For Investors Only -- August 15, 2014; Economists' Forecasts For 2H14 - A Wash; Whatever Happened To Global Warming?

Economists raising estimates of GDP for 3Q14. The headline is more stimulating than the article. In fact, the body of the article suggests the headline should read: it's a wash; economy remains on same trajectory -- 3% GDP for last half of 2014.  Reuters is reporting:

Economists raised their forecasts for U.S. economic growth in the third quarter but trimmed their estimates for the balance of 2014, though the outlook for both job growth and lower unemployment was strengthened.

Analysts see the economy growing at an annual rate of 3.0 percent in the current quarter, up from a previous estimate of 2.9 percent.

The same boilerplate on job growth and unemployment. I don't think that boilerplate has changed in five years.

Disclaimer: this is not an investment site. Do not make any investment decisions, or financial decisions for that matter, based on anything you read here or think you may have read here.

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Oil & Gas E & P Stagnation in the Mideast

A great Reuters review of how things are going in the Mideast -- with regard to oil and gas exploration and production: not good. Essay by John Kemp:

Following four decades of war, sanctions, nationalization and unrest, oil and gas producers are gradually adjusting to rely less on the Middle East.

The countries around the Persian Gulf and on the Arabian Peninsula still contain the greatest concentration of giant and super-giant fields anywhere in the world and have some of the most attractive oil and gas geology.

But the increasingly hostile political environment above ground has forced oil and gas companies to hunt for new reserves in other parts of the world where the geology is tougher but political conditions are much easier.

Diversification away from the Middle East is one of the main reasons why oil prices have remained virtually unchanged as unrest has spread across much of the region since 2011.

The article is full of interesting statistics, as well as a historical review. The North American shale revolution is mentioned, but I didn't see a specific reference to the Bakken or the Eagle Ford.

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It Wasn't My Imagination

Just the other day I posted that it was my perception that we weren't getting the stories we used to get of super-hot days in NYC, Chicago, Washington (DC), when the elderly were dying and there were photos of inner-city children playing in fire hydrants opened by the fire department to help folks cool off. I remember all those stories when I was growing up in Williston; now we don't seem to see them any more.

It turns out it wasn't my imagination. The Washington Post is reporting:

There’s one constant about D.C. summer, and that’s a lot of hot days. Right?

Not always.

While 2014′s average temperature for meteorological summer (Jun-Aug) is running fairly close to “normal,” as defined by the 1981-2010 climate period, it’s undoubtedly been among the more pleasant in recent memory when it comes to daytime heat.

With only 16 days featuring high temperatures at or above 90 degrees this year, we’re a week behind last year’s tally year-to-date, and 32 days (more than a month!) behind the pace of the scorching 2010-2012 summers.  

The average year-to-date total is around 29.

Of course, the crazy summers that kicked off the 2010s averaged about three weeks more 90 degree days than the average around 36 days. 2010 even gave us a tie for the most on record at 67.

Two words for the warmists: cognitive dissonance.

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Meanwhile, CBSlocalPittsburgh is reporting a record "cold" summer:

Pittsburgh is dealing with one of the coldest summers in history, and it’s having an effect on the trees.

Friday morning temperatures fell into the 40s in Western Pennsylvania.

Meteorologists say these cold temperatures are leading to trees changing colors in the middle of August.

I can't make this stuff up.

Eighteen years of cooling.

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The Truth Will Out

ObamaCare

The Weekly Standard is reporting:

The National Treasury Employees Union is an independent union representing, according to its own figures, "some 150,000" federal workers from many different agencies.

With a Republican-controlled House of Representatives that was elected on a message of reining in federal spending, the NTEU's been on alert for any and all legislation that proposes reducing pay and benefits for federal workers.

Among the bills is H.R. 1780, sponsored by Michigan Republican Dave Camp. The NTEU says the bill could hurt workers because it would "require most federal employees to leave the Federal Employees Health Benefits Program...and instead join health plans established under the Affordable Care Act."

I can't make this stuff up. It's still a trainwreck (their word, not mine).