Are much lower oil prices good news for the U.S. economy? Only if you like collapsing capital expenditures, rising unemployment and a potential financial implosion on Wall Street. Yes, lower gasoline prices are good news for the middle class. I certainly would rather pay two dollars for a gallon of gas than four dollars. But in order to have money to fill up your vehicle you have got to have an income first. And since the last recession, the energy sector has been the number one creator of good jobs in the U.S. economy by far. Barack Obama loves to stand up and take credit for the fact that the employment picture in this country has been improving slightly, but without the energy industry boom, unemployment would be through the roof. And now that the “energy boom” is rapidly becoming an “energy bust”, what will happen to the struggling U.S. economy as we head into 2015?
At the start of this article I mentioned that much lower oil prices would result in “collapsing capital expenditures”. Continue reading
It’s colder than the Persian Gulf, needs more icebreakers than the Suez Canal and passes less picturesque beaches than the Mediterranean, but the so-called Northern Sea route connecting Europe to Asia via the northern coast of Russia has its advantages. Continue reading
WASHINGTON – U.S. and European energy companies have become the target of a “Dragonfly” virus out of Eastern Europe that goes after energy grids, major electricity generation firms, petroleum pipelines operators and energy industrial equipment providers.
Unearthed by the cyber security firm Symantec, Dragonfly has been in operation since at least 2011. Its malware software allows its operators to not only monitor in real time, but also disrupt and even sabotage wind turbines, gas pipelines and power plants – all with the click of a computer mouse.
The attacks have disrupted industrial control system equipment providers by installing the malware during downloaded updates for computers running the ICS equipment. Continue reading
It all boils down to national security, military application, the protection of natural resources, trade routes, so on and so forth.
We already have drone aircraft patrolling the skies for the military and intelligence agencies. Now the military and energy companies want to develop their seaborne equivalent–autonomous, self-guided underwater vehicles.
Giant submarines filled with small underwater drones to protect the seas. The concept sounds like something out of a science fiction movie or a particularly trippy Sealab 2021 episode, but the U.S. military thinks it is very doable–and that it could help augment American sea power. This week, DARPA announced their new Project Hydra, an early-stage effort to fight the “rising number of ungoverned states, piracy, and proliferation of sophisticated defenses“ through autonomous underwater vehicles. Hydra itself would center around a submarine that discreetly injects unmanned aerial drones (UAVs) and autonomous underwater vehicles (AUVs) into warzones. Continue reading