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Americans Start to Curb Their Thirst for Gasoline
Ana Campoy, Wall Street Journal
As crude-oil prices climb to historic highs, steep gasoline prices and the weak economy are beginning to curb Americans’ gas-guzzling ways.
In the past six weeks, the nation’s gasoline consumption has fallen by an average 1.1% from year-earlier levels, according to weekly government data.
That’s the most sustained drop in demand in at least 16 years, except for the declines that followed Hurricane Katrina in 2005, which temporarily knocked out a big chunk of the U.S. gasoline supply system.
This time, however, there is evidence that Americans are changing their driving habits and lifestyles in ways that could lead to a long-term slowdown in their gasoline consumption.
(3 March 2008)
The Senate Shills for Big Oil
Editorial, New York Times
One of the major shortcomings in last year’s admirable energy bill was its failure to extend vital tax credits to producers of wind, solar and other renewable fuels. This was entirely the doing of the Senate, which caved in to the oil companies and their White House friends.
The House had approved the credits but insisted – under the Democrats’ pay-as-you-go rules – that they be paid for by eliminating the same amount in tax credits for oil and gas producers. Industry (which is rolling in cash these days) howled, President Bush lofted veto threats, and the Senate caved.
… The Senate now has a chance to redeem itself. Last week, the House approved a new $17 billion package of credits, spread over 10 years, to encourage the development of renewable energy sources and to promote energy-efficient buildings and appliances.
As before, the House insisted that the credits be paid for by terminating an equivalent $17 billion in tax breaks over 10 years for oil and gas companies. And right on schedule, Senate Republicans began complaining that increasing industry’s taxes would discourage investment in domestic oil and gas production.
What will it take to wake the Senate up? It should be clear to even the most obtuse members that a country that consumes one-fifth of the world’s oil but has only 3 percent of its reserves cannot possibly drill its way to energy independence.
(3 March 2008)
Climate crisis getting short shrift in US president race: Gore
Glenn Chapman, AFP
Former US vice president and renowned climate change fighter Al Gore said Saturday that the global warming crisis is getting short shrift in this year’s presidential race.
Gore used the stage at a prestigious Technology, Entertainment and Design conference in Monterey, California, to call for activism to push climate change to the top of the candidates’ political agendas.
(1 March 2008)
‘Post fossil fuel era’ in U.S. Senate endorsement (Oregon) (Video)
John Kitzhaber, Dailymotion
Governor John Kitzhaber endorses US Senate candidate Steve Novick.
(3 March 2008)
Contributor John Gear writes:
Go to about 1:50. Former Gov. John Kitzhaber endorses 4’9″ Steve Novick for US Senate, mentioning Steve’s ability to lead the country to the the “post-fossil fuel” era [about 2:40] and discussing climate change in his endorsement.
Is Belt Tightening a Threat?
Mike “Mish” Shedlock, Mish’s Global Economic Trend Analysis
… Things We Don’t Need
* We do not need more Steak n Shakes (SNS), Pizza Huts (YUM), McDonald’s (MCD), Panera Breads (PNRA), Starbucks (SBUX) or any other restaurants for that matter.
* We do not need more Wal-Mart (WMT), Target (TGT), Lowes (LOW), Home Depot (HD), Best Buy (BBY), or Bed Bath and Beyond (BBBY) stores.
* We do not need more Toyota (TM) dealers, GM dealers, or Ford (F) dealers).
* We do not need more nail salons, dry cleaners, movie rental places, storage facilities, etc.
* We do not need more houses from Toll Brothers (TOLL), Beazer (BZH), Hovnanian (HOV), Lennar (LEN), Pulte (PHM), Centex (CTX) or Ryland (RYL) . Inventory of houses is at an all time high.
Given that we do not need any of those things, can anyone tell me where the jobs are going to come from to support the economy?
Before you start emailing me about alternate energy, please think about timeframes, why the jobs will be in the US as opposed to elsewhere, and how many jobs we are really talking about compared to the massive overexpansion of housing and retail stores.
Before you start emailing me about infrastructure, think about what the costs will be, property taxes, “small” things like municipalities going bankrupt, and once again how many jobs can reasonably be provided.
Belt tightening is not a threat, it should be embraced! We are in this mess because we failed to tighten belts. The real threat is we continue our spendthrift ways. Postponing the inevitable will only make matters worse.
(2 March 2008)
Suggested by Jeffrey J. Brown (“westexas”)
