Daily Digest

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Daily Digest 12/2 - Of Fish And Farmers, The Inevitable Oil Price Rebound

Tuesday, December 2, 2014, 12:09 PM

Economy

Magical Thinking: Bitcoin Gathers at Disney (jdargis)

His community is at once filled with both profound enthusiasm, profound trust, and constant paranoia. As far as bitcoin boosters go, Gardner is a moderate—he doesn't see eye-to-eye with anti-statist hyper-libertarians, which he tells me this conference is flush with. But he does see his pet technology in us-versus-them terms. The world is divided between those who "believe in the blockchain" and their foes, of which there are many: banks, politicians, universities, and perhaps above all, Western Union—"motherfucking remittances," Gardner remarked again and again, are a chief evil on the bitcoin moral plane.

Russia Forecasts a Recession in 2015, Signaling a Toll From Sanctions and Oil Prices (jdargis)

Also boding ill for the Russian economy was the announcement on Monday by President Vladimir V. Putin to scrap plans for South Stream gas pipeline, a grandiose project that was once intended to establish the country’s energy dominance in southeastern Europe but that instead fell victim to Russia’s increasingly strained relationship with the West.

Watch the world's largest solar power plant being built: Huge farm generates energy for 160,000 homes using nine million panels (jdargis)

The Topaz Solar Farm is part of an initiative to make a third of California’s electricity come from renewable sources by 2020.

The plant will ultimately be usurped by another solar farm in the US next year; SunPower’s Solar Star, also in California, will be capable of producing 579 megawatts.

The Oil Glut And An Inevitable Oil Price Rebound (James S.)

The world is awash in oil, I’m hearing. The problem is, it’s fairly expensive oil. Take for example Canada. The country that has managed to increase its production of oil by a million barrels a day over the last decade. But almost all of that increase has come from oil sands. If you consider only conventional crude oil, Canadian production today would be a third of a million barrels a day lower than at its peak in 1973. Even without counting environmental costs, that stuff’s not cheap. It was profitable when West Texas Intermediate was over $90. But last week WTI closed at $66.

Putin Kills "South Stream" Pipeline, Will Build New Massive Pipeline To Turkey Instead (Joe M.)

And then, just to send Putin a very clear message where the allegiances of this former Soviet satellite nation lie, NATO deployed 12 F-15s and 180 troops to Bulgaria's Graf Ignatievo Air Base.

Of Fish And Farmers (jdargis)

You must travel north for a meeting in San Francisco. Follow the I-5 400 miles through the long, fat finger of the Central Valley, which is made up of two parts, the southern portion called the San Joaquin, the northern the Sacramento. Nearly half of America’s fruits and nuts grow in the Central Valley, but this autumn, you pass hundreds of thousands of fallow acres. Wonder at their emptiness. Watch the haze on the horizon and feel the presence of something large over the land. Life in this valley has never been simple.

The Leftovers We Toss (jdargis)

Fish is the most likely food item to end up in the trash, followed by added sugars and sweeteners—likely because they're in a lot of the treats that we're casting off.

Economically, it's meat, fish, and poultry that costs the most when you add up food waste from restaurants and households combined, as the USDA did in 2012.

A Swim Under Antarctic Ice (jdargis)

The first 3-D map of Antarctic sea ice shows it's far thicker and is expanding faster than previously thought.

Gold & Silver

Click to read the PM Daily Market Commentary: 12/1/14

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

4 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4163
HughK's picture
HughK
Status: Platinum Member (Offline)
Joined: Mar 6 2012
Posts: 761
Shale oil is sustainable

Because Daniel Yergin, the most well-known American author on oil, tells us so:

As for those who thought U.S. oil production was a bubble, they were clearly mistaken, he said. 

"It's not a bubble. It's really a whole new thing redefining the global oil market," Yergin said. "It's happened so fast that really the market was in a sense taken by surprise by it."

 
I'm glad he got that off of his chest.  Maybe Yergin is one of those Americans buying an SUV this month due to the low gas prices.  Following their example of long-range planning, I have laid out my outfits for the next three years based on the weather today.  :)

 

 

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2839
Why the 99% are doing better than they think

Why the 99% are doing better than they think

Aren't you glad you are doing better than you think you are doing?

cmartenson's picture
cmartenson
Status: Diamond Member (Offline)
Joined: Jun 7 2007
Posts: 5752
Easy come, easy go
HughK wrote:

Because Daniel Yergin, the most well-known American author on oil, tells us so:

As for those who thought U.S. oil production was a bubble, they were clearly mistaken, he said. 

"It's not a bubble. It's really a whole new thing redefining the global oil market," Yergin said. "It's happened so fast that really the market was in a sense taken by surprise by it."

I'm glad he got that off of his chest.  Maybe Yergin is one of those Americans buying an SUV this month due to the low gas prices.  Following their example of long-range planning, I have laid out my outfits for the next three years based on the weather today.  :)

Let's see how surprised he is, 'in a sense,' by the other side of 'fast.'

November [well drilling] permits tumble nearly 40 percent

blush

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