By Andy Rowell
The saying in the city is that the markets do not lie.
And after Friday’s late night deal to reach a settlement with plaintiffs for a reported $7.8 billion, shares this morning in BP are topping the FTSE 100.
The company’s shares have risen more than two percent this morning with some analysts saying the oil giant’s share price may be a whopping five percent higher by the end of the day.
The city has spoken—BP has got off lightly and has paid roughly half what they were expecting.
Last week Bloomberg was reporting the settlement could be in the region of $14 billion, which was said to be in line with analysts’ expectations.
In actual fact the deal is being reported as being more than half that—$7.8 billion.
So it looks like BP has won this round quite clearly.
If the class-action lawsuit by victims had gone to trial, BP could have faced much higher costs.
This raises the question, why did the plaintiffs lawyers settle for so little an amount?
But read further and the $7.8 figure is only an estimate—the deal is actually uncapped. So the city may be slightly premature in its enthusiasm.
But the settlement is good for BP in other ways too.
The Times-Picayune newspaper in the region reports how “Blaine LeCesne, a tort law professor at Loyola who has followed the oil spill litigation closely, said that the settlement seems to be a bigger help to BP’s litigation strategy than it was to the plaintiffs.”
It helps with BP’s litigation strategy by boosting the chances of a settlement with the government. And people are now saying that the fact that BP settled for a lower amount with the plantiffs means it will settle for less with the U.S. government, too.
One analyst, Fadel Gheit, an oil analyst at Oppenheimer in New York, said BP’s hand had been strengthened by the deal. “I think the settlement further weakens the government claim of gross negligence.”
Others agree. Stuart Joyner, an analyst at Investec, also believes that it puts BP in a much stronger position to negotiate with the U.S. government.
The other important fact about the settlement is that, of course, BP has not accepted liability.
So once again BP wins.
Brian Gilvary, BP’s chief financial officer, said the deal “removes a significant amount of uncertainty around the company."
The markets do not like uncertainty. By settling, BP wins again whilst many victims will be losers.
Tony Buzbee, a Houston-based attorney who represents people and businesses with roughly 12,000 spill claims, questioned whether the settlement will be more beneficial to his clients than the existing Gulf Restoration Fund.
“There better be a golden nugget in there,” argues Buzbee “Otherwise, this smells. It doesn’t benefit my clients.”
And here’s a final thought. With the Exxon Valdez it took years for the full impact of the spill to become apparent. So how can plaintiffs—especially fisherman—settle if the damage to their livelihood is still not fully apparent, especially due to the sub-lethal impact of oil?
Aaron Viles, deputy director of the Gulf Restoration Network, argues that “it takes a while for these sub-lethal impacts to work their way through the ecosystem and to have an impact. So we are watching very anxiously.”
One Gulf resident, Margaret Curole, from the Commercial Fisherman of America remarked, “When you’ve spent nearly all your life as a grown woman fishing off the back deck of a boat and handling millions of pounds of shrimp, and you start seeing shrimp that has no eyes, something is wrong.”
Meanwhile BP’s share price continues to rise.
Demand justice in the case of BP. Call the White House today at 202-224-3121.
For more information, click here.
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If weather is your mood, climate is your personality. That's an analogy some scientists use to help explain the difference between two words people often get mixed up.
Size Matters<p>Climates are a bit like woven tapestries. The big picture is important, no question. But so are all the seemingly minor details found inside the larger whole.</p><p><a href="https://research-information.bris.ac.uk/en/persons/tommaso-jucker" target="_blank">Tommaso Jucker</a> is an environmental scientist at the University of Bristol. In an email, Jucker says he'd define the term microclimate as "the suite of climatic conditions (temperature, rainfall, humidity, solar radiation) measured in localized areas, typically near the ground and at spatial scales that are directly relevant to ecological processes."</p><p>We'll talk about that last bit in a minute. But first, there's another criteria to discuss. According to some researchers, a microclimate — by definition — must differ from the larger area that surrounds it.</p><p><a href="https://www.cfc.umt.edu/research/paleoecologylab/publications/Davis_et_al_2019_Ecography.pdf" target="_blank">Forests</a> provide us with some great examples. "The climate near the ground in a tropical rainforest is dramatically different from the climate in the canopy 50 meters [164 feet] above," says University of Montana ecologist <a href="https://www.cfc.umt.edu/personnel/details.php?ID=1110" target="_blank">Solomon Dobrowski</a> in an email. "This vertical gradient among other factors allows for the staggering biodiversity we see in the tropics."</p><p>Likewise, scientists observed that a 2015 partial <a href="https://animals.howstuffworks.com/insects/bees-stopped-buzzing-during-2017-solar-eclipse.htm" target="_blank">solar eclipse</a> caused the air temperature of an Eastern European meadow to <a href="https://rmets.onlinelibrary.wiley.com/doi/full/10.1002/wea.2802" target="_blank">change more dramatically</a> than it did in a nearby forest. That's because trees provide not only shade, but their leaves also reflect solar radiation. At the same time, forests tend to reduce wind speeds.</p><p>All those factors add up. A 2019 review of 98 wooded places — spread out across five continents — found that forests are 7.2 degrees Fahrenheit (4 degrees Celsius) <a href="https://natureecoevocommunity.nature.com/posts/47363-forests-protect-animals-and-plants-against-warming" target="_blank">cooler on average</a> than the areas outside them.</p><p>Now if you hate the cold, don't worry; there's a cozy exception to the rule. According to that same study, forests are usually 1.8 degrees Fahrenheit (1 degree Celsius) warmer than the external environment during the wintertime. Pretty cool.</p>
A Bug's Life<p>When does a microclimate stop being, well, micro? In other words, is there a maximum size we should be aware of when discussing them?</p><p>Depends on who you ask. "In terms of horizontal scale, some have defined 'microclimate' as anything that is less than 100 meters [328 feet] in range," Jucker says. "I'm personally less prescriptive about this."</p><p>Instead, he says the "scale at which we want to measure [a particular] microclimate" ought to be "dictated" by the questions we're trying to answer.</p><p>"If I want to know how temperature affects the photosynthesis of a leaf, I should be measuring temperature at centimeter scale," Jucker explains. "If I want to know if and how temperature affects the habitat preference of a large, mobile mammal, it's probably more relevant to capture temperature variation across [tens to hundreds] of meters."</p><p>For instance, solitary plants have the power to generate itty-bitty microclimates. Just ask <a href="https://www.colorado.edu/geography/peter-blanken-0" target="_blank">Peter Blanken</a>, a geography professor at the University of Colorado, Boulder and the co-author of the 2016 book, "<a href="https://amzn.to/2XN6FT8" target="_blank">Microclimate and Local Climate</a>."</p>
The urban heat island effect is a good example of how microclimates work. NOAA
Microclimates on a Grand Scale<p>It's no secret that our planet is going through some rough times at the macro level. The global temperature is <a href="https://climate.nasa.gov/vital-signs/global-temperature/" target="_blank">climbing</a>; nine out of the <a href="https://www.noaa.gov/news/2019-was-2nd-hottest-year-on-record-for-earth-say-noaa-nasa" target="_blank">10 hottest years on record</a> have occurred since 2005. And by one recent estimate, roughly 1 million species around the world are <a href="https://ipbes.net/sites/default/files/2020-02/ipbes_global_assessment_report_summary_for_policymakers_en.pdf" target="_blank">facing extinction</a> due to human activities.</p><p>"One of the big questions that ecologists and environmental scientists are trying to answer right now is how will individual species and whole ecosystems respond to rapid climate change and habitat loss," says Jucker. "...To me, [microclimates are] a key component of this research — if we don't measure and understand climate at the appropriate scale, then predicting how things will change in the future becomes a lot harder."</p><p>Developers have long understood the impact small-scale climates have on our daily lives. <a href="https://science.howstuffworks.com/environmental/green-science/urban-heat-island.htm#pt0" target="_blank">Urban heat islands</a> are cities that have higher temperatures than neighboring rural areas.</p><p>Plants release vapors that can moderate local climates. But in cities, natural greenery is often scarce. To make matters worse, plenty of our roads and buildings have a bad habit of absorbing or re-emitting heat from the sun. <a href="https://www.google.com/books/edition/Microclimate_and_Local_Climate/LHUZDAAAQBAJ?hl=en&gbpv=1&bsq=urban%20heat%20island" target="_blank">Vehicle emissions</a> don't exactly help the situation.</p><p>Still, it's not like Boston or Beijing are thermal monoliths. Sometimes, the documented temperatures <a href="https://e360.yale.edu/features/can-we-turn-down-the-temperature-on-urban-heat-islands" target="_blank">within a single city</a> vary by 15 to 20 degrees Fahrenheit (8.3 to 11.1 degrees Celsius).</p><p>That's where metro parks and city trees come in. They have nice cooling effects on nearby neighborhoods. "Several cities around the world have developed programs to increase urban green spaces," says Blanken. "Tree planting programs and green roof programs, have been shown to lower surface temperatures, decrease air pollution and decrease surface water runoff (urban flash-flooding) in urban areas."</p>
An "explosive" wildfire ignited in Los Angeles county Wednesday, growing to 10,000 acres in a little less than three hours.
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By Jeff Berardelli
Note: This story was originally published on August 6, 2020
If asked to recall a hurricane, odds are you'd immediately invoke memorable names like Sandy, Katrina or Harvey. You'd probably even remember something specific about the impact of the storm. But if asked to recall a heat wave, a vague recollection that it was hot during your last summer vacation may be about as specific as you can get.
<div id="ecf36" class="rm-shortcode" data-rm-shortcode-id="c2dcc9d48a6cd61f247df1544539a783"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1290959314132361216" data-partner="rebelmouse"><div style="margin:1em 0">Naming heatwaves is a good idea—making the abstract concrete, the invisible visible. Why should hurricanes and wild… https://t.co/hDWgYb79Ob</div> — Ed Maibach (@Ed Maibach)<a href="https://twitter.com/MaibachEd/statuses/1290959314132361216">1596623660.0</a></blockquote></div>
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Thailand has a total population of 5,000 elephants. But of that number, 3,000 live in captivity, carrying tourists on their backs and offering photo opportunities made for social media.
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One of the challenges of renewable power is how to store clean energy from the sun, wind and geothermal sources. Now, a new study and advances in nanotechnology have found a method that may relieve the burden on supercapacitor storage. This method turns bricks into batteries, meaning that buildings themselves may one day be used to store and generate power, Science Times reported.
Bricks are a preferred building tool for their durability and resilience against heat and frost since they do not shrink, expand or warp in a way that compromises infrastructure. They are also reusable. What was unknown, until now, is that they can be altered to store electrical energy, according to a new study published in Nature Communications.
The scientists behind the study figured out a way to modify bricks in order to use their iconic red hue, which comes from hematite, an iron oxide, to store enough electricity to power devices, Gizmodo reported. To do that, the researchers filled bricks' pores with a nanofiber made from a conducting plastic that can store an electrical charge.
The first bricks they modified stored enough of a charge to power a small light. They can be charged in just 13 minutes and hold 10,000 charges, but the challenge is getting them to hold a much larger charge, making the technology a distant proposition.
If the capacity can be increased, researchers believe bricks can be used as a cheap alternative to lithium ion batteries — the same batteries used in laptops, phones and tablets.
The first power bricks are only one percent of a lithium-ion battery, but storage capacity can be increased tenfold by adding materials like metal oxides, Julio D'Arcy, a researcher at Washington University in St. Louis, Missouri, who contributed to the paper and was part of the research team, told The Guardian. But only when the storage capacity is scaled up would bricks become commercially viable.
"A solar cell on the roof of your house has to store electricity somewhere and typically we use batteries," D'Arcy told The Guardian. "What we have done is provide a new 'food-for-thought' option, but we're not there yet.
"If [that can happen], this technology is way cheaper than lithium ion batteries," D'Arcy added. "It would be a different world and you would not hear the words 'lithium ion battery' again."
One of the concerns about a warming planet is the feedback loop that will emerge. That is, as the planet warms, it will melt permafrost, which will release trapped carbon and lead to more warming and more melting. Now, a new study has shown that the feedback loop won't only happen in the nether regions of the north and south, but in the tropics as well, according to a new paper in Nature.
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By Jessica Corbett
A sheriff in Florida is under fire for deciding Tuesday to ban his deputies from wearing face masks while on the job—ignoring the advice of public health experts about the safety measures that everyone should take during the coronavirus pandemic as well as the rising Covid-19 death toll in his county and state.
<div id="7a571" class="rm-shortcode" data-rm-shortcode-id="aad9dcf60e7385e6553ff23ffc1ae75d"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1293527664389693447" data-partner="rebelmouse"><div style="margin:1em 0">Deaths hit a record in Florida yesterday. This guy's jail system is rife with COVID. And he's banned masks in his s… https://t.co/Cbp2wR32o1</div> — Michael McAuliff (@Michael McAuliff)<a href="https://twitter.com/mmcauliff/statuses/1293527664389693447">1597236002.0</a></blockquote></div>
<div id="79024" class="rm-shortcode" data-rm-shortcode-id="4ac086eab58b9713f2ad777c40938252"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1293578984148606977" data-partner="rebelmouse"><div style="margin:1em 0">This actively puts peoples' lives at risk. https://t.co/GKF0Xgjyex</div> — CAP Action (@CAP Action)<a href="https://twitter.com/CAPAction/statuses/1293578984148606977">1597248238.0</a></blockquote></div>
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