The real, measurable impacts of Trump’s decision to pull out of the Paris climate agreement are going to be few and far between, but the first one we’ve seen thus far has been a drop in the price of oil. This won’t hurt Trump with his voters: market participants think that the U.S. will now pump more oil, leading to long term lower oil prices. Reuters reports:
Crude fell more than 1 percent on Friday, heading for a second straight week of losses, on worries that U.S. President Donald Trump’s decision to withdraw from an international climate accord will spur further domestic production and contribute to a persistent global oversupply. […]
“Trump seems to be removing any barriers he can find that would obstruct growth of crude oil or natural gas,” said Stewart Glickman, energy equity analyst at CFRA in New York.
Let’s not give the White House too much credit here, though. The Obama administration, for all of its gesturing towards renewables, was remarkably friendly towards the shale industry. The recent growth we’ve seen in American production is the result of innovation and falling costs in shale drilling, rather than the rolling back of regulations.
But perceptions matter to markets, and Trump’s announcement yesterday has further strengthened analysts’ belief that this Administration will do everything it can to help out America’s oil and gas industry (even though the natural gas boom is responsible for knocking Old King Coal off his throne in the U.S.).
Russia is paying close attention to U.S. oil production these days, and the CEO of the state-owned oil company Rosneft, Igor Sechin, publicly expressed concerns that surging American supplies could overcome petrostate efforts to cut production and push prices back up. We certainly saw evidence of that in trading today.
Davy on Tue, 6th Jun 2017 6:43 am
Greg, just off the presses:
“Canadians Rush To Cash In On Toronto’s Massive Housing Bubble Before Regulators Kill It”
http://tinyurl.com/y8mrvwhm
JuanP on Tue, 6th Jun 2017 7:07 am
Cloggie, I never said anything about noble savages. I don’t entertain such romantic notions.
I never defended Uruguay. You may not have read my comments on the subject, but I have written several on how Uruguay is one of only a couple of countries in the world that completely exterminated its native population. After our independence war, we created a volunteer mercenary army that roamed our territory killing the natives until none were left. Were we more brutal than the Soviets on a per capita basis? Probably, but we are a tiny country so hardly anyone in the world knows about this.
And comparing the damage done by the countries belonging to the USSR, which was a short lasting union of nations ruled by a dictatorship, to the damage done by the countries of the EU as a whole throughout history is definitely more fair. I am afraid that your bias is obvious and blinding. How many people were killed in WW2, a war fought mostly because of white people, though the Japanese were truly ferocious. Most humans are brutal animals in my book, regardless of their origin.
Cloggie on Tue, 6th Jun 2017 7:34 am
Most humans are brutal animals in my book, regardless of their origin.
Let’s agree on that one. It is a cruel if not sadistic Darwinian universe we are living in where larger animals feed themselves from smaller ones.
Substitute “animal” with companies, municipalities, countries, civilizations and you get the picture.
I did not invent this universe either but we all have to live in it.
And to make a provocative remark: the only real way out for humans to remove themselves as far as possible from this Darwinian reality is sustainable technology, not just for whites but for the rest as well. Sooner or later technology will trickle down to non-whites:
http://16315-presscdn-0-27.pagely.netdna-cdn.com/wp-content/uploads/2014/11/cell-phones-in-africa.jpg
And to keep people with separate identity largely separate to avoid genocide.
GregT on Tue, 6th Jun 2017 12:24 pm
“Have you got a job yet?”
I took some part time consulting work over the winter. A great way to meet the locals. No time now. I gave it up at the beginning of May. I am still on the board of directors for the local community association though.
“I don’t think you do shit up there in those BC forested hills but walk your dog and play in the little greenhouse.”
The dog has been a bit neglected lately, but that’s OK. He’s getting a ton of exercise hunting rabbits. Tomatoes are flowering. New potatoes within a week or so. Carrots, peas, radishes, cucumbers, squash, beats, peppers, onions, garlic, raspberries, currents, thornless blackberries, and blueberries are all going gang busters. Asparagus needs another year before it can be harvested. Corn is up. Beans will be replanted today because for some reason a lot of them didn’t sprout. Either that or the mice got to them. Fruit trees have all blossomed and fruit is set. The mason bees did a great job and are pretty much done for the year. Finally got the roof on the neighbour’s cabin. So that little project can now wait until the fall.
“I think you are bored to death”
More delusional thinking on your part Davy. There isn’t enough time in the day to get everything done. I have my own list of things to do that will keep me occupied for many years. My honey-do list is even larger than my own. Priorities first.
“How much wood can you cut?”
No need. Plenty of young bucks around these parts who support their families by cutting wood.
” especially Americans you hate with a passion.”
We’ve been through this a hundred times before Davy. No point in rehashing something that you are far too brainwashed to understand.
“Why do you think you are so tight with makati?”
Never met the man, but I’m sure we would get along just fine if I ever did.
GregT on Tue, 6th Jun 2017 12:30 pm
“Canadians Rush To Cash In On Toronto’s Massive Housing Bubble Before Regulators Kill It”
Crazy isn’t it. We figure that the house we sold in Vancouver two years ago has risen in price by around 350K since then. How long can it go on? Nobody knows. Glad we got out when we did. We’re worried for our kids though.
ALCIADA-MOLE on Tue, 6th Jun 2017 12:39 pm
@GregT
The whole thing about oldies fearing society progress and retreat into some man cave is doing harm. I’m also guilty of it.
Then the crusty old men say they feel for their offsprings.
I’m glad I recovered from my fear of technology and concern for society. Next step is to install the TV and leave it on 24×7 then move back into the city.
Isn’t it ironic that we (well maybe just me) spent the majority of my youth wishing the sun to speed up so I don’t have to go to school. So I don’t have to be so bored out of my mind. Then all of a sudden we find ourselves pressing for time.
Relax, there isn’t all that and the hologram is just showing you something old but slightly different that is made of recycled materials. It helps also if you forget and then “discover” the “magic” again, again, and again.
GregT on Tue, 6th Jun 2017 2:11 pm
I don’t fear progress itself CIA, I feel sad about the consequences of human progress on the natural world. The natural world that our species will not survive without. My children get it, and we have long talks about those consequences whenever they feel the need to bring the subject up.
We own three TVs, and have one station to choose from. I don’t watch it very often, but my wife does. She enjoys the escapism it provides. Myself, I prefer to escape in nature.
I discover the magic each and every day. I did take the dog for a walk this morning, down to the river below my property. Not another human being in sight, as per usual. Lots of salmon fry and smolts in the river today, although a tiny percentage of what there used to be a few short decades ago. I spotted a couple of large fish. Most likely late steelhead, or early chinook salmon. Butterflies, birds and insects. Flowers and fresh buds on the trees. Absolutely stunning late spring morning. Would never move back to the city again. I’m very content exactly where I am.
Apneaman on Tue, 6th Jun 2017 2:27 pm
ALCIADA-MOLE, this “progress” you speak of, what is the goal and exactly how far along are the humans to reaching it?