As Weather Forecasters Predict Continued Drought, Goldman Cashes In

By: Tuesday January 22, 2013 5:33 am

The farm belt has been facing one of the severest droughts in its history and recent forecasts conclude that the next 3 months are going to make a bad situation worse. The situation has deteriorated to the point where hundreds of counties are being labeled disaster areas due to drought: The U.S. Agriculture Department cited [...]

Hidden Costs: Drought Crushing Crop Insurance Industry

By: Monday August 27, 2012 11:38 am

Here’s another opportunity to lay out the real economic costs of climate change. Farmers had already prepared for extreme weather events by purchasing more and more crop insurance in recent years. So when a historic drought hit this summer, many crop producers had the ability to handle it, although livestock producers seeing a spike in [...]

Drought Impacting Shipping On the Mississippi River

By: Tuesday August 21, 2012 11:44 am

Marcy Wheeler alerts me to the huge economic consequences of the drought of 2012 as it relates to the Mississippi River. Since those canny Ron Paul supporters shut down the NAFTA Superhighway, the might Mississippi remains the key shipping highway connecting north and south in America. And because of the drought, the water level has [...]

Administration May Tap Strategic Petroleum Reserves After Run-Up in Gas Prices

By: Friday August 17, 2012 7:35 am

Gas prices have shot up 30 cents over the last month, and stand at $3.71 a barrel gallon nationwide, the highest level since mid-May. Rising oil prices and a refinery fire in northern California have caused most of the price increase, but some of this is also due to the possibility of an Israeli strike [...]

Industry Touts GMOs as Solution to Drought Conditions for Agriculture

By: Wednesday August 15, 2012 8:15 am

The Consumer Price Index remained unchanged in July, a sign that we’re heading into a disinflationary period. Year-over-year inflation is still missing the 2.0% target, topping out at 1.4%. This is another sign of central bank failure. But decreases in energy were offset by increases in food. This is a residual effect from the drought [...]

Farmers Angered By Congressional Inaction on Farm Bill, Drought

By: Monday August 13, 2012 12:15 pm

Republican lawmakers in rural farming communities were worried that they would have to go home to their districts empty-handed, without any tools to help farmers deal with this summer’s massive drought. They tried to sidestep this problem by passing, at the last possible minute, a bill to provide a year of drought relief to livestock [...]

UN Begs US to Stop Corn-Based Ethanol Production During Drought

By: Friday August 10, 2012 8:15 am

The USDA announced that this year’s corn yield will be the lowest since 1995. As a result corn prices are projected to reach a record high, between $7.50 to $8.90 a bushel. To add a contrarian anecdote, the corn at my farmer’s market remains steady at 3 ears for $2.00, but that could change as [...]

July Hottest Month in History of the United States

By: Thursday August 9, 2012 10:15 am

July was the hottest month in the history of the United States, going back all the way to 1895, the beginning of temperature-related record keeping. The average temperature last month was 77.6 degrees — 3.3 degrees above the average 20th-century temperature, the National Oceanic and Atmospheric Administration reported on Wednesday. July thereby dethroned July 1936, [...]

Drought Relief Bill Passes House, But Won’t Help Livestock Producers Through August

By: Friday August 3, 2012 8:15 am

The House of Representatives passed their one-year drought relief bill by a relatively thin margin yesterday, 223-197. They needed 35 votes from Democrats to get it across the line, as 46 Republicans begged off the bill. Here’s the roll call. The House passed this on the last possible day of the session before the August [...]

House Game-Playing on Farm Bill, Drought Relief

By: Thursday August 2, 2012 10:24 am

The House will take up its standalone disaster relief bill today, which will serve as a talking point in rural Republican districts as “action” being taken to respond to the historic drought plaguing the country. The House waited until the last possible day before the August recess to pass the measure, giving the Senate basically [...]

Stopgap Spending Package Won’t Be Voted On Until After August Recess

By: Tuesday July 31, 2012 8:15 am

House and Senate leaders continue to work on a stopgap spending bill to close out the year, and could announce it as early as today. The bill would extend a continuing resolution on the budget for six months, until the end of March 2013. The spending levels would likely equal those designated in the debt [...]

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