oil

Fri, 2012-10-05 06:00Farron Cousins
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BP Settlement Deal Could Put Taxpayers On The Hook For Spill Costs

A proposed settlement deal between the federal government and BP over their involvement in the 2010 Deepwater Horizon oil rig explosion and subsequent oil leak could shift the burden of cleanup costs away from the oil giant and onto U.S. taxpayers.

The current settlement option is just one of several being negotiated between the federal government and BP.  But this settlement option would route fine and settlement money through the Natural Resource Damage Assessment (NRDA), rather than fining the company directly via the Clean Water Act.

Not only could this reduce the total amount of money that the company pays in fines, but it would shift the burden of cost onto U.S. taxpayers.  While the company would still be paying out of pocket, the NRDA allows the company to write off their fines and deduct that from their yearly taxes.  Paying through the Clean Water Act would not allow the costs to be tax deductible. 

But the cost shift is just one of the problems with the proposed deal.  The provision that has residents of the Gulf Coast up in arms is the fact that the NRDA would route the money through the U.S. Treasury, instead of directly sending it to local and state governments.  This means that the Treasury, not the affected areas, would be in charge of determining how the money is spent.

Fri, 2012-09-28 10:11Ben Jervey
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The Fossil 47 Percent: Freeloading Energy Companies That Pay No Income Taxes

Mitt Romney has nothing but disdain for fossil fuel companies. At least those freeloaders that are “dependent on government” and “pay no income taxes.” This is true if you believe Romney's very own words and some very circular logic. Follow along:

According to Romney, his “job is is not to worry about” those 47 percent of Americans that don’t pay income taxes.

And of course we know that, according to Romney, “corporations are people,” too. So reason dictates that if a corporation isn’t paying income taxes, it’s not Mitt Romney’s job to worry about them.

Someone tell that to the 33 energy companies in the S&P 500 that paid either paid no income taxes at all or actually received a tax return last year.

Sun, 2012-09-23 18:21Laurel Whitney
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Amidst Record Drought, Report Shows Massive Water Requirements For Nonrenewable Fuels

If you haven't heard about the major droughts afflicting most of the US this summer, then you may just have your head in the sand (or more likely a water-parched dusty hole). In fact, the media department of the Drought Monitor website ran out of combinations for modifying the words “intensify” and “widespread” when referring to the drought in their headlines.

Indeed, if you have been keeping tabs on the situation, “megadrought” and “a new normal?” sound highly familiar by now. With farmers nervous about a modern-day Dust Bowl taking hold, the question on everyone's mind is, how long will it last?

This visceral threat of water scarcity puts a new report about the true cost of fossil fuels in perspective. “The Hidden Costs of Electricity: Comparing the Hidden Costs of Power Generation Fuels” evaluates, among other parameters, the water demands of fuel sources such as biomass, coal, nuclear, natural gas, solar, and wind.

In short, the nonrenewables like nuclear and coal use far more water to generate electricity than clean energy technologies like solar and wind. Take a look at how much water power plants need to function (mainly for the purpose of cooling):

Wed, 2012-09-19 12:01Farron Cousins
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National Parks At Risk Of Exploitation From Oil And Gas Drilling

The U.S. National Park System currently encompasses more than 84 million acres of land in the United States, and if oil-funded politicians in Washington, D.C. get their way, those millions of protected acres could soon become the playground for the dirty energy industry.

According to a new report by the Center for American Progress (CAP), oil and gas drilling is already taking place in at least 12 areas designated as “national parks” by the U.S. Department of Interior, with as many as 30 more being considered for drilling.

CAP’s chart below shows us where drilling is occurring, or could likely occur in the near future:

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Tue, 2012-09-11 10:37Farron Cousins
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As BP Tar Balls Litter Gulf Coast, Oil Giant Sells Off Gulf Of Mexico Assets

It’s been a little over two weeks since Hurricane Isaac struck the Gulf Coast, leaving flooding and wind damage in its wake. But one of the side effects of the storm that has gone largely under-reported are the tar balls that are now littering beaches all along the Gulf Coast.

Beaches from Louisiana to Florida have seen the toxic, sticky tar balls rolling in with the surf, and while some have questioned whether the tar balls are actually from BP’s Macondo well blowout, Auburn University researchers have confirmed today that they are a match.

The tar balls began washing up only days after the U.S. Department of Justice released a memo blaming BP’s gross negligence for the Deepwater Horizon oil rig explosion that killed 11 men and subsequently caused close to 5 million gallons of oil to leak into the Gulf of Mexico.

In the wake of the DOJ’s accusations, and the continuous presence of tar balls that are linked directly back to BP’s negligence, it comes as no surprise that the oil giant has decided to sell off billions of dollars worth of their assets in the Gulf of Mexico.

Fri, 2012-09-07 03:00Farron Cousins
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Return Of The Republican Gas Price Lies

After many weeks of silence, Republican politicians and the dirty energy industry have re-launched their attacks on President Obama and Democrats over the price of gasoline. The silence from these groups was the result of a price drop for most of the summer, but a price increase over the last few weeks has once again caused the old familiar, and debunked, talking points about Obama raising gas prices to resurface.

Leading the charge is the National Republican Congressional Committee (NRCC), which this week issued a press release claiming that “Democrats aren’t working” for America because gas prices are at an all-time high. Their solution? Immediately approve the Keystone XL pipeline.

Tue, 2012-08-28 10:53Ben Jervey
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Romney's "Oil Above All" Energy Plan Short on Variety, and on Energy



Last Thursday, Mitt Romney presented his “oil above all” energy plan, in which he promised “North American energy independence” by 2020. Far from comprehensive, the plan echoes the familiar “Drill, Baby, Drill” mantra from the 2008 presidential campaign, and offers no energy strategy beyond increasing domestic production of oil and gas, and increased access to Canadian tar sands crude.

Proving his devotion to “oil above all” was the graph that the presidential hopeful presented while unveiling his plan to a “modest crowd” in New Mexico. As far as graphics go, it's  confused and misleading, so let me walk you through it in case you missed CNN's live coverage.

Though it's titled “North American Oil Production: Energy Independence by 2020,” the demand line represents only the United States' oil needs. Hey, at least the Romney team doesn't anticipate our oil consumption to rise over the next eight years.

Mon, 2012-08-27 12:41Farron Cousins
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Fuel Economy Standards To Save U.S. Consumers Billions, Create Jobs, Yet Republicans Say Too Expensive

A proposed rule by the Obama Administration to raise fuel economy standards for cars and “light-trucks” is facing mounting attacks by Republican lawmakers. The proposed rule would require all newly manufactured automobiles that fall under the car or light truck category to achieve a minimum gas mileage of 54.5 miles per gallon by the year 2025.

The crusade against the new CAFE standards is being led by Republican Darrell Issa, the chairman of the House Committee on Oversight and Government Reform. Issa claims that the new standards amount to “coercion” of the auto industry. Rep. Issa has received more than $188,000 from the oil industry during his career, according to the Center for Responsive Politics.

Issa’s statements show how out of touch he truly is with both economics and business, as the new standards were the result of cooperation between the Obama Administration and the auto industry itself.

The new fuel economy standards have been approved by Ford, GM, Chrysler, BMW, Honda, Hyundai, Jaguar, Land Rover, Kia, Mazda, Mitsubishi, Nissan, Toyota and Volvo, who together control 90% of the United States’ auto sales market.

Sat, 2012-08-25 04:00Farron Cousins
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Keystone XL Pipeline To Take Center Stage At Republican National Convention

Over the next few days, Republican lawmakers, Party officials, delegates, and supporters will gather in Tampa, Florida for the Republican National Convention. During their weeklong convention, we can expect to hear a lot of debunked talking points, particularly about the need to approve the Keystone XL Pipeline.

For more than a year, Republican lawmakers in the U.S. have been pushing for approval of the Keystone XL Pipeline, while completely ignoring the environmental risks that would come along with the plan to pipe dangerous DilBit from the Alberta tar sands south to the Gulf Coast.

In addition to ignoring the risks, Republicans have vastly overstated the alleged “benefits” of the pipeline, which they claim would create thousands of jobs, lower energy prices, and reduce our dependence on foreign oil. That last claim is ironic, as the pipeline would carry foreign fuel from Canada, already the largest exporter of fuel to the U.S. Americans certainly love Canada as a neighbor, but it's still technically a foreign country and its ultimate goal is to reach foreign markets in Asia and elsewhere, not the United States.

Bold Nebraska has compiled a list of the possible topic areas to be discusses regarding the pipeline, as well as the truth about the consequences of the pipeline. Here are some of the talking points they are expecting, as well as the fact-based counter arguments:

Sat, 2012-08-18 07:00Guest
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Drought, Fracking, Coal and Nukes Wreak Havoc on Fresh Water Supplies

Millstone Nuclear Plant Connecticut

This is a guest post by EcoWatch, republished with permission.

For the last few months EcoWatch has been covering what's become the worst drought in the U.S. in more than half a century. More than 3,200 daily high temperature records were set or tied in June, and July is in the books as the warmest month ever recorded in the lower 48 states, according to a report issued by the National Oceanic and Atmospheric Administration's National Climatic Data Center.

Besides the discomfort of relentless heat and unmitigated sunshine, the drought has forced us to rethink several issues commonly taken for granted—namely, abundant and affordable food, secure livelihoods for farmers, safety from natural disasters, practical public policy regarding the delegation of crops for food and biofuels, and most importantly, the value of water.

The value of water is inestimable. Without it, as the drought has shown us, uncertainty and chaos quickly enter the picture, throwing superpower economies off kilter and quite literally, imperiling lives.

But that's not all.

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