“If I reduce [oil production], what happens to my market share?” Saudi oil minister Ali al-Naimi asked. “The price will go up and the Russians, the Brazilians, U.S. shale oil producers will take my share.” My feeling is that the Saudis aren’t laying all their cards on the table, but if al-Naimi is in fact telling the truth, the whole truth, and nothing but the truth, oil prices might be going down for a while. Read more
Note, January 5, 2015: This post has been modified since its original publication, amplifying an argument and correcting a reference from Russian nuclear carriers to Russian nuclear submarines.
It’s been entirely bad enough that governments have failed to meaningfully address climate change, leaving humanity exposed to an existential threat. But at least I had a couple decades where I was a little less worried about nuclear holocaust. Read more
Update, January 6, 2015: I had already written this posting, but Tom Tomorrow sums up most of it (figure 1):
Fig. 1. Tom Tomorrow, January 6, 2015, fair use.[/caption]
Patrick Yoes, a national secretary of the Fraternal Order of Police insists, “We are public servants. We are not public enemies.” Really? Police in the United States have been uniquely entrusted with a license to employ deadly force. It is amply evident that they are not accountable for this use and that they kill people pretty much whenever they feel like it. Read more