First, Gross World Product growth has accelerated — from 2.9 percent in the 90s to almost 5 percent in recent years, according to the IMF. All of this is because of growth in emerging economies, largely China.
Second, world oil production has stalled — after growing around 1.6% a year in the 90s, it’s been basically flat for the last three years.
So we’ve got rapidly growing demand due to industrialization in Asia colliding with stagnant supply, basically because oil is getting hard to find. (The demand shock is probably even bigger than the GDP number suggests, because China’s economy is highly energy-inefficient).
And the demand for oil is price-inelastic — that is, it takes big price increases to persuade people to use significantly less.
There’s probably more to the story, but that seems to be the basic thrust. And it seems to be a recipe for rising prices for a long time to come.
This is what peak oil is supposed to look like — not Oh My God We’ve Just Run Out Of Oil, but steady pressure on the economy and the way we live from rising energy prices and their consequences. And it doesn’t matter much whether we’re literally at the peak, or whether production can rise by a few million more barrels a day; unless there are big sources of oil out there, we’ll be feeling peakish for the foreseeable future."
krugman
The launch of the first artificial satellite by the Soviet Union in 1957 marked the beginning of the utilization of space for science and commercial activity. During the Cold War, space was a prime area of competition between the USSR and USA, reaching its climax with the race to the Moon in the 1960s. In, 1964 the first TV satellite was launched into a geostationary orbit in order to transmit the Olympic games from Tokyo. Later, Russian launch activities declined while other nations set up their own space programs. Thus, the number of objects in Earth orbit has increased steadily - by two hundred per year on average. Click the photo for more detail..
No single article of clothing is as versatile as the gorilla suit. You can wear a gorilla suit to an embassy party, to a jewel heist, to a high-speed car chase, and then practice your slamdunks in it, all in a single evening. Without a well-constructed, well-tailored, and suitably altered gorilla suit (do you need boot-cut legs to go over your ski bindings?) your closet is sadly lacking.
I recommend PBS's Frontline documentary entitled "Bush's War". Available as a video stream straight from the PBS website, it is broken into 10-12 minutes sections over 2 parts. It is insightful and very well executed. This is how the war began and how it has been fought, both in Iraq and in the White House, Pentagon and State Department.Top of the stairs, both trying to stay awake after a walk, taken by Joli.
Which reminds me.. where do you find a dog with no legs? Where you left it..
I finished this book on my journey back from Hong Kong. It starts slow, with the obligatory childhood history, but is an excellent, detailed read of how doping affects cyclists and their sport. It pulls no punches and is a great example of investigative journalism based on very detailed research and interviews. It is a fascinating read whether you are a enthusiastic cyclist or not. It offers an intimate, sympathetic, but not sentimental look at Marco Pantani and the world of professional cycling. Recommended.
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