Petrochemicals

China's Market Convulsions Threaten Petrostates from Russia to Venezuela

Mon, 2015-08-31 07:39 — Kathy Gilbeaux

latinamericanpost.com - by Keith Johnson - August 29, 2015

The Chinese contagion that sparked “Black Monday” is especially worrisome for crude oil prices, which this summer were thought to have finally found a floor after a year of steady price declines. But that floor suddenly looks rotten: U.S. benchmark crude prices fell well below $40 a barrel on Monday, their lowest levels since the depths of the global financial crisis.

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100% renewables by 2045 is now the law in Hawaii

Wed, 2015-07-29 14:36 — Albert Gomez

Link to Article: http://www.argusmedia.com/News/Article?id=1051970

Hawaii law sets target of 100pc renewables by 2045

9 Jun 2015, 2.15 pm GMT

Washington, 9 June (Argus) — Hawaii's governor David Ige (D) signed legislation making the island state the first in the US to set a mandate for all electricity to come from renewable resources.

The governor signed HB 623, which requires electric utilities to supply 100pc of their sales with renewables by 2045. The new renewable portfolio standard includes interim targets of 30pc by 2020, 40pc by 2030 and 70pc by 2040. HB 623 replaces a previous standard that called for 15pc by 2015, 25pc by 2020 and 40pc by 3030. The bill takes effect on 1 July.

Ige said the move to local sources of energy will help the state's economy, which relies on about $5bn/yr in oil imports. Fuel oil provides about 70pc of the state's electricity, according to the Energy Information Administration (EIA).

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Coal Crash: How Pension Funds Face Huge Risk From Climate Change

Wed, 2015-06-17 09:03 — Kathy Gilbeaux

Coal is moved on a conveyor belt at the PT Bukit Asam open pit coal mine in Tanjung Enim, South Sumatra province, Indonesia. Photograph: Dadang Tri/Getty Images

Special report: The plummeting coal sector and a growing green divestment movement is leaving firms who still invest in fossil fuels and connected pension holders heavily exposed

theguardian.com - by Damian Carrington and Caelainn Barr - June 15, 2015

The pension funds of millions of people across the world, including teachers, public sector workers, health staff and academics in the UK and US, are heavily exposed to the plummeting coal sector, a Guardian analysis has revealed.

It has also found that just a dozen people, including the owner of Chelsea FC, Roman Abramovich, own coal reserves equivalent to the annual carbon emissions of China, the world’s biggest polluter. The UN, which advocates a shift to clean energy, has more than $100m (£65m) invested in coal through its own pension fund.

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Sheldon Whitehouse: Sue Fossil Fuel Companies For Climate Fraud

Thu, 2015-06-11 22:54 — SmShako

By Daniel Marans, 06/03/2015 4:16 pm EDT

Sen. Sheldon Whitehouse (D-R.I.) has a new plan to combat climate change: sue fossil fuel companies for fraud.

In a May 29 op-ed in The Washington Post, Whitehouse argued that the fossil fuel industry’s efforts to discredit climate science and attack environmentalists may constitute deliberate deception of the kind the tobacco industry perpetrated in previous decades. In 2006, a federal judge found the tobacco industry guilty of fraud in a civil lawsuit brought under the Racketeer Influenced and Corrupt Organizations Act (RICO). Cigarette companies' efforts to hide the health effects of tobacco consumption included lying about the findings of their own studies on smoking.

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Climate Change: Six Major Energy Companies Write to United Nations to Request Help in Setting Up Carbon Pricing Scheme

Mon, 2015-06-01 22:34 — Kathy Gilbeaux

A carbon pricing scheme would involve a fee being charged to emit the greenhouse gas and the proceeds would probably go to companies that reduce them

independent.co.uk - by Ian Johnston - May 31, 2015

BP, Royal Dutch Shell, Total, Statoil, Eni and the BG Group asked Christiana Figueres, executive secretary of the United Nations Framework Convention on Climate Change, to help them hold “direct dialogue with the UN and willing governments” about developing a scheme to charge those who produce carbon emissions. . . .

. . . The companies’ chief executives revealed the move in a letter to the Financial Times, which said: “We owe it to future generations to seek realistic, workable solutions to the challenge of providing more energy while tackling climate change.”

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Energy Agency Sees More Oil Declines, Potential for Conflict

Thu, 2015-03-19 18:10 — Kathy Gilbeaux

FILE - In this Tuesday, Oct. 14, 2014, file photo, oil pumps work at sunset in the desert oil fields of Sakhir, Bahrain. Oil prices have further to drop with no signs of slowing production in the U.S., according to the International Energy Agency, Friday, March 13, 2015. (AP Photo/Hasan Jamali, File) - Associated Press

ABC News - AP - March 13, 2015

Oil prices have further to drop with few signs of slowing production in the U.S., according to a global energy agency.

The International Energy Agency, a watchdog group based in Paris that represents the world's main oil-importing nations, said in its monthly report Friday that the recent stabilization in oil prices is "precarious."

"Behind the facade of stability, the rebalancing triggered by the price collapse has yet to run its course," it said.

That may be playing out right now. Oil prices tumbled 10 percent this week, including a 5 percent drop Friday.

The IEA cautioned that risks of oil supply disruptions are growing. Low prices could raise the risk of social disruption in some countries dependent on oil, the agency said, and the ongoing conflict in Iraq and Libya hasn't slowed down.

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Canadian government pushing First Nations to give up land rights for oil and gas profits

Sun, 2015-03-08 10:49 — Maeryn Obley

A rally against the expansion of the Kinder Morgan tar sands pipeline on Burnaby Mountain in British Columbia, Canada, in November, 2014. Photograph: Mark Klotz/flickr

Image: A rally against the expansion of the Kinder Morgan tar sands pipeline on Burnaby Mountain in British Columbia, Canada, in November, 2014. Photograph: Mark Klotz/flickr

theguardian.com - March 4th 2015 - Martin Lukacs

The Harper government is trying to win support for its pipelines and resource agenda by pushing First Nations to sideline their aboriginal rights in exchange for business opportunities, documents reveal.

The news that Canada’s Ministry of Aboriginal Affairs is working to this end by collaborating with the Assembly of First Nations (AFN) is sparking strong criticism from grassroots Indigenous people.

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Street Protests Loom as Shortages, Inflation and Oil Slump Hit Venezuela

Mon, 2015-01-19 10:48 — Kathy Gilbeaux

Students block a street as they clash with national guards during a protest against the government in San Cristóbal on Wednesday. Photograph: Reuters

As President Nicolás Maduro tours the world in search of financing, the most conciliatory opposition leader says the time has come to mobilise on the streets

theguardian.com - by Sibylla Brodzinski - January 16, 2015

Even Venezuela’s most conciliatory opposition leader has had enough.

Amid sky-high inflation, an absent president, snaking queues outside supermarkets, and plummeting oil prices, Henrique Capriles said this week that the time was ripe to try to force a change.

“We are in a state of emergency,” he said on Monday. “This is the time to mobilise in the streets.”

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At Least One Major Oil Company Will Turn Its Back on Fossil Fuels, Says Scientist

Fri, 2015-01-16 10:00 — Kathy Gilbeaux

Jeremy Leggett: 'One of the oil companies will break ranks and this time it is going to stick.'
Photograph: Linda Nylind for the Guardian

submitted by Margery Schab

Jeremy Leggett, former industry adviser, warns over plunging commodity prices and soaring costs of risky energy projects

The oil price crash coupled with growing concerns about global warming will encourage at least one of the major oil companies to turn its back on fossil fuels in the near future, predicts an award-winning scientist and former industry adviser.

Dr Jeremy Leggett, who has had consultations on climate change with senior oil company executives over 25 years, says it will not be a rerun of the BP story when the company launched its “beyond petroleum” strategy and then did a U-turn.

“One of the oil companies will break ranks and this time it is going to stick,” he said.

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