Reactions to story from SFGate

• 

  Better to Have and Not Need...

  http://www.scragged.com/articles/better-to-have-and-not-need...
  70 days ago in Scragged · Authority: 62

  As gas prices break records daily and American drivers scream in pain at the pump, Congress is putting on its customary act of appearing to Do Something. This week's Something also provides the benefit of letting the Democratic Congress try to put a finger in the eye of their favorite bogeyman, President George W. Bush. Accordingly, they have passed a law telling Bush to stop buying oil for the Strategic Petroleum Reserve, ignoring his protests. For once, congressional action makes a certain economic sense. The bureaucrats who buy oil for the SPR buy on the open market, just like any other oil buyer. If the government stops buying, obviously that's one less customer and consumption will go down; the famous laws of supply and demand therefore dictate that the price will go down too. This is not to say that it's going to make much difference, as the article points out: The action was expected to have a modest effect on pump prices, saving motorists an estimated 2 to 5 cents a gallon, backers said. Well, every little bit helps, one might suppose. The reason the savings are so small is because, as petroleum-buyers go, the SPR is a tiddler: Bush has been buying 70,000 barrels every day, just one-tenth of one percent of global demand. Putting a stop to these purchases is a symbolic measure at best; even if the promised maximum price reduction of a nickel does appear, will anyone even notice? What would get noticed is the price we may wind up paying for this politically expedient but irresponsibly shortsighted action. The Strategic Petroleum Reserve, as its name implies, is supposed to be our national emergency reserve supply in case something goes seriously wrong. At the moment, it contains enough to run our entire country for two months - which sounds like an awful lot of oil, but not at all like a very long time. There is ample reason to fear a supply disruption. We are on rather bad terms with several major oil-producing nations, notably Hugo Chavez's Venezuela and Ahmadinejad's Iran. Since oil is a global commodity, it doesn't so much matter whether we buy the oil from these nogoodniks as long as somebody does; but in the event of a military conflict with Iran, odds are they would be in no position to continue shipping oil to anyone. What's more, even countries we aren't likely to bomb are not averse to throwing their weight around in the energy market by strategically suspending shipments, as Russia has done in Europe. Then, there's the ever-present possibility of terrorism. Oil pipelines are notoriously fragile and vulnerable to attack, and they are damaged routinely in Nigeria and other African countries. The Saudis have foiled numerous bombings at the world's biggest oil facility, Abqaiq. Most Saudi oil is exported from this one facility; and Saudi Arabia produces one sixth of the world's petroleum. It's utterly irresponsible for our leaders to blithely assume that the Saudi security forces are omnicompetent and that al Qaeda will ever remain buffoons; sooner or later one attacker is going to slip through. What would happen if - well, when really - one sixth of the world's oil production goes offline for emergency repairs? That is the purpose of the Strategic Petroleum Reserve. An impact of that magnitude would send global oil prices off into the realm of fantasy. Can we even imagine what would happen to our economy if fuel-pump prices were, not $5 a gallon, but $20? With two months' supply on hand in the SPR, at least America would have the option of slapping an immediate embargo on oil exports and releasing the contents of the Reserve onto the domestic market just to keep the lights on. This sort of emergency relief is the kind of strategic tool that a wise country keeps on hand. Any financial adviser will tell you to keep two months' salary in the bank in case of an unforeseen disaster. Oil is the lifeblood of our whole country's economy; should we do any less? But the Democratic Congress has chosen to make a symbolic political gesture that will have an infinitesimal effect on gas prices and which carries a potentially astronomical cost to our society. How utterly typical. Being a liberal means never saying you're sorry - and shame on the Republicans who are going along with this.
• 

  The Daily WAR (02-08)

  http://thedailyworldaffairsreport.blogspot.com/2008/05/daily...
  71 days ago in The Daily World Affairs Report · Authority: 6

  Reading between the lines, and thinking outside the box . . . THE HOLY ROMAN... [Sacrum Romanum / Heiliges Römisches] [Vaticams] ...EMPIRE OF THE GERMAN NATION [Imperium Nationis Germanicae / Reich Deutscher Nation] [Satan's Throne?] Authorities to warn against Left party extremists Germany's domestic intelligence agency will reportedly warn against communist extremist infiltration of the hard-line socialist Left party, in an official report to be presented on Thursday. VW close to decision on US plant Germany's largest carmaker says it will likely decide in July whether to build a new plant in the US. The strong euro is forcing VW and other major European firms to shift production from Europe to the dollar zone. But the move comes amidst fears of a recession and a subprime crises that has dampened Americans' spending. Merkel to talk energy and trade in Brazil Chancellor Merkel is expected to discuss renewable energy and trade in Brazil today as she begins her first state visit to Latin America. After her meetings in Brazil, the German chancellor travels to Peru for a European Union-Latin America summit. On May 20, she is to visit Columbia and Mexico. FM offers Russia help, new partnership Germany's Foreign Minister called on Russia to strengthen the rule of law, while pressing for the EU to quickly seal a partnership deal with the Kremlin. "I hope it will not only be a new, modern treaty between Russia and the EU but that it will, above all, be negotiated within a clear timeframe, so that it can become the basis of our common policy." EUROPE/RUSSIA [Europress] Berlusconi: Italy needs God's help Italy will have to rely on divine intervention to sort its problems out, Silvio Berlusconi, the country's new prime minister, said on Tuesday. "Challenges are always a gamble, games of fate. And we must invoke God's help for all of us." He went on to say that luck did not shine on public figures who became discouraged, and that he would put himself "in the hands of the Lord". Europe criticizes Chavez for Hitler remarks The president of the European Commission has responded to Hugo Chavez's bitter attack on Angela Merkel by describing the Venezuelan president's words against the German chancellor as "inflammatory, populist and aggressive." (And: Venezuela says Merkel "attacks" may hurt ties) Sarkozy's Mediterranean union soon a reality The first summit for the Union of the Mediterranean is to be held on July 13th under the French EU presidency. The summit will aim to formally create the "Barcelona Process - A Union for the Mediterranean" and establish the union's "structures and principle goals." QE2 underlines British support for Turkey's EU bid Queen Elizabeth II on Tuesday underlined Britain's support for Turkey's troubled bid to join the European Union as she began a 4-day state visit here, her first since 1971. She described Turkey as a "confident and dynamic democracy" and praised close ties between Ankara and London. "For us, Turkey is as important now as it has ever been." She said Turkey, with its strategic location straddling Europe and Asia, would be an asset for the European Union. Britain is one of the main supporters of Turkey's drive to join the bloc, but EU heavyweights France and Germany are advocating a "special partnership" with Ankara rather than full membership. Poland: "US shield offer not acceptable" Poland said on Tuesday recent US proposals to strengthen Polish defences in return for hosting a controversial American missile shield fell short of its demands. MIDEAST/AFRICA/ASIA The Promised Land? The Promised Land? is a 3-part series examining the origins, violent creation, and modern-day reality of the state of Israel, told through the stories of individual Israelis. Latest scandal could topple Olmert Prime Minister Olmert is the unpopular and vulnerable leader of a fractious coalition. His job looks less secure than ever. The latest blow is a corruption scandal that broke last week and threatens to paralyze a US-backed peace process that is already limping. Israel, Palestinians "reach agreement" Prime Minister Olmert said today that "real progress" had been made in talks with the Palestinians and "understandings and agreements have been reached on very important matters". Israel's anxiety as Jews prefer Germany Many Israelis have also chosen to leave, and are now living and working in Europe or America. "Israel's greatest concern at the moment is that there have never been more Israelis living abroad," said Rabbi Homolka. In addition, many Jews who once might have considered emigrating to Israel - making their Aliya - have in the past few years been choosing to head to Germany instead. [WAR: So how does this square with all the Paranoid Protestant Prophets talking about the Jews returning to the Holy Land and fulfilling prophecy? How?!] Ahmadinejad: Israel doomed President Ahmadinejad said today that Israel is dying and that its 60th anniversary celebrations are an attempt to prevent its "annihilation." He spoke hours after President Bush arrived in Israel for the anniversary celebrations. "The Zionist (Israeli) regime is dying," he said during a speech in northern Iran. "The criminals assume that by holding celebrations ... they can save the sinister Zionist regime from death and annihilation. Nations of the region hate this criminal fabricated regime (Israel) and will uproot this fabricated regime if the smallest and shortest opportunity is given to them." Ahmadinejad used an Arabic word, ismihlal, that can also be translated as destruction, death and collapse. London is moving in for the kill "There is a new Middle East crisis being orchestrated," Lyndon LaRouche stated "which is using this very peculiar kind of action going on in Lebanon right now. The obvious implication is the targetting of Iran as well. It's a London-steered threat of a new general war in Southwest Asia, and whatever the hell that means." "The plan is to get international fascism, fast. This is a fascist operation, and it involves an attempted coup d'état against the Constitution of the United States. This is WW3. That's what they are headed for right now. The intensity of the financial crisis is what's driving them. That's their timetable, which is based on the fact that they know they've run out of time. They are going to go in for the kill right now." Chad shuts border with Sudan Chad has severed its economic ties with Sudan and closed its eastern border with Khartoum following three days of exchanges of verbal hostilities between the 2 rival neighbours, who have been accusing each other of s ponsoring rebels against each other. Turabi says he was "badly treated" in detention A day after his release from 12-hour detention, Sudan's best-known Islamist opposition leader, Hassan al-Turabi, said he was mistreated while in custody. "First of all, I have to say I was badly treated in jail," said Turabi in an exclusive interview with France 24 from the Sudanese capital of Khartoum Tuesday China bloggers cook up quake conspiracies As the death toll in China's Sichuan province climbs, the nation's bloggers have joined together in the search for a scapegoat. Broadband connections across the country are pulsing with rumours of "earthquake omens" involving toads or butterflies - all allegedly ignored by the authorities. Some even talk of a vast pre-Olympic conspiracy. Other blogs link to Chinese newspaper reports of bizarre natural occurrences in the past few weeks. CERN "nailed heart of Earth" The team of Russian Physicists who assisted in the construction of the Large Hadron Collider for the European Organization for Nuclear Research (CERN), located in Switzerland, are reporting today that an experiment being conducted during the colliders 'cool down' phase has resulted in what they are calling an 'antiquark spree' that has, literally, "Nailed the heart of Earth". Working in conjunction with Chile's National Commission for Scientific and Technological Research (CONICYT), these reports continue, CERN scientists, while attempting to establish a quark based means of near speed-of-light communications with other Western scientific and military installations, 'lost control' of this experiment on the South American 'anchor' triggering an 'unexpected' stream of antiquarks which first ignited a massive volcanic eruption in Chile, and in a 'straight shot' through the entire planet has further triggered a catastrophic 7.8 magnitude earthquake in China. The direst warning of these reports, however, is the summation that states that these catastrophic events due to CERN's experiments may not be finished as calculations of these antiquark's paths through our Earth show an increased likelihood of catastrophic tectonic plate changes to both Central and North America. PROVOKING PERSIA Iran rules out talks on nuclear "rights" President Ahmadinejad said on Tuesday Iran is ready to talk to world powers over global problems but ruled out negotiations over Tehran's nuclear "rights". "We are ready for talks to resolve world problems and alleviate concerns," he said in response to a question about a new proposal that world powers are to put forward to resolve the long-running nuclear standoff. "We are ready to examine with a positive view others' propositions, wherever they come from, and give our opinion." But asked if Iran would suspend sensitive uranium enrichment work during talks with the world powers, he said it would refuse to "discuss its rights" in the nuclear programme. "All we want is our rights and nothing more." Iran delivers proposals on global problems to UN Iran today delivered to UN chief Ban Ki-moon a package of proposals aimed at solving global challenges, including the nuclear issue, state media reported. Iran's ambassador to the EU said that the propasals contained "the points of view of our country toward the great global difficulties on several political, security, economic and energy levels, and on the question of the peaceful use of nuclear energy." Russia: Give Iran security guarantees Russia's Foreign Minister has urged world powers to ensure Iran's security in order to resolve Tehran's nuclear standoff. He called on the 5 major nuclear-armed powers to "put concrete proposals on the table guaranteeing the security of Iran and ensuring Iran a worthy, equal place in talks on resolving all problems in the near and Middle East." (And: US says no to Iran security guarantees) US not optimistic about Iran The US permanent envoy to IAEA has expressed doubt that the international community will succeed to halt Iran's nuclear enrichment. Bush calls Iran "single biggest threat" to Mideast peace President Bush called Iran the "single biggest threat" to peace in the Middle East. "To me it's the single biggest threat to peace in the Middle East, the Iranian regime." Gates: US will teach Iran a lesson US Defense Secretary Robert Gates has revealed that Washington plans to engage in a number of 'exclusive' activities against Iran. "We're being very aggressive in going after the networks in Iraq, and the individuals who are interfering or supplying weapons from Iran." Chairman of House Judicial Committee speaks out Illegal, unilateral, preemptive military action against Iran As we mark five years of war in Iraq, I have become increasingly concerned that the President may possibly take unilateral, preemptive military action against Iran. During the last 7 years, the Bush Administration has exercised unprecedented assertions of Executive Branch power and shown an unparalleled aversion to the checks and balances put in place by the Constitution's framers. The letter that follows asks President Bush to seek congressional authorization before launching any possible military strike against Iran and affirms Senator Biden's statement last year that impeachment proceedings should be considered if the President fails to do so. HOUSE OF ISRAEL [US drought monitor][Interactive primary map] Bush worried about another terror attack in US President Bush warned in an interview Tuesday that the Democratic presidential candidates' plans to withdraw abruptly from Iraq could "eventually lead to another attack on the United States" and would "embolden" terrorists. Obama vs. The Lobby Poor Obama. No matter how much he tries to placate the Israel lobby, they just won't take yes for an answer. The Lobby has been after him for months, trying to dig up "evidence" that someone with the middle name of "Hussein" is necessarily an enemy of Israel. Yet Obama still keeps trying to appease the Lobby. He's purged staff members who so much as looked cross-eyed at the Israelis. But Unconditional support isn't enough: the Lobby demands love. The great problem for Obama is that no matter what he does or says, the Lobby will fight him every inch of the way, and the smears will get more outrageous. (And: Obama: Israel is a "constant sore") (Uh-oh: Obama adviser: Divide Jerusalem) (Op-ed: Murtha, Obama and the Jews) Once-confident Clinton camp under siege The drama of Hillary Clinton's faltering campaign has America transfixed. Old friends are abandoning the candidate as her duel with Barack Obama threatens to undermine the Democratic Party itself. Meanwhile, the campaign is slowly becoming a personal tragedy for Clinton as her family's political empire falls apart. ECONOMY [Market data] Hard numbers The economy is worse than you know Ever since the 1960s, Washington has gulled its citizens and creditors by debasing official statistics, the vital instruments with which the vigor and muscle of the American economy are measured. The effect has been to create a false sense of economic achievement and rectitude. The corruption has tainted the very measures that most shape public perception of the economy. Maps of real estate doom The Federal Reserve System's economists have assembled 6 maps dealing with the state of the US housing market. These maps show a disaster – a disaster created by the Federal Reserve under Alan Greenspan. The housing markets have depreciated substantially, but there is lots more depreciation ahead. This is a disaster in progress. This is a train wreck in which the locomotive and three passenger cars have gone off the tracks, but a long line of cars is still moving forward because of inertia. They are still on the tracks, but not for long. (And: US foreclosures rise 65%) (And: Freddie Mac loss widens) (And: Obama compares housing crisis to Great Depression) British geopolitics and the dollar The oil market is controlled not by OPEC, but by the British Empire through its dominance over the giant oil companies which make up the international oil cartel. These companies, which control the transportation, processing, and distribution of petroleum products, control the physical side of the oil business, while the price is set through the financial markets. This arrangement allows the price to move independently of supply and demand, and has been of great benefit to the financiers who control the Anglo-Dutch Liberal system. The spot market raised lots of money, and that money quickly began to pile up in the banks of Europe, particularly, in the City of London. As this pile of "petrodollars" grew, the British used it to fund operations to transform the US from within, including the takeover of the US banking system and the cartelization—under the euphemism of mergers and acquisitions—of corporate America. Wall Street was transformed into a giant casino, where betting on financial instruments replaced investing, and the connection to reality was severed. BOE warns of stagflation UK households have been warned to face a further squeeze on their incomes in coming months as a combination of higher fuel and food prices threatens to push inflation above 4% this year. Its latest economic projections clearly illustrate the dilemma the Bank faces on interest rates. While above-target inflation would, under normal circumstances, indicate that borrowing costs have to rise, a stalling economy should herald lower rates. The crisis rotates from US to Europe and Asia The economic woes are still spreading as the delayed effects of the credit crunch hit home. America's bad news is mostly in the market. What is not fully priced into the market is the 2nd half of the story: that Europe, Japan, and arguably China are also coming unglued. This is how disasters on a truly huge scale are incubated. German president: Banks turned markets into "monster" Banks taking on risky investments without adequate risk provision have turned the world's financial markets into a "monster that must be tamed," German President Koehler said in an interview published today. "Capitalism is not just about pulling in profits but above all about being able to handle risk and the financial markets crisis shows that too many players in banking houses did not understand precisely that." "We need stricter and more efficient rules, more capital set aside to cover financial investments, more transparency and an independent global institution that monitors the stability of the international financial system." For Now, Deutsche Börse Wears the Crown Last year the German stock exchange broke its losing streak with a couple of smart mergers, but it's being challenged by cheaper, faster electronic competitors. Oil near $127 as Iran mulls output cut Oil surged to a record peak near $127 Tuesday after OPEC producer Iran said it was studying a plan to cut output despite signs record-high prices are hurting consumer nations. Get ready to spend $6,000 a year on gas With prices at $120 a barrel, Americans are feeling the pain. The new realities of record oil Emerging economies are contributing to record oil prices by subsidizing demand in their home markets as they seek to shelter their populations from the impact of crippling fuel costs. Congress votes to stop filling oil reserve The House and Senate voted overwhelmingly Tuesday to temporarily stop filling the Strategic Petroleum Reserve (which is 97% full). The move was a challenge to President Bush, who had threatened to veto the measure, saying it would do little to lower prices. But the lopsided votes - 97-1 in the Senate and 385-25 in the House - may have changed his mind. White House aides said Tuesday Bush would not veto the legislation. Indians bristle at US criticism on food prices Instead of blaming India and other developing nations for the rise in food prices, Americans should rethink their energy policy and go on a diet, say a growing number of politicians, economists and academics here. Criticism of the US has ballooned in India recently, particularly after the Bush administration seemed to blame India's increasing middle class and prosperity for rising food prices. Critics from India seem to be asking one underlying question: "Why do Americans think they deserve to eat more than Indians?" If Americans were to slim down to even the middle-class weight in India, "many hungry people in sub-Saharan Africa would find food on their plates." Honeybee CCD collapse to devastate food companies, result in food scarcity The ongoing phenomenon of mysterious honeybee deaths is starting to raise alarm in the food industry, which depends heavily on bees to pollinate many critical crops. Honeybees pollinate 130 different crops, which supply $15 billion worth of food and ingredients each year. One out of every 3 bites of food on your dinner plate was made possible by honeybee pollination. German bee populations collapse Bee colonies have begun dying off in alarming numbers all around the world. The collapse of bee populations has multiple causes, none of which have easy remedies, a German biology professor has warned. MISC [CFR Opinion Roundup][Newseum][Global Incident Map][Earthweek][Day-Night Map][Tonight's Sky][Moon phase] Complete media lockdown on Bilderberg meeting A sole report from a small greek media outlet indicates that the annual Bilderberg meeting took place undetected over the weekend in Athens, Greece amidst a complete media lockdown. However, veteran Bilderberg investigator Jim Tucker has suggested this report may be a ruse to deflect attention away from the group who could actually be meeting this coming weekend. WAR e-mail format for military: YAHOO! WARriors WAR groups: GOOGLE / YAHOO! / MSN WAR fund: PayPal (payable to thedailywarrior@gmail.com) * "Here I have to reveal a trade secret, which punctures the mystique of intelligence analysis. Generally speaking, 80% of the information one needs to form judgments on key intelligence targets or issues is available in open media. Truth be told, everyone with a high-school education can do it." * "In his usual form, former UN weapons inspector Scott Ritter told a packed crowd to stop whining about corporate media and become their own intelligence operatives. We the people have the same resources and tools that intelligence networks rely heavily on; it's called 'Google.' As our own intelligence operatives we can't allow CNN, FOX, NBC, and ABC to edit and cherry pick information, but ask questions and find the answers ourselves." * "Many apparently separate developing daily events don't make the slightest sense, if you don't look at them in their strategic context. In the face of Orwellian control of the media, it is even more necessary, to judge contemporary developments with the eye of an historian, who has not forgotten the lessons of [history]."
• 

  Congress votes to stop filling oil reserve

  http://razorjack.com/blog/?p=298
  71 days ago in The Cold Hard Truth · Authority: 2

  Zachary Coile, Chronicle Washington Bureau Wednesday, May 14, 2008 (05-14) 04:00 PDT Washington - – The House and Senate voted overwhelmingly Tuesday to temporarily stop filling the Strategic Petroleum Reserve, a response to public anger over rising oil prices as the average price of regular unleaded gasoline nationwide hit a new high of $3.73 per gallon. The move was a challenge to President Bush, who had threatened to veto the measure, saying it would do little to lower prices. But the lopsided votes - 97-1 in the Senate and 385-25 in the House - may have changed his mind. White House aides said Tuesday Bush would not veto the legislation, although he still believes it will have a negligible impact. Lawmakers acknowledged the measure may shave just pennies off the price of a gallon of gas, but said it is wrong to keep filling the emergency stockpile - which is 97 percent full - while crude oil is reaching record highs. “We are buying the most expensive crude oil in the history of the world and storing it,” said Sen. Byron Dorgan, D-N.D., chief sponsor of the measure. “When American consumers are burning at the stake by high energy prices, the government ought not be carrying the wood.” The votes showed how politically explosive the issue of gas prices could be this November. Both Democratic presidential candidates, Sen. Barack Obama of Illinois and Sen. Hillary Rodham Clinton of New York, took a detour from the campaign trail to vote for the measure. The presumptive Republican presidential nominee, Sen. John McCain of Arizona, was campaigning in the Pacific Northwest Tuesday, but supports the measure. Republicans shift stance Many Republicans opposed past efforts to stop filling the reserve, but shifted their position in response to the rapidly rising price of oil. “I have changed my mind on that because the increases in the price at the pump have gotten so dramatic and so outrageous,” said Sen. David Vitter, a Louisiana Republican. The defiance by Republicans of Bush’s veto threat signaled that lawmakers are fearful of voting against anything that could be seen as lowering gas prices. Sen. Wayne Allard, R-Colo., who is retiring at the end of the year, was the only senator to vote no, saying that halting shipments to reserve without increasing supply by opening new areas to oil drilling would be “a disservice to the American people.” The legislation would halt shipments for the rest of the year of roughly 70,000 barrels a day into the reserve, a system of four underground salt domes on the Gulf Coast run by the Energy Department. The reserve currently holds about 702 million barrels of oil, an amount equal to two months of U.S. imports. The government pays the market price for the light crude oil it stores in the reserve. Created in 1975 Congress created the reserve two years after the 1973 Arab oil embargo as a way to prevent supply disruptions. Bush released oil from the reserve in 2005 after refineries were shut by Hurricane Katrina. Bush’s father, President George H.W. Bush, ordered the first drawdown from the reserve in 1991 in the buildup to the Gulf War. President Bill Clinton tapped the reserve several times to help consumers cope with rising energy prices, including releasing 30 million barrels of crude oil in September 2000, which Republicans criticized as an effort to help Vice President Al Gore’s presidential campaign six weeks before the election. Bush’s decision not to veto the measure may have been a step to avoid giving Democrats the publicity coup of holding another vote to override his veto. His trip this week to Saudi Arabia to meet with Saudi King Abdullah, leader of the world’s largest oil producer, would have given Democrats even more ammunition. But on Tuesday his aides were still criticizing the legislation. White House spokeswoman Dana Perino repeated Bush’s view and said the reserve should only be tapped in emergencies. She said the 70,000 barrels of oil - the equivalent of one-tenth of one percent of the world’s oil demand - would not help consumers. “We don’t believe that it would have a big enough impact on prices for anybody to really notice,” Perino said. House Speaker Nancy Pelosi, who has been pressing Bush to suspend the oil deposits, released a fact sheet Tuesday citing one analyst’s prediction that the move could lower oil prices by between 5 and 24 cents. The estimate came from Philip Verleger, an energy consultant who headed President Jimmy Carter’s Office of Domestic Energy Policy at the Treasury Department. Verleger has argued that even a small shift in demand by halting U.S. government purchases of light, sweet crude - a sought-after and easy-to-refine oil, which is used as a benchmark on the New York Mercantile Exchange - could trigger a significant drop in the price of oil. More skeptical view Other energy analysts are more skeptical. Kevin Book, senior energy analyst for Friedman, Billings, Ramsey & Co., noted that in the hour after the Senate passed the measure nearly unanimously the price of crude oil jumped by a dollar. (The price of crude oil closed at $127 per barrel, a new record, after reports that Iran is considering cutting its production.) Book said, “70,000 barrels is a rounding error. It is not material in an 85.7 million barrel per day market.” Book added that it will take much more significant action - such as increasing the supply of oil by opening up new areas in the eastern Gulf of Mexico to drilling - for the markets to take notice. Soaring energy prices are starting to convince more Americans to buy hybrid cars and fuel-efficient appliances, which could reduce demand and lower oil prices, he said. The Senate, by a 56-42 vote, defeated a Republican measure Tuesday that would have opened Alaska’s Arctic National Wildlife Refuge to drilling and allowed states to drill off their shores. Democrats criticized the measure, saying the country can’t drill its way to energy independence and should focus instead on conservation and renewable energy.
• 

  The Morning Feedstock

  http://greenlight.greentechmedia.com/2008/05/14/the-morning-...
  71 days ago in Greentech Media: Green Light · Authority: 31

  The Morning Feedstock May 14, 2008 at 5:29 AM The House and Senate voted separately yesterday to halt daily shipments to the Strategic Petroleum Reserve. The reserve was created in 1973 in the aftermath of the OPEC embargo, and stocks today stand at close to 727 million barrels. Estimates of the effects the removal of 70,000 barrels per day moving into the reserve will have on gas prices are varied. Energy analyst Kevin Book doesn’t think it will have that much of an effect, saying “70,000 barrels is a rounding error. It is not material in an 85.7 million barrel per day market.” He echoed a U.S. Energy Information Administration report saying the reduction would cut four or five cents from the price of a gallon of gas. House Speaker Nancy Pelosi was more hopeful, saying the gas prices would drop $0.24 per gallon. But enough about Nancy. How did the markets respond? “In the hour after the Senate passed the measure nearly unanimously the price of crude jumped by a dollar.” Right. Time to try a little harder. FloDesign, a wind startup from Wilbraham, MA has won the MIT Clean Energy Entrepreneurship Prize. The company, which is developing a “shrouded” wind turbine (that may look something like this, though details are sparse), picked up $200,000 at the ceremony last night, adding to the $50,000 it picked up on Monday from winning the Ignite Clean Energy Competition, and a $500,000 convertible loan it received from the Massachusetts Technology Collaborative. Other winners included Covalent Solar, an MIT startup that recently won the Energy Track at the MIT 100K. More than 90 teams entered the first round of the MIT CEEP, while 40 teams entered the first round at ICE. So, you know, that’s where all the entrepreneurs are hiding. Just in case you were looking. Greentech is a line-blurring industry. But, unlike the manbearpig, it’s not something we should be terribly afraid of. Unlike that weird exhaust that comes out of the Genzyme building in Kendall Square. Genomatica, a chemistry startup founded by chemists from Dow, has raised $20.4 million in a B round. The company is developing custom-made organisms capable of making chemicals at a reduced energy intensity and with less polluting inputs and materials. Genomatica thinks it will be able to use a variety of feedstocks, ranging from carbon dioxide to plant matter to syngas, to clean up the process of manufacturing chemicals. Digg Sphere Del.icio.us
• 

  Stupid Newspaper Quote of the Week

  http://residentchiphead.com/index.php/2008/05/14/stupid-news...
  71 days ago in Resident Chiphead · No authority yet

  This is the dumbest thing I’ve heard so far this week. It’s not tech but it’s really stupid. from SFGate… The Senate, by a 56-42 vote, defeated a Republican measure Tuesday that would have opened Alaska’s Arctic National Wildlife Refuge to drilling and allowed states to drill off their shores. Democrats criticized the measure, saying the country can’t drill its way to energy independence and should focus instead on conservation and renewable energy. I’m really not into the whole oil market thing. Let me ask you this. If we get our own oil from our own country doesn’t that make us less dependent on Saudi oil and more dependent on our own oil. Doesn’t that make us oil independent? This is earth right?
• 

  A VERY BORING

  http://paradisedriver.blogspot.com/2008/05/very-boring.html
  71 days ago in Paradise Driver · Authority: 32

  NEWS DAY There is a new ad showing on late night television for the energy drink AMP. I am not sure I would call it funny but it is a testimonial to our social mores. Couldn't find a version on YouTube or Google, so here is the actual website. Walk Of No Shame.Com. Check it out and possibly relate. LOL! *** As anticipated, HRC won West Virginia by a 2-1 margin. YAWN. The Congressional seat in Mississippi's 1st Congressional District is now back in Democratic control for the 1st time in almost 14 years. It also marks the third Republican special election loss this year. Cheney's visit didn't help one iota. Out in the middle of America, four salt domes are almost totally full (97%) of crude oil. Called the Strategic Oil Reserves, they were created after the Arab Oil Embargo of the early '70's. Yesterday both Houses of Congress voted overwhelmingly to halt purchasing any more crude to add to the reserves. Dubya had initially stated that he would veto any such legislation but reality has bit him in the ass. Now he isn't being so belligerent. He is only expressing disappointment. He can't afford to have another veto overridden. Before he is finally history, there will probably be a lot more disappointments in store for him. In the closest thing to an admission of "Oops", Dubya now says he received flawed intelligence reports, but wasn't misled, in the build up to the Iraqi invasion. He is a legend in his own mind. Sad. Out in California, the "Governator" wants to borrow against future lottery profits to balance the State's budget woes. And there might be another Cyclone headed towards Burma/Myanmar. The Christian Taliban must be ecstatic seeing so many heathens being wiped off the face of the Earth. In China, their military is using every means possible to get troops into the disaster area. The full scope of death and destruction still hasn't been totally determined but could easily exceed 100,000 souls and a 10,000,000 population center gone. Completely. *** Not a lot of cheerful news. Sorry. Thanks for coming by. I appreciate it. Back later with more. Mahalo Aloha THE PICTURE GALLERY Over The Limit? UNDER ARREST! Please don't drink and drive "Let's all be careful out there!"

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