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New Federal Report Warns of Financial Havoc From Climate Change

WASHINGTON — A report commissioned by federal regulators overseeing the nation’s commodities markets has concluded that climate change threatens U.S. financial markets, as the costs of wildfires, storms, droughts and floods spread through insurance and mortgage markets, pension funds and other financial institutions.

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This oil spill is poised to become one of the biggest environmental disasters in the US

           

An aerial image of an oil slick in the Gulf of Mexico, taken on April 28, 2018.  (Handout photo by Oscar Garcia-Pineda, Water Mapping, LLC)

circa.com - by Julia Boccagno and The Associated Press - October 24, 2018

Millions of gallons of oil have been spewing into the Gulf of Mexico for more than 14 years, forming what is poised to become one of the worst environmental disasters in the United States, according the Gulf Restoration Network, which has been tracking the chronic leak.

"There has been an uptrend of the areas of the slick during the last two years," wrote Oscar Pineda-Garcia, who runs a company that maps oil spills and is an adjunct professor at Florida State University.

Environmental leaders suggest that the Taylor Energy Co. oil spill has dumped anywhere between 10,000 to 30,000 gallons of oil a day since 2004, when its platform collapsed during Hurricane Ivan.

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Texas, Refineries Urged to Plan Storm Shutdowns to Cut Pollution

           

FILE PHOTO: An aerial view of the Shell Deer Park Manufacturing Complex is seen in Deer Park, Texas, U.S. August 31, 2017. REUTERS/Adrees Latif/File Photo

CLICK HERE - REPORT - Preparing for the Next Storm (33 page .PDF report)

reuters.com - by Timothy Gardner - August 16, 2018

Texas environment regulators should coordinate shutdowns of oil refineries and other petrochemical plants during major storms to avoid big releases of air pollution like during last year’s Hurricane Harvey, a report said on Thursday.

A year ago Harvey dumped more than 60 inches (1.5 meters) of rain on southeastern Texas, halting refineries that produce a quarter of U.S. fuel and damaging infrastructure.

Texas industry, including refineries and petrochemical plants, released an extra 8.3 million pounds (3.8 million kg) of air pollutants including cancer-causing benzene, during Harvey, said the report . . . 

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12 years after Gulf Oil Platform Destroyed, Feds Start Investigating Environmental Damage

nola.com - by Mark Schleifstein - July 28, 2017

Twelve years after Hurricane Ivan destroyed a Taylor Energy Co. platform in the Gulf of Mexico, the federal government has finally started investigating how oil and gas that is still leaking from its wells damages natural resources. The flow of oil, "if left unchecked, could continue for 100 years or more," says the Bureau of Safety and Environmental Enforcement, the Interior Department agency that oversees gulf drilling.

Although the storm waylaid Taylor Energy's MC-20 Saratoga platform on Sept. 15, 2004, it was not until late 2016 that the government began its inquiry, and not until Thursday (July 27) that the National Oceanic and Atmospheric Administration confirmed the investigation. 

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