Posted on 03/16/2011 1:57:36 PM PDT by bruinbirdman
The existential crisis for the world's nuclear industry could hardly have come at a worse moment. The epicentre of the world's oil supply is disturbingly close to its own systemic crisis as the Gulf erupts in conflict.
Libya's civil war has cut global crude supply by 1.1m barrels per day (bpd), eroding Opec's spare capacity to a wafer-thin margin of 2m bpd, if Goldman Sachs is correct.
Oil prices have fallen over recent days but it may not be long before the deepening nuclear crisis in Japan and Germany's decision to shut down seven of its oldest reactors starts to spill over into oil and gas markets.
The shutdown of 11 reactors in Japan has cut 10 gigawatts (GW) of power, forcing the country to import other fuels to keep its economy going. "We think they will need an extra 200,000 bpd of fuel oil and light crude, as well liquefied natural gas," said Eduardo Lopez from the International Energy Agency.
The Fukushima reactors are write-offs. Japan's local authorities are unlikely to permit other reactors to reopen for a long time. The closure of seven German pre-1980 reactors will cut energy supply by a further 6.2 GW, according to Daniel Brebner at Deutsche Bank.
"Nuclear power has suddenly gone from being part of the solution for future green energy to a dangerous relic of the cold-war era," he said. Germany will have to cover the shortfall by importing more gas and thermal coal, playing havoc with CO2 greenhouse targets.
Even if the world navigates today's crisis without an energy shock, a more intractable long-term crisis is brewing. Several countries are already turning their backs on the "nuclear renaissance" and shelving plans for fresh reactors. This implies a need for substitutes that will
Now events in the Gulf have turned dangerous
(Excerpt) Read more at telegraph.co.uk ...
Nuclear cars are the answer!
Coal the simple answer.
Coal the simple answer.
Coal the simple answer.
No wonder we wait for the French for world information.
Nuclear has gone from being part of the solution according to whom? The liberals? The same people who lecture us about global warming?
How about drilling for more domestic energy? American Solutions brought back the “Drill Here, Drill Now” campaign with this video.
http://www.youtube.com/watch?v=-_c-NI27IIU
“....as nuclear and oil both go wrong”
.
What is wrong with oil?
The only thing wrong is that we don’t drill for it.
Anyone believing the garbage spewed by GS is a fool.
Coal and Oil for the short and Medium Term, Orbital Solar for the Long Term!
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