Showing posts with label oil. Show all posts
Showing posts with label oil. Show all posts

Friday, October 28, 2016

Exxon Finally Admits Global Warming Is Stranding Its Assets

Exxon Mobil is finally admitting to investors that billions of barrels of oil may be stranded assets - too expensive & too destructive to our climate to ever drill out & sell. That's after decades of deceiving the public on global warming. For the 3rd quarter of 2016, profits fell 38%.

"Oil companies are admitting the future isn't oil," tweets the Wall Street Journal's Christopher Mims. "Think of all the nations, not just stocks, this puts into terminal decline." 

And states - what about the budgets of Alaska, North Dakota, Louisiana, Texas and other places that are so heavily dependent on oil revenue?

Wednesday, July 2, 2014

The "Drill Here, Drill Now, Pay Less" Con: Newt Won, America Lost

Back in the summer of 2008, incurable Republican presidential candidate Newt Gingrich pushed the slogan "drill here, drill now, pay less," claiming that making the U.S. more oil-independent would be a solution to high gas prices. Democrats, worried voters would reject the reality there's nothing we can do to lower market-set gas prices and absolutely terrified of saying no to Big Oil, embraced the slogan. Later, President Barack Obama implemented it as our national policy. Six years later, how's drill baby drill working out for you?

Today, while U.S. oil production is near all-time highs, gas prices also remain near all-time highs. Drill baby drill has been great for multinational oil companies, but terrible for American consumers. Meanwhile, we continue shoveling billions in annual taxpayer subsidies to those same oil companies.

A side effect of higher oil production is that oil transportation disasters are also at record highs. Oil train wrecks and spills, gas pipeline explosions, and oil pipeline ruptures are skyrocketing. Our communities, wildlife and clean air and water are now at the mercy of our national petro-state.

Note that gas prices hit their all-time high of $4.46 in July 2008 under President George W. "Texas Oilman Who'll Lasso Those Saudi Arabians Into Submission" Bush, well above the prior peak of $3.70 under President Ronald "Yes Another Oil-Friendly Republican Are You Seeing The Pattern Yet" Reagan.

Aside from Big Oil's record profits, there was one other winner from Newt's drilling push. Gingrich got 1.5 million people to sign his petition, allowing him to cash in by spamming his big new email list. As Chris Hayes has said, "much of movement conservatism is a con and the base are the marks."

Thursday, August 29, 2013

Not One But Two Oil Spills Fouled New Bedford Harbor Today

I've covered oil spills in the Gulf of Mexico and in Arkansas, but today the oil came to me.

This morning a local journalist alerted me to reports of an oil spill right down the street from me in New Bedford Harbor. I headed down and found hundreds of gallons of diesel fuel (dyed red for tax purposes) coating the water off Pier 3. Some television crews were filming the spill, so I talked to WJAR and WLNE generally about the potential impacts of oil spills - concern for the people who make their living off the water, the fish who swim in it, and the seabirds who land in it.

As soon as I finished, a Coast Guard staffer angrily told me, "You shouldn't be talking to the press. We should be presenting a united front."

"I work for the National Wildlife Federation, not a federal agency," I said. "I'd be happy to work together on this - just tell me what's going on."

She stared at me and said nothing.

"OK, well so much for a united front," I shrugged.

Coincidentally, the Energy Exodus march was passing through New Bedford at the exact same time as the oil spill. The climate activists are marching all the way from Somerset's Brayton Point coal-fired power plant to Hyannis in support of Cape Wind.

In less of a coincidence, the moment the Coast Guard staffers saw the dozens of Energy Exodus folks arriving, they threw up yellow caution tape and ordered all civilians away from the oil spill.

As it turns out, this was the first of two oil spills in New Bedford Harbor today. I understand tracking down the culprits is hard, but do the local authorities have to sound so fatalistic already? Welp, lotsa boats, they all look alike, whaddya gonna do?

Southeastern New England faces a choice - move aggressively towards a clean energy future, or face more oil spills.

Thursday, April 11, 2013

Will the Next Major Tar Sands Spill be in New England?

Oiled MarshHomes evacuated. Chemicals fouling the air. Wildlife soaked in tar sands oil. Could it happen in New England?

I traveled to Arkansas last week to monitor wildlife impacts of the Exxon Mobil Pegasus tar sands pipeline rupture for the National Wildlife Federation. I kept thinking, if the tar sands industry gets its wish and reverses the Trailbreaker pipeline across northern New England to carry tar sands, will I be in New Hampshire covering a spill like this in a few years?

The parallels to the Exxon Mobil Pegasus pipeline are eerie: An old pipeline built to supply oil where it was needed, now reversed to carry corrosive tar sands at high temperature and pressure to supply profit to Canada's polluting tar sands industry. Exxon claimed Pegasus was safe, right up until a 22-foot-long gash opened in it below an Arkansas subdivision, unnoticed until local homeowners called 911.

A Boston Globe editorial raises all the right questions:
As President Obama weighs approval of Keystone XL sometime this year, concern over tar sands oil has spread from the Midwest to New England. Hundreds of people rallied earlier this year in Portland, Maine, against even the possibility that such crude from Alberta, which environmentalists say is the stickiest and dirtiest form of oil, would wind its way through the pristine lakes, rivers, and rugged terrain of Vermont, New Hampshire, and Maine. Five years ago, Enbridge floated a proposal to reverse pipelines that currently send imported oil into the interior of New England from the marine terminal in Portland, Maine. Instead, Enbridge would transport oil from the tar sands of Canada to tankers in Portland, bound for southern refineries along the Atlantic and Gulf coasts. Enbridge managing director Steve Letwin said in a 2008 investor conference call, “We’re pretty excited about this opportunity,” because it was a much cheaper alternative for that company than building a new pipeline such as Keystone. [...] 
[T]he endless Kalamazoo cleanup, and disputes now erupting in Arkansas as to how much damage is being done by that spill, raise inevitable questions that must be answered before anyone should contemplate reversing the pipelines through New England. Though Keystone is foremost in the mind of the White House, the EPA and NTSB should also take the time to assess the risk of bringing tar sands oil through one of the most beautiful and environmentally sensitive parts of the United States.
Much stronger safety standards are clearly needed for existing tar sands pipelines, as the National Wildlife Federation and partners from Texas to Maine have called for. But the bigger question is, why are we letting America serve as the middleman to get Canadian tar sands to the international market at all

Whether it's Pegasus, Trailbreaker or Keystone XL, these tar sands pipelines all have one thing in common: They go to coastal ports. America gets all the risk of spills and climate disruption, the international market gets all the oil, and Canadian tar sands producers get all the profit.

Right now, the national debate centers on Keystone XL, and that's where you need to make your voice heard. Please take a moment right now to ask President Obama to say no to Keystone XL. If we can stop Keystone XL, we can turn the tide against dirty tar sands oil.

Or maybe in a few years we'll be looking at pictures of oiled wildlife and watching videos of oiled creeks in northern New England. It's up to us to raise our voices loud enough that Canada will be forced to look elsewhere to peddle its dirty tar sands oil.

Thursday, November 29, 2012

Think We're Saving Money by Driving a Little Less?

red oil barrelsNope - Big Oil is just raising the price of gasoline to make sure your money keeps flowing in. Even though Americans are driving less than we have since 2001, oil companies are on pace for a record revenue year.

It doesn't matter where we drill, or how much we drill, and it may not even matter if we just use a little less. As long as we're dependent on oil companies, we're over a barrel. 

Thursday, October 18, 2012

Subsidized Past, Bleak Future: Time for Big Coal to Stop Blaming Treehuggers & Face Reality

Roaring Fork Headwaters, Wise County, Va.- Photo by Matt Wasson, Appalachian VoicesOver at Coal Tattoo, Ken Ward Jr. flags some real talk from a coal industry analyst:
Calling the uncertain future of Central Appalachian coal mining the “elephant in the room,” industry consultant Alan Stagg said he expects mining in the high-cost region to cease in the next 10 to 20 years. Speaking at Platts Coal Marketing Days on Sept. 21, Stagg said producers in Central Appalachia need to accept that difficult physical mining conditions, combined with inescapable regulatory restrictions, will soon erase profitability.

This is the elephant in the room. No one wants to acknowledge that reserve depletion is profound,” said Stagg, president and CEO of Stagg Resource Consultants Inc. “Mining conditions are difficult, and the cost to produce is high. That is a physical fact. It’s not pleasant. Nobody wants to acknowledge it. That is a fact, and companies that ignore that fact will not do so well.” [...]

Are recent regulatory pressures a straw man in addressing problems facing the coal industry?” he asked. “Even if U.S. coal companies got all of their permits, what would they do with them? You cannot sell that coal at $40, $45 or even $50 per ton.”
Blaming treehuggers is way easier than admitting to your investors, consumers & policy-makers that you picked all the low-hanging fruit decades ago & every remaining ton of coal (or barrel of oil) will be increasingly expensive to extract.

Meanwhile Reuters reports, "Asian economies, hungry for coal, stand to gain from a U.S. program meant to keep domestic power cheap and abundant." How much is at stake? "One analyst concludes that the federal government missed out on nearly $30 billion in revenue over the last three decades through poor management of the coal lease program."

Talk about picking winners & losers! How much better off would we be right now if the government had let the free market decide our power sources & just cut $30 billion in checks directly to help Americans pay their power bills?

Eliminating coal subsidies now would be a small step towards making things right - but right now, it sounds like coal companies need all the government welfare they can get.

Tuesday, June 19, 2012

Saudi Arabia Aims to be the Saudi Arabia of Solar Power

Parabolic trough power plant MojaveWhen an opponent of renewable energy claims North Dakota is the Saudi Arabia of oil shale, or Canada is the Saudi Arabia of tar sands, it's a dead giveaway they don't know what they're talking about.

You know who's the Saudi Arabia of oil? Saudi Arabia. And considering the United States has just 2% of the world's oil reserves while consuming 20% of the world's produced oil, we're stuck buying lots of oil from whoever will sell it to us at whatever price they demand.

Now here's the kicker: Saudi Arabia knows it won't be the Saudi Arabia of oil forever. That's why it's taking our oil money and spending it on becoming the Saudi Arabia of solar power.

Meanwhile, Republicans like Mitt Romney, George Allen and Scott Brown are trying to cut renewable energy subsidies and count on that 2% to meet our energy needs. It's a plan to drill to nowhere.

Monday, February 13, 2012

The Keystone XL Tar Sands Pipeline: Bad for Virginia

The U.S. Senate may vote Tuesday on whether to green-light the proposed Keystone XL tar sands pipeline even before a safe route has been determined. Why is that a terrible idea?
  • TransCanada wants to build this pipeline so it can stop dumping tar sands oil at a discount in the Midwest. TransCanada's own analysis shows it would raise Midwest gas prices by 15 cents a gallon. 
  • How does that impact states outside the Midwest like Virginia? American consumers could pay an extra $500 million for goods from the Midwest thanks to those higher gas prices.
  • A Cornell University study found those higher gas prices are one reason Keystone would kill more jobs than it creates - again, especially in a state like Virginia that would see few (if any) jobs directly created by the distant pipeline.
  • The pipeline would do nothing to lower U.S. gas prices because the oil will be sold on the international market. Think about it - if you wanted to sell the oil in America, why would you build a pipeline literally all the way down through America to the Gulf Coast?
  • The pipeline would benefit from billions in taxpayer subsidies.
  • TransCanada predicted its Keystone I pipeline would spill once a year. It's spilled once a month.
  • Tar sands oil emits far more carbon pollution over its life cycle than regular oil, fueling the global warming that's threatening Virginia.
Please take a moment to call Sen. Mark Warner at 202-224-2023 and Sen. Jim Webb at 202-224-4024 and ask them to say no to Keystone XL tar sands pipeline. If you can't call (or if you don't live in Virginia), email your members of Congress.

As an added bonus, doing the right thing by killing Keystone XL is also a political winner. Isn't it nice when good policy and good politics come together?

Learn more from Robert Redford:
UPDATE 7:33pm: Over 500,000 people have signed a petition asking the Senate to leave Keystone dead in just 7 hours

Wednesday, February 8, 2012

Your Tax Dollars at Work: More Money on the Profit Pile for Multinational Oil Giants

Don't think we should be giving away billions in our tax dollars to oil companies already making massive profits by polluting our air & water? Tell your members of Congress it's time for a change.

Thursday, November 3, 2011

"We Can't Quit Dirty Fuels Today": Enabling America's Oil Gluttony

Let's say you had an overweight coworker. One who repeatedly professed to be desperate to lose lots of weight. But you walked into the break room day after day to find him chowing down on Outback Steakhouse Aussie Cheese Fries with Ranch Dressing. Finally, you decide you have to say something. "Hey, Sam. If you really want to lose weight, why don't you ease off on the cheese fries?"

"What, you expect me to lose 100 pounds today?" your coworker scoffs between greasy bites. "It's going to take years to lose all that - I can't possibly stop eating right now."

Now as President Obama considers whether to green light a ranch dressing tar sands pipeline, some are warning against putting America on an oil crash diet:
[Third Way's Josh] Freed says you can't just pull the bottle out of the baby's mouth.

"Because the baby still needs to eat, and right now virtually every car and most of the trucking fleet in the United States relies on either gasoline or diesel fuel, and you can't switch over in one year or five years or 10 years," he says. "It's going to take a long time."
America: A helpless baby suckling at Big Oil's teat. Somehow I don't see that becoming the new slogan for TransCanada, the company behind the proposed Keystone XL tar sands pipeline.

But who's arguing we should get off oil "in one year"? Reminds me of Tim Kaine's line that Virginia can't stop using coal today - a treehugging straw man set up to make the speaker look "centrist." It's a strategy David Roberts calls hippie punching:
Ever since the perceived successes of Bill Clinton's triangulation and the ascendency of the New Dems, the road to acceptance on the left has been paved with hippie punching. To be legit, one must signal to one's peers that one is not like those liberals, the old-fashioned, soft-headed, bleeding-hearted, slogan-shouting kind. One is a Pragmatist, not a Partisan, a traveler on the Third Way, not on the old, boring Left Way, a hard-headed, practical sort, not some kind of dippy dreamer. This pose is incredibly attractive to people whom I've called (clumsily, I grant you) "characterological centrists" -- folks who want to be, and be seen as, free-thinking and reasonable. What better way to demonstrate one's transcendence of mere partisanship than by rejecting the partisans with which one is most naturally associated?
Forget cold turkey. Aside from President Obama's moderate strengthening of fuel economy standards, what are we doing to even reduce our incredibly costly oil addiction? America's oil trade deficit was $265 billion in 2010, meaning we sent a net of $2,400 for each American household to other countries to buy their oil. And that doesn't event begin to consider the hundreds of billions we spend on the military to protect oil interests, the cost of oil disasters, or the cost of air pollution. How many people go around complaining about how we're burdening our children with the national debt without talking about how little we're doing to ease our oil addictions and the trillions in long-term cost that go along with it?

A sensible first step to reducing our oil addiction would be to stop putting new needles in our veins. I hope you'll join me & thousands of other Americans at the White House on Sunday November 6th at 2pm to ask President Obama to reject the proposed Keystone XL tar sands pipeline.


Image via LeMay Gallery

Monday, August 15, 2011

DC Oil Spill: Petroleum Product Spotted in Anacostia River

Reports WUSA9:
DC Fire's Hazardous Materials Unit is searching for the source of a petroleum-based product on the Anacostia River.

The product is said to stretch from the 11th Street Bridge to Benning Road.

DC Fire and EMS Spokesperson Pete Piringer said hazmat has not identified the product yet but he said it's a low level flammable, like oil.
UPDATE 8/16: The Coast Guard doesn't seem to be able to find much oil. They're going to keep an eye on things but there doesn't seem to be much threat to the river at this point.


Thursday, May 5, 2011

Bob McDonnell Wants To, Uh, Y'Know, Do The Thing That Gets The Oil

For someone so anxious to drill for oil just miles from Virginia Beach, Bob McDonnell is awfully terrified to say the word "drill." In his op-ed today in the Richmond Times-Dispatch, Gov. McDonnell never uses the words "drill" or "drilling" - not even once.

And with good reason! You might remember the image at right, produced in the very early days of the Deepwater Horizon disaster to show what the slick - just a fraction of the size it would eventually become - would look like if it happened off the Virginia coast.

As much as Gov. McDonnell would like us to forget about those thousands of dead birds, hundreds of dead endangered sea turtles, and more than a hundred dead dolphins, he's wrong dismiss the Gulf oil disaster as an "accident." The Gulf oil disaster was no random twist of fate - the bipartisan commission that investigated the blowout said it was the result of a series of bad decisions by the people doing the oil drilling, called the disaster "avoidable," and warned that without significant reform (which we're still waiting on), it could happen again.

But even if oil drilling was less dangerous than it is, would drilling off Virginia do us any good? The U.S. consumes 22% of the world's oil but holds only 1.5% of global oil resources. During the Obama administration, U.S. oil production is up sharply - but that hasn't done a thing to stop gas prices from rising sharply as well. The same story is true on a global scale - worldwide oil production is up, but oil prices are up too. Worldwide consumption is up and the dwindling supplies of oil left underground are getting more & more expensive to drill.

We can't drill our way out of our energy problems. The only way we can reduce our oil costs over the long term is to use less oil - fuel-efficient cars in the short-term, renewable energy-powered electric cars in the long term, and building more transit options & more walkable communities over the really long haul so our lives aren't tethered to the gas pump.

But hey, Bob McDonnell didn't get $33,150 from Exxon Mobil by pushing for hybrid school buses! He got it by promising to open up Virginia's coastline to drilling & leaving it to some future governor to worry about apologizing for how no one could possibly have predicted an oil disaster here.

Thursday, April 28, 2011

Parody Becomes Reality: Exxon Mobil Profits Up 69 Percent

Considering how much we're getting screwed by high gas prices, dangerous oil & hydrocarbon gas drilling, it seems only appropriate that Exxon Mobil's $11 billion profit in just the first three months of 2011 represents a 69 percent increase from last year.

I'm sure the number is just a coincidence (or is it, Donald Trump???). But it's depressingly reminiscent of BP's new name from last year's South Park parody (NSFW):

Wednesday, March 30, 2011

Obama Compromising With Himself on Energy, Again

obama mirrorIn March 2010, President Obama came out for increased oil drilling. Result? He won over exactly no one to his clean energy & climate plan, and had to publicly reverse himself after the Gulf oil disaster.

Obama also promised massive subsidies for nuclear power plants. Result? The senators he was trying to win over, Lindsey Graham and John McCain, walked away from the clean energy & climate bill anyway, and now Obama is faced with the prospect of yet another public reversal after the Japanese nuclear disaster.

Now it looks like President Obama is once again giving up ground on energy with no guarantee of anything in return:
Many facets of his program will be familiar. The president will propose wider use of natural gas, including incentives to use it to fuel fleet vehicles such as city buses. He will back greater production of biofuels and will vow to establish at least four commercial-scale refineries producing cellulosic ethanol or advanced biofuels within the next two years. He also will pledge to establish higher fuel-efficiency standards for heavy trucks, just as he did for passenger vehicles early in his administration.

Obama will also urge oil companies to make greater use of the federal leases both onshore and offshore to prop up domestic oil output. The oil industry and GOP lawmakers have been loudly complaining about delays in the permitting of offshore drilling in recent months. But an irked administration, which had pledged tougher scrutiny of drilling applications after last year’s massive Gulf of Mexico oil spill, fired back Tuesday with an Interior Department report that revived earlier debates about whether oil companies were exploiting the leases they already have.
There are some good ideas, like increased fuel efficiency for trucks. But they're more than outweighed by the bad ones:
  • We've already been drilling for more oil recently under the failed Bush/Cheney energy policies. And how are gas prices doing?
  • Natural gas may be less polluting than oil at the tailpipe, but comes with major concerns about the safety of a drilling procedure called fracking.
  • And politicians have been touting next-generation biofuels for ... well, for a generation. Now it's 2011 and they're still not ready. Why throw more money down that hole when wind, solar and electric cars are ready now?
For all these giveaways, what exactly does the White House expect to get? Does anyone expect Congress to get off its butt and act on energy when GOP leaders seem happy to cash polluter checks and blame others for our national energy inaction?

In the face of Congressional inaction, President Obama should be defining the choice for voters. They're for buying more polluting oil from countries that hate us - I'm for making America more self-sufficient with home-made clean energy. If voters want the latter, they need to not only give Obama another term, but give him a Congress that will pass real reform.

Instead, we get more White House attempts to negotiate with people who want them to fail, and more "me too" energy policy, always a disaster for Democrats.

Have national Democratic leaders learned nothing from the 2009 & 2010 elections? Seems like they think the lesson is they haven't compromised enough, adopted GOP-lite stances enough, or depressed the progressive base enough. Sounds like a perfect prescription for more of the same on energy, and more of the same in the 2011 & 2012 elections.

Monday, January 31, 2011

GOP Leaders Act Like Pro Wrestling Referees On Energy

"There must be this whole school where they teach you to just kind of run around and not notice anything. They sit you down, show you a film of the rubout scene from The St. Valentine's Day Massacre, and if you don't see anything illegal going on, you're hired."
- Jerry Seinfeld on pro wrestling referees

The Energy Star program helps make sure your appliances use less electricity to do the same job, saving millions of Americans money. The U.S. House Republican Study Committee budget plan cries foul, targeting the program for a $52 million budget cut.

But the $36.5 billion dollars in subsidies the federal budget doles out over the next decade to oil & gas companies, which are already making massive profits off rising gas prices? The GOP doesn't see anything wrong with that - Big Oil's pork is protected by that House GOP budget blueprint.

It's a similar story here in Virginia. While Attorney General Ken Cuccinelli jokes about global warming, he sees nothing wrong with blowing billions on job-burning coal plants. And it's no surprise that Cuccinelli's top donor, the Republican State Leadership Committee, is fueled by oil, with Devon Energy & Exxon Mobil among its leading contributors.

And let's not forget George Allen, whose willingness to look the other way for Big Oil's benefit makes George W. Bush look as fair-minded as Judge Mills Lane by comparison. Allen refuses to even admit America has a problem with imported oil, saying Bush was wrong to call out our addiction. Of course, it's not the glare off his designer boots that's blinding him - George Allen has been on Big Oil's payroll for years.

But now President Obama has laid out an energy policy that sounds like it was designed by rank & file Republicans - calling for development of not just clean energy but natural gas, nuclear & even coal, if it can clean up its act. Can GOP leadership keep running around pretending to not notice gas creeping back to $4 a gallon?

Wednesday, December 15, 2010

What Energy Sources Do Your Tax Dollars Subsidize?

Via Good.is (click to enlarge):



Republicans squawk about incentives for renewable energy because those are new & need approval, while dirty energy sources locked in their subsidies long ago - like, say, the tens of millions of dollars in tax breaks Virginia gives to dirty coal companies every year.

Why not eliminate all subsidies & put a simple price on carbon pollution? That's what truly terrifies dirty energy companies (and the politicians they fund).

Sunday, August 22, 2010

Ryan Reynolds: The True Cost of a Gallon of Gas

Via Ecorazzi, here's a new video from NRDC. It's a powerful ad, although I have to ask ... why not have him do something silly? Isn't that what Ryan Reynolds is good at, making us laugh? I kind of want to see him arguing with a sock puppet.

Thursday, August 12, 2010

Wednesday, July 21, 2010

Drowning in Oil

No, really. 400,000 gallons spilled & one person dead in China:

Time to get off humanity's addiction to oil? Sen. Webb? Hello?

Friday, June 4, 2010

Is This What Gov. McDonnell Wants to Bring to Virginia?

Take a good, long look, Gov. McDonnell:
More horrifying pictures at Examiner.com.

Photo via Flickr's GreenpeaceUSA