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dangerously upsetting the energy balance of the entire planet,

the Arctic summer sea ice cover is in a death spiral. It's not going to recover," he said.

ecause

Over the course of 2014 the prices the world pays for crude oil have tumbled from over $125 per barrel to around $45 per barrel now, and could easily drop further before heading much higher before collapsing again before spiking again. You get the idea. In the end, the wild whipsawing of the oil market, and the even wilder whipsawing of financial markets, currencies and the rolling bankruptcies of energy companies, then the entities that financed them, then national defaults of the countries that backed these entities, will in due course cause industrial economies to collapse. And without a functioning industrial economy crude oil would be reclassified as toxic waste. But that is still two or three decades off in the future.

An additional problem is the very high depletion rate of “fracked” shale oil wells in the US. Currently, the shale oil producers are pumping flat out and setting new production records, but the drilling rate is collapsing fast. Shale oil wells deplete very fast: flow rates go down by half in just a few months, and are negligible after a couple of years. Production can only be maintained through relentless drilling, and that relentless drilling has now stopped. Thus, we have just a few months of glut left. After that, the whole shale oil revolution, which some bobbleheads thought would refashion the US into a new Saudi Arabia, will be over. It won't help that most of the shale oil producers, who speculated wildly on drilling leases, will be going bankrupt, along with exploration and production companies and oil field service companies. The entire economy that popped up in recent years around the shale oil patch in the US, which was responsible for most of the growth in high-paying jobs, will collapse, causing the unemployment rate to spike.

The game they are playing is basically a game of chicken. If everybody pumps all the oil they can regardless of the price, then at some point one of two things will happen: shale oil production will collapse, or other producers will run out of money, and their production will collapse. The question is, Which one of these will happen first? The US is betting that the low oil prices will destroy the governments of the three major oil producers that are not under their political and/or military control. These are Venezuela, Iran and, of course, Russia. These are long shots, but, having no other cards to play, the US is desperate. Is Venezuela enough of a prize? Previous attempts at regime change in Venezuela failed; why would this one succeed? Iran has learned to survive in spite of western sanctions, and maintains trade links with China, Russia and quite a few other countries to work around them. In the case of Russia, it is as yet unclear what fruit, if any, western policies against it will bear. For example, if Greece decides to opt out of the European Union in order to get around Russia's retaliatory sanctions against the EU, then it will become entirely unclear who has actually sanctioned whom.

srael has granted a U.S. company the first license to explore for oil and gas in the occupied Golan Heights, John Reed of the Financial Times reports. A local subsidiary of the New York-listed company Genie Energy — which is advised by former vice president Dick Cheney and whose shareholders include Jacob Rothschild and Rupert Murdoch — will now have exclusive rights to a 153-square mile radius in the southern part of the Golan Heights. That geographic location will likely prove controversial. Israel seized the Golan Heights in the Six-Day War in 1967 and annexed the territory in 1981. Its administration of the area — which is not recognized by international law — has been mostly peaceful until the Syrian civil war broke out 23 months ago. "This action is mostly political – it’s an attempt to deepen Israeli commitment to the occupied Golan Heights," Israeli political analyst Yaron Ezrahi told FT. "The timing is directly related to the fact that the Syrian government is dealing with violence and chaos and is not free to deal with this problem.”

Earlier this month we reported that Israel is considering creating a buffer zone reaching up to 10 miles from Golan into Syria to secure the 47-mile border against the threat of Islamic radicals in the area. The move would overtake the UN Disengagement Observer Force Zone that was established in 1973 to end the Yom Kippur War and to provide a buffer zone between the two countries.

As part of a plan to rein in carbon emissions, Oslo's new city council announced this week that the city's center would be car-free by 2019. Ars Technica reports that the move, which aims to help the city halve greenhouse gas emissions compared to 1990 levels, "will make Oslo the first European capital where cars are permanently banned, plus it's a strong indicator that similar bans may be enacted in other major cities across the continent." To make the shift, the Norwegian capital will boost its investment into public transportation and add roughly 37 miles (60 kilometers) of bike lanes, Reuters reports 

The new coalition running the city, made up of the Labor Party, the Socialist Left, and the Greens, additionally said that it would divest its pension fund from fossil fuels.  "Divestment," Nguyen Berg added, "sends a strong message to the world prior to the Climate Change Conference in Paris that we need a strong agreement that will ensure that we avoid dangerous global warming."