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This page contains an archive of the last 100 entries posted to ProgressNow.org Daily News Digest in the Energy Policy category. They are listed from newest to oldest. You can find older entries using the search box below.

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February 29, 2008

Inflation fears help oil surge to record above $102 - USATODAY.com

http://www.usatoday.com/money/industries/energy/2008-02-28-oil-prices-thursday_N...
Oil prices jumped to a record Thursday as a drooping dollar and inflation fears led investors into commodities. The price of a barrel of light, sweet crude for delivery in April rose $2.95, or 3%, to a record $102.59. The move came as the dollar continued to fall, hitting a new low against the euro at $1.5215. The dollar is at its lowest against a basket of major currencies since at least 1973, when exchange rates began floating, according to the Federal Reserve. Meanwhile, in his second day in a row of testimony on Capitol Hill, Fed Chairman Ben Bernanke continued to argue that he expects inflation to ease. Bernanke's comments came a few hours after the government said a key inflation gauge rose at a 4.1% annualized rate in the last three months of 2007, up from a 1.8% rate in the third quarter. He dismissed talk that the USA could be facing stagflation, which is marked by strong inflation and a stagnant economy. But he acknowledged rising prices for energy, food and other commodities were making the Fed's job of boosting the economy harder.
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February 28, 2008

Justices Take Up Battle Over Exxon Valdez - New York Times

http://www.nytimes.com/2008/02/28/washington/28scotus.html?ref=washington...
The Exxon Valdez oil spill, which caused a 3,000-square-mile oil slick and still affects Alaska’s fisheries after nearly 19 years, was a “tragedy,” Exxon’s lawyer told the Supreme Court on Wednesday. But the company has been punished enough by $3.4 billion in criminal fines, cleanup costs and compensation payments, the lawyer added, arguing that the $2.5 billion in punitive damages approved by a federal appeals court served no additional “public purpose.” Exxon’s appeal of the biggest punitive damage award ever upheld in federal court led to a lively Supreme Court argument in which everything was open to dispute, from the significance of a 200-year-old case about robbery on the high seas to the world of modern maritime commerce in which a 1,000-foot tanker like the Exxon Valdez is considered a separate “business unit” in the organization chart of its corporate owner.
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Supreme Court may be divided over Exxon Valdez damages - Los Angeles Times

http://www.latimes.com/news/nationworld/nation/la-na-scotus28feb28,1,553340.stor...
Several justices seem likely to slash the record punitive award in the oil-spill case.
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Justices Assess Financial Damages in Exxon Valdez Case - washingtonpost.com

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/27/AR2008022700299....
The Supreme Court yesterday pondered one of those questions that seem designed for brilliant legal minds: How much money would be an adequate punishment for a company responsible for one of the nation's most horrific environmental disasters, the Exxon Valdez oil spill off the coast of Alaska? A jury in the state said $5 billion. An appeals court said $2.5 billion. And Exxon's answer yesterday was nothing at all, because the company has already paid plenty for the tragedy in Prince William Sound nearly 20 years ago. Justices explored just about every possible alternative through intense questioning during an hour and a half of arguments before a packed courtroom. By the end, it seemed that several held the view that the company could be found liable for punitive damages, but perhaps not for as much money as even the appeals court had found. There were several unusual aspects to yesterday's arguments in a case that has bounced through the legal system for 14 years.
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House Votes to End Big Oil's Tax Breaks - washingtonpost.com

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/27/AR2008022702635....
The House of Representatives brushed aside threats of a White House veto yesterday and voted 236 to 182 in favor of an $18 billion tax package that would rescind a tax break for the five biggest oil companies and use the revenue to boost incentives for wind and solar energy and energy efficiency. The measure now heads to the Senate, where Democrats face a challenge in getting enough support to bring the bill to a vote. This is the fourth time in the past year that Democrats have tried to get the package adopted. The Bush administration, Republican lawmakers and big oil companies condemned the bill, which they said would raise fuel prices for consumers, discourage oil and gas exploration in the United States and unfairly discriminate against a single industry while other manufacturers continue to enjoy tax breaks.
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Oil Prices Fall on Supply Report - washingtonpost.com

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/28/AR2008022800807....
Oil prices fell further Thursday after dropping by more than a dollar in the previous session on larger-than-expected increases in U.S. crude and gasoline supplies. Prices were still not far from Tuesday's record close of $100.88 a barrel as the U.S. dollar traded at fresh lows against the euro. Worries about the American economy is driving more money into energy futures as a hedge against inflation. The report by the U.S. Energy Department's Energy Information Administration showed that country's crude oil inventories rose by 3.2 million barrels, or 1 percent, to 308.5 million barrels.
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The shape of lights to come? Not everyone's buying it - USATODAY.com

http://www.usatoday.com/news/nation/2008-02-28-light-bulb_N.htm...
Their spiral design is a symbol of "going green," the movement to make homes and living more energy-efficient. And sales of compact fluorescent lights, or CFLs, are booming: They made up 20% of the U.S. light bulb market in 2007, the Environmental Protection Agency says, up from 11% a year earlier. Sales probably will continue rising as traditional incandescent bulbs begin disappearing from stores because of Congress' mandate that light bulbs be at least 25% more efficient by 2012. Wal-Mart, Home Depot, IKEA and other major retailers now sell a range of CFLs, which typically use nearly 75% less energy than regular bulbs. But now that more people are using CFLs, the bulbs' shortcomings are giving some consumers pause. Consumers are raising concerns about the quality of light from such bulbs and say they often don't work well with dimmer switches, in certain light fixtures or in hot or cold conditions.
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February 27, 2008

Gas Prices Soar, Posing a Threat to Family Budget - New York Times

http://www.nytimes.com/2008/02/27/business/27gas.html?ref=us...
Gasoline prices, which for months lagged behind the big run-up in the price of oil, are suddenly rising quickly, with some experts saying they could approach $4 a gallon by spring. Diesel is hitting new records daily, and oil settled at a record high of $100.88 a barrel on Tuesday. The increases could not come at a worse time for the economy. With growth slowing, energy increases that were once easily absorbed by consumers are now more likely to act as a drag on household budgets, leaving people with less money to spend elsewhere. These costs could worsen the nation’s economic woes, piling a fresh energy shock on top of the turmoil in credit and housing. “The effect of high oil prices today could be the difference between having a recession and not having a recession,” said Kenneth S. Rogoff, a Harvard economist.
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Congress warned: Bush likely to veto oil taxes - USATODAY.com

http://www.usatoday.com/news/washington/2008-02-26-oil-taxes_N.htm...
If Congress passes legislation to roll back nearly $18 billion in tax breaks for large oil companies, advisers to President Bush will recommend a veto, the White House said Tuesday. The tax legislation is scheduled to come up for a vote in the House on Wednesday. The revenues from oil companies would be used to pay for tax incentives for wind, solar and other renewable energy sources including for ethanol produced from feedstock other than corn, and tax breaks for energy efficiency programs. A similar tax proposal passed the House last summer, but it was abandoned in the Senate where Republicans overwhelmingly opposed it. Bush said at the time he would veto the measure because it singled out an industry for new taxes. The White House made the same argument Tuesday as it outlined its objections to the latest version of the bill.
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Exxon Valdez oil spill lingers in Alaska - Los Angeles Times

http://www.latimes.com/news/nationworld/nation/la-na-cordova27feb27,1,3707110.st...
In one fishing village, residents say they've never recovered from the 1989 disaster. Now the Supreme Court is hearing arguments on whether the company should pay $2.5 billion in punitive damages.
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Fla. Power Outage Affects Millions - washingtonpost.com

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/26/AR2008022601679....
Commuter trains stopped on their elevated tracks, elevators halted between floors, traffic lights went dark, and two nuclear power reactors were shut down Tuesday afternoon as a cascading power outage left millions of Floridians without electricity, according to state officials. Power was restored to most customers within four hours, but not before the outage had prompted bouts of panic, particularly as the extent of the problems became known. The state's largest electric company said the disruption was caused by a small malfunction in a transmission substation west of Miami, where a fire erupted. City and federal officials quickly rejected the possibility of a terrorism or criminal link. Florida Power and Light officials could not readily explain how the minor glitch could cause extensive outages as far away as Tampa and Daytona Beach. Safeguards built into the electrical system, they said, should have contained the trouble.
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February 26, 2008

Lack of lines for transmission trips up wind energy - USATODAY.com

http://www.usatoday.com/money/industries/energy/environment/2008-02-25-wind-powe...
As wind farms sprout across the country, they're kicking up a new quandary: how to zap the electricity to homes and businesses that need it. The USA's wind-power boom, especially in rural parts of Texas, the Midwest and California, is poised to outstrip the capacity of high-voltage lines to send the electricity hundreds of miles to population centers such as Dallas, Chicago and Los Angeles. The transmission-line shortage is threatening to slow wind energy's breakneck growth and could prevent some states from meeting renewable energy mandates. Wind power depends on a robust transmission grid. Wind farms are in remote reaches where gusts are strongest, while the greatest power demand is in cities. Until now, wind developers have piggybacked on existing wires, says analyst Stow Walker of Cambridge Energy Research Associates. But after wind energy soared 45% last year, spare transmission capacity is depleted. Wind power generates more than 1% of U.S. electricity.
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Exxon spill revisited at high court - USATODAY.com

http://www.usatoday.com/news/washington/2008-02-25-court_N.htm...
The Exxon Valdez crash that dumped 11 million gallons of crude oil in Prince William Sound has been vividly re-created after 19 years in submissions to the Supreme Court. The two sides that will face each other Wednesday are arguing over whether an unprecedented $2.5 billion punitive damages award should stand. Punitive damages are assessed on top of actual damages to punish and deter misconduct. In court filings, the two sides dramatically recount, from their dueling vantage points, the events that led to the grounding on Bligh Reef on March 24, 1989, one of the nation's largest environmental disasters. The Alaskans who won the award have filed a DVD of pictures of the oil-thick waters and stained seals and the voice of Valdez Capt. Joseph Hazelwood reporting the spill.
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NRC Boss Talks About Palo Verde Plant -- chicagotribune.com

http://www.chicagotribune.com/news/nationworld/sns-ap-nuclear-palo-verde,1,24126...
It could take a year for the nation's largest nuclear plant to rise above its poor safety rating, the head of the Nuclear Regulatory Commission said Monday. NRC Chairman Dale Klein said the agency has been watching the Palo Verde Nuclear Generating Station closely since downgrading its safety rating last year. The plant, located in Wintersburg about 50 miles west of Phoenix, needs to show for an extended period that it can identify safety issues and fix them, he said. "They didn't get there overnight, and they won't get off of it overnight," Klein told reporters while attending a waste management conference in Phoenix.
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February 25, 2008

Governors: Coal must be part of energy debate - USATODAY.com

http://www.usatoday.com/money/industries/energy/2008-02-23-energy-debate_N.htm...
Governors pushing alternative energy development are not shying from coal, a major culprit in global warming but also a homegrown energy source and an economic lifeline for many states. Leaders of coal-rich states say clean-coal technology is a must. Governors from states without coal want more evidence the technology works. "There's no doubt there's a tension and there's no doubt there is very rapidly growing public opposition to coal," said Gov. Jim Doyle, D-Wis. His state relies heavily on coal for power although Wisconsin is not a coal producer. Energy tops the agenda at the governors' annual winter meeting. The group's new clean energy initiative seeks to promote renewable fuels such as ethanol and biodiesel and reducing greenhouse gas emissions. "Next-generation coal is going to need to continue to be part of our energy future for this country," said GOP Gov. Tim Pawlenty of Minnesota, chairman of the National Governors Association.
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A Victory Near for Utilities in Kansas Coal Battle - washingtonpost.com

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/22/AR2008022202878....
The Kansas legislature is on the verge of passing a law that would clear the way for two new coal plants just four months after a state agency took the unprecedented step of blocking their construction because of concern about greenhouse-gas emissions. The struggle over the $3.6 billion project, proposed for a remote town in western Kansas, has become a symbol of the uncertainty over coal's future, caught between rising fears about climate change and powerful coal and utility interests. The Kansas showdown comes as big banks are growing more reluctant to finance new coal-fired electric plants because they expect Congress and the next president to impose steep costs on carbon dioxide emitters. Earlier this month, Citigroup, J.P. Morgan Chase and Morgan Stanley issued a set of "carbon principles" that would establish tougher scrutiny for new coal plants. "Due to evolving climate policy, investing in CO2-emitting fossil fuel generation entails uncertain financial, regulatory and environmental liability risks," the three said in a statement. Last week, Bank of America said it would start to factor in a cost for carbon dioxide emissions when it considers financing for new coal plants, using a forecast of $20 to $40 for every ton of CO2.
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Exxon Oil Spill Case May Get Closure - washingtonpost.com

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/23/AR2008022302354....
When a federal jury in Alaska in 1994 ordered Exxon to pay $5 billion to thousands of people who had their lives disrupted by the massive Exxon Valdez oil spill, an appeal of the nation's largest punitive damages award was inevitable. But almost no one could have predicted the incredible round of legal ping-pong that only this month lands at the Supreme Court. In the time span of the battle -- 14 years after the verdict, nearly two decades since the spill itself -- claimants' lawyers say there is a new statistic to add to the grim legacy of the disaster in Prince William Sound: Nearly 20 percent of the 33,000 fishermen, Native Alaskans, cannery workers and others who triumphed in court that day are dead. "That's the most upsetting thing, that more than 6,000 people have passed and this still isn't finished," said Mike Webber, a Native Alaskan artistic carver and former fisherman in the Prince William Sound community of Cordova. "Our sound is not healthy, and neither are the people. Everything is still on the surface, just as it was."
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Virgin Flies Biofueled Jet -- chicagotribune.com

http://www.chicagotribune.com/news/nationworld/sns-ap-britain-biofuel-flight,1,7...
Virgin Atlantic carried out the world's first flight of a commercial aircraft powered with biofuel on Sunday in an effort to show it can produce less carbon dioxide than normal jet fuels. Some analysts praised the jumbo jet test flight from London to Amsterdam as a potentially useful experiment. But others criticized it as a publicity stunt and noted scientists are questioning the environmental benefits of biofuels. "This breakthrough will help Virgin Atlantic to fly its planes using clean fuel sooner than expected," Sir Richard Branson, the airline's president, said before the Boeing 747 flew from London's Heathrow Airport to Amsterdam's Schiphol Airport. He said the flight would provide "crucial knowledge that we can use to dramatically reduce our carbon footprint," he said. Sunday's flight was partially fueled with a biofuel mixture of coconut and babassu oil in one of its four main fuel tanks. The jet carried pilots and several technicians, but no passengers.
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February 22, 2008

Oil prices sink after the government says inventories rose - USATODAY.com

http://www.usatoday.com/money/industries/energy/2008-02-21-oil-prices-thursday_N...
Oil prices fell Thursday after a government report showed that the nation's crude oil supplies rose more than expected last week. At the pump, meanwhile, gas prices rose more than 3 cents overnight, a jump that could be a prelude to a much bigger price spike this spring. The Energy Department's Energy Information Administration inventory report was mixed. While crude oil inventories rose by 4.2 million barrels last week, more than the 2.9 million barrel increase analysts surveyed by Dow Jones Newswires had expected, supplies of distillates, which include heating oil, fell by 4.5 million barrels, much more than the 1.5 million barrel forecast.
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February 21, 2008

Oil briefly hits $101 a barrel, closes at record high - USATODAY.com

http://www.usatoday.com/money/industries/energy/2008-02-20-oil-prices_N.htm...
Oil futures rallied again Wednesday, pushing briefly past $101 a barrel after the Federal Reserve lowered its forecast for economic growth this year, convincing energy investors that the central bank will slash interest rates further. At the pump, meanwhile, gas prices rose another 2 cents overnight to a national average of $3.053 a gallon Wednesday, according to AAA and the Oil Price Information Service. The Fed said damage from the housing slump and problems in the credit markets will slow economic growth to between 1.3% and 2% this year, down from a previous forecast for GDP growth of between 1.8% and 2.5%. Oil investors can interpret such news in one of two ways: Selling on concerns that the economy, and thus demand for oil, is cooling; or buying on the prospect that interest rates will fall, weakening the dollar and feeding new buying of oil futures. On Wednesday, they definitively chose the latter view.
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Solar panel feud leaves tree owners out on a limb - The Boston Globe

http://www.boston.com/news/nation/articles/2008/02/21/solar_panel_feud_leaves_tr...
In an environmental dispute seemingly scripted for this eco-friendly state, a man asked prosecutors to file charges against his neighbors because their towering redwoods blocked the sunlight to his backyard solar panels. But the couple next door insisted they should not have to chop down the trees to accommodate Mark Vargas's energy demands because they planted the redwoods before he installed the solar panels in 2001. Specialists say such clashes could become more common as California promotes renewable energy and solar energy systems become more popular. "Five or 10 years ago, you wouldn't have seen this case because there weren't that many systems around," said Frank Schiavo, a retired environmental studies professor at San Jose State University. "I can almost guarantee there are going to be more conflicts."
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Romney spent $42.3m of own money - The Boston Globe

http://www.boston.com/news/nation/articles/2008/02/21/romney_spent_423m_of_own_m...
Before abandoning his bid to become president, Mitt Romney put in at least $42.3 million of his own money, a big chunk of the $97 million he spent on the campaign. His campaign reported to the Federal Election Commission yesterday that he loaned his campaign $6.95 million during January to reach that total. The former Massachusetts governor's total self-financing puts him ahead of Steve Forbes, the publisher who spent $38 million on his unsuccessful run for the GOP nomination in 1996, but shy of the $63.5 million that H. Ross Perot spent on his 1992 third-party presidential campaign. Romney's total loan also equates to about $167,000 for each of the 253 delegates he won before suspending his campaign. By suspending his bid, Romney, who made an estimated $250 million as a venture capitalist, can keep raising money to possibly pay himself back. Romney also reported raising $9.7 million last month, bringing his campaign total to $63.6 million.
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February 20, 2008

Oil Closes Over $100 for 1st Time - washingtonpost.com

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/19/AR2008021900306....
The price of crude oil closed over $100 for the first time yesterday on the New York Mercantile Exchange, rattling stock markets and marking a milestone in the relentless rise in petroleum prices over the past five years. The high oil price, which rivals the inflation-adjusted peak set during the early days of the Iran-Iraq war nearly three decades ago, has drained cash from the pockets of consumers just when the slowing economy could use a spending boost. And it reinforced fears that oil prices, which have long fluctuated with political and economic cycles, may never again drop to past levels. The price hit a new high of $100.10 a barrel before settling at $100.01 a barrel, up $4.51, when the market closed at 2:30 p.m. The price in late electronic trading dropped only slightly, to $99.99 a barrel. The oil price increase erased a 157-point rally in the Dow Jones industrial average, hurting the shares of retailers and technology firms as investors worried that consumer spending could be diverted to gasoline pumps from stores.
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February 19, 2008

Gasoline prices back above $3 a gallon - USATODAY.com

http://www.usatoday.com/money/industries/energy/2008-02-18-gas-prices_N.htm...
Gasoline prices rose back above $3 a gallon Monday for the first time in nearly a month as crude oil prices have risen on demand worries. The national average price of regular gasoline rose to $3.014 a gallon Monday, according to AAA, after topping $3 over the weekend. That is almost a penny lower than a month ago but about 76 cents higher than a year ago. For most of February, the average hovered just below $3; the lowest average price was $2.953 a gallon Feb. 11. Crude oil makes up about 2/3 of the cost of gasoline, the Energy Department's statistical arm says. Oil prices have risen more than $8 a barrel in little more than a week. Retail gasoline prices typically lag the oil futures market.
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Huge explosion shattersTexas oil refinery - Los Angeles Times

http://www.latimes.com/news/nationworld/nation/la-na-refinery19feb19,1,6514841.s...
An explosion rocked an oil refinery today in a violent blast that shook buildings miles away and injured at least four people, the mayor said. All workers were accounted for about an hour after the explosion, said Blake Lewis, spokesman for refinery owner Alon USA. Lewis initially said one worker was injured, but Big Spring Mayor Russ McEwen later said four were hurt. McEwen said one of the workers was sent to a burn unit. The fire sparked by the blast was under control Monday morning, Lewis said. The Dallas-based company does not know what caused the explosion, he said. The blast sent black smoke billowing into the sky, closed schools, shut down a major interstate and left residents rattled. "It was extremely scary. You shook you were so scared," said Laura McEwen, the mayor's wife who lives about two miles from the refinery. "Our walls shook. It jolted your bed. It was like an earthquake."
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With Oil Prices Rising, Wood Makes a Comeback - New York Times

http://www.nytimes.com/2008/02/19/us/19woodstove.html?ref=us...
After years of steep decline, wood heat is back, with people flocking to dealers to buy new wood stoves, wood boilers and stoves that burn pellets made of wood byproducts. Others like Mr. Cook, to the dismay of environmentalists, are dusting off old wood-burning devices that are less efficient and more polluting. “There’s a lot of people buying big stoves, planning on tackling oil head-on,” said Roy L’Esperance, owner of the Chimney Sweep in Shelburne, Vt., who has seen sales of wood stoves increase nearly 20 percent this year. “They say, ‘I just got a new house and I’m getting killed with oil bills, and propane is just as bad.’ ” Nowhere in the nation is wood as beloved as it is here in New England, where winter conjures images of warming up around a potbelly stove. But in the last decade or so, as the price of oil and propane seemed to rise less sharply, devotion to wood stoves waned. In 1993, 3.1 million homes used wood for heat; the number dropped to 2 million in 2001, according to census data provided by the Energy Information Administration of the Department of Energy. But now residents like Dina Benoit of Orleans, Vt., are going back.
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February 18, 2008

As Nuclear Waste Languishes, Expense to U.S. Rises - New York Times

http://www.nytimes.com/2008/02/17/us/17nuke.html...
Forgotten but not gone, the waste from more than 100 nuclear reactors that the federal government was supposed to start accepting for burial 10 years ago is still at the reactor sites, at least 20 years behind schedule. But it is making itself felt in the federal budget. With court orders and settlements, the federal government has already paid the utilities $342 million, but is virtually certain to pay a total of at least $7 billion in the next few years and probably over $11 billion, government officials said. The industry said the total could reach $35 billion. The payments come from an obscure and poorly understood government account that requires no new Congressional appropriations, and will balloon in size, experts said. The payments are due because the reactor owners were all required to sign contracts with the Energy Department in the early 1980s, with the government promising to dispose of the waste for a fee of a 10th of a cent per kilowatt-hour. It was supposed to begin taking away the fuel in the then far-off year of 1998.
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Oil rises towards $96, buoyed by supply risks - washingtonpost.com

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/18/AR2008021800547....
Oil climbed towards $96 a barrel on Monday, as investors weighed the effects of a slowing U.S. economy against an escalating row between OPEC member Venezuela and oil major Exxon Mobil (XOM.N). The quarrel between Venezuela and Exxon has helped oil prices bounce back from this year's low of $86.11, but analysts said worries about the U.S. economy could cap oil's gains. U.S. crude (CLc1) rose 41 cents to $95.91 a barrel by 5:13 a.m. EST. Oil closed 4 cents higher at $95.50 on Friday, after touching a one-month high of $96.67. London Brent crude (LCOc1) rose 37 cents to $95. "Oil prices are remaining at firm levels, buttressed by perceived supply side risks," David Moore, a resource analyst at the Commonwealth Bank of Australia, said in a research note.
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Chavez Won't Halt U.S. Oil Sales - washingtonpost.com

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/17/AR2008021701960....
President Hugo Chavez sent a soothing message to American motorists on Sunday, saying Venezuela is not preparing to cut off oil shipments to the United States. The socialist leader rattled oil markets last Sunday when he threatened to halt shipments to the United States in retaliation for Exxon Mobil's success in persuading U.S. and European courts to freeze Venezuelan assets. "We don't have plans to stop sending oil to the United States," Chavez said Sunday during a visit to heavy-oil projects in Venezuela's petroleum-rich Orinoco River basin that were nationalized last year. But he added that Venezuela could cut off supplies to the United States if Washington "attacks Venezuela or tries to harm us."
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Safety Subverted In China's Mines - washingtonpost.com

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/17/AR2008021702229....
Mining has resumed in the frigid shafts, and long lines of 18-wheelers laden with coal once again clog the twisty mountain roads leading out of Linfen. This grime-covered city, where the packed snow long ago turned black and carbon-colored dust hangs in the air, has reclaimed its role as the capital of coal. A gas explosion in December threatened Linfen's boom ways. The accident, at a suburban mine, killed 105 workers and led authorities to halt this region's production of the coal so badly needed to fuel China's roaring economy. The businesses in Linfen, in Shanxi province 400 miles southwest of Beijing, were hit hard. "They wouldn't let anybody work," complained Liu Wancong, who runs a small grocery in the city center. The toll from the explosion ranked as the year's second-worst. The government reported 3,786 miners killed in 2007, a 20 percent drop from 2006 but still making the country's mines the most dangerous in the world.
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February 15, 2008

Oil Rises on US Trade Figures - washingtonpost.com

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/15/AR2008021500769....
Oil prices rose Friday as new U.S. trade deficit figures spurred hopes that the U.S. economy might escape a serious downturn. The March contract gained 30 cents to fetch $95.76 a barrel by noon in European electronic trading on the New York Mercantile Exchange. Brent crude futures lagged behind the NYMEX trend, down 28 cents to $94.908 a barrel on the ICE Futures exchange in London. The U.S. Commerce Department said Thursday the trade deficit fell in December and for 2007 as a whole _ an indication the U.S. is exporting more goods. This led investors to think U.S. energy demand would not be as weak as feared. U.S. Federal Reserve Chairman Ben Bernanke's suggestion that the central bank is prepared to again cut interest rates also helped boost light, sweet crude to settle at $95.46 a barrel Thursday, an increase of $2.19 on the New York Mercantile Exchange. That was its highest close since Jan. 9. The contract has risen in 4 of the past 5 sessions, adding more than $6 in a little over a week.
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February 14, 2008

Nuclear Application Delayed - New York Times

http://www.nytimes.com/2008/02/14/business/14nuke.html?ref=washington...
Hearings on the first application in 30 years for an operating license for a nuclear reactor have been delayed indefinitely, because the applicant is not ready, the Nuclear Regulatory Commission said Wednesday. NRG Energy, based in Princeton, N.J., filed an application in September 2007, for permission to build and operate two reactors adjacent to the South Texas Project, southwest of Houston. The reactor design is by General Electric and similar plants are already operating in Japan. But the commission, after accepting the application and giving opponents until later this month to file their objections, has concluded that the application is not complete enough to proceed, a commission spokesman said.
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February 13, 2008

House to take up bill against Big Oil tax breaks - USATODAY.com

http://www.usatoday.com/news/washington/2008-02-12-congress-energy_N.htm...
The House is going to make another run at imposing more than $16 billion in taxes on major oil companies. An aide to House Speaker Nancy Pelosi says the oil taxes will be part of an energy bill to be taken up by the House on Wednesday. Final numbers have yet to be worked out, but the legislation will mirror an energy tax package that passed the House last year. That legislation was abandoned as part of negotiations in December on a broader energy bill. One official said the bill will rescind two major tax breaks now enjoyed by the five largest U.S. oil companies. He said the money will be used to provide tax breaks and incentives for solar, wind and energy efficiency programs.
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Oil Falls Below $93 on Supply Outlook - washingtonpost.com

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021300375....
Oil prices fell Wednesday as traders overlooked Venezuela's halt of crude sales to Exxon Mobil and instead focused on forecasts for rising U.S. supplies and falling global demand. The state-run Petroleos de Venezuela SA, or PDVSA, said Tuesday it has halted crude sales to Exxon Mobil Corp., the world's biggest oil company, in response to its court bid to freeze billions of dollars in Venezuelan assets. Exxon Mobil is challenging the nationalization of its Venezuelan oil ventures in a dispute that has seen President Hugo Chavez threaten to cut off all supply to the United States. Venezuela is currently the United States' fourth largest oil supplier. Victor Shum, an energy analyst with Purvin & Gertz in Singapore, said only about 90,000 barrels of crude a day would be affected by the halt in sales.
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Chavez's Oil Threats Slick but Not Solid - washingtonpost.com

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/12/AR2008021202808....
A full-page ad blasting Exxon Mobil appeared in the Venezuelan newspaper Ultimas Noticias on Monday. Drawings of drops of oil went from black at the top of the page to red at the bottom. "Exxon turns oil into blood," the bold-face text declared. Addressing "Exxtranjero" -- the Spanish word for foreigner, with an extra "x" -- it used a slogan from the Spanish Civil War that roughly translates as "you will not pass." Then, on the front page of the paper yesterday, a headline proclaimed that the state oil company, known as PDVSA, "prepares a counterattack." But whether Venezuela's government can marshal more than bellicose slogans and headlines in its intensifying war with the Texas oil giant remains doubtful.
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Presidents Resolve Ukraine Gas Dispute - New York Times

http://www.nytimes.com/2008/02/13/world/europe/13ukraine.html?ref=world...
The presidents of Russia and Ukraine averted a threatened cutoff of natural gas supplies to Ukraine on Tuesday, at the same time that Russia’s president said his country might aim nuclear missiles at Ukraine if it followed through on its intention to join NATO. “It’s horrible to say and even horrible to think,” President Vladimir V. Putin of Russia said about the prospect of possibly aiming missiles at Ukraine. Mr. Putin made the remarks in response to a question at a Kremlin news conference. After speaking for a time about Ukraine’s long cultural ties to Russia, he said that NATO might deploy antimissile systems in Ukraine, and that Russia would have to respond.
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Gas price peak forecast now is $3.40 a gallon - USATODAY.com

http://www.usatoday.com/money/industries/energy/2008-02-12-gas-oil_N.htm...
Gasoline prices are now expected to peak at a record $3.40 a gallon in the spring, the Energy Department said Tuesday. That's down 10 cents from last month's forecast. Oil futures fell on the news, reversing a three-day rally. In a monthly report, the Energy Department's Energy Information Administration said demand for oil and petroleum products won't grow as fast this year as previously expected. That means prices won't be quite as high this year as the EIA previously forecast. Crude oil, forecast in last month's report to average $87 a barrel this year, is now expected to average $86.46 a barrel. Prices are expected to fall next year.
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February 12, 2008

Oil Futures Shoot Up On Venezuela's Threats - washingtonpost.com

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/11/AR2008021102411....
Oil futures shot higher for the third straight day Monday as concerns about potential supply disruptions overshadowed worries about the cooling economy. Venezuelan President Hugo Chavez threatened Sunday to cut off oil sales to the United States as retaliation for court orders freezing assets belonging to Venezuela's state oil company. Exxon Mobil has gone after Petroleos de Venezuela in U.S., British and Dutch courts, challenging the nationalization by Chavez's government of a multibillion-dollar oil project. A British court last week issued an injunction freezing as much as $12 billion in Petroleos's assets. "If you end up freezing [Venezuelan assets] and it harms us, we're going to harm you," Chavez said. "Do you know how? We aren't going to send oil to the United States." Mike Fitzpatrick, vice president of energy and risk management at MF Global, said it was hard to weigh the comment. "How much credence you want to give him is always a question mark," Fitzpatrick said.
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February 11, 2008

Chavez Threatens to Halt Venezuela's Oil Sales to U.S. - washingtonpost.com

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/10/AR2008021001381....
Venezuela's President Hugo Chavez yesterday threatened to cut off oil sales to the United States if ExxonMobil pursues international court orders it has obtained against billions of dollars of Venezuelan state assets in a contract dispute. "If you end up freezing [Venezuelan assets] and it harms us, we're going to harm you," Chavez said in his weekly radio and television show. "Do you know how? We aren't going to send oil to the United States. Take note, Mr. Bush, Mr. Danger." Venezuela sells about 1.3 million barrels a day of oil to the United States, making it the fourth-largest source, at 14 percent, of U.S. petroleum imports. While a cut in Venezuelan oil exports would drive up oil prices sharply, oil analysts believe it is unlikely that Chavez would carry out his threat. Venezuela, beleaguered by food shortages, depends heavily on oil exports for about 90 percent of its export earnings and about half of government revenue.
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Oil Prices Volatile - washingtonpost.com

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/11/AR2008021100322....
Oil prices ranged widely Monday, supported by Venezuelan President Hugo Chavez's threat to cut off sales to the United States, but weighed down by continued worries about a U.S. recession. Light, sweet crude for March delivery rose 11 cents to $91.88 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. Earlier, prices rose as high as $92.71 and fell as low as $91.30 a barrel. Oil spiked Sunday when Chavez accused Texas-based Exxon of acting in concert with Washington, and vowed that "the outlaws of Exxon Mobil will never again rob us." Exxon Mobil has gone after the assets of Venezuelan state oil company Petroleos de Venezuela SA in U.S., British and Dutch courts, challenging the nationalization by Chavez's government of a multibillion dollar oil project. A British court has issued an injunction "freezing" as much as $12 billion in assets.
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Ban urged on drilling in secluded Ecuador area - Los Angeles Times

http://www.latimes.com/news/nationworld/world/la-fg-ecuador10feb10,1,5880109.sto...
Ecuador's attorney general Saturday urged the government to negotiate with oil firms to stop drilling for crude in a protected area deep in the Amazon jungle where Indian tribes live in seclusion from the outside world. That recommendation could affect operations of Spain's Repsol, Brazil's Petrobras, China's Andes Petroleum Corp. and Ecuador's state oil company Petroecuador. Those companies have part of their oil blocks inside the 1.7 million-acre protected area that is home to two tribes of hunters and gatherers, known as Tagaeri and Taromenani, who in 1950s decided to cut ties with the outside world.
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Government at Fault in S. Africa's Electricity Crisis, Mbeki Says - washingtonpost.com

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/08/AR2008020801190....
President Thabo Mbeki apologized Friday for his government's failure to prevent crippling power outages across South Africa and warned that restoring a reliable supply of electricity would require new projects and major cuts in usage. "We face an emergency, but we can overcome the problems in a relatively short period," Mbeki said in his televised state of the nation address, delivered in Cape Town at the annual opening session of Parliament. "This situation has precipitated the inevitable realization that the era of very cheap and abundant electricity has come to an end." Mbeki also asserted that his mediation of the eight-year-old political stalemate in Zimbabwe had resolved all "substantive matters" there. His assessment sharply contradicted the accounts of Zimbabwe's major opposition party, which has repeatedly said talks there collapsed over several intractable disputes.
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February 8, 2008

Studies Deem Biofuels a Greenhouse Threat - New York Times

http://www.nytimes.com/2008/02/08/science/earth/08wbiofuels.html?ref=business...
The benefits of biofuels have come under increasing attack in recent months, as scientists took a closer look at the global environmental cost of their production. These latest studies, published in the prestigious journal Science, are likely to add to the controversy. These studies for the first time take a detailed, comprehensive look at the emissions effects of the huge amount of natural land that is being converted to cropland globally to support biofuels development. The destruction of natural ecosystems — whether rain forest in the tropics or grasslands in South America — not only releases greenhouse gases into the atmosphere when they are burned and plowed, but also deprives the planet of natural sponges to absorb carbon emissions. Cropland also absorbs far less carbon than the rain forests or even scrubland that it replaces.
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