Really interesting article in Business Week entitled “Why You Should Worry About Big Oil”. Big Oil, says the article, has big problems. One of the main problems is finding enough oil. With soaring worldwide demand, we are consuming oil at twice the rate of discovery of new supply. “Overall production at the oil majors is … Read More
Mass Extinctions “Faster Than the Dinosaurs”
Polar bears face extinction 1000 times the natural rate, according to the World Conservation Union’s (IUCN) annual survey, called the Red List. The IUCN found that nearly 40% of all species in its survey faced extinction. The polar bear makes the list for the first time. Because of climate change, it is unlikely that bears … Read More
GOP Drops Plan to Tax Oil Companies: Why? Because the Oil Companies Don’t Like it
Republicans in the Senate yesterday dropped their proposals to tax the oil industry, just days after coming up with the idea – and the reason for doing so was: hmmm, the oil industry and business leaders did not like it.
A reason for the gas price rise? Try War.
The favorite topic du jour in DC these days is the price of gas – and this being DC – the blame game around it. The right talks about the lack of supply – and says the solution lies in relaxing green refinery rules and opening up ANWR. The left blames corporate profiteering and Bush … Read More
GOP Tries to Avert Crisis Over Fuel with $20 Billion Sweetner
The Republicans are trying to get the upper hand in the escalating political battle over high gasoline prices by proposing a $100 rebate for taxpayers, by suggesting that they might increase taxes on oil-industry profits, and by proposing the old chestnut that ANWR should be opened. The price tag for the Republican package has been … Read More
Exxon Posts Record 1-Qtr Profits, Bye-Bye Climate
Exxon Mobil posted record first quarter-profits of over $8 billion but that wasn’t enough to meet Wall Street’s eager expectations. Exxon’s net income of $8.4 billion, or $1.37 a share, was up 7% from $7.9 billion, or $1.22 a share, in the year-earlier period.
Europe’s Biggest Ever Wind Farm Gets Green Light
Europe’s largest-ever windfarm was granted permission yesterday by the Scottish Executive. It will be built at Whitelee, south of Glasgow, will cost £300m to build and its 140 turbines will produce enough electricity to power 200,000 homes.
Hypocrisy Starts at The Top
Great sketch in yesterday’s Washington Post by Dana Milbank about the hypocrisy of America’s politicians when it comes to driving. Suddenly as the price of fuel reaches $3 a gallon, everyone is up in arms. They preach that America has a problem with rising fuel costs and energy security. Although they moan about it, not … Read More
Congress Thinks the Unthinkable – To Take Back Oil Incentives
As oil-price fever gripped Congress this week, both political parties have said they are ready to revoke oil and gas incentives that were passed as recently as eight months ago.
First They Came for the Airlines…
George W. Bush, who proclaimed America’s “oil addiction,” in his January State of the Union address, exhibited a classic symptom of addiction Tuesday: denial. As the price of a gallon of gas heads for (and beyond) three dollars, Mr. Bush proposed a truly meaningless agenda, asking oil companies to invest some of their outrageous profits … Read More