After oil and gasoline prices continued their relentless march up earlier this year, it was nice to have some relief at the pump in May and June. However, since the end of June, prices of WTI crude oil is up over 15%, Brent crude oil is up about 25%, and retail gasoline is up over 7%. Oil and gasoline prices reached three-month highs last week and the Energy Information Administration (EIA) increased their 2012 forecasts of these prices.
There is no doubt that these higher prices will grab the attention of news outlets, policy makers, and the public. With this increased attention, political rhetoric regarding fantasies of governmental regulations and market manipulations will likely reemerge as catalysts to lower these prices.
The less likely scenario is increased awareness on the impacts that central banks, particularly the Federal Reserve, have on these petroleum prices by changes in the money supply.…
Continue ReadingYesteryear’s climate extremes are today’s climate normals. Yet we are largely oblivious and better off. A hundred years from now the same will be true. Ho hum….
But not everyone thinks this way. Take NASA’s James Hansen for example.
Hansen has recently published a prominent paper (in the Proceedings of the National Academy of Sciences, PNAS) and placed a prominent op-ed (in the Washington Post) that are aimed at raising the public’s awareness of the impacts of climate change, both now and in the future. In a rather candid admission for a scientific paper (and one which in most cases would have resulted in an immediate rejection), Hansen (and co-authors) proclaim that “…we were motivated in this research by an objective to expose effects of human-made global warming as soon as possible…” To drive the point home further, Hansen’s op-ed was headlined “Climate change is here — and worse than we thought.”…
Continue ReadingIn an earlier post, I asked readers to consider four thought experiments regarding the reprioritization of our public-policy work on energy. Here is my response to your much-appreciated comments and a proposed path forward.
Thought Experiment 1. Let’s demote oil and climate change to secondary status as analytical issues.
To my surprise, no one seemed to disagree with my proposal. Yet popular media coverage of these issues is probably 90+%.
Thought Experiment 2. Let’s elevate the dialogue about fundamental electric industry reform to primary status.
… Continue ReadingAgain to my surprise, no one seemed to disagree with my proposal, which leads me to wonder why this issue does not get the attention it deserves. My best guess is you cannot boil the solution down to a three word sound bite (Drill Baby Drill!