Mumbai’s Deadly Trains

Given my recent trip to Mumbai – in which I took a trip on a very packed train – this story caught my attention:

Mumbai’s deadly trains claim a dozen daily

MUMBAI (AFP) – The death toll on Mumbai’s railways averages a dozen a day — more than a whole year on New York’s subway system, which has an average annual accidental death rate of eight.

In the first four months of this year, 1,146 commuters died and 1,395 were injured, railway police said.

Many of the victims had been hanging on the side of the packed trains, unable even to wedge themselves inside, and fell to their deaths after losing their grip, they said.

Last year’s total toll was 3,997 deaths and 4,307 injuries.

“We could enforce a limit on the number of people on a train but people still need to go to work. They’ll sit on the tracks and stop trains from moving,” Central Railways chief security commissioner BS Sidhu said.

A dozen a day? That is stunning to me. Now I know what my friend Kapil meant, when he asked if I wanted to ride the train there. His question was “Are you feeling adventurous?”

Mumbai’s Deadly Trains

Given my recent trip to Mumbai – in which I took a trip on a very packed train – this story caught my attention:

Mumbai’s deadly trains claim a dozen daily

MUMBAI (AFP) – The death toll on Mumbai’s railways averages a dozen a day — more than a whole year on New York’s subway system, which has an average annual accidental death rate of eight.

In the first four months of this year, 1,146 commuters died and 1,395 were injured, railway police said.

Many of the victims had been hanging on the side of the packed trains, unable even to wedge themselves inside, and fell to their deaths after losing their grip, they said.

Last year’s total toll was 3,997 deaths and 4,307 injuries.

“We could enforce a limit on the number of people on a train but people still need to go to work. They’ll sit on the tracks and stop trains from moving,” Central Railways chief security commissioner BS Sidhu said.

A dozen a day? That is stunning to me. Now I know what my friend Kapil meant, when he asked if I wanted to ride the train there. His question was “Are you feeling adventurous?”

The Fault of the Government

I have long maintained that the root of our energy problems in the U.S. stems from our failure to enact a consistent, long-term energy policy. Big energy projects generally take years to complete, and when there is an extra risk that the government will change the rules halfway through the project, companies are going to take a very cautious approach. So, we end up with less energy than we might have if there was more consistency.

For the first time, it seems that the public overwhelmingly thinks so as well:

Drivers blame D.C. for high gas prices

According to a Consumer Reports Auto Pulse Survey released Thursday, 77% of consumers said the root of high gas prices lies with the government’s failure to implement an effective energy policy. That compares with 75% of drivers who blamed oil companies, 70% who said foreign oil producers were at fault and 68% who thought the Middle East conflict was a leading cause for record fuel costs.

So, 152% of those polled thought it was either the government or Big Oil behind the problem. (Must have been a case of “Vote early and often.”)

One thing that was surprising to me was the number of people who favored off-shore drilling:

As a result, 90% of those surveyed support an increase in alternative energy development, and 81% want the U.S. government to allow more drilling on and off our nation’s shores. Americans also favored conservation measures, with 83% saying they supported tax incentives for alternate transportation.

Of course I know one person who voted for Big Oil as the culprit behind oil prices. He works for the government. Chuck Schumer, notorious demagogue when the topic is oil, had this to say following the recent congressional hearings into the impact of speculation on oil prices:

Schumer downplayed the role of speculators in driving up oil prices, and he placed blame on the oil industry and the Organization of Petroleum Exporting Countries.

“I think it is interesting that the big oil companies and OPEC are blaming speculators for out-of-control prices, when they may be much more of the cause,” said Schumer.

Attaboy, Chuck. Keep looking for that boogie man. But don’t be surprised if you spot him during your morning shave.

Oil Cracked $140 Today

Peak demand or not, oil prices show no signs of subsiding:

Oil Surges Above $140 to Record as Libya Warns of Output Cut

June 26 (Bloomberg) — Crude oil jumped above $140 a barrel to a record as Libya threatened to cut output, OPEC’s president said prices may reach $170 by the summer and the dollar weakened.

Libya may curb output because of a U.S. law that allows terror victims to seize assets of foreign governments as compensation. OPEC President Chakib Khelil said oil may surge on a European interest rate rise, France 24 reported. Oil, gold and copper climbed today as the dollar dropped because the Federal Reserve gave no signal of higher interest rates yesterday.

Crude oil for August delivery rose $5.09, or 3.8 percent, to $139.64 a barrel at 2:59 p.m. on the New York Mercantile Exchange, a record settlement price. Futures touched $140.39 today, surpassing the previous intraday record of $139.89 reached on June 16.

I think you’re seeing a clear flight from equities into commodities, said Kyle Cooper, an analyst at IAF Advisors in Houston.

Record oil prices helped send U.S. stocks tumbling. The Standard & Poor’s 500 Index plunged 38.82, or 2.9 percent, to 1,283.15 in New York. The Dow decreased 358.41, or 3 percent, to 11,453.42.

I am starting to think Matt Simmons could win his $5,000 bet that oil will average $200 in 2010. (I still think he’s likely to lose, but at one time I thought he was sure to lose).