Two-thirds of planet resources used up

The human race is living beyond its means. A report backed by 1,360 scientists from 95 countries - some of them world leaders in their fields - today warns that almost two-thirds of the natural machinery that supports life on Earth is being degraded by human pressure.

The study contains what its authors call "a stark warning" for the entire world. The wetlands, forests, savannahs, estuaries, coastal fisheries and other habitats that recycle air, water and nutrients for all living creatures are being irretrievably damaged. In effect, one species is now a hazard to the other 10 million or so on the planet, and to itself.

"Human activity is putting such a strain on the natural functions of Earth that the ability of the planet's ecosystems to sustain future generations can no longer be taken for granted," it says.

... a growing proportion of the world lives in cities, exploiting advanced technology. But nature, the scientists warn, is not something to be enjoyed at the weekend. Conservation of natural spaces is not just a luxury.

"These are dangerous illusions that ignore the vast benefits of nature to the lives of 6 billion people on the planet. We may have distanced ourselves from nature, but we rely completely on the services it delivers."

Blairs finally rent out house

peakoil.com -> heraldsun.news.com.au

As one newspaper remarked, it is a good job he is Britain's premier and not the finance minister. Tony Blair finally managed to rent out his newly purchased London house, but only for a fraction of the hoped-for rent, reports said today. The Blair family bought the house, in a fashionable square of central London, for a whopping 3.65 million [pounds] in September last year.

Intended as their home once they eventually leave the prime ministerial residence in Downing Street, the plan was to rent out the five-bedroom 19th century property immediately to help with mortgage payments ... but rather than the original weekly rental of ?3900, the Blairs will receive just ?2000, leaving them thousands of pounds to make up every month on the mortgage, the reports said.

For all his skill and luck in politics, Mr Blair has not shown a sure hand in London's infamously brutal property market. After moving to Downing Street in 1997, his family sold off their home in a fashionable north London suburb for what seemed a good profit, only to see the house re-sold in 2004 for almost three times as much again.

The new house in Connaught Square was seen by property pundits as an attempt by the Blairs to regain a foothold on the property ladder. However, the purchase came more or less as a long-buoyant property market in London peaked.

(2005-03-31 13:58:55 SGT) [Biz] Permalink

Wednesday March 30, 2005

Goods vehicles

"... one thing's for sure - demand for commercial vehicles is definitely not strong at the moment."
- (un-named) "veteran in the goods vehicle trade", Singapore, Business Times

(2005-03-30 22:02:57 SGT) [Energy] Permalink

Oil prices starting to affect everything else

csmonitor.com :

The hike in oil prices is beginning to ripple through the economy, pinching consumers at places far beyond the gas pump. During the past year, the robust economy absorbed much of the increase in energy costs. Competition for consumers helped, and kept many businesses from passing along the spike in fuel costs. But with gas prices hovering around new record highs, and the cost of diesel keeping pace, many businesses are finding they can no longer absorb the increased costs ...

And though prices have eased in recent days, they remain well above $50 a barrel, and many expect them to stay high. So air travelers on international routes are now seeing huge fuel surcharges, the cost of a bunch of grapes is up a few cents, and economists expect to see costs increase on an array of manufactured goods from televisions to toasters.

- Personal anecdote : recently, I was trying to buy some plastic boxes to keep my CD collection in. The shopkeeper said she had run out of stock and had to order more. She asked me, did I mind if the price went up? I said, "okay, fine". She explained further that plastic prices have been going up a lot due to increasing oil prices (and of course, regular followers of Peak Oil know exactly how, why, and when).

A couple of weeks later, the stock arrived. The prices for each box had gone up by a dollar. Given the original price of each box was (SGD) $4.90, and the new price was now $5.90, that worked out to a price inflation rate of some 20.4%. That's pretty high. And it's just plastic CD boxes - which are strictly speaking, "discretionary spending items".

Now, when these price increases start to hit the rest of the economy, it's going to hit people hard. The money printing presses, electronic or otherwise, don't exactly help either. Will this inflation turn "hyper"? We can only wait and see ...

(2005-03-30 10:13:16 SGT) [Energy] Permalink

Sunday March 27, 2005

Quotable quote

peakoil.com :

Jürgen Hubbert, board member, DaimlerChrysler
at the New York Auto Show 2005 :

"Many people have bought cars that are too expensive," he said, and these customers are now finding they "cannot afford [current fuel prices]."

(2005-03-27 12:48:59 SGT) [Energy] Permalink

Thursday March 17, 2005

OPEC has "lost control"

peakoil.com -> msnbc.msn.com

... global oil demand has taken up most of the slack in extra OPEC capacity. Consumption is now believed by many analysts to be pressing up against the limits of what the world can produce. Saudi Arabia is the only country believed to have any surplus production left, and even then the Saudis are pumping close to 90 percent of capacity, according to the U.S. Department of Energy.

"There is not much we can do," Algerian Oil Minister Chakib Khelil told reporters Tuesday in Isfahan, Iran, the site of Wednesday's meeting.

"OPEC has done all it can do." Qatar Oil Minister Abdullah al-Attiyah said. "This is out of the control of OPEC."

- Is this it? Meanwhile, crude oil prices have reached a new record of $58.57 per barrel. $60 oil beckons. If $60 is broken, the next higher levels are in the $70's and $80's, where "demand destruction" (translation: economic collapse) will start to kick in.