Oil

If you’ve ever wanted to own a barrel of oil, today might be your lucky day – for the first time in modern history, there are traders across the world who’ll let you have it for free. On Monday evening the price of oil futures plummeted, with one key oil price in the USA hitting $0 per barrel shortly after 7pm UK time. It sounds unbelievable – and illogical. Why go to such great efforts to extract oil, which was selling for $60 a barrel just three months ago – only to give it away for free? How did we get here? The collapse in the world economy has led

This year’s Nobel Prize for the silliest piece of scientific research must go to something called the Climate Accountability Institute, for revealing to the world that 35 per cent of all global carbon and methane emissions since 1965 can be traced to just 20 global companies. This week they were named and shamed in the Guardian and revealed to be, er, 17 oil companies and three coal mining companies. Scandalously, they have been pumping all this carbon into the air for their own self-enrichment while the rest of us suffer. As Professor Michael Mann of Pennsylvania State University – the fellow behind the famous ‘hockey stick’ graph – puts it:

Who should be housing supremo in what we all assume will be Mrs May’s new administration? Brandon Lewis and Gavin Barwell, recent junior ministers with that brief, achieved nothing — if we also assume the brief was to procure an adequate supply of new homes, in the private sector or ‘social’ one, which the ‘just about managing’ could afford. The number of affordable homes built in 2015-16 was just 32,000, half that built in the previous year and the lowest since 1992. But action is coming — apparently. ‘We will fix the broken housing market,’ declares Mrs May, mustard-keen on fixing broken markets, ‘to build a new generation of council

 Houston, Texas It’s hard to find anyone in polite society here who admits to having voted for Trump, even among the oil men. But 4.7 million Texans did so, giving him 53 per cent of the popular vote. In redneck rural counties the Donald carried four fifths of the ballot, but Hillary Clinton was ahead in urban Houston, whose citizens pride themselves on good relations between white, black and Latino communities and on the welcome they offer to newcomers — including, a decade ago, a quarter of a million refugees from hurricane-hit New Orleans. But still this is predominantly an oil town, and an industry that has suffered losses and slashed

Sixty years ago this week all hell broke loose: Soviet tanks rumbled into Budapest and put down a nationalist uprising in a very bloody manner. Down south Anglo-French paratroopers jumped into the Sinai and, in cahoots with the Israelis, took over the Suez Canal in a last gasp of colonialism by the Europeans. And in Washington DC a very peed-off President Eisenhower ordered the Anglo-French to go home or else. They went home and only the Israelis howled that Ike was an anti-Semite and many other things. And where was your intrepid foreign (future High life) correspondent while all this was going on? On an aeroplane flying from New York

How many Olympic medals did Opec win? The answer (though I’ll bet no one else has bothered to work this out) is 15, or an average of 1.07 medals per member of the world’s leading oil-producer cartel. That result — boosted, I should add, by the five-medal triumph of the Iranian wrestling team — compares with the now notorious aggregate figure of 325 for the EU, including Team GB’s 67. I highlight the contrast only to make the point that, as power blocs go, resource-rich Opec is piss-poor at managing its affairs to advantage: the indolent leadership of the Saudis (Rio medals: zero) and their permanent stand-off with Iran means