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Former BP geologist: peak oil is here and it will 'break economies'

A former BP geologist speaks out on the danger of peak oil. Photograph: Ben Stansall/AFP/Getty Images

Photo: A former BP geologist speaks out on the danger of peak oil. Photograph: Ben Stansall/AFP/Getty Images

theguardian.com - December 23rd, 2013 - Janet Larsen and Emily E. Adams

A former British Petroleum (BP) geologist has warned that the age of cheap oil is long gone, bringing with it the danger of "continuous recession" and increased risk of conflict and hunger.

At a lecture on 'Geohazards' earlier this month as part of the postgraduate Natural Hazards for Insurers course at University College London (UCL), Dr. Richard G. Miller, who worked for BP from 1985 before retiring in 2008, said that official data from the International Energy Agency (IEA), US Energy Information Administration (EIA), International Monetary Fund (IMF), among other sources, showed that conventional oil had most likely peaked around 2008.

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As Sea Ice Shrinks, Arctic Shipping Options Expand

Map of the Northwest Passage. Photo Credit: Hugo Ahlenius, UNEP/GRID-ArendalPhoto: Map of the Northwest Passage. Photo Credit: Hugo Ahlenius, UNEP/GRID-Arendal

earth-policy.org - December 19th, 2013 - Janet Larsen and Emily E. Adams

On October 7, 2013, the Nordic Orion bulk carrier ship completed its journey from Vancouver, Canada, to Pori, Finland, having traveled northward around Alaska and through the Northwest Passage.

It was the first large commercial freighter ever to make the voyage through these typically ice-covered Arctic waters.

Avoiding the longer journey, through the Panama Canal, reportedly saved $80,000 in fuel costs and five days in travel time.

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Voltaic Systems - Solar Chargers

voltaicsystems.com

Voltaic Systems makes products that produce and store their own power to run your electronics anywhere. We are based in New York City and ship directly to customers and our partners worldwide from warehouses in New Jersey and the Netherlands.

http://www.voltaicsystems.com/

About - Voltaic Systems

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Fossil Fuels Receive $500 Billion A Year In Government Subsidies Worldwide

           

Credit: Shutterstock

thinkgrogress.org - by Emily Atkin - November 7, 2013

Producers of oil, gas and coal received more than $500 billion in government subsidies around the world in 2011, with the richest nations collectively spending more than $70 billion every year to support fossil fuels.

Those are the findings of a recent report by the Overseas Development Institute, a think tank based in the United Kingdom.

“If their aim is to avoid dangerous climate change, governments are shooting themselves in both feet,” the report, headed by ODI research fellow Shelagh Whitley, said. “They are subsidizing the very activities that are pushing the world towards dangerous climate change, and creating barriers to investment in low-carbon development and subsidy incentives that encourage investment in carbon-intensive energy.”

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BP profit falls 34% on lower refining margins

marketwatch.com - October 29th, 2013 - Justin Schenk

 BP PLC Tuesday reported a 33.6% decline in third-quarter net profit from a year earlier, largely on lower refining margins, but also announced a series of measures aimed at pleasing investors.

The British oil giant set a dividend boost and announced a plan to sell $10 billion in assets by the end of 2015, saying it would use the proceeds for “additional distributions to shareholders,” including share buybacks.

BP said net profit was $3.5 billion, or $1.01 per American depositary share, for the quarter ended Sept. 30.

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Al Gore: world is on brink of 'carbon bubble'

, environment correspondent. theguardian.com, Thursday 31 October 2013 21.08 EDT

The world is on the brink of the "largest bubble ever" in finance, because of the undisclosed value of high-carbon assets on companies' balance sheets, and investment managers who fail to take account of the risks are failing in their fiduciary duty to shareholders and investors, Al Gore and his investment partner, David Blood, have said.

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Home> U.S. Major Pension Funds Ask for Climate Change Study

abcnews.go.com - October 24th, 2013 - Kevin Begos

Some of the largest pension funds in the U.S. and the world are worried that major fossil fuel companies may not be as profitable in the future because of efforts to limit climate change, and they want details on how the firms will manage a long-term shift to cleaner energy sources.

In a statement released Thursday, leaders of 70 funds said they're asking 45 of the world's top oil, gas, coal and electric power companies to do detailed assessments of how efforts to control climate change could impact their businesses.

"Institutional investors must think over the long term, which means that we must take environmental risks into consideration when we make investments," New York State Comptroller Thomas DiNapoli told The Associated Press in a statement.

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Plan B Updates

World Annual Installed Offstore Wind Power Capacity, 1991-2013

Image: World Annual Installed Offstore Wind Power Capacity, 1991-2013

earth-policy.org - October 30th, 2013 - J. Matthew Roney

Offshore wind power installations are on track to hit a seventh consecutive annual record in 2013. Developers added 1,080 megawatts of generating capacity in the first half of the year, expanding the world total by 20 percent in just six months. Fifteen countries host some 6,500 megawatts of offshore wind capacity.

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Batista Repudiates Pimco-Led Creditors in OGX Bankruptcy

By Juan Pablo Spinetto & Peter Millard - Oct 31, 2013 9:21 AM ET, Bloomberg

OGX Petroleo & Gas Participacoes SA (OGXP3)’s bankruptcy protection filing in Latin America’s largest corporate default is dimming the prospect holders of the world’s worst-performing bonds will recoup their ill-fated investment in Eike Batista’s oil ambitions.

OGX, which transformed Batista into Brazil’s richest man, submitted documents in a Rio de Janeiro court yesterday, culminating a 16-month decline that wiped out more than $30 billion of his fortune and left holders of $3.6 billion of the company’s bonds with losses of as much as 89 percent. OGX has total obligations of 11.2 billion reais ($5.1 billion). 

FULL STORY HERE

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FUKUSHIMA DISASTER: IMPACTS AND CONTINUING THREATS

Physicians for Social Responsibility (PSR) Report, 2013

More than two years since the nuclear disaster began at the Fukushima Daiichi reactors, its impact is massive and widespread. It will be decades before the full scope of the impacts of this ongoing disaster is fully understood but significant health, economic, environmental and social consequences are already evident and quantifiable. Furthermore, independent expert analyses has documented extraordinary industry influence on government regulators, especially widespread collusion among the Japanese government, Tokyo Electric Power Company (TEPCO), the owner/operator of Fukushima, and the nuclear/utility industry. The Fukushima disaster leaves Japan with massive economic loss, radiation exposure to children and others, and a nation grappling with an uncertain nuclear future.

FULL REPORT HERE

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