A new report issued by the Conference Board of Canada suggests that Alberta’s lucrative oil sands region will draw a further $364 billion in investment over the next 25 years, providing an astounding 3.2 million person-years of employment during that time.
The report, titled Fuel for Thought: Benefits of Oil Sands Investment for Canada’s Regions, aims to present a full overview of the financial implications of that country’s largest oil retrieval project, easing worries about its environmental impact while reminding Canadians – the the world at large – just how much is at stake in the oil sands. (Read more: The Facts About Canada’s Oil Sands and Climate Change)
Detailing $17.2 billion in capital expenditures in 2010 alone, the report shows that the oil sands currently hosts more than $35 billion worth of new projects that are under construction, including the much-maligned but still on track Keystone XL pipeline, a project that will be strongly affected by U.S. President Barack Obama winning his bid for re-election. ( Continue… )
Oscar Wilde said In this world there are only two tragedies. One is not getting what one wants, and the other is getting it.
The sudden emergence, global prevalence and future permanence of natural gas resources, sets the stage for a tragedy being played out by the green movement in the United Kingdom today.
Measured by a reduction in CO2 emissions, the green movement finds itself on the edge of a success so complete that it not only meets, but exceeds their wildest dreams. But the Green movement also finds itself torn: This is a great success, a huge win for the planet. But the problem lies in it not being their success.
We don't have a climate problem as such, but we do have a Chinese Coal problem. China emitted 9000 megatons of CO2 in 2011. It will increase as China becomes the largest economy on earth anywhere from 2016 onwards. 80% of that is from coal generation.The US emitted 7000 megatons. The UK emitted 510. ( Continue… )
Gas-rationing in the storm-ravaged greater New York area is spreading. Spurred by the success of New Jersey's gas rationing plan, New York City and two Long Island counties will impose odd-even gas rationing beginning Friday morning.
Since Friday, Nov. 9, is an odd day, only cars with license plates ending in an odd number or a letter or other character will be able to buy gas. On Saturday, only cars with license plates that end with even numbers or zero will be able to fill up. And so on.
Will it work? The odd-even system appears to have reduced the long lines in neighboring New Jersey following the widespread power outages caused by hurricane Sandy last week. Typical two-hour waits at stations immediately after the storm went down to about 45 minutes after New Jersey instituted a similar odd-even rationing plan, according to news reports.
New York City's new rationing rule "is designed to let everybody have a fair chance, so the lines aren't too oppressive and that we can get through this," New York Mayor Michael Bloomberg said in a press conference Thursday. ( Continue… )
Social media is picking up where more official sources for fuel are leaving off by necessity, resulting in a gray market that is seeing residents of hard hit New York and New Jersey paying up to $100 for five gallons of gasoline.
While complaints of price gouging are greatly centered on gas, they also extend to items like matches, batteries, food, generators, and even water. Most items are being offered by unscrupulous citizens on those popular online platforms, requesting everything from high prices to sexual favors in return for the goods. (Read More: Gas Prices Keep Falling, Survey Shows)
The office of New York Attorney General Eric Schneiderman announced earlier this week that it would be investigating complaints of price gouging in the days following Hurricane Sandy’s landfall, complaints that point to both unethical gas station owners and those using Craigslist, Twitter and Facebook to make a quick profit from people who remain desperate for life-saving supplies. ( Continue… )
In his victory speech early Wednesday morning, the newly-reelected President Obama offered a glimpse of an America "that isn't threatened by the destructive power of a warming planet," served by elected officials who work across the aisle to "[free] ourselves from foreign oil."
It was as close as Mr. Obama got to broaching global warming in his speech, but it gives analysts and industry insiders enough to speculate over what the 44th president's second term holds for oil, gas and renewables.
The passing expression of environmental concern relieved some climate-change activists frustrated with the candidates' sidestepping of an issue they say deserves foremost attention.
“During his first term, President Obama articulated a vision of America leading the world with a clean energy future that meets the challenge of climate disruption head-on," said Sierra Club Executive Director Michael Brune in a statement Tuesday. "Today, American voters chose to give President Obama both an opportunity and a challenge of huge proportions." ( Continue… )
California's least noticed tax initiative got passed overwhelmingly Tuesday – and two big beneficiaries are clean energy and energy efficiency.
California Proposition 39, which closes a loophole on taxes for multistate businesses, is expected to raise $1 billion a year. For the first five years, half of that money is slated to fund energy efficiency and clean energy projects in California schools and other public buildings; half goes to the general fund. After five years, all the money will go to the general fund.
The proposition is expected to create up to 40,000 new jobs in California, according to the state's Legislative Analyst's Office.
The campaign to pass Proposition 39 was largely funded by Tom Steyer, a hedge fund manager who poured almost $30 million into the campaign to pass the measure and threatened to call out any corporation that opposed it. As a result, California Proposition 39 had no organized opposition and easily passed with 60 percent approval. ( Continue… )
An oil executive once observed that burning oil for energy is like burning Picassos for heat. Oil is extraordinarily valuable as the basis for so many products we use every day that the thought of simply burning it ought to be unthinkable. So versatile are oil molecules that they can be transformed into substances that serve as clothing, medicines, building materials, carpet, skin care products, sporting goods, agricultural chemicals, perfumes, and myriad other products.
Increasingly, when we make oil-based products for homes and businesses, we are finding ways to reuse those products or recycle the materials they are made from (think: recyclable plastics). But, burning oil is always a one-time, irreversible act that leaves nothing of value behind and produces greenhouse gases and pollutants that harm us. And yet, because oil remains the most cost-effective and widely available source of liquid fuels, we are hooked on it for transportation with little prospect of substitutes on the scale we would require--unless we consider electricity.
It is worth remembering that electricity was a strong contender for powering automobiles at the beginning of the last century and that it ran the trolleys of the era (and still runs many today). Electricity was actually preferred over gasoline for powering cars at the time, especially cars that were used exclusively for local trips. Battery exchange was already available as a quick way to "charge" a car. But improvements in the internal combustion engine and the increasing availability and affordability of gasoline led to the extinction of the electric car no later than the 1930s. ( Continue… )
Oil prices jumped more than 3 percent Tuesday as Americans flocked to voting booths – and the volatility looks to go on for some time.
The US election will give traders some idea, not only of who will occupy the White House for the next four years, but also the balance of power in Congress as the clock ticks down to the fiscal "cliff" and other pressing economic issues.
"The outcome of the election [and] the composition of Congress will be very important in the US in terms of its ability to take decisions and action on the fiscal cliff issues," Bjarne Schieldrop, chief commodity analyst at SEB in Oslo, told Reuters.
There were other factors that helped push up oil prices. After three weeks of losses, crude was due for a bounce, which began Monday and carried into Tuesday.
Brent crude jumped nearly 3 percent to reach at $110.95 for December contracts. West Texas Intermediate crude advanced just over 3 percent to $88.27.
The aftermath of hurricane Sandy, which has closed East Coast refineries and restricted gasoline supplies, also helped push up prices amid predictions that supply would continue to remain tight.
The election will likely generate volatility in oil prices as traders attempt to project longer-term energy policy initiatives from the results, The Wall Street Journal reported, citing Jim Ritterbusch, president of Ritterbusch & Associates.
Investors also kept close watch on developments abroad. China's 18th Party Congress, which has broad implications for the future of the world's second-largest economy, gets under way Thursday. Signs that China's economy is recovering are bullish for oil prices.
In Greece, an austerity bill vote Wednesday and weekend budget talks loom near on the horizon.
Coal, the elections and the economy (Sponsor content)
Coal provides the economic foundation for millions of Americans across the country – whether it’s through employment or low energy prices. When times are tough, it doesn’t make sense to add regulations that cause jobs to be lost and energy prices to increase for companies and working families. Tell candidates: we need American jobs.
The coal-based electricity industry provides more than 550,000 jobs to America: it gives peace-of-mind to small businesses that are struggling and high tech job opportunities for future graduates. Americans need to continue to take advantage of this affordable resource so we can to pull out of these hard economic times.
The choices that we make now directly affect Americans. Keep in mind that coal is the abundant, affordable resource that powers America – vote with coal on November 6.
A combination of the effects of a fall in California pump prices, the reduced demand caused by the fuel shortages seen in the aftermath of Hurricane Sandy, and lower crude prices have led to the most substantial drop in gas prices seen in the United States since 2008.
Down an average of 20.75 cents since October 19, the average price at the pump across the country now stands at $3.54 per gallon.
The fuel situation in California has had a major role to play in influencing prices in other states, following a sharp 49 cent decrease at the pump after extreme price increases during October that came as a result of production problems at refineries on the west coast. Not all is sunny in the Golden State, however; drivers in San Francisco are still facing prices as high as $4.05 per gallon. (See more: Fuel Shortages Cause Disruption in Wake of Hurricane Sandy) ( Continue… )