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Mr. Market Gets It Wrong Again

Physical traders storing oil will start dumping it back on the market. They will need to dump it all or pile up losses leasing supertankers. The ensuing snowball will cause the oil price to crash. Oil may fall below its February low as today’s distorted $62 price becomes tomorrow’s distorted $25 price. I could be wrong of course. Mr. Market may experience another drug-induced mood swing which reflates the oil price. Naturally it is hard to predict Mr. Market’s future emotional state.

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The Reign Of Error

I would be crazy to get involved in this dispute, so I won’t, and besides 1) I’m not up on these issues; and 2) I don’t think Cap & Trade as opposed to a Carbon Tax matters one bit, which is why I’m not up on these issues. However, the Romm versus Hansen dispute does deserve comment because it directly addresses the question of how much CO2 in the atmosphere constitutes dangerous human interference with the Earth’s benign Holocene climate. But first I need to explain why Cap & Trade doesn’t matter.

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Never put off until tomorrow…

I’ll talk about the baseload issue, but once again we must confront the difference between talking the talk and walking the walk. Actions speak louder than words. Why do we require 3 to 5 years of planning to modify the grid to integrate renewables? Haven’t the Danes already done this? What’s the hold-up?

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