- The U.S. auto industry weathered the Great Depression. But there are some fears that its current crisis could cause another one.
During a hearing on a proposed $25 billion federal bailout of the industry Wednesday, GM CEO Rick Wagoner used the D word to describe what might happen if Congress didn't approve some sort of rescue package.
Here is a list of energy news items that the WattzOn team found most interesting in 2008:
* CO2 is officially a pollutant (maybe) - In a ruling by the Environmental Appeals Board (a panel within the EPA), it was decided that the EPA has no valid reason to not limit CO2 emissions from coal plants. Confusingly, the EPA has recently overruled itself by stating that officials cannot consider greenhouse gas outputs in judging applications to build new coal-fired power plants. So, it's back up in the "air."
* We need to be at 350 PPM of CO2 - James Hansen of Columbia University, and NASA's head of the Goddard Institute for Space Studies, published a landmark paper: "Target Atmospheric CO2: Where Should Humanity Aim?" in which he argues for an atmospheric CO2 concentration of 350 parts per million (PPM) for humanity to be safe on this planet. As some background, pre-industrial Earth had a CO2 concentration of around 275 PPM, and for years policy makers have set a target regulatory goal of 550 PM - twice that number. More recently, 450 PPM has been proposed as a better goal by the EU and a few others. Unfortunately, recent evidence has shown that the Arctic sea is melting at an alarming rate and a giant ice sheet in Greenland is starting to slide into the ocean. This is the reality with the world today at 383 PPM. Hansen points out that this means we set overly lax targets and proposes the 350 PPM goal with tons of paleo-climatic data to back him up. We need to bring the CO2 in our atmosphere back down to this concentration.
* Energy scientists primed to enter government - US President-Elect Obama has nominated Steven Chu to be the Secretary of Energy, and named John Holdren as the Assistant to the President for Science and Technology / Director of the White House Office of Science and Technology Policy / Co-Chair of the President's Council of Advisors on Science and Technology. As the President-Elect puts it, "Today, more than
With the stock market, and therefore the retirement savings of millions of US consumers, forcing financial writers to search their thesauruses for yet more synonyms for "unprecedented", it's as predictable as it is depressing that peak oil has fallen off the radar screen of so many. Gasoline is now selling at the stunning price of only $1.82/gallon, something few people not confined to a psych ward would have predicted six months ago. More to the point, it's seen by many individuals as "proof" that There Is No Oil Problem, There Wasn't and Oil Problem, and There Never Will Be An Oil Problem.
The Age has an article on the challenges awaiting Obama and the opportunity to make history via the green new deal - All eyes are on Obama, as history is his to write.
Franklin Roosevelt told Americans in his first inaugural address in 1933 that "the only thing we have to fear is fear itself", before embarking on the New Deal, an ambitious and expansive recasting of government that lifted the country out of the Great Depression.
48 years later, Ronald Reagan stood on the same steps and declared: "Government is not the solution to our problem. Government is the problem." With that, Reagonomics was born and FDR's New Deal consensus was usurped by a philosophy built around free markets, privatisation, deregulation and lower taxes.
Peak Oil will soon generate problems for individuals and families around the globe: unemployment; bankruptcy; inability to pay for heating oil, higher education, mortgage, and rent etc; the need for family members to share residences and expenses; violent street crime even in previously safe neighborhoods; the separation of family members (due to high airfares, the high cost of gasoline, or gasoline rationing); and anxiety and depression.