Late Night News Roundup
Canada Oil Sands Output to Nearly Triple by 2017
Production from Alberta's oil sands climbed to an average 1.32 million barrels a day last year, a 5 percent rise over 2006 and could get to 3.2 million per day by 2017, the province's energy regulator said on Thursday.
In its annual reserves and supply-demand report, Alberta's Energy Resources Conservation Board said the province's output of tar-like bitumen rose to a total 482 million barrels in 2007 and could rise above one billion barrels within nine years.
Another electric car will make its debut in 2009. If only we have enough batteries, it's going to be a great year for electric cars.
Make no mistake. We're in a recession. Today's unemployment report showing nonfarm payrolls falliing by 49,000 jobs, is the fifth month in a row in which payrolls declined. Over the past six months, the economy has shed 411,000 private sector jobs. You will hear some cheerleaders tell you to disregard all this, pointing out that the economy continues to grow at a healthy pace. Baloney. Those growth numbers are illusory, based partly on the fact that, with fewer employees, productivity per employee has obviously grown. And partly on the temporary effect of the little stimulus package now in place.
What to do? Monetary policy is frozen. Bernanke and company don't dare to cut rates now, for fear of spurring inflation. They're wrong -- the inflation isn't coming from inside the United States. Employees have no power to demand higher wages, and companies have no power to raise prices. Inflation is coming from outside the US. Demand from China and India is pushing up commodity prices. And the dollar is dropping, which makes everything we buy from abroad more expensive.
Thoughts on why oil breached $138 a barrel plus, here's a very good discussion on the economics of nonrenewable resources.
Apparently it's illegal to keep unregistered gold in a suitcase in a London vault. I'd keep mine elsewhere, that's for sure.
“It is well enough that the people of this nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” – Henry Ford.