It was a busy day on Twatter.That nice RR twote: The world transfers about $1,700,000,000,000 ($1.7 trillion) to oil producers every year. That seemed odd (in fact I mistook it for yet another weary round of the subsidy stuff) but no, it turns out what he really meant was "$1.7 trillion is the notional market value of producing 80 million barrels of crude per day with a current market price of ~$60 / barrel". I'm doubtful that's quite the correct calculation, because there will be various shipping, transfer, middlemen and markups in the way, but perhaps it isn't too far off. Does it tell you anything useful? It gives you a number for the size of the oil market; by comparison, global GDP is approximately $85T, so oil is about 2% of GDP. That makes it seem quite small, really2.
Mark Maslin asserted (via The Conversation): The science of climate change is more than 150 years old and it is probably the most tested area of modern science. In retrospect I feel a bit guilty about disturbing his nice thread with "Most-tested-of-modern-sci is surely bullshit". However, just because you want to emphasise that climate science isn't new, and isn't ill-tested; and because you feel that it has survived rabid attacks by ignorant fools; doesn't give you license to make things up.
All of that made me briefly the poster boy for the Dork Side; Tom Nelson twat: Infamous warmist
@wmconnolley replies: "Most-tested-of-modern-sci is surely bullshit" #ClimateBrawl and asking for my opinions: just checking: Do you believe that we are currently experiencing a "climate crisis"? What could I do but oblige him: Ha ha, you want my opinions? You're welcome to them. I'm sure you'll love http://mustelid.blogspot.com/2019/08/monckers-him-jump-shark.html; you might actually really like http://mustelid.blogspot.com/2019/06/should-judiciary-be-making-us-climate.html; as for you actual question, maybe http://mustelid.blogspot.com/2019/05/uk-parliament-declares-climate-change.html. This continued for a while, with him trying to force me to answer his silly question, and me trolling him, until he gave up.
FWIW, I think Do you believe that we are currently experiencing a "climate crisis"? isn't a good question. Do you "believe in" global warming? gets the instant and obvious reply "yes". Do you think the Green New Deal is stupid? also gets a "yes". Do you think it is worth debating with people who don't "believe in" global warming? gets "no"1. And for those hard of thinking, "believe in" so carefully placed in quotes amounts to "accept the generally accepted view, as represented by e.g. the IPCC WG 1 reports".
Notes
1. For those who will object "but you do it" the answer is "not very much any more" and I hardly seek out any such "debate". If anyone wants to come here and discuss, fine, they've made an effort and that distinguishes them from 99% of their fellows, so we can talk, until they veer off too obviously into the weeds.
2. By comparison, IT spending on services, infrastructure, and software is on track to rise to $3.8 trillion, according to Gartner's forecast, a 3.2 percent increase from $3.7 trillion in 2018 and you can pull out even bigger numbers if you want to3.
3. Another number, plucked from Mark Maslin's piece, is that "the world’s five largest publicly-owned oil and gas companies spend about US$200m each year on lobbying". Which, using these numbers, would appear to be about 0.01% of the global oil economy.
* CPI Bias and Happiness
* Regulation and/or Geopolitics
* Money Is the Oxygen on Which the Fire of Global Warming Burns: What if the banking, asset-management, and insurance industries moved away from fossil fuels? by Bill McKibben
* A Celebration of the U.S. Constitution by David Henderson; Or, a reminder of the problems of constitutionalism in times of stress
* On the coast of Yorkshire on a September day
* Sled driver
* Rule of law vs GDP per capita, courtesy of the Lexis Nexis Rule of Law Foundation, via Paul Graham on Twatter.
* Irish Court Rejects Demand for More Aggressive Climate Action
2. By comparison, IT spending on services, infrastructure, and software is on track to rise to $3.8 trillion, according to Gartner's forecast, a 3.2 percent increase from $3.7 trillion in 2018 and you can pull out even bigger numbers if you want to3.
3. Another number, plucked from Mark Maslin's piece, is that "the world’s five largest publicly-owned oil and gas companies spend about US$200m each year on lobbying". Which, using these numbers, would appear to be about 0.01% of the global oil economy.
Refs
* CPI Bias and Happiness
* Regulation and/or Geopolitics
* Money Is the Oxygen on Which the Fire of Global Warming Burns: What if the banking, asset-management, and insurance industries moved away from fossil fuels? by Bill McKibben
* A Celebration of the U.S. Constitution by David Henderson; Or, a reminder of the problems of constitutionalism in times of stress
* On the coast of Yorkshire on a September day
* Sled driver
* Rule of law vs GDP per capita, courtesy of the Lexis Nexis Rule of Law Foundation, via Paul Graham on Twatter.
* Irish Court Rejects Demand for More Aggressive Climate Action
"so oil is about 2% of GDP. That makes it seem quite small, really"
ReplyDeleteIn the 70s you could still provoke a recession by messing with oil prices, this century they swung up and down and no one really blinked an eye.
Even if the replacement for oil were twice as expensive you would hardly notice it over a decade of introducing the technology. That would be similar to 10% of typical efficiency gains. Times have changed.
Do I detect jaundice?
ReplyDeleteThe same people who told us that tackling climate change could not be allowed to harm the economy are now telling us that any amount of economic damage is acceptable to get Brexit.
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As the Canadian judge did not rule on Ball's statements about Mann, the moral would appear to be that after eight years , the law disfavors the unswift.
ReplyDeleteSergey Alexandrovitch is doomed to dissapointment if he hopes Mann will reimburse Ball's court costs in Colonial Grade Aviation Kerosene; Tim's tading post only takes Hudson's Bay blankets.