Group items tagged

As the Big Three US automakers ramp up their pressure on Congress to cough up $25 billion in bailout money, the absence of a long term vision for economic recovery has never been more clear. The outgoing Bush administration and Congress are careening from bailout proposal to bailout proposal, putting hundreds of billions into the hands of the same people that created this toxic economic brew. Naomi Klein has recently detailed the horrifying parallels between the "free-fraud" zone created by the Bush administration in Iraq and the Treasury Department's handling of the bank bailout (http://www.naomiklein.org/articles/2008/10/bailout-profiteers). As tempting as it is to offer bailout money to the US automakers in return for fleet-wide mileage reductions, changes in the mix of their fleets to include more hybrids and electric vehicles, and to support labor, it would be the wrong thing to do under current conditions. Imports from foreign automakers have backed up in American ports over the last few months and now represent roughly double the normal inventory, so the difficulties faced by automakers are not limited to US firms. US automakers, however, have additional problems because their fleets are dominated by too-large, fuel-inefficient models. That fleet makeup cannot be quickly changed.

WorldChnaging has a post on a site for managing local currencies (or locabucks, as I call them) - Create Your Own Currency. "Money," wrote Jamais Cascio, "is the tangible manifestation of an agreement between you and other people that the oddly-colored piece of paper in your hands has value." But what's truly valuable is not those units of currency, so much as the units of time they represent to those who earn and spend them. Two women from Ashland, Ore., who follow this philosophy have created a way to turn units of time into currency that can be directly traded and tracked through their online system OurNexChange. This "community currency" allows local residents to buy goods and services without exchanging any money. Sharon Miranda and Libby VanWyhe recently told the Ashland Daily Tidings about the system:

competitiveness WASHINGTON - Building on the action by the U.S. House of Representatives in passing historic legislation that will pave the way for the transition to a clean energy economy, President Barack Obama and U.S. Energy Secretary Steven Chu today announced aggressive actions to promote energy efficiency and save American consumers billions of dollars per year. Today's announcement underscores how the clean energy revolution not only makes environmental sense, but it also makes economic sense - creating jobs and saving money. "One of the fastest, easiest, and cheapest ways to make our economy stronger and cleaner is to make our economy more energy efficient," said President Obama. "That's why we made energy efficiency investments a focal point of the Recovery Act. And that's why today's announcements are so important. By bringing more energy efficient technologies to American homes and businesses, we won't just significantly reduce our energy demand; we'll put more money back in the pockets of hardworking Americans."

Under fire for high gas prices, the industry is spending record amounts on influence in Washington. Plus: How it's playing in the presidential race. Top oil lobbyists Company spending so far in 2008 Company Amount in millions 1. Exxon Mobil $8.1 2. Chevron $6.1 3. BP $5.2 4. ConocoPhillips $4.4 5. Koch $3.8 6. Marathon $3.6 7. API $2.2 8. Occidental $1.4 9. Williams $1.2 10. Shell $1.2 Source:Center for Responsive Politics Top industries Spending on lobbying so far in 2008 Industry Amount in millions 1. Drugs $113 2. Insurance $76 3. Electric utilities $65 4. Computers $60 5. Oil and gas $55 6. Education $51 7. Air transport $50 8. Health Care $48 9. Manufacturing $48 10. Entertainment $48 Source:Center for Responsive Politics NEW YORK (CNNMoney.com) -- As angry voters spark a barrage of energy bills in Congress, the oil industry is spending record amounts of money protecting its interests. In what may be surprising to some, the most recent figures from the Center for Responsive Politics show that the oil industry gives a relatively small sum to individual political campaigns - it's 16th on a list of top 50 industries.

Who is to blame for the summit disaster? The US? China? The EU? The G-8? In fact, all of the above. It was a coming together of states that killed off a vital resource for the world: trust. In Copenhagen, the outlines of a dangerous world were there for all to see. The climate summit did not end in a fist fight between tens of thousands of people, despite the fact that serious global problems were not resolved. Barack Obama did not have to fly out from the roof of a burning conference center. Nevertheless, it was palpable that this is a world in which trust is harder to come by than oil, and where there is more mistrust than CO2 emissions. And yet Copenhagen has proven that trust is the most important resource for the transformation of the current oil-based system into a green civilization. It is more important than all the money that will be required for new technology, more efficient machines, dams and the survival of forest inhabitants.

Who is to blame for the summit disaster? The US? China? The EU? The G-8? In fact, all of the above. It was a coming together of states that killed off a vital resource for the world: trust. In Copenhagen, the outlines of a dangerous world were there for all to see. The climate summit did not end in a fist fight between tens of thousands of people, despite the fact that serious global problems were not resolved. Barack Obama did not have to fly out from the roof of a burning conference center. Nevertheless, it was palpable that this is a world in which trust is harder to come by than oil, and where there is more mistrust than CO2 emissions. And yet Copenhagen has proven that trust is the most important resource for the transformation of the current oil-based system into a green civilization. It is more important than all the money that will be required for new technology, more efficient machines, dams and the survival of forest inhabitants.

At the Department of Energy (DOE), Steven Chalk has experienced the economic crisis as an opportunity, a chance to push energy efficiency. A career public servant, Chalk manages the distribution of nearly half the $36.7 billion in economic stimulus funds Congress granted DOE this year -- money issued for home weatherization, energy efficient buildings, plug-in hybrid vehicle technology, solar, wind and geothermal power.

At the Department of Energy (DOE), Steven Chalk has experienced the economic crisis as an opportunity, a chance to push energy efficiency. A career public servant, Chalk manages the distribution of nearly half the $36.7 billion in economic stimulus funds Congress granted DOE this year -- money issued for home weatherization, energy efficient buildings, plug-in hybrid vehicle technology, solar, wind and geothermal power.

"In a fight that showed the flaws in California's ballot initiative process and the sheer nerve of PG&E, the state's largest utility, clean energy and local control has won. Proposition 16, which would have change California's constitution to force cities and counties to get the approval of two-thirds of their voters before using public money to invest in local energy projects or utilities. PG&E spent over $46 million on the effort, which would have ensured its monopoly. Prop 16 stems from a 2002 state law, that allowed "community choice aggregation," which allows counties or cities to purchase electricity while utilities continue to offer the infrastructure for power delivery--the power lines, distribution equipment, supply natural, and even billing. "

Yesterday, House Democrats revealed their proposed stimulus package totaling $825 billion. As hoped, money for renewable energy and efficiency make up 54 billion of those dollars. The biggest proportion, $11 billion, would go towards creating a smart grid, which is dramatically shy of the $400 billion Al Gore thinks should be set aside. Here's a list of some of the larger energy incentives. * $11 billion for investment in smart-grid technologies * $8 billion in loan guarantees for renewable energy and transmission * $6.9 billion for energy efficiency help to state and local governments * $6.7 billion for retrofits to federal buildings * $6.2 billion for home weatherization, targeted at low-income families * $2.4 billion for carbon sequestration * $2 billion for loans guarantees and grants to automobile battery-makers

New research from Stanford University ranks wind power as the most promising alternative source of energy. Titled Review of solutions to global warming, air pollution, and energy security, the report from civil and environmental engineering professor Mark Z. Jacobson ranks the world's energy options -- putting wind, concentrated solar and geothermal at the top of the list, and nuclear power and coal with carbon capture and sequestration in a tie for dead last. ... From his findings, Jacobson is able to suggest that the U.S. government invest money and create jobs around the development of wind, solar and geothermal: "There is a lot of talk among politicians that we need a massive jobs program to pull the economy out of the current recession," Jacobson said. "Well, putting people to work building wind turbines, solar plants, geothermal plants, electric vehicles and transmission lines would not only create jobs but would also reduce costs due to health care, crop damage and climate damage from current vehicle and electric power pollution, as well as provide the world with a truly unlimited supply of clean power."

Tomorrow, Wednesday, February 18, U.S. Energy Secretary Steven Chu will deliver the opening keynote address at the 2009 DOE-NARUC National Electricity Forum. In the address, Secretary Chu will outline the Administration's commitment to modernizing the nation's electricity distribution system through a "Smart Grid" that will create new jobs, save consumers money, use energy more efficiently and avoid blackouts, and pave the way for a dramatic expansion in renewable energies such as solar and wind power. He will also discuss the immediate and long-term impacts of the President's American Recovery and Reinvestment Act in creating jobs and investing in a clean energy future.

Since oil gushed from Spindletop in 1901, the Houston area has been the energy capital of the United States and a major destination for federal dollars devoted to oil and gas production. But the mammoth economic stimulus bill that is winding its way through Congress largely bypasses Houston-based energy giants and fossil-fuel development in favor of funding new technologies to glean power from crops, the sun and heat trapped beneath the earth. "There's not a lot of oil and gas" money in the stimulus bill, said Rep. Gene Green, D-Houston.

Congress is planning to direct at least $10 billion in economic stimulus funding to an Energy Department loan guarantee program that hasn't backed any projects since it began in 2005. The new money is intended to generate $100 billion in loans for renewable energy and transmission projects, according to Senator Byron Dorgan, a North Dakota Democrat. Congress previously approved at least $38.5 billion for clean-energy loan guarantees, and not a single project was funded.

Barack Obama's election has members of the alternative energy world sounding positively giddy, an enthusiasm not shared by their competitors in the oil industry. Obama's energy plans read like a wish list for the companies that make solar cells, wind turbines or alternative fuels. He wants to pump money into energy research and force all electric utilities to use renewable power. He has proposed creating a cap-and-trade system that would put a price on the greenhouse gas emissions that come from burning fossil fuels.

The American auto industry is running on fumes. General Motors, the nation's largest automaker, warned Friday that it may run out of money by the end of the year after piling up billions in third-quarter losses and burning through cash at an alarming rate. Ford sustained heavy losses, too. The situation is so severe, GM has suspended talks to acquire Chrysler and is appealing to the government for help as the slumping economy drags cars sales to their lowest level in a quarter century.

It's a question we've heard a lot lately: "Who will lend me money to finance solar installations?" In fact, a couple of our readers, Reeves and Byron, were kind enough to send comments on the subject: "We've heard there are some articles out there showing that if you get the right kind of financing, your solar installation can be cash flow positive right away. Problem is, I can't find those articles."

If Matt Simmons is right, the recent drop in crude prices is an illusion - and oil could be headed for the stratosphere. He's just hoping we can prevent civilization from imploding. Matt Simmons argues that Saudi Arabia's oil supplies are much more limited than everyone thinks. (Fortune Magazine) -- Matt Simmons is as perplexed as anyone that it has fallen to him to take on OPEC, Exxon, the Saudis, and all the other misguided defenders of conventional wisdom in the oil patch. Why should one investment banker with a penchant for research be required to point out what he regards as the obvious - that from here on out, oil supplies can't meet demand, and if we don't act soon to solve this crisis, World War III could be looming?

T. Boone Pickens is one of America's biggest independent oil producers, so he could be forgiven if he simply chose to sit back and pile up his profits. But the Texas entrepreneur is convinced that America must break its dependence on oil as a major source of energy, and has announced that over the next few weeks he is going to outline in the major media a plan for doing exactly that. He is right on the money, and I am going to listen carefully to what he has to say.

This is a wonderful clip. Matt Simmons is the author of 'Twighlight in the Desert', is a leading US investment banker, and a long-term advocate of the peak oil argument. When he was asked to go on CNBC's 'Fast Money' to discuss the high oil prices, he clearly stunned the presenters with his forthright analysis of society's current perilous situation. When asked if $147 a barrel is a 'wake up call' he replied "yes, but we're not having a wake up call, we're having a witch hunt for who got us here", a succinct analysis of the current world situation. What was especially fascinating to watch was when he was asked for his prognosis of the near future.

Brazil will use revenue from newly discovered offshore oil fields to eradicate poverty, President Luiz Inacio Lula da Silva has vowed. In a TV address, President Lula said Brazil would not squander the money but invest in technology and education.

Detroit automakers, the UAW and their allies on Capitol Hill will launch an all-out blitz over the next few weeks for up to $50 billion in government loans over the next three years -- money the companies say would help them survive one of their darkest periods.