Archive | September, 2008

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Exxon’s new “Pal-in” high places

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30. September 2008

Exxon’s new “Pal-in” high places

9-30-08 by dugan Alaska Gov. Sarah Palin has opposed any federal declaration that polar bears are endangered, saying she checked the research and it backs up her denials of human-caused global warmin. But her "research" was provided by global warming deniers, some paid by the oil industry. Here’s the detailed and fact-packed story, from the [...]

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Sliver of silver lining

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29. September 2008

Sliver of silver lining

9-29-08 by dugan The price of oil fell today by a slightly higher percentage than the Dow’s 7%, dropping $10 a barrel to $96. Of course, there’s another way to look at it–if that pattern continued, and the Dow fell to 8,000, crude oil would be about $70 a barrel. Crude was at $70 just [...]

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Diesel use drops like rock

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26. September 2008

Diesel use drops like rock

9-26-08 by dugan Here’s an alarming statistic that won’t show up in government economic reports for a few months: Diesel purchases at truck stops in August were down 7.8% from a year ago. Most of the stuff we eat, buy and wear is delivered by truck. That statistic, from the Oil Price Information Service (paid [...]

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Renewable energy update

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26. September 2008

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Renewable energy update

9-26-08 by dugan Friday update: The House passed its version of the renewable energy tax credit, but it’s still a long shot that the Senate will accept all the changes: three bills instead of one, and different financing that drew a White House veto threat. The depth of failure in not renewing these credits is [...]

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Renewable energy credit fading

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25. September 2008

Renewable energy credit fading

9-25-08 by dugan The House was supposed to take up a Senate tax bill today that would, among other things, extend a crucial renewable energy tax credit that will otherwise expire at the end of the year. But in today’s chaos in Washington, the renewable energy credits got lost–shoved into a separate bill that might [...]

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Free gas cards for all of us!

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25. September 2008

Free gas cards for all of us!

9-25-08 by dugan If Californians wonder why there’s been no discussion of their pain at the gas pump in the state Legislature, it’s probably because legislators get free gas cards–and free cars. The AP story says lawmakers’ offices have racked up $220,000 dollars in charges on the cards just through July. Here’s my deal: Since [...]

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Who does Paulson represent?

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25. September 2008

Who does Paulson represent?

9-25-08 by dugan Henry Paulson seems to have persuaded Congress that his Wall Street bailout is purely in service of the nation, but a land-conservation deal made by Paulson in 2004, when he was both CEO of Goldman Sachs and a board member of the Nature Conservancy, smacked strongly of conflict of interest. It’s a [...]

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OWD and “Black Gold” on CNBC

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24. September 2008

OWD and “Black Gold” on CNBC

9-24-08 by dugan Yes, it’s hard to give up an episode of CSI, but take a look tonight at a CNBC investigative documentary, "Black Gold," airing at 9:30 Eastern (or whenever President Bush’s speech on the financial bailout ends.) The CNBC investigation, on the future and politics of oil, will certainly exceed the fun quotient [...]

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Drillers win a talking point

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23. September 2008

Drillers win a talking point

9-23-08 by dugan I get why Congress gave up today on renewing a federal ban on coastal drilling: It was that, or be accused of shutting down government for lack of a stopgap spending bill. The White House wouldn’t sign a bill that contained a renewal of the ban, and it was ready to hold [...]

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Itty bitty energy bill

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23. September 2008

Itty bitty energy bill

9-23-08 by dugan Hopes for a comprehensive energy policy or energy policy this year are long over, but the Senate today limped to approval of the barest minimum–an extension of wind and solar power tax credits  so investments won’t vanish like Cinderella’s pumpkin coach on December 31, when the current credits expire. Unlike the House [...]

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News Clipping

Oil Prices Jump From Short Squeeze

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23. September 2008

Oil Prices Jump From Short Squeeze

Oil Prices Jump, Partly From ‘Short Squeeze’ By David R. Baker, SAN FRANCISCO CHRONICLE September 23, 2008 The price of oil jumped $16.37 to $120.92 per barrel Monday, its biggest single-day gain ever, as investors spooked by the financial crisis sought a safe place to put their money. At one point during Monday’s wild trading [...]

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Exxon’s mastodon strategy

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22. September 2008

Exxon’s mastodon strategy

9-22-08 by dugan Why is Exxon’s stock down 16% since the beginning of this year? Because it’s sitting on a cash hoard of $39 billion, spending more on buying back its own stock than producing new energy. It won’t develop anything but gigantic new oilfields, so-called "elephant fields," and won’t drill without a guarantee of [...]

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Unhinged oil prices

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22. September 2008

Unhinged oil prices

9-22-08 by dugan Oil prices shot up by an all-time record $25 a barrel in one day because, um, because… uh, well, for no good reason. It’s all paper trading and has nothing to do with how many barrels of crude oil were sold or bought. It’s just the free, free market at work, without [...]

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