joules). But biomass never entirely went away, and its resurgence this century puts it at its highest level ever. With nuclear holding steady and renewables surging to nearly the same level as hydropower, fossil fuels are on the verge of dropping below 80 percent of the US’ energy mix.
Smelly, thick algae coats Treasure Coast beaches (LesPhelps)
At Central Marine boat docks in Stuart, pea-green and brown algae coated the water Thursday and smelled strongly like cow manure. Blooms that started last week in the St. Lucie River continue to spread, threatening Atlantic beaches expecting crowds of families for the holiday weekend.
G.M.O.s in Food? Vermonters Will Know (jdargis)
But not all the same products will definitely be on shelves. Coca-Cola said some of its less popular brands may not be available in Vermont right away. (Coca-Cola, Diet Coke and Coke Zero will be available.) And the trade association representing the major food companies has remained staunchly opposed to Vermont’s regulation. It has pushed action from Congress, so far unsuccessfully, that would apply to all 50 states. Proponents of the new labels also want a national standard.
Gold & Silver
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