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Dark Knight / Le Chevalier Noir
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---- Nous avons besoin d'un traduction français!
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The economic costs of 'global warming' have been grossly overestimated, a leaked report - shortly to be published by the Intergovernmental Panel on Climate Change (IPCC) - has admitted.
Previous reports - notably the hugely influential 2006 Stern Review - have put the costs to the global economy caused by 'climate change' at between 5 and 20 percent of world GDP.
But the latest estimates, to be published by Working Group II of the IPCC's Fifth Assessment Report, say that a 2.5 degrees Celsius rise in global temperatures by the end of the century will cost the world economy between just 0.2 and 2 percent of its GDP.
If the lower estimate is correct, then all it would take is an annual growth rate of 2.4 percent (currently it's around 3 percent) for the economic costs of climate change to be wiped out within a month.
This admission by the IPCC will come as a huge blow to those alarmists - notably the Stern Review's author but also including everyone from the Prince of Wales to Al Gore - who argue that costly intervention now is our only hope if we are to stave off the potentially disastrous effects of climate change.
If we get a hot summer and another cold winter like this one there could be problems.
Natural gas in storage in the USA is around 1 TCF (trillion cubic ft.). It could go lower by the end of the heating season. Capacity is around 4 TCF and that was pretty much full at the start of the winter. What they do is inject natural gas into storage in the summer and draw it out in the winter to meet demand. It will be interesting to see the storage figures over the summer.
In Canada I'm not sure what the storage number are this year but heard they are low. We haven't been drilling as many natural gas wells the last couple of years because they can be very expensive and the price they get doesn't make sense. Oil wells and gas well with a lot of fluids make more sense. I'm guessing filling up the storage will be expensive..
I know they talk about exporting liquid natural gas but that's a still years away and they would drill the wells to supply the gas to be exported. From the time they put a well on the drawing board to permitting it, hiring a rig to drill it, etc. etc. to get it into produciton you're probably looking at 9 months to a year on average.
If I hear storage is not getting filled up I might pick up some electric space heaters before winter, just in case.
Also, I picked up a lot of nat gas stocks which were trading for pennies. Some already doubles. I'm guessing the higher natural gas prices will do wonders for their balance sheets. I'm waiting to see their reports for the first quarter of 2014.
Lying about climate change effects is okay according to peer reviewed AGW paper
Lying about climate change to advance the environmental agenda is a good idea, say two economists in a peer-reviewed paper published in the American Journal of Agricultural Economics.
Some things never change. Even with overwhelming evidence that climate change is rapidly accelerating and causing extreme weather events around the planet there are people like Vlad who refuse to wake up and smell the roses.
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