Enviro News Wrap: Fracking Causes Earthquakes in Ohio; Exxon Plans on High Oil Prices; American Enterprise Institute's Trouble with Math
GlobalWarmingisReal contributor Anders Hellum-Alexander wraps-up and comments on the climate and environmental news headlines for the past week:
- Fracking in Ohio is getting closer to being linked to the recent bout of earthquakes. Other States in the US are weighing the costs and benefits as more experienced is gained in the fracking industry. On a related note, don't let the natural gas industry fool you into thinking that Natural Gas is a bridge to renewable energy, because the low cost of natural gas is undercutting renewable energy and delaying the transition to a sustainable economy. This is a problem because natural gas may burn "clean" but its total life-cycle emissions are almost just as bad as oil.
- Cars that run on natural gas are hitting American markets. Really? According to the "bridge theory" of the natural gas industry we are only supposed to use the energy source for a little while until renewable energy takes over. Are they really going to set up a national infrastructure for obtaining, distributing and using natural gas and then voluntarily resign and dissolve it in 30 years?
- ExxonMobil has just based its long-term financial success on the belief that oil prices will stay high for the long term. I am not a "peak-oil" nut, but it is now the dominant belief that oil will only get more expensive from here on out as oil companies try to get the most money out of the little amount of oil that is left in the ground. Its called Capitalism, baby!
- The American Enterprise Institute tries to trash Obama's energy policy. According to the article Obama is going to increase taxes on the oil and gas industry by $86 billion in the next ten years (thus crippling the industry), keep in mind that ExxonMobile made $9.25 billion in profits in the last quarter of 2012. That's $370 billion over ten years, hmmm.....
- Denmark is fighting Poland in the European Union, Denmark is pushing for stronger pollution reduction targets.