Skip to main content

WTI reaches new peak

The link is to a US story linking the futures prices of WTI (West Texas Intermediate) to Peak Oil.

The nature of the oil market is complex with there being different types of oil and a form of interlink between oil prices and the prices of other energy sources. There is also an interlink between food prices and energy prices. This occurs for two reasons. Firstly, the price of fertiliser (mainly produced from fossil fuels) affects the price of food - as well as other farming energy costs. A second link through biofuels also has an effect.

The effect of price increases is a reduction in demand although the price elasticity is not that great. Note the problems now for airlines a number of which are in serious financial problems.

Oasis Hong Kong Airlines stops flying amid increasing fuel costs
The 17-month-old budget airline carrier has become at least the fourth airline globally to cease operations in under 2 weeks amid increasing fuel costs. The announcement left hundreds of passengers stranded including children returning after the Easter school holidays, according to a spokesperson for Cathay Pacific.

Where are the peak oil deniers now?

The sad thing is that this really does require the UK government to follow the lead in Germany in respect of the feed-in tariff .... but it won't.

All Party Parliamentary Group on Peak Oil

Comments

Popular posts from this blog

Homelessness vs Selling Books

Candidates in elections tend to find themselves very busy with lots of things to do.  It is, therefore, necessary to prioritise things to ensure that the important things are dealt with.

To me the issue of homelessness and rough sleeping is an important issue.  Therefore, when Birmingham's Faith Leaders group contacted me to ask me what I would propose and whether I would work with them to make things better I was pleased to respond with my views and indicate that I would work with them after the election.

The Faith Leaders Group (Bishops and other religious leaders in Birmingham) have now sent out their report.

Sadly, according to their report,  I was the only candidate for Yardley to respond.  The group in their report said:

"Particularly disappointing was the lack of response from some of those candidates seeking re-election as MP for their respective constituencies."
It is worth looking at the priorities of my opponent.
Interestingly today she has decided to be at th…

Millionaires and politics

The Labour Party spent most of the last election criticising me for being a successful businessman (aka millionaire). That is business in the private sector employing over 250 people. It is worth looking at the situation for the Labour Candidate now:

For the year 2016-7 Annual Income from Parliament74,962Specifically for her book51,250Other media income etc5,322.82Total declared income131,534.82

Traditionally anyone with an annual income of over £100,000 has been considered to be a millionaire. I did not use my position in parliament to increase my income.


I have been asked for sources for this. This BBC piece looks at how one should define rich. It was written in 2011 so the figures will be slightly out of date. There are perhaps 2 relevant pieces:
"In 1880 a rich person would have had £100,000 in assets or an income of £10,000 a year, he says. About a hundred people a year died leaving £100,000 and by 1910 this was 250 - "a microscopic fraction of the number of death…

The Labour Candidate's Book Promotion Tour and Why It Matters

In the 2015 General Election the Labour Candidate criticised John Hemming for having an external interest and made a pledge that she would be a "Full Time MP for Yardley and my only other job will be mom & carer ...".  Here is a copy of that pledge:


Since that point she has been working on paid Television Programmes and has also written a book. John Hemming has made no secret of the fact that he chairs the board of the company he founded in 1983. This involves one meeting a month. When he was the MP for Yardley he was a full time MP and the Job of being MP for Yardley came first. The Labour candidate has reported 1,274 hours of work other than being an MP in the two years she has been elected and her income in the last year was over £131,000.

Ignoring the question as to how she reconciles that with her "pledge" the question is raised as to what extent her external activity conflicts with the role of Member of Parliament for Yardley. She is supposed to de…