Massive Australia Drought Climate Crisis AM Edition 4/8/24
Oil prices are rising, and oil companies will benefit. Ukraine’s military attacks on Russian oil installations have become a major flashpoint for oil supplies. According to the Carnegie Endowment for International Peace, “Since the beginning of the year, Ukrainian drones have attacked over fifteen Russian refineries and several oil depots in the first massive, sustained, and successful attack by Ukrainian unmanned aerial vehicles (UAVs) on Russian infrastructure, which has also involved attacks on major steel plants.” Climatecrisis247 believes that, while these attacks have not taken a considerable amount of Russian production offline, they are part of a more extensive set of geopolitical problems that could seriously cut crude supply. This includes a widening set of military actions in the Middle East.
Climate Price Tag –Los Angeles $12.5 Billion
Climate Disaster –Canada’s Disappearing Forests
Steven Desmyter, President of Man Group, wrote in Forbes, “There’s a slowly and quietly unfolding crisis in the US insurance market as the industry struggles to find ways of pricing in climate-associated risks, particularly the heightened threat of wildfires, flooding and storm damage.” Climatecrisis247 believes this is one of the series of warnings about the risk to more uninsured residential properties in the US. Alternatively, insurance rates could rise to a level that will force people who cannot afford the increase to relocate. Over time, people who live in areas most affected by violent climate change will need to move elsewhere, dropping real estate values in the affected areas.
Polar Ice Melting
Temperatures in Antarctica are rising more rapidly than many scientists expected. According to The Guardian, some scientists who follow temperatures in the areas have written, “These events have raised fears that the Antarctic, once thought to be too cold to experience the early impacts of global warming, is now succumbing dramatically and rapidly to the swelling levels of greenhouse gases that humans continue to pump into the atmosphere.” Climatecrisis247 believes this is part of a pattern that includes the Arctic and parts of Greenland. Among the most immediate problems these create is a sharper-than-expected rise in sea levels and a more significant flood threat to ocean coastal areas worldwide.
Australia Megadrought
Climate change will cause Australia to have a two-decade drought. According to the Guardian, “Climate modelling by the Australian National University, published in the Journal of Hydrology and Earth System Sciences last week, found droughts spanning more than two decades have occurred in Australia over the past millennia and reoccur every 150 to 1,000 years, depending on the modelling used.” Climatecrisis247 believes this drought is probably part of a pattern that recently hit the western US with a 1,200-year drought. Although heavy rain has alleviated some of the US problems, it would take several years of heavy rain to reverse its effects.
