oil

Clinton vows to take down OPEC

Now Clinton’s going to dissolve OPEC: “We’re going to go right at OPEC,” she said. “They can no longer be a cartel, a monopoly that get together once every couple of months in some conference room in some plush place in the world, they decide how much oil they’re going to produce and what price […]

Clinton sings the faux-populist, anti-intellectual Manichean blues

I must say I’m surprised and gratified at the amount of coverage the gas-tax holiday is getting. It appears to be blowing up in Clinton’s face, which is exactly what would happen in a Good and Just world. Earlier this week, asked about the fact that not a single policy expert or economist thinks the […]

The longer we wait to move away from gasoline, the more high gas prices will hurt

Like Americans, Europeans are generally not fond of rising fuel costs. Unlike Americans, they’re much better at handling them. It isn’t difficult to understand why; they simply planned ahead. Geoffrey Styles writes: A big part of our problem is that most Americans are still driving cars that were purchased when gasoline was under $1.50/gal., to […]

CBS/Times poll: We reject gas-tax holiday

The margin was narrow -- 4 percentage points. And 5 percent of those polled didn't choose sides. But a CBS News/NY Times poll released Sunday just might signal the moment when Americans began to grasp the intertwined realities of climate, energy and national security.

The poll [PDF] found that 49 percent of Americans think suspending the gasoline tax this summer is a bad idea, while 45 percent approve of the plan (see Question 49).

If memory serves, this is the first time in at least a generation that the American public expressed a willingness to be taxed more rather than less for energy.

Kunstler meets Colbert

Painful:

Are low gas prices an inalienable right?

I'm listening to Sen. Bernie Sanders (I-Vt.) talk to Thom Hartmann on Air America. Sanders is arguably the best senator in decades, and understands, as he just explained, that we need to transform our energy system toward renewables.

But he also said something to the effect that "we have to get gas prices back down." I can't blame him -- particularly in his state of Vermont, rural people are getting slammed by high gas prices, because they have to drive long distances.

His main explanation of high prices (with which Thom Hartmann, an important progressive radio talk show host, seems to agree) is based on 1) oil companies ripping us off, 2) speculators pushing up the price of oil, and 3) OPEC keeping a lid on production.

While all of those are certainly a problem, and a windfall profits tax that Sanders advocates is certainly in order, if the Senate's most progressive voice is not discussing the problem that the supply of oil is beginning to decline, then I don't see how carbon pricing is going to fare well. In the long run, people will get hysterical as their oil expenditures increase, as I argued in what I will now call Part 1 of what may become a series on oil hysteria. We need to push a mandate on turning the American car fleet into an all-electric fleet, and we need to construct a national high-speed rail and light rail network.

McCain touts gas-tax holiday as well as ‘long-term solutions’

McCain on the long-term solution to dependence on foreign oil: Nuclear! Despite what those “extremist environmental organizations” tell you. And despite the fact that only 2 percent of our electricity comes from oil.

A gas tax holiday would be cynical and indefensible

(I write this post with some sadness. I would not have expected a major progressive politician who obviously cares about global warming to propose a gas tax holiday, which has no public benefits whatsoever and at the same time undermines the entire rationale behind a national climate strategy that includes, as it must, a pricing mechanism for greenhouse gases. Kudos to Sen. Obama for opposing this absurd proposal -- double kudos because it might cost him a few votes.)

The gas tax holiday proposed by McCain and Clinton is indefensible. That, of course, is why just about every independent observer has criticized it. The Washington Post and, separately, Huffington Post have catalogued an impressive list of serious critiques, starting with the rather obvious point that in a demand-driven price shock, a gas tax holiday probably won't even save consumers a penny -- it will just enrich the poor, suffering oil companies:

ExxonMobil’s profits huge; shares fall anyway

You know we're living in strange and perverse times when ExxonMobil can post a $10.9 billion quarterly profit and still fall short of expectations. This past quarter marked the second most profitable quarter ever for the most profitable company in the history of the world -- a 17 percent increase in year-on profits. And like its competitors at BP and Royal Dutch Shell, Exxon managed to increase its profits despite no increase in production. (Funny what happens when the price of oil literally doubles.) Nevertheless, Wall Street was disappointed and the company's shares fell sharply in early trading yesterday.