Prices and Production
It was yet another volatile week with oil prices swinging wildly in reaction to the latest news. At week’s end oil settled at $46.28. Bad economic news, the ups and downs of the Detroit bailout, the massive Obama stimulus proposal, Saudi confirmation that it is producing at quota, and prospects for another OPEC production cut all contributed to the swings. The IEA released a new estimate that
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Obama’s Energy Team
Later today President-elect Obama will introduce the team that will lead the development and implementation of the country’s energy and environmental policies for the next four years. The names released so far indicate that major shifts in US environmental and energy leadership are in the offing. The senior White House coordinator of energy and environmental policy will be Carol Browner, who
Automobiles
Last week’s news was headlined by efforts in Congress to provide temporary aid to Detroit until the new Congress and the Obama administration are ready to grapple with long term industry restructuring. The failure to reach an agreement in Congress last week led to the Bush administration reversing course and apparently agreeing to release enough TARP money to keep GM and Chrysler solvent for
Briefs - December 12, 2008
Iran faces the prospects of an 8 percent annual decline in production because of a lack of investment and old technology. Sanctions by western nations and a tight credit market because of the global financial crisis have crimped financing for Iranian projects while a 70% decline in crude oil prices since July cut investments. (12/10, #9) Driving in America has undergone
Quote of the Week
“If the world invests more and more in fossil fuels that are becoming increasingly expensive to produce, while investment capital is scarce, this means that the amount available to fund the transition to renewable energy sources will be woefully insufficient.” – Richard Heinberg, author and fellow with the Post Carbon Institute
Taxes and Choice
Whenever I mention the idea of increasing gasoline taxes, some inevitably hear only half the message: A tax increase. They don’t want to know about any tradeoffs I propose, or if there might be a long-term benefit. They just know one thing: Tax increases are bad. But I don’t want to increase taxes. I don’t like to pay taxes any more than anyone else does. I don’t feel like a
