"Big Coal and Big Oil are dead men walking"

Public domain image.

 Juan Cole's Informed Comment usually has something worthwhile (and startling) to say about contemporary issues of importance. And Cole doesn't pull any punches. In today's column, he takes on Big Coal and Big Oil:

What is the actual value of the oil, gas and coal fields owned by big energy corporations, which gives them their stock price and allows them to be counted as assets for borrowing purposes?

The real value of those hydrocarbon resources is zero.

Or actually it is much less than zero, since there are likely to be a lot of liability lawsuits and insurance claims for severe environmental and property damage. Coal, oil and gas are now where the cigarette companies were in 1990, on the verge of getting hit with massive penalties. Big Coal and Big Oil are dead men walking.

The only thing that stops the entire world economy, including that of the United States, from collapsing is that investors continue to pretend that what I just said is not true. Because of this pretense, some people will go on making a lot of money with hydrocarbon investments in the short and perhaps even the medium term. Much investment and assignment of value is a matter of confidence.

But the confidence is misplaced. If you are still fairly young and you or your pension fund bought a lot of petroleum or gas or coal stocks in hopes of retiring on them, think again. You will lose your shirt.

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A plea for help from the Alaska Wilderness League

The Deepwater Horizon offshore oil drilling rig is engulfed in flames before eventually sinking. US  Coast Guard photo taken on Wed. April 21. Public domain.

 

The biggest threat to the global environment has to be the proliferation of nuclear power plants, think Fukushima, and the continued expansion of offshore drilling – remember the Gulf oil spill? In the meantime corporate greed delays development of readily available solar and wind power.

The Obama Administration is waffling again on offshore drilling. Read this letter I just received from the Alaska Wilderness League and take a minute to join me in voicing your protest:

Dear Virginia,

After last year’s BP Deepwater Horizon disaster, President Obama stood before the American people and promised safer, cleaner offshore drilling. But just a couple weeks ago, a draft plan for offshore oil and gas drilling in U.S. waters over the next five years was released by the Obama administration that includes potential drilling in America’s pristine and fragile Arctic Ocean - despite the fact that there’s no proven way to clean up a spill in the Arctic’s extreme, remote conditions. This rush to drill in America’s Arctic Ocean fails to meet President Obama’s promises. Instead, it looks a lot like the fast and loose decision making of the past.

Now, President Obama has asked for your input on his first offshore drilling program before it becomes final. When it comes to the Arctic, the president’s proposed draft plan can be only be characterized as business as usual – but there’s still time to make our voices heard. Speak out now and tell President Obama to keep Arctic drilling out of the final version.

Will you sign our letter asking President Obama to leave the Arctic out of the final offshore drilling program?

Drilling in the Arctic is extremely risky because of pervasive sea ice, 20-foot swells, hurricane-force winds, months-long darkness and more. The truth is that no technology exists to clean up a spill in these “Mission Impossible” conditions – and Coast Guard officials have described their response capability in the Arctic as “starting from zero.” A spill would devastate the many species that rely on the Arctic Ocean to survive - including polar bears, birds and whales, as well as the Inupiat people of Alaska’s Arctic coast

If President Obama rubber stamps this risky offshore Arctic drilling scheme, he could have the next major oil spill disaster, and the devastation of a marine ecosystem that is vital to health of our planet, on his hands. But if we all speak out together, we can make sure he hears our call for offshore drilling plan that meets his promises of safer, cleaner offshore drilling and doesn’t include risky Arctic drilling. The American people expect real change – not business as usual.

Will you speak out for polar bears and ask President Obama to leave the Arctic out of the final offshore drilling program?

Thanks for all you do.

Cindy Shogan
Executive Director
Alaska Wilderness League

What does Bill Clinton’s vegan diet have to do with the Chinese eating more meat?

The meat counter at a Wal-Mart in China. Photo credits: iasoybeans.com

If you’re curious about what Bill Clinton’s eating habits have to do with the Chinese developing a taste for red meat, read on.

I was in the midst of Daniel Quinn’s novel, Ishmael, all about the takers and leavers, and how the takers are destroying the earth in their greedy efforts to expand and protect their food production, when I caught the CBS Evening News report on why U.S. grocery prices are up. If you thought the Chinese are still eating only rice and fish, you’re in for a big surprise:

(CBS News)

 

BEIJING - The booming economy in China has increased the country's appetite for oil - that is well known. But what you might not know is prosperity has also increased China's appetite for another commodity - meat.

The report continues:

But there's a problem. China's approximately the same size as the United States but its land supports four times the population: 1.3 billion people. Year after year of drought has lead to severe water shortages, and that means trouble for a country trying to raise an expanding number of livestock.

Here’s the deal back home: the Chinese are importing American food products and driving our grocery prices up; that’s the short-term problem. The long-term problem is what Ishmael is talking about – the ultimate destruction of the planet.

Okay. Now I understand why I’ve cut back on meat consumption lately and added more rice to my diet; I’m trying to live within my means. Seriously, folks, I make a large bowl of brown rice and use it to supplement my meals throughout the week.

Just when I started feeling sorry for myself and blaming those inconsiderate Chinese for changing their dietary habits, our good buddy from Arkansas, once known for his love of burgers and fries, grabbed the spotlight with this headline: Bill Clinton, Champion Of The Plant-Based Diet, Goes Vegan. The Huffington Post reports:

Bill Clinton is a vegan -- or is, at least, very close to being one. 

The former U.S. president told CNN's Dr. Sanjay Gupta this week that he doesn't eat any dairy, eggs or meat, and consumes very little oil. He first opened up about his new plant-based diet last year to CNN's Wolf Blitzer. Clinton has turned to eating solely plants in order to keep weight off and his heart healthy. 

So I guess we should all follow Bill’s lead for a healthier life and balancing our budgets.

Hillary Clinton Delivers NYU Commencement Speech (video)

Watch Secretary of State Hillary Clinton give NYU commencement address: