There is another bubble.
Before it's burned, Coal, Oil and Gas sit for years on the balance sheets of private (and national) resource companies, as "known reserve" assets. Assets that, someday, will become revenues. Or will they?
And if they won't, what will the balance sheets of ExxonMobil, Chevron, BP, Petrochina, and Gazprom actually look like? [more inside]
Big oil companies make more than $300 million every day. "Why should Americans prop up these companies with tax dollars and have to pay ridiculous fuel prices?"
Self-described 'Democratic socialist' Bernie Sanders (Vermont)
introduces a bill to cut $113B of fossil fuel subsidies. [more inside]
Ahead of the global climate talks, nine photographers from the photo agency NOOR photographed climate stories
from around the world. Their goal: to document some of the causes and consequences, from deforestation to changing sea levels, as well as the people whose lives and jobs are part of that carbon culture. Warming threatens lifestyle of Russian herders
| Refugees flee drought, war in East Africa
| Greenland’s shrinking ice hurts natives [more inside]
China and India have reported massive finds
of frozen methane clathrate
off their coasts and, along with Japan and other countries, are spending large sums to develop it into a new source of fossil energy. This is important for developing countries as there may be more frozen methane in the world
than all the oil, gas and coal combined, and it is available right off their coasts. Some believe it can be extracted in a carbon neutral manner
, but methane is a powerful greenhouse gas
and the scarily named clathrate gun hypothesis
provides some fuel for thought about digging this stuff up.
Lawrence Livermore National Lab produces fascinating charts of energy flow in the US
). More energy use statisitics can be found at the Energy Information Administration
The average American uses 20 pounds of coal a day
. "our shiny white iPod economy is propped up by dirty black rocks.. I see more people dying of particle air pollution than are dying of AIDS." Coal accounts for nearly 40 percent of America's carbon dioxide emissions. Big Coal
by Jeff Goodell.