Grist | Topics | 41 Results

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Headline	Author	Published	Section
The price of bad predictions Lowballing the future of oil costs money	Eric de Place	04 Sep 2008	Gristmill
At a glance, this San Francisco Chronicle article is a bit difficult to parse, but it points to exactly the reason why I've been ranting about lousy oil price forecasts churned out by federal U.S. agencies (see here, here, and here). To wit: The Environmental Protection Agency says another arm of the Bush administration may be lowballing the economic benefits of increasing fuel economy standards for cars and trucks.... The EPA said in comments filed wit ...
Topics: Big Oil, economy, energy, gas prices, oil (all these topics)

Oil Me Once Santa Barbara County officials give thumbs-up to offshore drilling		27 Aug 2008	News
Posted at 4:18 PM on 27 Aug 2008 Santa Barbara County supervisors on Tuesday voted 3 to 2 in favor of allowing offshore drilling along their coastline -- a move that has no practical impacts, but is rich with symbolism. The southern California county was hit with a devastating 3-million-gallon crude oil spill from an offshore platform in 1969; it coated beaches, killed wildlife, and helped to kick-start the modern en ...
Topics: California, energy, gas prices, news, oil, oil and gas drilling, politics (all these topics)

Q: Will we see $3 gasoline before we see $5? Short-term dip in oil prices will not offset long-term increases	Joseph Romm	21 Aug 2008	Gristmill
A: 'Who knows?' and 'It doesn't really matter.' Much higher gasoline prices that are sustained for a long, long time are now inevitable. The fundamentals in the oil market are that we are in the beginning stages of peak oil. Supply can no longer keep up with demand, which keeps soaring even in the face of record prices. The U.S. Energy Information Administration has the surprising statistics [PDF]: Preliminary data indicates that global consumption rose by roug ...
Topics: economy, energy, gas prices, oil, oil and gas drilling (all these topics)

The floor to end all wars Demand destruction is driving prices down, but is that a good thing?	David Roberts	15 Aug 2008	Gristmill
As Joe says, Americans are driving less: "Americans drove 53.2 billion fewer miles November through June than they did over the same eight-month period a year ago..." Consequently, demand for oil is down to a five-year low, according to the American Petroleum Institute. Not hard to figure out what's going on here -- as Matt says, prices change behavior. Let's ponder a few things: First, most of the changes people are making are short-term hacks like ...
Topics: cars, energy, gas prices, green living, oil (all these topics)

Shifting Into Under-Drive Americans drive less, use less gas, buy fewer cars		14 Aug 2008	News
Posted at 10:56 AM on 14 Aug 2008 Americans are driving less, burning less gasoline, and buying fewer cars, and the feds have the stats to prove it. New numbers show that Americans drove 4.7 percent less in June 2008 than they did in June 2007, shaving off some 12.2 billion miles. For those keeping track at home, that makes a total 53.2 billion fewer miles driven between Nov. 2007 and June 2008 than in that eight-month ...
Topics: business, cars, economy, energy, gas prices, news, oil, placemaking (all these topics)

Follow your money The breakdown of Big Oil's record-breaking profits	Joseph Romm	04 Aug 2008	Gristmill
Record Big Oil profits from record oil prices and taxpayer subsidies -- where does all your money go? With ExxonMobil's report of a $11.68 billion haul in the second quarter of 2008, the world's top five oil companies are now on track for more than $160 billion in profits this year ... I know what you are thinking: Surely, Big Oil will take those staggeringly immense and almost immoral profits from the suspiciously fast rise in oil prices -- along with the ...
Topics: Big Oil, economy, energy, gas prices, oil, oil and gas drilling (all these topics)

A Prius problem? The WSJ alleges that our use of hybrids increases oil prices	Joseph Romm	01 Aug 2008	Gristmill
The Wall Street Journal's Environmental Capital blog is a must-read. But what exactly were they thinking with this column: So you think you're being virtuous by trading in the SUV for, say, a Prius? What if, instead, you're really sticking the next guy in line with higher pump prices? Yes, The WSJ is revoking the law of supply and demand. Less demand translates into higher pump prices! How is this possible, you ask? In the debate over why oil prices are so hi ...
Topics: economy, energy, gas prices, hybrids, oil, Prius (all these topics)

Never let your enemy choose the battlefied The crucial mistake Dems made in the energy fight	David Roberts	25 Jul 2008	Gristmill
Following up on this -- I think the Democrats have made a specific and costly error. Consider the following Republican argument: Americans are hurting from high gasoline prices; politicians must act. Therefore, it's the responsibility of Congress to lower gasoline prices. Therefore, we must open up new areas to oil drilling. Democrats have accepted No. 2, but they're trying to fight off No. 3. They're arguing that we can bring down gas prices by drilling ...
Topics: Congress, energy, gas prices, oil, oil and gas drilling, politics (all these topics)

Shale Mary It's a 1980 flashback, as energy price spikes make oil shale economical once again	David Roberts	22 Jul 2008	Gristmill
The Bush administration's latest push to force dirty energy extraction down the throats of Americans living in western states has some historical pedigree. Extracting oil from keragen -- somewhat misleadingly known as "oil shale" -- by cooking the rock at high temperatures is an environmental, social and economic nightmare that's been with us since the 17th century. It's come and gone in various countries at various times, most persistently in such vibrant, p ...
Topics: Big Oil, energy, gas prices, oil, oil and gas drilling, oil shale (all these topics)

The cruel offshore-drilling hoax, part 1 EIA maintains offshore drilling gains will be negligible	Joseph Romm	11 Jul 2008	Gristmill
The GOP and McCain/Bush keep insisting that an end to the federal moratorium on (some) offshore drilling is a major solution to America's oil woes, even though Bush's own energy analysts make clear it is not. That Energy Information Administration analysis is, however, a couple of years old, so I called up the author today and asked if it was being updated. Turns out a new version will be published in a couple of days, but she explained to me that the 'answers are no ...
Topics: energy, gas prices, George Bush, John McCain, oil, oil and gas drilling (all these topics)

Oil hysteria, part 3 Congress scrambles for short-term solutions to counter oil prices	Jon Rynn	10 Jul 2008	Gristmill
I was afraid of this. The irrationality being exhibited about the price of gasoline is on prominent display this week in Congress. According to the New York Times article 'Congress feeling pressure for action on oil prices,' some of the things being considered are 1) drilling, of course, 2) anti-speculation legislation, and 3) 'incentives for renewable fuels,' ergo, corn ethanol. The most ironic idea, to me anyway, was Sen. Susan Collins (R-Maine) suggesting that voter ...
Topics: Congress, energy, gas prices, oil, politics (all these topics)

Oil prices will go ... up? No easy explanation for continued price increases in the oil markets	Jason D Scorse	07 Jul 2008	Gristmill
At the end of last year I predicted that the price of oil would go down; so far I have been terribly wrong. My prediction, shared by many other economists and energy experts, was premised on a reasonable assumption: Since the world was headed for an economic slowdown, brought about the housing bubble and the financial crisis, global demand for energy would likely moderate, putting downward pressure on prices. While it was a sensible prediction, I am happy that no one ...
Topics: renewable energy, gas prices, oil sands, oil, economy, energy (all these topics)

Must read CIBC report: $7 per gallon gas by 2010 Ten million cars off the road, 1970s style GDP growth	Joseph Romm	26 Jun 2008	Gristmill
CIBC World Markets has just released a stunning yet detailed economic analysis of near-term oil prices and impacts. The PDF has some excellent figures I will convert to JPEGs. The two key pieces are 'Getting off the Road -- Adjusting to $7 per Gallon Gas in America' (PDF) and 'Oil and Growth -- That 70s show Re-Run' (PDF). Main points: 'That additional 200,000 barrels per day pledged from Saudi Arabia is a pittance compared to the four million barrels per day ...
Topics: cars, economy, energy, gas prices, oil (all these topics)

Nibbling the hand that supplies you Saudi Arabia to host summit on high gas prices	Joseph Romm	24 Jun 2008	Gristmill
Since when do we deal with our addiction by going to summits hosted by drug suppliers? Yet here is the Washington Post: 'Saudi Arabian Oil Summit Hopes to Isolate Cause of Price Rise' JIDDAH, Saudi Arabia, June 21 -- Leaders from oil-producing and oil-consuming nations will meet here Sunday to try to pinpoint the reasons behind the rise in oil prices, which have doubled over the past year, and to find ways to bring them down. You cannot make this s ...
Topics: climate, energy, gas prices, oil, oil and gas drilling, politics, Saudi Arabia (all these topics)

Put down the oil Increasing oil production will not substitute as energy solution	Michael Moynihan	24 Jun 2008	Gristmill
Originally posted on the NDN Blog. Yesterday, Saudi Arabia did what everyone -- including George W. Bush on bended knee -- has been asking it to do for months: agree to increase production. Prices closed up a dollar. The Saudi move and its non-impact on the market shows just how tight supplies remain. While it was designed in large part to offset declines in Nigerian production due to rebel violence in the oil-rich, poverty-stricken Niger Delta, it might have ...
Topics: energy, gas prices, oil, oil and gas drilling, politics, Saudi Arabia (all these topics)

Gas prices to peak soon? EIA: Making the same mistake again and again	Eric de Place	14 Jun 2008	Gristmill
If you believe the Energy Information Administration, U.S. gas prices will peak at $4.15 per gallon in August. Whew. That's a suprise for most Americans, 86 percent of whom believe that prices will top $5 by the end of the year. We can be confident that the EIA -- the agency that does the country's official projection of oil prices -- knows what they're talking about. Yessiree. If you detect a note of sarcasm in my post maybe that's because the EIA has a hilario ...
Topics: energy, gas prices, oil (all these topics)

That's a gas Today's gas consumption shows that price increases are only one part of the solution	Gar Lipow	10 Jun 2008	Gristmill
As SUV sales plummet and gasoline use finally drops, one meme spreading around is, 'Looks like people respond to price after all.' The implication seems to be that any demand response other than zero proves that prices are wonderfully effective. The problem, however, is not response is or might be zero. (I can think of few who ever claimed that.) The problem is that it takes a big price increase to produce a small response. The current data support the conventional wisdo ...
Topics: energy, gas prices, oil (all these topics)

What Mr. Crude Oil sees ahead High oil prices are our lot until demand is destroyed, but no peak	Joseph Romm	09 Jun 2008	Gristmill
Goldman Sachs analyst Arjun Murti predicted the recent spike in oil prices, so it's worth looking at his recent interview in Barron's:IN 2004, ARJUN N. MURTI, A TOP ENERGY ANALYST AT GOLDMAN SACHS, published a report predicting 'a potentially large upward spike in crude oil, natural gas and refining margins at some point this decade.' It was a controversial call, with crude around $40 a barrel at the time. But it was right on the money. Four years later, crude is tradin ...
Topics: energy, gas prices, interview, oil (all these topics)

Taking the Pledge Five nations agree to think about ending oil subsidies	Ron Steenblik	09 Jun 2008	Gristmill
The day after markets registered the highest single-day rise in crude oil prices ever, the United States and Asia's four largest economies (Japan, China, India and South Korea), meeting in Aomori, Japan in advance of the G8 Energy Ministers summit, have formed a sort of Petro-holics non-Anonymous club, calling for an end to oil subsidies in their countries. Consumer subsidies (subsidized fuel prices), that is, not producer subsidies. OK, what they actually agreed upo ...
Topics: energy, gas prices, international treaties, oil (all these topics)

Your two cents Opening ANWR cuts gas prices $0.02 in 2025	Joseph Romm	05 Jun 2008	Gristmill
In the climate and energy debate, conservatives continue to argue that the only solution to high gasoline prices is drill, drill, drill, especially in the Arctic National Wildlife Refuge. This argument is false, false, false. The Administration's own Energy Information Administration found differently in a 2004 Congressionally-requested 'Analysis of Oil and Gas Production in ANWR' (see 'Note to Bush, media: Opening ANWR cuts gas prices one cent in 2025'). I pointed ...
Topics: Arctic Refuge, energy, gas prices, oil, oil and gas drilling (all these topics)

Globalization death watch, Part I Airlines, cargo ships increasingly desperate due to rising fuel costs	Jon Rynn	02 Jun 2008	Gristmill
Globalization was built on cheap oil. As that era draws to a close, so will the current phase of global integration, whether Thomas Friedman, Wal-Mart, and all those involved in intercontinental trade like it or not. The current transportation infrastructure is based on cars, trucks, airplanes, and cargo ships, which together consume about 70 percent of the gasoline used in the United States. While the greatest focus has been on cars, trucking and airline companies are ...
Topics: air travel, economy, energy, gas prices, oil, placemaking (all these topics)

The road not traveled U.S. driving down 11 billion miles in March, the sharpest drop in history	Joseph Romm	28 May 2008	Gristmill
Price does matter. So does public perception of likely future prices. As it becomes increasingly clear that high gasoline prices are not a fluke, Americans are adjusting their driving habits. March 2008 saw 'the sharpest yearly drop for any month in FHWA history' of total vehicle miles traveled (aka VMT) according to the Federal Highway Administration's monthly report on 'Traffic Volume Trends' [PDF]. In March 2008, Americans drove 246 billion milles, compared ...
Topics: energy, gas prices, oil (all these topics)

Drill here, drill now, pay less Gingrich mounts campaign to support domestic oil drilling	David Roberts	28 May 2008	Gristmill
"Green conservative" and We campaign spokesman Newt Gingrich is mounting a new campaign: "Drill Here, Drill Now, Pay Less." His promise is that (blocking Lieberman-Warner and) opening up drilling off the coasts, in the Gulf of Mexico, in northern Alaska, and in the Rockies (for oil shale) would lower gas prices. Now, for one thing that's just a lie. It's false. According to the EIA, the U.S. has about 21 billion gallons in proven oil reserves ...
Topics: energy, gas prices, lying liars, messaging, Newt Gingrich, oil (all these topics)

Why a climate bill in 2008? Part IV Time to kick the oil habit	Tony Kreindler	28 May 2008	Gristmill
This is the latest in a series on why it is important to push hard for climate legislation this year. Over the past few months, I've made the case for passing climate legislation in 2008: We don't want to squander the current momentum, we simply can't afford to wait, and while we do, we only prolong a dangerous catch-22. Now we're finally on the doorstep of Senate action on a comprehensive climate change bill. Floor debate over the Climate Security Act (S. 3036) ...
Topics: climate, energy, gas prices, legislation, oil, politics (all these topics)

Gas at $12-15? Not so fast But soon we will be mad for $6-7 gas	Joseph Romm	23 May 2008	Gristmill
Normally, I would listen to Robert Hirsch and the legendary Charlie Maxwell, over CNBC's 'Mad' Jim Cramer. But Hirsch and Maxwell are making headlines for saying $12-15 gasoline is around the corner, based on Maxwell's projection of oil 'reaching $180 a barrel in 2015 and $300 a barrel in 2020.' Sorry, guys -- every extra $40 barrel is another dollar a gallon or so at the pump. Don't quite know how they did the math, but they did it wrong.When Mad Money's Jim Cramer ...
Topics: business, cars, energy, fuel efficiency, gas prices, oil (all these topics)

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