This chart is about a year old but is doing the rounds today (we found it via Drum Beat) and it seemed too good to pass up:
The data used were apparently sourced from Rolling Stone Magazine and the EIA.
It makes interesting food for thought (leaving aside, perhaps, the fact that the Rolling Stone 500 is entirely subjective). The author writes:
By the end of the 70’s, The Beatles, Led Zeppelin, Black Sabbath, the Motown greats, and other genre innovators quickly extracted the best their respective genres** had to offer, leaving little supply for future musicians. The counterargument to all of this, of course, is that the RS 500 skews unfairly towards the earliest, most groundbreaking works of music and unfairly penalizes later creations for simply coming after other works. For example, why was Green Day shut out of the list?
Read more here.
On FT Energy Source:
High oil prices not so disconnected?
The next coal frontier: Mongolia
Markets: WTI criticised
Asian climate change risk and Ukrainian gas tension in Spot News
France’s nuclear availability forecast for 2009 reduced (Argus)
A new geopolitical Jevons Paradox? A look at the non-OECD demand (The Oil Drum)
Could electric cars in Europe speed climate change? (No, says industry) (Environmental Transport Association, BusinessGreen)
“In the world of OPEC, the word production can mean different things” (The Barrel/Platts)
It had to happen: Nappies (aka diapers) as biomass power feedstock (CleanTechnica)
E.On and GE in more Europe/US wind turbine collaboration (OilVoice)
BP faces damages claim over pipeline through Colombian farmland (Guardian)
Peak oil? “I don’t believe in it at all“, says Stephen Schork (SeekingAlpha)
Crude oil prices fell ahead of the latest US weekly inventories data with Nymex December West Texas Intermediate down 64 cents to $78.64 a barrel, while ICE December Brent lost 50 cents at $77.45 a barrel.
US crude stocks were forecast to have risen 700,000 barrels last week, according to an expanded poll of analysts by Reuters.
Demand for crude from refiners remains soft because of poor profit margins and almost one-fifth of US refining capacity is currently lying idle.
There’s been no shortage of commentators and analysts pointing out that oil prices have been unjustifiably high for the past few months. While oil and refined products in storage are at record levels in many parts of the world, and signs of economic recovery have been mild at best, the doubling from about $30 per barrel early this year to almost $80 doesn’t reflect the fundamental nature of the oil market, many said.
The IEA however is now of a view (with the likes of Goldman Sachs) that these relatively high oil prices may be justified after all.
The reasons? Partly it’s Opec quota reductions, which briefly reached an unusually high level of compliance in the first quarter. Partly, it’s the much-feared decline of investment in production, which has apparently been exacerbated by the fact that contractor prices didn’t fall as much as many oil companies had hoped.
Mongolia is quickly becoming the next great frontier for the world’s supply of coal, copper, uranium, and gold. The country is as undeveloped as the Democratic Republic of Congo, though somewhat more stable, politically — although that is not saying much.
After three years of political and corporate wrangling the government last month signed the Oyu Tolgoi Invesment Agreement, which allows Ivanhoe Mines and Rio Tinto to develop the vast copper-gold deposits in the south Gobi desert. That agreement — including the 34 per cent stake in the project awarded to the government — could be the breakthrough that allows the government to accelerate development of other resources – namely the enormous coal deposits known collectively as Tavan Tolgoi.
Global warming threat for Asia financial hubs, says WWF
Hong Kong and Singapore are at serious risk of disastrous flooding (FT)
Executives arrested in Italy wind farm probe
Prominent businessmen charges of fraud (FT)
Russia warns of gas crisis if Ukraine misses payment
Ukraine ships about 80% of Russian gas exports to Europe (Bloomberg)
Exxon flips the switch on Chinese plant
US groups is betting big on China’s seemingly endless hunger for fuel (WSJ)