Weekly Climate and Energy News Roundup #263

Brought to You by www.SEPP.org

By Ken Haapala, President,The Science and Environmental Policy Project

False Precision: In their early education, many students of science faced the problem of significant numbers (digits). A useful rule of thumb was that the chain was only as strong as its weakest link. In measurement, the less precise instrument making the measurements determines precision of any dataset representing the measurements. A mathematical operation does not add precision to the instruments, or the dataset. For example, as discussed in the January 21 TWTW, the widely used Automatic Surface Observing System (ASOS) instruments at airports have a precision of plus or minus 1 degree C (1.8 F, correctly, 2 F). Surface datasets using these measurements cannot be more precise than these instruments. Yet, routinely, some government agencies report data, after mathematical manipulation, with far greater precision – to one-hundredths of a degree C. Such precision is false.

Writing in the non-conservative Boston Globe, columnist Jeff Jacoby gives a simple illustration on how small errors in measurement can compound in a computer model with many small errors. Any assumption that the errors will cancel each other out needs to be demonstrated. However, in the reports of the UN Intergovernmental Panel on Climate Change (IPCC) and its followers, such cancellation of errors is not demonstrated.

Continue reading

PEMEX: Mexico’s State Oil Company On The Verge Of Bankruptcy & Collapse

By SR Srocco – Re-Blogged From https://srsroccoreport.com

Mexico’s state oil company, Pemex, is a perfect example of the ongoing collapse in the global oil industry.  Falling oil prices and declining production are putting severe pressure on the company’s financial balance sheet.  It has been four long years since Pemex posted a small profit.  However, since 2012, Pemex has suffered huge annual losses while its long term debt has exploded.

The result is… Pemex is technically bankrupt.  Now, I am not the only one saying this.  There have been several articles written about horrible financial situation at Pemex.  According to the following article, Mexico’s Largest Company Is Broke:

March 3, 2016:

Mexico’s largest company is broke. The country’s state oil company, Pemex, which is one of the federal government’s main sources of revenue, is losing money and is one of the world’s most indebted oil firms. The company’s production has dropped for 11 straight years now, while gross income plummeted more than 80 percent last year.

Continue reading

Low Oil Prices Continue To Decimate Saudi Arabia’s Currency Reserves

By SR Srocco – Re-Blogged From http://www.SRSroccoReport.com

The low oil price continues to wreak financial havoc on the largest oil producer in the Middle East.  While the Mainstream press has published articles forecasting a rebound in Saudi Arabia’s financial outlook, due to higher oil prices this year, it seems like the Kingdom’s problems are just beginning.

In order to make up for falling oil revenues, Saudi Arabia has been liquidating its foreign currency reserves at a pretty good rate over the past two and a half years.  I discussed this in my article, Bankrupting OPEC… One Million Barrels Of Oil At A Time.  In that article I published this chart:

Continue reading

Renewable Energy, What is the Cost?

By Andy May – Re-Blogged From http://www.WattsUpWithThat.com

A key question to think about, do renewable fuels decrease fossil fuel use, or do they increase it?

What are the costs of using renewable energy? The sun and wind are free, does that make wind and solar power free? Biofuels require power to plant crops, make fertilizer and spread it, harvest the plants, make and transport the ethanol. Solar and wind require power to produce, transport and install the equipment. All renewable energy sources require lots of land per megawatt of electricity produced. We will not be able to determine a cost for renewable power in this essay, but we can discuss the components of the calculation and provide some context.

Continue reading

Weekly Climate and Energy News Roundup #262

By Ken Haapala, President,The Science and Environmental Policy Project

Brought to You by www.SEPP.org

The Climate Establishment Strikes Back: MIT Professor Emeritus of Atmospheric Sciences Richard Lindzen had circulated a petition signed by some 300 scientists calling for the US to withdraw from the United Nations Framework Convention on Climate Change (UNFCCC). He sent the petition with a letter to President Trump.

In response, twenty-two MIT professors sent a letter to President Trump a stating that they have worked on climate science and disagree with him. This letter cites the claimed future risks from increased atmospheric carbon dioxide (CO2) including “sea level rise, ocean acidification, and increases in extreme flooding and droughts.”

Continue reading

Searching for Honest Energy Policies

By Paul Driessen – Re-Blogged From http://www.WattsUpWithThat.com

Renewable energy is defective solution in search of a problem, money and power.

The Greek philosopher Diogenes reportedly carried an oil lamp during the daytime, the better to help him find an honest man. People everywhere should join Congress and the Trump Administration in search of honest energy and climate policies – as too many existing policies were devised by special interests seeking money and power, and often using imaginary problems to justify their quest.

Statue of Diogenes at Sinop, Turkey.

Continue reading

Will Mid-March Madness Maul the Stock Market in 2017?

By David Haggith – Re-Blogged From Great Recession Blog

Many of the 2017 economic headwinds I’ve described will hit during the Ides of March, just as the Trump stock-market Rally shows signs of topping out. This might not be the Great Epocalypse — not all at once anyway — but a large and likely correction is looming. I think the bear is about to be let out of his cage.

Chaos emerged in emerging-market stocks last week, bond prices plummeted (yields rose to match their last 2016 high), stock-market volatility rose, and the Dow took its worst drop in 2017. Copper prices, a bellwether for recessionary conditions, saw their worst week since last September. It looked like the Trump rally in almost everything was rolling over last week, and that takes us into this week when several likely big bangs are scheduled to hit on the same day.

Continue reading