Daily Digest

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Daily Digest 10/7 - Good News For The Unemployed, High Gas Prices Stun Californians

Sunday, October 7, 2012, 9:49 AM

Economy

Good News For The Unemployed (jdargis)

Without downplaying the significance of the uptick in long-term unemployment—job loss has a substantial impact on lifetime earnings and indeed even life expectancy—there’s at least some good news for the employment prospects of the Great Recession’s unemployed. A field study run by economists at the University of Chicago, McGill, and the University of Toronto finds that employers are far less likely to penalize the unemployed for being out of work in communities hammered by recession, since there’s less of a sense that job loss signals that an applicant is “damaged goods.”

Turkey’s Parliament Backs Military Measures on Syria (jdargis)

“I don’t see what else the government could do,” said Soli Ozel, an academic and a columnist, who said he viewed Turkey’s response as one of restraint that made good on warnings that it would strike Syria if its border was threatened. “That is the least they could do. They have so tied themselves to massive retaliation rhetoric that they had to do something.”

Optimism From Draghi on the Financial Health of Europe (jdargis)

Elga Bartsch, the chief European economist with Morgan Stanley, said the central bank seemed to be making clear that it had gone as far as it was prepared to go in restoring market confidence and that it was now up to the governments of Europe to push through the restructuring efforts that are seen as necessary to restore the euro’s stability in the long term. “The ball is now clearly in the courts of the governments,” Ms. Bartsch said.

Energy

California Struggles With High Gas Prices (jdargis)

Prices had been rising for several days, making California the most expensive state for gasoline. On Friday, Californians paid an average of $4.49 a gallon for regular — 70 cents above the national average. Nationally, gas prices have risen less than half a penny a gallon over the last week, with prices now easing in many states.

Supplies of refined petroleum products on the West Coast are now at their lowest levels since 2008, while national inventories are about normal.

Scientists Find Massive Geothermal Hotspot In Utah (adam)

Rick Allis, director of the Utah Geological Survey, will report his team’s findings on the site to the energy industry at next week’s annual meeting of the Geothermal Resources Council in the hopes that it will generate interest among developers. The site itself offers particular benefits given its state of industrial development, including a large wind farm and a major transmission line currently serving a nearby coal-fired power plant.

Environment

Drought Leaves Cracks In Way Of Life (jdargis)

Adding to the uncertainty has been Congress’s failure to pass a farm bill; the previous version expired on Sunday. Although crop farmers will still get their insurance payments, livestock producers are now without an equivalent safety net. While lawmakers are expected to pass a farm bill after the November election, that might be too late for livestock producers, several of whom said they were losing tens of thousands of dollars a week because they were paying more to feed their animals than they were getting when they sold them.

Oregon Farmer Eaten By Pigs (jdargis)

Michael Garner said one of the hogs had bitten his brother last year, after he had accidentally stepped on a piglet.

"He said he was going to kill it, but when I asked him about it later, he said he had changed his mind," he told the Register-Guard.

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1 Comment

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Bonus energy in Utah.

Nice find of energy in Utah. Let us hope that it is used wisely.

I hope that it does not cause an environmental disaster. So far we have used excess energy to make babies.

I shall move the non-renewable slider along a bit on the Limits to Growth model and see what outcome we get.

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