News roundup for Tue, May 10, 2022
Economy, Energy, and Supply Chain
Recession concerns are escalating: A global economist from Bank of America stated that while recession risks are currently low, they are significantly higher for 2023 as inflation may push the Fed to raise interest rates to a point that could harm the economy. Bill Gates has also expressed that there's a strong case for an impending global economic slowdown, and several top European business leaders are equally worried about a potential recession hitting Europe soon.
US power grid operators are preparing for widespread blackouts this summer. If you're concerned about power outages, check out our beginner's guide to off-grid power solutions and our review of the best portable gas-powered generators to keep your essentials running.
Globally, diesel shortages are becoming a real concern. If you're thinking about storing fuel at home, here's a useful guide on how to do it safely:
https://twitter.com/WallStreetSilv/status/1523329724792991747?s=20&t=6IBup0mUVX4LiM-n08WUyA
The G7 countries (France, Canada, Germany, Italy, Japan, the UK, and the US) have pledged to ban or phase out Russian oil imports. Experts warn that Europe may face a liquefied natural gas (LNG) crisis this winter. In response, the EU is accelerating the approval process for renewable energy projects to hasten the shift away from Russian gas dependency.
Meanwhile, US 30-year mortgage rates hit 5.27% last week—the highest level since 2009—and gas prices surged to record-breaking levels once again. High UK gas prices could persist through 2025.
To visualize how political and economic events influenced oil prices from 1968 to March 2022, see this chart:
Civica Rx, a nonprofit focused on producing affordable generic drugs, plans to sell generic insulin for no more than $30 per month starting in 2024. This initiative aims to make healthcare more accessible to those who need it most.
As of April 24, 40% of the top-selling baby formulas were out of stock across the US.
Climate Change
In the “It’s not even summer yet!†series, California’s largest reservoirs are at their lowest levels in recorded history. The snowpack, which supplies about one-third of California’s water, has melted far earlier than anticipated due to above-average temperatures.
Human activities and climate change are destroying vital desert ecosystems, including fungi, lichen, and bacteria layers known as biocrusts. Researchers predict that these essential crusts could vanish by 25%–40% within the next 65 years. Restoring these layers can take decades, and without them, deserts risk transforming into barren dust bowls.
The population of flying insects in the UK has plummeted by nearly 60% since 2004. While this alarming decline underscores the critical role insects play in sustaining life on Earth, further comprehensive studies are needed to fully grasp the scale of this issue.
Tidal energy is one of the most reliable forms of renewable energy, though project development can take years and is location-specific. The UK boasts some of the highest tidal ranges globally, hosting almost half of the world’s installed tidal stream capacity. The Faroe Islands (located north of the UK but not part of it, with approximately 50,000 residents) aim to derive 40% of their electricity from tidal sources. They are currently planning four sites that could generate a combined capacity of 120 MW of tidal energy, producing around 350 GWh annually.
The Rest
President Biden has struck a deal to offer low-income Americans $30 monthly subsidies ($75 in tribal areas) for internet service. Eligibility extends to households with incomes at or below 200% of the federal poverty line or families participating in certain programs like SNAP, FPHA, or veteran benefits.
FEMA will cover costs associated with COVID-related funerals, but awareness of this program remains low, and many eligible individuals fail to apply. There are no income restrictions, and having life insurance doesn't disqualify anyone. No deadline exists for applying, except for pre-paid funerals. We previously highlighted this program last year, but given its underutilization, it seems worth revisiting.
For those interested in dystopian gaming experiences, someone created a PC game called 'Quarantineer.' While we're unsure whether we're prepared for such themes, if you decide to try it, share your thoughts with us!
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