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“This Is Catastrophic” – Thousands Of Gallons Of Radioactive Waste Leak At Nuclear Site
“This Is Catastrophic” – Thousands Of Gallons Of Radioactive Waste Leak At Nuclear Site
The ongoing radioactive leak problems at the Hanford Site, a nuclear storage tank in Washington State, are nothing new.
We first wrote about the ongoing radioative leakage at the Hanford Nuclear Reservation, created as part of the Manhattan Project to build the atomic bomb, in 2013.
As a reminder, during the Cold War, the project was expanded to include nine nuclear reactors and five large plutonium processing complexes, which produced plutonium for most of the 60,000 weapons in the U.S. nuclear arsenal. Alas, the site has been leaking ever since, as many of the early safety procedures and waste disposal practices were inadequate and Hanford’s operations released significant amounts of radioactive materials into the air and the neighboring Columbia River.
Hanford’s weapons production reactors were decommissioned at the end of the Cold War, but the decades of manufacturing left behind 53 million US gallons of high-level radioactive waste, an additional 25 million cubic feet of solid radioactive waste, 200 square miles of contaminated groundwater beneath the site and occasional discoveries of undocumented contaminations.
The Hanford site represents two-thirds of the nation’s high-level radioactive waste by volume. Today, Hanford is the most contaminated nuclear site in the United States and is the focus of the nation’s largest environmental cleanup. The government spends $2 billion each year on Hanford cleanup — one-third of its entire budget for nuclear cleanup nationally. The cleanup is expected to last decades.
However, as Krugman would say, the government was not spending nearly enough, and after a major documented leak in 2013, over the weekend, thousands of gallons of radioactive waste are estimated to have leaked from the Site once again, triggering an alarm and causing one former worker to label it as “catastrophic.”
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“Far Worse Than 1986”: The Oil Downturn Has No Parallel In Recorded History, Morgan Stanley Says
“Far Worse Than 1986”: The Oil Downturn Has No Parallel In Recorded History, Morgan Stanley Says
On Tuesday the market got yet another reminder of just how painful the “current commodity price environment” has been for producers when Chesapeake eliminated its common dividend in order to conserve cash.
After noting the plunge in Chesapeake’s shares (to a 12-year low) we subsequently outlined why the US shale “revolution” is now running out of lifelines as hedges roll off and as the next round of credit line assessments looms in October.
A persistent theme here – as regular readers are no doubt aware – has been the extent to which an ultra-accommodative Fed has contributed to a deflationary supply glut by ensuring that beleaguered producers retain access to capital markets. In short, cash-strapped companies who would have otherwise gone out of business have been able to stay afloat thanks to the fact that Fed policy has herded investors into risk assets.
In a ZIRP world, there’s plenty of demand for new HY issuance and ill-fated secondaries, which means the digging, drilling, and pumping gets to continue indefinitely in what may end up being one of the most dramatic instances of malinvestment the market has ever seen.
Those who contend that the downturn simply cannot last much longer – that the supply/demand imbalance will soon even out, that the market will clear sooner rather than later, and that even if the weaker hands are shaken out, the pain for the majors will be relatively short-lived – are perhaps ignoring the underlying narrative that helps to explain why the situation looks like it does. At heart, this is a struggle between the Fed’s ZIRP and the Saudis, who appear set to outlast the easy money that’s kept US producers alive.
Against that backdrop, and amid Wednesday’s crude carnage, we turn to Morgan Stanley for more on why the current downturn will be “worse than 1986.”
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