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From the plains of North Dakota to the deep waters of Brazil, dozens of major oil and gas projects have been suspended or canceled in recent weeks as companies scramble to adjust to the collapse in energy markets.
It would be foolhardy to depend on today’s lower energy prices – in this stalled economy – to determine whether or not we should develop alternatives to oil – as within two years we are going to be faced with the same climbing energy prices and the same scarcity of oil.
In the short run, falling oil prices are leading to welcome relief at the pump for American families ahead of the holidays, with gasoline down from its summer record of just over $4 to an average of $1.66 a gallon, and still falling.
But the project delays are likely to reduce future energy supplies — and analysts believe they may set the stage for another surge in oil prices once the global economy recovers.
Oil markets have had their sharpest-ever spikes and their steepest drops this year, all within a few months. Now, with a global recession at hand and oil consumption falling, the market’s extreme volatility is making it harder for energy executives to plan ahead. As a result, exploration spending, which had risen to a record this year, is being slashed.
The precipitous drop in oil prices since the summer, coming on the heels of a dizzying seven-year rise, was a reminder that the oil business, like those of most commodities, is cyclical. When demand drops and prices fall, companies curb their investments, leading to lower supplies. When demand recovers, prices rise again and companies start to invest in new production, starting another cycle.
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GM CEO makes case at bailout hearing
Chrysler CEO lays out plan
Auto workers union fate tied to GM
Car execs grilled by Congress on transport to hearing
The Vatican, the world’s smallest sovereign state, has stepped up its fight against global warming by installing a huge rooftop solar energy system.
More than 2,000 photovoltaic panels have been fixed to the roof of one of the city state’s main buildings, enabling the Holy See to cut its carbon dioxide emissions by about 225 tonnes a year, saving the equivalent of 80 tonnes of oil annually.
Looming over them is the imposing bulk of St Peter’s Basilica, but the panels will not be visible from ground level, leaving the Vatican’s impressive skyline unblemished.
The solar energy system covers the massive roof of the “Nervi Hall”, where Pope Benedict XVI holds general audiences.
The 2,400 panels, designed by a Germany company, will heat, light and cool the hall and several surrounding buildings, producing 300 kilowatt hours (MWh) of clean energy a year.
The hall, built in 1971 and one of the Vatican’s newest buildings, has a sweeping, wave-shaped roof which made the project feasible.
The Vatican’s official mouthpiece, the daily newspaper L’Osservatore Romano, said in an editorial that “the gradual exhaustion of the ozone layer and the greenhouse effect have reached critical dimensions.”
Pope Benedict, like his predecessor John Paul II, has made several appeals for greater efforts to protect the environment.
Last year the Holy See announced that it would become the world’s first carbon-neutral state by planting trees in a national park in Hungary in order to offset its carbon-dioxide emissions.
This latest initiative puts the Vatican at odds with Italy. The Italian government said this week that it would veto new European Union limits on greenhouse gas emissions unless it won concessions.
Prime Minister Silvio Berlusconi said a plan proposed by France’s President, Nicolas Sarkozy, to cut emissions by 20 per cent by 2020, was unrealistic.
Italy’s greenhouse gas emissions are around 13 per cent above 1990 levels – one of the worst performances in the EU.
Analysts believe that Italy may be dragging its heels in order to secure a better deal for its industry and that the government would not dare risk the stigma of sabotaging the EU’s self-declared role as the world leader in tackling climate change.
Source: Telegragh
Super Laser at the National Ignition Facility – KQED QUEST 10 mins
It’s the largest laser beam in the world and it’s being built in the Bay Area. The National Ignition Facility at Lawrence Livermore National Laboratory will shoot tremendous bursts of energy at an area the size of a pencil eraser. The goal? To recreate fusion — which powers the sun and some nuclear bombs — perhaps harnessing a new source of clean energy for the 21st century.
Watch: The National Ignition Facility; Making Star Power on Earth 59 mins
While Americans eagerly vote for the next president, here’s a sobering reminder: As of Tuesday, George W. Bush still has 77 days left in the White House — and he’s not wasting a minute.
President Bush’s aides have been scrambling to change rules and regulations on the environment, civil liberties and abortion rights, among others — few for the good. Most presidents put on a last-minute policy stamp, but in Mr. Bush’s case it is more like a wrecking ball. We fear it could take months, or years, for the next president to identify and then undo all of the damage.
Here is a look — by no means comprehensive — at some of Mr. Bush’s recent parting gifts and those we fear are yet to come.
CIVIL LIBERTIES We don’t know all of the ways that the administration has violated Americans’ rights in the name of fighting terrorism. Last month, Attorney General Michael Mukasey rushed out new guidelines for the F.B.I. that permit agents to use chillingly intrusive techniques to collect information on Americans even where there is no evidence of wrongdoing.
Agents will be allowed to use informants to infiltrate lawful groups, engage in prolonged physical surveillance and lie about their identity while questioning a subject’s neighbors, relatives, co-workers and friends. The changes also give the F.B.I. — which has a long history of spying on civil rights groups and others — expanded latitude to use these techniques on people identified by racial, ethnic and religious background.
The administration showed further disdain for Americans’ privacy rights and for Congress’s power by making clear that it will ignore a provision in the legislation that established the Department of Homeland Security. The law requires the department’s privacy officer to account annually for any activity that could affect Americans’ privacy — and clearly stipulates that the report cannot be edited by any other officials at the department or the White House.
The Justice Department’s Office of Legal Counsel has now released a memo asserting that the law “does not prohibit” officials from homeland security or the White House from reviewing the report. The memo then argues that since the law allows the officials to review the report, it would be unconstitutional to stop them from changing it. George Orwell couldn’t have done better.
THE ENVIRONMENT The administration has been especially busy weakening regulations that promote clean air and clean water and protect endangered species.
Mr. Bush, or more to the point, Vice President Dick Cheney, came to office determined to dismantle Bill Clinton’s environmental legacy, undo decades of environmental law and keep their friends in industry happy. They have had less success than we feared, but only because of the determined opposition of environmental groups, courageous members of Congress and protests from citizens. But the White House keeps trying.
Mr. Bush’s secretary of the interior, Dirk Kempthorne, has recently carved out significant exceptions to regulations requiring expert scientific review of any federal project that might harm endangered or threatened species (one consequence will be to relieve the agency of the need to assess the impact of global warming on at-risk species). The department also is rushing to remove the gray wolf from the endangered species list — again. The wolves were re-listed after a federal judge ruled the government had not lived up to its own recovery plan.
In coming weeks, we expect the Environmental Protection Agency to issue a final rule that would weaken a program created by the Clean Air Act, which requires utilities to install modern pollution controls when they upgrade their plants to produce more power. The agency is also expected to issue a final rule that would make it easier for coal-fired power plants to locate near national parks in defiance of longstanding Congressional mandates to protect air quality in areas of special natural or recreational value.
Interior also is awaiting E.P.A.’s concurrence on a proposal that would make it easier for mining companies to dump toxic mine wastes in valleys and streams.
And while no rules changes are at issue, the interior department also has been rushing to open up millions of acres of pristine federal land to oil and gas exploration. We fear that, in coming weeks, Mr. Kempthorne will open up even more acreage to the commercial development of oil shale, a hugely expensive and environmentally risky process that even the oil companies seem in no hurry to begin. He should not.
Soon after the election, Michael Leavitt, the secretary of health and human services, is expected to issue new regulations aimed at further limiting women’s access to abortion, contraceptives and information about their reproductive health care options.
Existing law allows doctors and nurses to refuse to participate in an abortion. These changes would extend the so-called right to refuse to a wide range of health care workers and activities including abortion referrals, unbiased counseling and provision of birth control pills or emergency contraception, even for rape victims.
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The administration has taken other disturbing steps in recent weeks. In late September, the I.R.S. restored tax breaks for banks that take big losses on bad loans inherited through acquisitions. Now we learn that JPMorgan Chase and others are planning to use their bailout funds for mergers and acquisitions, transactions that will be greatly enhanced by the new tax subsidy.
One last-minute change Mr. Bush won’t be making: He apparently has decided not to shut down the prison in Guantánamo Bay, Cuba — the most shameful symbol of his administration’s disdain for the rule of law.
Mr. Bush has said it should be closed, and his secretary of state, Condoleezza Rice, and his secretary of defense, Robert Gates, pushed for it. Proposals were prepared, including a plan for sending the real bad guys to other countries for trial. But Mr. Cheney objected, and the president has refused even to review the memos. He will hand this mess off to his successor.
We suppose there is some good news in all of this. While Mr. Bush leaves office on Jan. 20, 2009, he has only until Nov. 20 to issue “economically significant” rule changes and until Dec. 20 to issue other changes. Anything after that is merely a draft and can be easily withdrawn by the next president.
Unfortunately, the White House is well aware of those deadlines.
M.C. Cain: Palin Was The Choice That They Gave Me
* Some Language *
IN PHOTO: Qannik, a 6-year-old beluga whale, swims in a tank at his new home at the Point Defiance Zoo & Aquarium in Tacoma, Wash., Monday, June 11, 2007. AP Photo by Ted Warren.
Beluga whales endangered, government declares, contradicting Palin
The beluga whales of Alaska’s Cook Inlet are endangered and require additional protection to survive, the government declared Friday, contradicting Gov. Sarah Palin who has questioned whether the distinctive white whales are actually declining.
It was the Republican vice presidential candidate’s second environmental slap from Washington this year. She has asked federal courts to overturn an Interior Department decision declaring polar bears threatened under the Endangered Species Act.
The government on Friday put a portion of the whales on the endangered list, rejecting Palin’s argument that it lacked scientific evidence to do so. The National Oceanic and Atmospheric Administration said that a decade-long recovery program had failed to ensure the whales’ survival.
“In spite of protections already in place, Cook Inlet beluga whales are not recovering,” said James Balsiger, NOAA acting assistant administrator.*
Source: Chicago Tribune
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