new fossil fuel sources + overproduction = bankruptcy for greedy developers

❝ For decades, elected leaders and corporate executives have chased a dream of independence from unstable or unfriendly foreign oil producers. Mission accomplished: Oil companies are producing record amounts of crude oil and natural gas in the United States and have become major exporters…With a global glut driving down prices, many are losing money and are staying afloat by selling assets and taking on debt…

❝ In the last four years, roughly 175 oil and gas companies in the United States and Canada with debts totaling about $100 billion have filed for bankruptcy protection. Many borrowed heavily when oil and gas prices were far higher, only to collectively overproduce and undercut their commodity prices. At least six companies have gone bankrupt this year, and Weatherford International, the fourth-leading oil services company, which owes investors $7.7 billion, is expected to file for bankruptcy protection…

❝ One concern is that the industry will be forced to leave oil and gas in the ground as climate change prompts environmental restrictions on drilling or a shift to alternative fuels.

As usual, the fossil fuel barons relied on their political bubbas in the White House and Congress to stand in the doorway to blockade any changeover to cleaner and cheaper energy generation. Climate change deniers from both parties were doing their share. Trump was elected and pledged to continue his own variety of populist ignorance to support backwards as the only true American direction.

A funny thing happened on the way to the bank, though. The rest of the world ignored our crooks and hustlers. As did a number of state governments. Not the majority. Just the states that understand that science and engineering, progressive policies result in cleaner, forward-looking economies.

Doesn’t mean problems are all solved. “Backwards” still includes a lot of federal flunkies calling themselves Democrats and Republicans. Change is only coming in the fullest sense of the word if all the deadwood is cleared out of the way.

By late April, 2019, more Americans shot dead than total Allied soldiers killed in D-Day invasion


Sean Gallup/Getty

❝ On Thursday, Americans remembered those killed on D-Day, 75 years back. It was a day of enormous heroism that was critical in turning back Nazi Germany’s attempt to conquer Europe. Thousands of Americans, Canadians, Australians and soldiers from other countries were part of the largest amphibious invasion force in history.

❝ Some 2,501 Americans gave their lives that day, according to historic estimates. Another 1,913 soldiers from other Allied countries also died, bringing the total death toll from the immediate invasion to 4,414.

It took until late April before the number of people killed by guns in the United States in 2019 topped that number, according to data collected by the Gun Violence Archive…

Thanks, Barry Ritholtz

Over 34,000 cases of measles in last two months in Eastern Europe

❝ More than 34,000 people across Europe caught measles in the first two months of 2019, with the vast majority of cases in Ukraine, the World Health Organization said on Tuesday as it urged authorities to ensure vulnerable people get vaccinated.

❝ The death toll among 34,300 cases reported across 42 countries in the WHO’s European region reached 13, with the virus killing people in Ukraine – which is suffering a measles epidemic – as well as in Romania and Albania. The risk is that outbreaks may continue to spread, the WHO warned.

❝ Measles is a highly contagious disease that can kill and cause blindness, deafness or brain damage. It can be prevented with two doses of an effective vaccine, but – in part due to pockets of unvaccinated people – it is currently spreading in outbreaks in many parts of the world including in the United States, the Philippines and Thailand…

There is no specific antiviral treatment for measles, and vaccination is the only way to prevent it, the WHO said. Most cases are in unvaccinated or under-vaccinated people.

And if the anti-vaxxers get their political way, we will return to the days of my childhood. Every spring my fellow students would gather in the schoolyard first warm day – look around to see who died or was unable to resume school from one or another disease.

And then we waited for polio in the summer.