Posts tagged “Ed Markey”
If you were to survey people and ask the question “Should we subsidize oil companies?” — the overwhelming majority would undoubtedly respond “No!” The notion that we are subsidizing oil companies generates outrage in many people, but in this article I will show why these subsidies aren’t going to go away any time soon. The reason may surprise you.
I decided to write this article following a a recent discussion in a CleanTech discussion group on the social networking site LinkedIn. The person who started the discussion asked the question “Why is it so Hard to Kill Fossil-Fuel Subsidies?” The discussion was prompted by a recent article by environmental activist and author Bill McKibben called Payola for the Most Profitable Corporations in History. In the article McKibben proposes “five rules of the road that should be applied to the fossil-fuel industry.” But McKibben himself demonstrated in his article that he doesn’t really understand the nature of these subsidies — and this sort of misunderstanding largely explains why so many people are outraged that they persist.
The United States and Britain have apparently been discussing a joint release of strategic petroleum stockpiles.
The U.S. Strategic Petroleum Reserve was intended to be used in the event of a “severe energy supply interruption” whose legal definition is as follows:
A severe energy supply interruption shall be deemed to exist if the President determines that–
- an emergency situation exists and there is a significant reduction in supply which is of significant scope and duration;
- a severe increase in the price of petroleum products has resulted from such emergency situation; and
- such price increase is likely to cause a major adverse impact on the national economy.
Historical experience has shown that seemingly temporary supply disruptions can have very long-lasting consequences. Libyan oil production in November was still only about a third of what the country had been producing in January 2011 prior to last year’s disruptions. Iraqi production still has not returned to the average value seen in 1989 prior to the First Persian Gulf War. Iranian production has never returned to the average values achieved in 1977 prior to its revolution.
The Phenomenon of Political Contradictions Energy policy frequently highlights some glaring contradictions among lawmakers. Some politicians who have railed against our dependence on petroleum and who insist we must reduce carbon emissions turn around and introduce legislation aimed at making gasoline cheaper. Imagine that an advocate for more exercise and better eating was also advocating cheaper fast food — and you have a situation akin to the mutually exclusive energy policies of some of our political leaders. Jekyll & Hyde I have never been able to reconcile what goes on inside the heads of Congressman Ed Markey (D-MA) or Senator Chuck Schumer (D-NY). Congressman Markey has long been a passionate advocate of legislation designed to reduce carbon emissions. Once, after… Continue»
An internal BP document released by Congressman ED Markey (MA-D) today revealed that the worst-case scenario spill rate could be 100,000 barrels per day.
Note: I am traveling to Seattle on Monday, returning Wednesday. No updates during that time, and responses to e-mails will be delayed. Per a story in today’s Austin American Statesman: Is oil at its peak? Experts split A sampling of the opinions cited: ‘As much as you’re uncomfortable with today’s oil prices, these are going to be the good old days. We’re talking about pain here that is unimaginable. There’s no question in my mind that we’re likely to see oil production go into decline somewhere between 2010 and 2012.’ Robert Hirsch, oil expert and author of the Hirsch Report ‘For the past three years, global oil production has remained constant at roughly 85 million barrels per day. OPEC production… Continue»