Daily Digest

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Daily Digest 7/30 - Don't Give Up On Detroit, The $60T Methane Time Bomb

Tuesday, July 30, 2013, 9:48 AM

Economy

Don't Give Up On Detroit (jdargis)

Contrary to what some commentators have been arguing, however, Detroit’s troubles can’t be traced simply to bloated payrolls and intransigent public-sector unions: decades of deindustrialization are the main culprit. The population peaked in 1950, at 1.85 million. Since then, as the auto industry declined, and almost all the city’s white residents moved to the suburbs, the population has dropped by about sixty per cent. The city’s payroll has fallen even faster. In 1951, Detroit employed nearly thirty thousand people. Today, it employs about ten thousand five hundred people, and their salaries and their benefits are hardly extravagant. Since 2010, through furloughs and other measures, the city has cut its employees’ wages by close to twenty per cent. The average municipal pension is nineteen thousand dollars a year.

No Fatalities After Explosions at Florida Gas Plant (jdargis)

Tuesday morning, smoke still billowed from a storage container on the property, which consists of a couple of warehouses next to each other. The parking lot was littered with thousands of blackened 20-gallon propane containers. Nearby, three 30,000-gallon tanks of propane sat untouched. Officials said hoses designed to spray water on the large tanks in case of fire, didn't go off as planned.

U.S. Accuses JPMorgan of Manipulating Energy Markets (jdargis)

The settlement could cost the bank as much as $500 million, people briefed on the matter said. Accusations of market manipulation surfaced this spring in a confidential commission document, reviewed by The New York Times, which outlined a pattern of illegal trading in the electricity markets of California and Michigan. The document, a warning that investigators would recommend civil charges, also contended that a senior JPMorgan executive, Blythe Masters, gave “false and misleading statements” under oath. Ms. Masters, however, was not included in the regulator’s formal notice on Monday. JPMorgan denies that she made false statements under oath.

What Happens When the Oil Runs Out? (James S.)

In the “good old days”, e.g. the Humphrey Jones “Giant Gusher” drilled in Texas in 1922, it was necessary only to drill a hole in the ground to get oil. An oil well contains not only oil, but gas at high pressure, meaning that once the cap-rock that holds it all in place is broken, the oil is forced out in that familiar jet of black gold. The good old days indeed, because then it was necessary only to expend an amount of energy equal to that contained in one barrel of oil to recover a hundred barrels, which is like investing a pound and getting a return of a hundred pounds – a very good net profit. In 2013, the return is maybe twenty pounds or just three for extra-heavy oil, or for “oil” derived from tar sands, once it has been upgraded into liquid fuel.

Scientists Achieve Solar Hydrogen Production Breakthrough (Wendy SD)

Basically, we combined the best of both worlds,” explains Prof. Dr. Roel van de Krol, head of the HZB Institute for Solar Fuels: “We start with a chemically stable, low cost metal oxide, add a really good but simple silicon-based thin film solar cell, and – voilà – we’ve just created a cost-effective, highly stable, and highly efficient solar fuel device.”

Where In the World Is This $60 Trillion Time Bomb? (jdargis)

Bloomberg News' Sally Bakewell explains a report that considers methane emission's as an "economic time bomb" that may cost $60 trillion from the impact it has on global climates. She speaks on Bloomberg Television's "The Pulse."

Greenland: A Global Warming Laboratory (jdargis)

As the sea levels around the globe rise, researchers affiliated with the National Science Foundation and other organizations are studying the phenomena of melting glaciers and the long-term ramifications. Rapid warming at the summit of the Greenland ice sheet has caused year after year of record melting at the surface, raising concern, even as recent research indicates the ice sheet has endured warmer periods.

The Alaskan village set to disappear under water in a decade (westcoastjan)

The problem comes with a significant price tag. The US Government believes it could cost up to $400m (£265m) to relocate Kivalina's inhabitants to higher ground - building a road, houses, and a school does not come cheap in such an inaccessible place. And there is no sign the money will be forthcoming from public funds.

Gold & Silver

Click to read the Gold & Silver Digest: 7/29/13

Provided daily by the Peak Prosperity Gold & Silver Group

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