Global oil markets are flooded with cheap crude, and concerns about climate change are growing louder. The last thing the world seems to be craving is the discovery of new large oil and natural gas fields.

But such fields have been found in the last month. And two of them are in the United States — one in Texas and the other off Alaska.

Read the Full Article: Source – The New York Times
Time For Truth: (The New York Times) – Oil Glut? Here Comes Some More!

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The G7 leading industrial nations have agreed to cut greenhouse gases by phasing out the use of fossil fuels by the end of the century, the German chancellor, Angela Merkel, has announced, in a move hailed as historic by some environmental campaigners.

On the final day of talks in a Bavarian castle, Merkel said the leaders had committed themselves to the need to “decarbonise the global economy in the course of this century”. They also agreed on a global target for limiting the rise in average global temperatures to a maximum of 2C over pre-industrial levels.

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Hundreds of activists decked out in neoprene wetsuits and life jackets took to the waters of Elliott Bay on Saturday. In kayaks, canoes, paddleboards and other vessels, they sent the message that Royal Dutch Shell should cancel its plan to drill in the Arctic Ocean.

The “Paddle in Seattle” – a daylong, family friendly festival in a West Seattle park and an on-the-water protest by “Shell no” kayaktivists – was held only blocks from where Shell’s Polar Pioneer drilling rig is docked at the Port of Seattle’s Terminal 5. The brightly colored boats lined the grass as paddlers loaded gear while lights on the towering rig twinkled in the background.

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The UN fund to help developing countries fight climate change can be spent on coal-fired power plants – the most polluting form of electricity generation – under rules agreed at a board meeting.

The green climate fund (GCF) refused an explicit ban on fossil fuel projects at the contentious meeting in Songdo, South Korea, last week.

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The UK government provided hundreds of millions of pounds worth of support for a controversial energy project in Brazil that is now at the centre of a sprawling corruption scandal engulfing the country’s political and business elite.

Hundreds of contracts for energy projects, from refineries to oil rigs, have been implicated in the scandal which has seen executives at Brazil’s state-owned oil company Petrobras and many of its contractors charged in connection with alleged bribery and money-laundering.

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