Economy

The world’s worst ever oil spill is also the biggest methane leak in human history, US government scientists have said. The US Geological Survey’s “flow team” has estimated between 4.5 billion to 9 billion cubic feet of natural gas have escaped from BP’s Deepwater Horizon rig since it exploded in April, Associated Press said on June 19. John Kessler, an oceanographer at the Texas A&M University, told AP the leak was “the most vigorous methane eruption in modern human history”. Scientists think methane makes up 40% to 70% of what is spilling from the damaged BP rig.
Two million Spanish workers participated in a public sector strike on June 8. A general strike in the Basque country has been called for June 29. Spanish unions have called a nationwide general strike for September 29 and the European Trade Union Confederation is currently attempting to organise a Europe-wide general strike to coincide with it.
The tar sands mining project in Alberta, Canada, is possibly the largest industrial project in human history and critics claim it could also be the most destructive. The mining procedure for extracting oil from a region referred to as the "tar sands," located north of Edmonton, releases at least three times the CO2 emissions of regular oil production procedures and will likely become North America's single largest industrial contributor to climate change.
British Petroleum (BP) has admitted it may not stop the Deepwater Horizon oil spill in the Gulf of Mexico until August — at the earliest. But despite the catastrophe, the US government’s Minerals Management Service (MMS) has given BP new leases for deepwater drilling. The MMS has rubber-stamped 198 new deepwater drilling leases in the gulf since the BP spill began on April 20. It awarded BP 13 of these.
Multinational oil companies in Nigeria spill more oil every year than has been spilled by BP in the Gulf of Mexico. Unlike the gulf disaster, most people are unaware of this ecological crime. There have been major spills in Nigeria since BP’s Deepwater Horizon rig exploded on April 20, but they have received hardly any attention from the international media. A May 12 explosion at a Shell installation turned 39 hectares of the Niger Delta into an oil slick, BBC News said on June 15. Two weeks earlier, an Exxon Mobil oil pipeline ruptured. It spewed a million litres a day for a week.
Large mining companies enjoyed a huge profit margin of 46.1% in 2008/9, according to figures released by the Australian Bureau of Statistics (ABS) on May 28. The mining sector as a whole has a profit margin of 37.1%, making it the most profitable sector in the economy, with professional and scientific services second (24.6%) and private health care third (21.5%).
The next time someone tells you that Marx or Marxism is outdated because capitalism is not as exploitative as it was in the 19th century, just crack open your copy of Capital, turn to the chapter on the working day, and compare its vivid depiction of the brutalisation of the British working class to the state of the working class in China today.
It was the good news of the month on the Australian economic front. The Australian Bureau of Statistics (ABS) announced on June 10 that the official unemployment rate had dropped to 5.2%. But economic commentators have warned that this is close to the lowest level of unemployment the economy can bear without risking inflation. This was not good news for the 600,900 people who the ABS estimates are still officially unemployed (on a seasonally adjusted basis).
Put Rudd on a boat so that he can see what it feels like to be a refugee trying to run from imperial slaughter, on a leaky boat in shark-infested waters How can these arseholes be so heartless? — lock people up in bureaucratic darkness They say they're Christian, but where’s the compassion? They put Aboriginal people back on rations It’s the Lib-Lab; hypocrisy reigns supreme, they've got their redneck corporate Australian dream they want to make you think you're playing on the same team as them as they are skimming off your share of the cream
It’s been dubbed the “suicide express” by Chinese media, LabourStart.org said in an appeal to support workers in a Chinese factory at which there has been a spate of suicides by its workforce. “Twelve workers, all between 18 and 24 years old, have committed suicide, at the production facilities of Foxconn Technology Group, a Taiwan-owned enterprise based in Shenzhen, southern China. “Foxconn is a key supplier to various leading brands including Apple. International brands constantly drive down prices and demand shorter delivery time when placing orders.

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