CNN reports that the spread of the coronavirus has greatly reduced demand for oil, "as schools and offices close, airlines cancel flights worldwide and a growing number of people hunker down at home."
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"This is a sudden, instant demand shock — and the scale of the decline is unprecedented," said Jim Burkhard, vice president and head of oil markets at IHS Markit.
The warning comes ahead of a critical meeting Thursday for OPEC members and allied producers in Vienna. The cartel, is under pressure to announce yet another round of coordinated production cuts, its preferred method of propping up prices.
Coronavirus fears have already driven oil into a bear market, with Brent crude futures, the global benchmark, trading at $52.65 per barrel, more than 23% below their recent peak in early January. US oil is trading at $48.22, nearly 24% below recent highs.
Many troubling stats about climate change's effect in the North Pole region are tucked into Newsweek's article on the geopolitical gold rush taking place up there. Read the rest
No government in Canadian history has been as hostile to science as Stephen Harper's Conservatives. John Dupuis has assembled a brief, brutal chronology of the ways that the Tories have attacked Canadian science. It's no coincidence that this government is so hostile to science, seeing as how its funding and grassroots support come from the tar sands and related Big Oil interests, who want as little known as possible about the impact of their dirty industry on the planet we all share.
This is a brief chronology of the current Conservative Canadian government’s long campaign to undermine evidence-based scientific, environmental and technical decision-making. It is a government that is beholden to big business, particularly big oil, and that makes every attempt to shape public policy to that end. It is a government that fundamentally doesn’t believe in science. It is a government that is more interested in keeping its corporate masters happy than in protecting the environment.
As is occasionally my habit, I have pulled together a chronology of sorts. It is a chronology of all the various cuts, insults, muzzlings and cancellations that I’ve been able to dig up. Each of them represents a single shot in the Canadian Conservative war on science. It should be noted that not every item in this chronology, if taken in isolation, is necessarily the end of the world. It’s the accumulated evidence that is so damning.
The Canadian War on Science: A long, unexaggerated, devastating chronological indictment
(Image: US Tar Sands exploratory mission, a Creative Commons Attribution Share-Alike (2.0) Read the rest
Ever since the Keystone XL Pipeline (originally slated to transport Tar Sand bitumen from Alberta to Nebraska) was stalled, the attention on finding a new delivery route for this tar sand oil has focused around my own neck of the woods, British Columbia. And it seems like every time I open the paper, there's some new story about big oil PR shenanigans [1, 2, 3, 4, 5, 6]. All of this, of course, makes you wonder what a big oil PR session actually entails, and whether a memo like the fictitious one below (a.k.a. me having a little fun), is not so far from the truth... Read the rest