Climate change real or a fluke? March 2012 will go down as the warmest March in the United States since record-keeping began in 1895, NOAA said Monday. In addition, the three-month period of January, February and March was the warmest first quarter ever recorded in the Lower 48 states. The average was 42 degrees Fahrenheit, a whopping 6 degrees above the long-term average. A staggering 15,292 warm temperature records were broken, (7,755 record highs and 7,517 record high overnight lows), according to Chris Vaccaro, spokesperson for NOAA. “That’s tremendously excessive. The scope and the scale of warmth was really unprecedented, Vaccaro said.

The world is getting warmer, countering the doubts of climate change sceptics about the validity of some of the scientific evidence, according to the most comprehensive independent review of historical temperature records to date. Scientists at the University of California, Berkeley, found several key issues that sceptics claim can skew global warming figures had no meaningful effect. The Berkeley Earth project compiled more than a billion temperature records dating back to the 1800s from 15 sources around the world and found that the average global land temperature has risen by around 1C since the mid-1950s.

And yet the climate change doubters continue to rant blindly. Regardless what you believe, what this report indicates is that from insurance companies to energy companies – they do not – as they are already planning for this event. The world will transition from a carbon based energy world to something else. What the climate change doubters will do however is to make this transition more difficult as it is driving many of the policy decisions being made. The market outcome of this is that carbon based fuels will get more expensive as we race to an eventual tipping point – if for nothing else, due to global growth outstripping supply. Stay long oil long term.

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Bluepoint daily market view – April 12, 2012

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