China

Peak oil notes – Apr 4

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A midweek update. Wednesday was a down day with oil, natural gas, gasoline futures, and the equity markets all dropping sharply. NY oil futures were down 2.8 percent, closing at $94.45, as the EIA reported that US crude stocks rose by an unexpected 2.7 million barrels last week to the highest level in 22 years.

The peak oil crisis: The Beijing Syndrome

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As the term “China syndrome” has already been taken, I am terming what is happening in the country these days the “Beijing syndrome,” for China’s capital seems to be shaping up as the epicenter of a great upheaval to come. A “syndrome” is a group of symptoms that, when taken together, point to a more serious underlying disease; which, of course, is what we see emerging in the contention between China’s rapid growth and its environment.

Wind surpasses nuclear in China

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Wind has overtaken nuclear as an electricity source in China. In 2012, wind farms generated 2 percent more electricity than nuclear power plants did, a gap that will likely widen dramatically over the next few years as wind surges ahead. Since 2007, nuclear power generation has risen by 10 percent annually, compared with wind’s explosive growth of 80 percent per year.