Much has been, and will be, made about government's role in regulating industry. The largest crutch on which industry relies is people's aversion to regulation "stalling the economy", seconded by the impact that regulation has on jobs. When people sense something is taking away their opportunity, they rally to defend against it. Except, in the case of coal, regulation does not take away jobs, mechanization and depletion take them away.
Here's why Central Appalachia's coal industry is dying
"On top of everything else, Central Appalachia's coal now appears to be running out, as many of the thick, easy-to-mine seams have vanished. The Energy Information Administration estimates that coal production in eastern Kentucky and West Virginia will soon be just half of what it was in 2008, plunging from 234 million tons down to 112 million tons in 2015."
The size and scale of numbers never cease to amaze me, especially when they are part of a headline. If I receive a $100 parking ticket, that amounts to roughly 0.1% of my annual take-home salary. Exxon Mobil faces a fine of 0.02% of their annual profit for negligence associated with a pipeline leak in Arkansas. Funny enough, my parking ticket did not result in the relocation of people, nor the destruction of habitat.
Exxon Mobile faces $2.7 million fine for Arkansas pipeline spill
"Exxon Mobil Pipeline Co faces a fine of nearly $2.7 million for a pipeline spill of thousands of barrels of Canadian crude oil in an Arkansas suburb last spring, the U.S. pipeline safety office said on Wednesday.
The Pipeline and Hazardous Materials Safety Administration (PHMSA) found nine probable violations of safety rules in the rupture of the nearly 70-year old Pegasus pipeline that forced residents to evacuate their homes.
The 95,000 barrel-per-day pipeline has been shut since March 29 after spilling about 5,000 barrels in Mayflower, Arkansas."
Although I recommend reading the entire article because of the sheer luck that sometimes accompanies innovation (also, read anything about the scientist Michael Faraday), I point out the end of the article. We live in a backwards society where those with the brainpower to innovate, and those skilled at making that innovation happen, often - if not always - do not get to participate in the financial profit from that innovation. We need to change that...immediately.
Breakthrough: The accidental discover that revolutionized American energy
"Those responsible for the most important energy breakthrough in nearly a century didn’t fare nearly as well, however. Steinsberger, who had discovered the perfect mix of liquids to extract gas from shale and later saw his methods aped around the country, received a salary of just over $100,000 the year Mitchell was sold. He never received any bonus for his work. Kent Bowker made about $120,000 the year Mitchell Energy was sold, his usual salary. A few months after the merger, Bowker was interviewed by a Devon executive charged with helping decide which Mitchell Energy employees would be retained. As they chatted, the Devon executive fell asleep. Bowker realized he wouldn’t be given a meaningful role in the new company, so he quit. 'It was time to go,' he says."
Along those lines, empowerment - not employment - leads to success. Lost in the argument of capitalism vs. communism when it comes to executive pay and investor profits, is that when people participate in their fruits of their own success, they do more.
Africa's first fair-trade clothing company is a huge deal
"And Liberty seems to be succeeding at his goal of empowering moms. While some 40 percent of kids in Liberia go to school, that number is up to an amazing 98 percent for kids whose moms work for Liberty and Justice. Not only that, but the women show up an hour early to work so they can pray and sing together. Liberty describes his more mature, committed workforce as 'a mistake that worked out pretty well.'"
Innovation comes sometimes when you take away a piece of the puzzle and see how the system works. In this case, what happens when you take the system away altogether?
Swedes develop invisible bike helmet
"Tired of strapping ugly, uncomfortable styrofoam-and-plastic turtle shells to their heads, the pair came up with a pretty revolutionary solution that does manage to give you full head protection without, remarkably, wearing anything on your head."
Happy Friday!
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