Monday, January 9, 2012

Recession Watch: The Coming Euro/Oil Crisis and a Possible Climateer Headline of the Day: August 1914 Edition

 If carbon hadn't already crashed this would be a dandy sign that it was going lower. As things stand right now the EU is trying to remove surplus emmissions permits from the system in a desperate attempt to increase prices.
So much for your "market based solutions".

Two from FT Alphaville. First up:
Euro crisis, Brent oil edition
Courtesy of Olivier Jakob at Petromatrix, FT Alphaville presents the price of front-month Brent oil futures expressed in euro terms:

That would be echoes of the 2008 record oil price. This time, only for Europe.
As Jakob notes:
There is currently not one day where we do not publish the chart of Brent in Euro/bbl and this is because we do think that the record prices for oil in Euro/bbl will be the next leg of the European crisis. The current record oil prices for European consumers will morph into a new energy crisis for Europe and it will hit both consumer sentiment and disposable income right at the time when austerity measures will kick in....

FTA also has this morning's first entrant in the headline of the day contest:
The rights are going out all over Europe
Which is a play on a quote I've used for everything from Sylvania lighting stories to a post on the European debt dominoes:

"The lamps are going out all over Europe. We shall not see them lit again in our time"

-Edward, Viscount Grey
British Foreign Secretary
 August 3, 1914

Sort of a cockney rhyming slang thing without the hemiteleia, lamps become lights which rhymes with rights which...
Ah hell, let's just give 'em the award.