More on the missing heat thing:

sciencedaily.com

Satellite sensors show that the amount of greenhouse-trapped solar energy, or heat, has risen over recent years. But in the past decade, there has been a growing divergence between the satellite readings and ocean observations that indicate the build-up of heat is slowing. This “missing” heat could, in part, be the result of instrument error or incorrect data processing, but much of it may be going into the deep ocean or elsewhere on Earth that is beyond the reach of current sensors. This graph shows simplified estimates of the measurements of heat.

Now there is very little chance that the multiple satellites taking readings are all off, or that all of the thousands of researchers doing analysis messed up their calculation.

We conclude that heat is being transfered to the deep oceans. While there are very many ways that currents can do the mixing, and exact modeling of it has yet to be obtained and further we do not have data from the deep oceans to compare the modelling to.

However, let me emphasize once again, we know that energy is conserved. We know that this extra heat must be doing something. Since the models are really good at taking surface measurements into account and they are consistently low ball, we can conclude that whatever that something is actually is accelerating the warming seen on the surface with direct measurements.

This is also not something new. One of the angry emails that was cherry picked in the e-mail scam was a respected scientist venting that we do not yet have a good understanding of the total energy budget.