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November 13 News: House Speaker Won’t Rule Out Oil Tax Breaks As Part Of ‘Fiscal Cliff’ Agreement

By Stephen Lacey on November 13, 2012 at 7:54 am

"November 13 News: House Speaker Won’t Rule Out Oil Tax Breaks As Part Of ‘Fiscal Cliff’ Agreement"

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The oil industry’s long record of success in defending its tax breaks faces new tests as lawmakers and the White House negotiate to avoid the “fiscal cliff.” [The Hill]

Renewable energy is set to rival coal as the main generator of the world’s electricity by 2035 as the costs of technology fall and subsidies rise, the International Energy Agency said. [Bloomberg]

Coal remains a critical component of the world’s energy supply despite its bad image. In China, demand for coal in 2010 resulted in a traffic jam 75 miles long caused by more than 10,000 trucks carrying supplies from Inner Mongolia. India is increasing coal imports. [New York Times]

The US can shed its longstanding dependence on Saudi Arabian oil within the next decade, redrawing the world’s political systems and potentially leading to runaway global warming. [Guardian]

Kior Inc., a producer of transportation fuels from wood waste and non-food crops, began production at its first commercial plant as other U.S. biofuel companies including Gevo Inc. and Amyris Inc. struggle to transfer their technologies from the lab to the factory. [Bloomberg]

Thousands of military homes in southern New Mexico and West Texas will be fitted with solar panels as part of a $1 billion plan by a California company to bring solar to military installations across the country. [Associated Press]

The re-election of President Barack Obama will likely mean a continuation of the U.S. government’s policy promoting electric and hybrid vehicles, Elon Musk, the chief executive of electric car maker Tesla Motors Inc, said on Monday. [Reuters]

The heads of major UK companies joined calls on Monday for the government to bring in a target to slash emissions from the power sector by 2030. [Guardian]

The European Union will freeze for a year its rule that all airlines must pay for their carbon emissions for flights into and out of EU airports, the EU executive said, following threats of international retaliation. [Reuters]

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14 Responses to November 13 News: House Speaker Won’t Rule Out Oil Tax Breaks As Part Of ‘Fiscal Cliff’ Agreement

  1. prokaryotes says:

    Climate change triggering national security threats

    Climate change will likely lead to more frequent extreme weather events as well as droughts and floods, triggering serious social and political disruption that poses a potential threat to U.S. national security, a National Research Council report shows.

    Read more: http://www.politico.com/news/stories/1112/83695.html#ixzz2C6p4FBfp

  2. prokaryotes says:

    Climate change may explain Maya rise and fall, study says
    Evidence of abundant rainfall early in the Maya civilization and drought later could explain its fate, scientists suggest. http://www.latimes.com/news/science/la-sci-maya-climate-change-20121117,0,3474592.story

  3. Zimzone says:

    The U.S. will become the world’s largest oil producer within the next 5 years.
    Another shale field was just found beneath the Bakken Formation in ND.
    Big oil is literally drooling with the prospect of new drilling targets.
    Even if big oil loses its $4B / year subsidy, it will continue to be the most profitable industry on our planet.

    Does anyone really believe we’ll reduce carbon emissions to the level needed when our media finds what Lindsay Lohen was doing last night more interesting than climate change?

    • Colorado Bob says:

      Z-
      The irony here, Federal research & tax breaks made possible the development of directional drilling and hydro-fracking.

      The oil report , is just a realization that no shale deposit in the world is out of reach. Finding the zillions of gallons of fresh water to do that, becomes the problem .

      NPR did a story this morning about the boom in Penn. There are an estimated 200,000 abandoned oil wells there. Only 4% are known on a map.
      The new wave of drilling is causing natural gas blow outs in these old, poorly plugged wells.

    • Lindsay Lohan is more interesting than climate change. She’s a puzzle, but the average person can relate on some level — we all have our foibles. But climate change is hard to understand, scary, requires commitment to fight and so on. Better to let the experts deal with it.

      The experts have to make climate change up front and personal.

      • Merrelyn Emery says:

        Old Ma Nature is beating the experts to it, ME

      • Mulga Mumblebrain says:

        Lohan’s no puzzle. She’s just a simple, determined, girl, who likes doing her own thing. And she’s got the money to get away with it, more or less.

  4. Colorado Bob says:

    NPR -
    In February 1932, the United States was in the midst of the Great Depression. Franklin Roosevelt was plotting a run for the White House. And in northeast Pennsylvania, the Morris Run Coal Co. had just finished drilling a 5,385-foot-deep gas well on a farm owned by Mr. W.J. Butters.

    Eighty years and four months later, the Butters well was tied to another incident — even though it had been inactive for generations. It played a key role in a methane gas leak that led to a 30-foot geyser of gas and water spraying out of the ground for more than a week.

    http://minnesota.publicradio.org/features/npr.php?id=164139865

  5. fj says:

    It’s also likely that extremely urgent high efficiency net zero initiatives in transportation, building stock retrofits; extremely urgent reductions in waste, deforestation; dramatic increases in low emission food production, distribution, and manufacturing can rapidly reduce emissions by better than half by 2035.

  6. prokaryotes says:

    Al Gore calls on Barack Obama to ‘act boldly’ on climate change
    Former vice-president and climate champion urges re-elected president to immediately begin pushing for a carbon tax http://www.guardian.co.uk/environment/2012/nov/13/al-gore-barack-obama-climate-change