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cars in snowstorm

Arctic Blast Could Cost US Economy $5 Billion

cars in snowstormThe record freeze that blanketed the eastern half of the US this week cancelled or delayed thousands of flights, halted road and rail travel, and drove energy prices higher, Reuters reports.

At least nine people have died from frigid temperatures, expected to be 25 degrees to 35 degrees Fahrenheit below normal from the Midwest to the Southeast.

PJM Interconnection, the agency that oversees the electric grid supplying the mid-Atlantic and parts of the Midwest, told Reuters the cold forced some power plants to shut and said electricity suppliers were struggling to keep up with the demand. PJM Interconnection’s members include units of American Electric Power, FirstEnergy, Exelon and Public Service Electric & Gas.

Oil refiners including Marathon Petroleum and Exxon Mobil saw cold-related outages as well.

The below-freezing temperatures and snow could cost the US economy up to $5 billion including lost productivity and retail sales, Evan Gold, senior vice president at Planalytics, tells Reuters.

The arctic air cancelled 2,380 US flights and delayed 2,912 others, according to FlightAware.com, and snow and ice stopped three Chicago-bound Amtrak trains overnight on Monday, stranding some 500 passengers in northwestern Illinois.

Economic losses from extreme weather events have risen from an annual global average of about $50 billion in the 1980s to close to $200 billion over the last decade, according to the report released in November by the World Bank.

A study to calculate the economic risk US industries face from climate change is being funded by New York City mayor Michael Bloomberg, billionaire Tom Steyer and George W. Bush-era Treasury secretary Henry Paulson.

Photo Credit: cars in a snowstorm via Shutterstock

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9 thoughts on “Arctic Blast Could Cost US Economy $5 Billion

  1. “Arctic Blast” is NOT Al’s Global Warming.
    Exact opposite.
    So, tell me how a carbon tax will prevent an “Arctic Blast?”
    It will only take money from the poor who need heat.

  2. There is no “carbon tax” in existence anywhere in the U.S. I will continue to point that out as long as CO2good continues to falsely claim otherwise, or attempts to use “carbon tax” as some sort of scare tactic or argument.
    And a cold snap in the middle of winter is nothing unusual, and it represents no argument either for or against AGW. That tiresome argument is simply ignorant, illogical, and irrelevant.

  3. Actually this arctic blast can be attributed to global warming. Remember, warming is the symptom of excess carbon dioxide and other greenhouse gases in the atmosphere–these gases trap and hold heat, much like a greenhouse. The warmer atmosphere is causing shifts in jet streams, for instance, this polar blast may be very likely due to warming of the arctic shifting the jet stream south and making the arctic warmer than much of southern Canada and northern states. Global warming is the symptom and climate change is the result. A carbon tax will provide incentives to reduce greenhouse gas emissions into the atmosphere helping to ameliorate the situation described above.

  4. Makes sense.
    Warming = cooling
    Tax = good
    Tax = cooling, or warming, or whatever King O wants it to mean.
    Global Warming = Arctic Blast
    Hot = Cold
    Got it.
    Just keep me posted on the latest new definition of Hot, Cold, Warm, Blast, Global, up, Down, tax, ….

  5. In 1999, Al Gore said that the polar ice caps would disappear by 2014. It’s 2014 and the ice caps are still there. Where’s Al’s apology?

  6. It would apparently be difficult to keep CO2good posted on just about anything that contains an element of truth and objectivity. See here (http://www.environmentalleader.com/2013/12/30/toyota-honda-and-hyundai-are-fuel-cells-the-future-of-sustainable-cars/comment-page-2/#comment-1353155) and here (http://www.environmentalleader.com/2013/12/27/expect-cng-price-hike-as-tax-credit-expires/comment-page-2/#comment-1353149) for some recent examples of the difficulty.

    What a great example of someone living in their own fantasyland. CO2good: “What’s that? Some truth from the real world trying to intrude into my own little fantasy? Well, I’ll just repeatedly ignore it, lie about it, make irrational ‘arguments’ to pretend to counter it, and generally make a fool of myself in order not to have to admit any of it! There – I feel better.

  7. Global warming refers to the rise in temps at the surface of the earth which causes changes in the ocean currents. You may remember lots of discussion about El Nino changing off the coast of Peru. Since the oceans are the engine that drives climate even a small rise in temp at the earth’s surface has an effect on climate. Weather is an element of climate but it is not the same as climate. Weather is rain, hot temps, tornadoes, freezing temps, etc that the meteorologist explains for us each day about our local area. The weather trends have been changing over a few decades as global warming causes a shift in the climate. The reason CO2 is mentioned more than other greenhouse gasses is because the places that absorbed atmospheric CO2 in the past are disappearing (like the Amazon forest) or during certain cyclic periods of earth’s history when the ocean is the largest sink for CO2. When there is too much CO2 in the atmosphere because the carbon sinks are unavailable the CO2 remains in the atmosphere which increases the greenhouse effect and in turn that adds to the small increments of increased temps at the earth’s surface. The carbon cycle is critical to all life on earth and should be kept in balance for high quality living conditions. So hot does not equal cold, etc. Hope that helps you out!

  8. Global warming is not a commercial product, complete with a spokesperson. It is not defined by what Al Gore or any other celebrity or talking news head may say. I don’t know whether you quoted Gore correctly or not – but it doesn’t matter anyway.
    Global warming is a scientific summary of decades and decades of observation, of prediction and confirmation, of climate modeling and refinement; and it is the conclusion of 98% of top climatologists from all over the world: http://www.pnas.org/content/107/27/12107.full.

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