Drumbeat: May 11, 2011
Posted by Leanan on May 11, 2011 - 10:40am
(Bloomberg) -- Oil fell below $100 a barrel in New York and gasoline tumbled the most in more than two years after an Energy Department report showed that U.S. supplies surged and fuel demand slipped.
Crude futures dropped as much as 5.2 percent after the department said stockpiles jumped 3.78 million barrels to 370.3 million last week. Gasoline inventories unexpectedly increased 1.28 million barrels to 205.8 million, the first gain in 12 weeks. Total fuel consumption declined 0.9 percent to 18.2 million barrels a day, the lowest level since June 2009.
NEW YORK (CNNMoney) -- A stock sell-off gained momentum Wednesday as investors dumped out of commodity-related stocks. Energy stocks were getting particularly hard hit, as both oil and gasoline futures declined sharply.
"Commodities are getting crushed here, and it's taking the whole market with it," said David Rovelli, managing director of U.S. equity trading at Canaccord Adams.
(Reuters) - Gasoline prices at the pump probably will not return to $3 per gallon in the near future as crude oil prices remain strong, ConocoPhillips CEO James Mulva said on Wednesday.
ConocoPhillips expects crude oil prices to range from $90 to $105 per barrel in the short term, and $80 to $110 for the long term, supported by demand from emerging economies, Mulva said at the company's annual shareholders meeting.
NEW YORK (CNNMoney) -- Flooding along the Mississippi River is driving up gas prices over fears that refineries could become inundated in coming weeks, especially as the flood heads downriver for Louisiana.
"When we've had flood waters in this part of Louisiana before, it has closed up to 12 refineries," said Peter Beutel, analyst with energy risk management firm Cameron Hanover, referring to the impact of Hurricane Katrina in 2005. "The fear here is that we could see refineries close again."
"China and India are trying to slow down [their economies]," Jonathan Barratt, managing director at Commodity Broking Services in Sydney, told Dow Jones Tuesday. "Look at China's manufacturing and trade surplus – [the country] has got to do something," he said.
If India and China raise interest rates and tighten monetary policies, it could cause lower demand for oil in those nations, with a knock-on effect of deflating oil futures and easing pump prices for US car drivers. An oil future is an agreement between two parties to buy and sell oil at a set price.
CALGARY -(Dow Jones)- Enbridge Inc. said Wednesday it is in renewed talks to build an oil pipeline that would link the key U.S. supply hub of Cushing, Okla., with refineries on the U.S. Gulf Coast.
The potential Monarch pipeline project would compete with two other pipelines proposed by TransCanada Corp.'s and Energy Transfer Partners LP.
Increased Canadian oil supplies have caused a glut of at the Cushing hub and made U.S. benchmark oil prices trade at a discount compared with international benchmarks. Producers and pipeline companies are vying to unblock that glut and send the extra oil down to refineries on the U.S. Gulf coast, where prices will reflect the higher international price of oil.
Caution: The term "resources" refers to hydrocarbons that cannot be produced commercially now, and maybe never, at any price. Also, the resource hydrocarbons may not exist, or are sequestered in such a way that they may never be located. Placing any reliance on this number to meaningfully add to our national energy sources during your lifetime could be hazardous to your financial health.
The shale gas industry might brush up on its John Lennon ("Life is what happens while you're busy making other plans."). Alerted numerous times of fast-coming federal regulation unless it goes transparent and begins to police itself, the industry's hard-liners have dug in under the assumption that -- as has befallen so many other seemingly inevitable business reforms -- this one too will die of its own accord.
France's National Assembly voted Wednesday to rescind licenses granted for unconventional gas exploration in a move that is likely to put smiles on faces in Gazprom headquarters.
CALGARY—Enbridge Inc. expects to hear from the federal regulator in early 2013 about whether its controversial proposal for a crude oil pipeline from Alberta to the West Coast will be allowed to move ahead.
(Bloomberg) -- YPF SA, Argentina’s largest company by market value, said it’s discovered the equivalent of about 150 million barrels of shale oil at a field in southern Patagonia, the country’s largest discovery in two decades.
Saudi Arabian Oil Co. will supply full contracted volumes of crude to Asian refiners in June, according to refinery officials.
Saudi Aramco, as the company is known, will provide 100 percent of cargoes sold under long-term contracts for a 19th month, according to refiners in Thailand, Malaysia, China and Japan who requested anonymity, citing confidentiality agreements with the Middle East’s biggest producer.
(Bloomberg) -- Mexican President Felipe Calderon said he plans to sell bonds issued by Petroleos Mexicanos to his countrymen and renew a drive in Congress to give the state-run oil producer the tools it needs to boost output.
DUBAI/KHOBAR, Saudi Arabia, May 11 (Reuters) - Yemen is in talks to import crude oil from Saudi Arabia, a senior official said on Wednesday as the poorest Arab nation struggles to tackle its fuel crisis with nearly half of its oil production shut.
A blast in March on Yemen's major oil pipeline, suspected to have been launched by angry tribesmen, has stopped the flow of light Marib crude, forcing its 130,000 barrels-per-day Aden refinery to shut and triggering a nation-wide fuel shortage.
The Aden Oil Refinery resumed its operations after crude oil shipment arrived coming from India, an official at the Aden Refinery Company said on Tuesday.
Amid claims of human rights violations against protesters, police sprayed opposition leaders with pink-coloured water in the capital, Kampala, on Tuesday.
The President, Yoweri Museveni, has vowed to crush the protests and blamed rising food and fuel costs on drought and increases in oil prices.
(MENAFN) Kenyan Energy Ministry Permanent Secretary, Patrick Nyoike, said that as a result of an output decline from its only refinery, East Africa's biggest economy would increase its imports of refined gasoline, reported Bloomberg.
The government has put on notice oil marketers notorious for leaving their stocks at the refinery for more than 30 days threatening to bar them from participating in the open tender system for the next three months.
Energy PS Partrick Nyoike says oil marketers will be allowed to have their cargo at the refinery for ten days after which they will start paying tax of 800 shillings per cubic metre for any extra days.
The Justice Departments contends in court papers filed Monday that the Environmental Protection Agency did not violate Range Resources' constitutional right of due process when it issued a Dec. 7 emergency order against the company related to methane contamination of two residential water wells in Parker County.
While the high Australian dollar is keeping fuel prices in check, the reality is that prices are at higher levels today than when John Howard was forced to reduce the fuel rebate to quell a public backlash. Ongoing instability in the oil-producing Middle East, failed attempts to tap deep sea reserves and growing sense that the Peak Oil movement may not actually be doomsday nutters combine to create a set of challenges outside Wayne Swan’s control.
Hour two, on day two, of Midday's special series Power Ahead continues looking at fossil fuels. The focus of this hour is coal. Our guests this hour are Richard Heinberg, author and senior fellow, Post Carbon Institute., Don Shields, executive director, Center for Energy, University of Pittsburgh, Roger Bezdek, clean coal and energy security advocate and Mike Moore, president, Maryland Coal Association.
Ethanol production in the U.S. fell 1.5 percent to 862,000 barrels a day last week, according to the Energy Department.
The factory where General Motors Co. builds the electric Chevrolet Volt will soon become home to a sprawling solar panel installation, courtesy of DTE Energy.
The Detroit-based automakers announced today it's partnered with the region's largest power company to install 264,000 square feet of solar panels at its Detroit-Hamtramck plant off West Grand Boulevard.
What makes Llangattock Green Valleys so impressive is the breadth of vision of the scheme, encompassing everything from renewable energy to woodland management, transport to allotments, even down to litter picking.
Llangattock Green Valleys is run as a social enterprise by a member-based community interest company with 150 members, incorporated last May. All the work that is being done in Llangattock Green Valleys is being done by volunteers, by members of the community giving a little of their time when they can.
The aim is to be a carbon neutral village by 2015.
Whenever I talk about going to lower energy usage, a percentage of people shout out something like "But that would mean going back tothe stone age, to lepers walking the streets and people throwing their feces out the window on our heads!!!" I think it is fair to say that variations on the "without power, life would be intolerable" is a common assumption.
Part of the thing that bothers me about it is that I don't think it is true. I've spent a lot of time studying history, and I don't think the lives of all of those in human history who preceeded us were intolerable. I am extraordinarily fond of useful things like antibiotics and nutritional knowledge, but those are things that can be had in societies where *individuals* don't necessarily have access to high technologies.
As climatologists have warned for years, warmer air holds more water vapor than cold. That means record snowfalls like the ones we saw this winter across the upper Midwest, and record rainfalls like the ones that have washed across much of the region this spring. And it also means more evaporation — and record drought — in places like parched Texas.
Peak oil? Now it's peak cars (audio and transcript)
Australian and world peak car ownership per capita was in 2004 and since has shown a slow decline. It marks an end to car dependence. Teenage car ownership has dropped markedly. Figures suggest a big cultural shift as well as structural change within cities. Some very large cities such as Beijing and Shanghai have made it almost impossible to buy a new car. Car transport has reached a limit. Shanghai built a metro system in 10 years, which covers 80% of the city and carries 8 million passengers each day. Metros are being built in 82 Chinese cities and 14 Indian cities. Peter Newman compares the cost of constructing roads and railways and says both cost about $50million per kilometre. But rail carries 8-20 times the passengers carried by road. With the price of gasoline heading north, people are moving back into cities and not wanting to be as dependant on cars as they were.
Oil fell for the first time in three days in New York on concern that China will boost interest rates to tame inflation and on signs that U.S. crude supplies are increasing.
Gasoline dropped as much as 4.7 percent on speculation that a 9 percent rally in the past two days was excessive. The fuel had advanced on concern that flooding on the Mississippi River will disrupt U.S. supplies. Yesterday the industry-funded American Petroleum Institute said crude inventories jumped last week. The Energy Department will release its data today. Consumer price rises in China exceeded the government’s target last month, data from the statistics bureau in Beijing showed.
CAIRO (AP) -- OPEC is holding its 2011 oil demand growth forecast unchanged, but cautions that while the market currently appears balanced, there is uncertainty about the U.S. economic recovery and Japanese demand.
The Organization of the Petroleum Exporting Countries said Wednesday in its monthly report that it saw oil demand growing at 1.4 million barrels per year, largely unchanged from the previous month.
When oil prices skyrocket, there are ripple effects that go far beyond cutting into your spending money and making Las Vegas seem like a less attractive weekend getaway (for people who like that kind of thing). High prices at the pump can also make your fryolator a prime source of income, cause you to spend more time online, and make your motorcycle a target for thieves.
BOSTON (TheStreet) -- If you were around in the 1970s, you'll undoubtedly cringe to recall leisure suits and disco dancing. Even more unsettling: the memories of trying to pump gas.
Identifying bubbles is not (very) hard. What’s hard is predicting at what price and when they will pop. Two weeks ago I wrote an article titled “FAO Food Index Predicting a Reversal in Crude Oil Prices”. I’d say a 15% decline in Brent from $127 to $110 qualifies as a 'reversal'.
So much for the great commodities crash.
After last week's big panic, commodities have stabilised and rebounded rapidly. Even silver is off its lows.
The positive news on US jobs on Friday helped, as the fear that the US economy can't support itself without a steady stream of printed money ebbed somewhat.
Hopefully you're not waiting for a global peak in oil production.
If that's the case, I have some bad news for you...
It already happened... five years ago.
The U.S. trade deficit widened more than forecast in March as the highest oil prices in more than two years boosted imports, eclipsing record exports.
The trade gap rose 6 percent to $48.2 billion, the biggest since June, from $45.4 billion in February, the Commerce Department reported today in Washington. The median forecast of 72 economists surveyed by Bloomberg News projected it would widen to $47 billion. Sales abroad climbed by the most in 17 years.
There will be many dress rehearsals in commodity markets before the next global recession. An example is last week’s dramatic and broad-based sell off that took oil prices for over a $10/barrel tumble. And there is no doubt that despite the scarcity of the resource, the price of oil will crash the next time the global economy sewers.
At the 9th conference of the Association for the study of peak oil (ASPO) in Brussels, one of the speakers said that it was time to stop economists bashing. That is probably correct: economists are not worse than other professionals: they just suffer of the great visibility of Sturgeon's law in their field. The law says that "90% of everything is crap" (or, in a stronger form, that 99% is). So, if 90% (or 99%) of economists just don't get it, there is at least a 1% of them who do.
At ASPO-9 in Brussels we had two representatives of this 1% of economists: Jeff Rubin and Douglas Reynolds. Rubin was the first to speak and he gave a rather soft talk; he still predicted dark and dire things resulting from oil depletion, including the break-up of the European Union, the bankruptcy of Greece, and other niceties. Reynolds was more direct. He didn't mince words in saying that we were going to go the way the Soviet Union did in the 1990s. We are going to experience total collapse; together with hyperinflation. And he suggested to get ready to stock whiskey and cigarettes to use as exchange medium.
The rising water has interrupted coal shipments to power plants in Tennessee, flooded more than 100,000 acres of Missouri cropland, forced thousands from their homes and prompted the Corps to open the Bonnet Carre Spillway to reduce the river’s force through New Orleans.
Flooding limited movement of products in and out of the plant by barge, said the people, who declined to be identified because they aren’t authorized to speak for the refinery. Entergy Corp. (ETR) expects “several inches” of water in its gas-fueled Baxter Wilson plant north of Vicksburg, based on a forecast crest on May 19, Jill Smith, a company spokeswoman, said yesterday in an interview. Gear and equipment is being moved to the second floor, and crews are sandbagging a low levee that protects the plant, she said.
China, the world’s biggest user of natural resources, is pulling back from commodities and energy acquisitions as the rest of the world pursues deals at the fastest pace since the financial crisis.
NEW YORK (CNNMoney) -- Chinese consumers may finally start to get some relief from skyrocketing prices.
China's surging food prices recently slowed, bringing the country's entire inflation gauge down just slightly in April.
India’s imports of coal from South Africa fell 29 percent in April from a year earlier while Chinese purchases rose, according to mjunction Services Ltd.
South Africa supplied 1.21 million metric tons of the fuel last month to India from a year earlier, the Kolkata-based trader said in an e-mail. That was 18 percent lower than the 1.48 million in March. China’s purchases rose 12 percent to 504,000 tons in April from March, and none in a year earlier period, it said.
Energy use in non-OECD Asia, led by China and India, is growing faster than anywhere else in the world – it will more than double between 1990 and 2035, according to a report by the US Energy Information Administration published in April.
But how will India deal with escalating demand? A separate report by Bernstein Research, a US asset management company, suggests it will struggle to do so, as price-capping measures stifle private investment in natural gas.
Senate Democrats launched an assault on tax breaks for Big Oil on Tuesday in what has become a ritual in a closely divided Congress. But this time the target isn’t just Big Oil but also big deficits.
The targeted tax breaks for the top five oil companies – Exxon Mobil Corp., Royal Dutch Shell, BP, Chevron Corp., and Conoco Phillips – account for about $21 billion in taxpayer subsidies over 10 years, or $2 billion a year. The billions that Democrats expect the US government to recoup by zeroing out various tax breaks would go to relieving the nation’s budgetary shortfall.
PARIS — French lawmakers opened debate on Tuesday on proposals to ban a method for extracting oil and gas deposits from shale because of environmental concerns, throwing up the first serious stumbling block to firms that want to use the practice.
DHAKA - Bangladesh has asked US-based oil company Chevron to raise gas production in the country by 500 million cubic feet (mmcft) a day to offset acute shortages, a government adviser said.
"We have asked Chevron to increase production by at least 500 mmcft a day by the end of 2012 to ease ever growing energy demand and boost our economy," energy adviser to Prime Minister Sheikh Hasina Tawfiq-e-Elahi Chowdhury said.
UBS says that Israel's offshore natural gas discoveries will gradually boost the country's GDP by 0.1-0.2% per year in 2011-12, rising to by 0.2-0.4% in 2013-16 and as much as 0.6-0.7% in 2017-20, when the Leviathan field begins production. The bank says that annual GDP growth will then substantially slow down.
Russia's energy giant Gazprom increased gas supplies to Europe in April 2011 by 20.5 percent on the same month last year, Gazprom CEO Alexei Miller said on Tuesday.
Gazprom's daily gas supplies to non-CIS countries this May are exceeding last year's level by 27.8 percent, Miller said.
Things couldn't have been better for Russia's energy giant Gazprom even before news came in over the weekend that curtains could be coming down on one of the keenest battles of the Caspian great game, and Moscow is on a winning streak.
MANAMA: Bahrain’s energy minister says that the Gulf kingdom’s oil company has fired almost 300 employees in recent weeks for taking part in anti-government protests and general strikes.
BEIRUT (AP) — Syrian activists and witnesses say the army is shelling residential areas in the central city of Homs as the government moves to crush a popular nationwide revolt.
TRIPOLI, Libya (AP) — In a one-two punch against Moammar Gadhafi's forces, NATO warplanes struck a command center in the capital, Tripoli, on Tuesday after pounding regime targets around the besieged port of Misrata. Rebels hoped the stepped-up attacks could help extend some of their biggest advances to date, including a major outward push from Misrata.
Gazprom Neft, Russia's No.5 crude producer, said it still hoped to return to Libya where its deal to buy a stake in the Elephant oil project from Italian group Eni was halted by the ongoing civil war.
The conflict in Libya has almost shut down output in what used to be Africa's third-largest producer, helping send oil prices to 2 1/2 year highs and forcing Eni and Gazprom Neft to put their deal on hold.
PERTH AMBOY, N.J. — A New Jersey city has agreed to refund Chevron nearly $8 million for overpaid property taxes from 2007 to 2010.
However, Perth Amboy doesn't have the cash in its bank accounts. The City Council is set to seek state approval to borrow the money.
WASHINGTON – The Justice Department says Shell Oil Co. and affiliates will pay the government $2.2 million to settle allegations that the companies underpaid royalties on natural gas from federal land. The action marks the latest agreement in a lawsuit against various oil and gas companies that has resulted in $233 million in payments by the defendants.
Tokyo Electric Power Co. will be monitored by the government as a condition for state financial aid to ensure full compensation will be paid to those affected by the world’s worst nuclear disaster in 25 years.
TOKYO (AP) — About 100 evacuees were allowed into the exclusion zone around Japan's troubled Fukushima Dai-ichi nuclear plant Tuesday for a brief visit to gather belonging from their homes.
The excursion marked the first time the government has felt confident enough in the safety of the area to sanction even short trips there. Residents have been pushing hard for weeks for permission to check up on their homes.
Five shipping containers detained in Rotterdam after testing positive for radiation probably left Japan before a screening program started, the Asian nation’s transport ministry said.
TOKYO – Japan will scrap a plan to increase nuclear power from 30 percent to half of the nation's energy source by 2030 and will promote renewable energy as a result of its ongoing nuclear crisis, the prime minister said Tuesday.
Naoto Kan told a news conference that Japan needs to "start from scratch" on its long-term energy policy after the Fukushima Dai-ichi nuclear power plant was heavily damaged by the March 11 earthquake and tsunami and has been leaking radiation ever since.
TOKYO – Japan and Germany are limiting or phasing out reliance on nuclear power after the Fukushima accident — moves that could raise petroleum prices — but most of the rest of the world is undaunted in its pursuit of nuclear energy.
Energy-hungry developing nations such as China, India, Mexico and Iran are moving forward on plans to build more nuclear plants, even as authorities around the world intensify safety inspections of existing plants after Japan's March 11 disaster.
The “renaissance” that the American nuclear industry has been talking about for almost 20 years looks a bit slow and small at the moment, with two of the four leading reactor candidates chosen for aid by the Department of Energy apparently having fizzled.
But post-Fukushima, the industry contends that it is still going strong — although low demand for electricity and low prices for natural gas may get in the way. That was the argument advanced by Marvin S. Fertel, the chief executive of theNuclear Energy Institute, the industry’s main trade association, at a convention of hundreds of nuclear executives in Washington on Tuesday.
Electricity trading in western Europe’s seven biggest markets rose to a record for a sixth year in 2010 as prices recovered and banks and utilities including Barclays Capital and E.ON AG (EOAN) bought and sold the commodity.
CARACAS, Venezuela - Venezuela's government says it has begun rationing electricity across most of the country because of recurring power outages.
Energy Ministry official Igor Gavidia says rationing is affecting 19 of Venezuela's 23 states. He says power will be shut off for three hours every day to help stabilize the system.
Power provider Entergy Corp. said Tuesday that storm damage in Arkansas, combined with high-water threats from the Mississippi River and hot weather are putting a strain on its four-state electricity system.
LONDON (Reuters) - The UK's top six utilities defended their power pricing at a parliamentary committee hearing on Wednesday, saying they acted no faster to raise prices than lower them.
Britain's energy regulator Ofgem had in March said a review showed the companies raised prices faster in response to rising costs than they cut them when costs fell.
QIDFA // A new power and water plant in Fujairah promises to turn the emirate into the UAE's northern hub for electricity and water production, at a time when its strategic importance is growing.
Toyota Motor Sales (TMS) announced the first-ever hydrogen fueling station in the United States being fed directly from an active industrial hydrogen pipeline on Tuesday (May 10) in the Los Angeles area, providing fuel-cell drivers a new way to power up their vehicles.
Constellation Energy Group Inc. (CEG), which agreed to be bought by Exelon Corp., is building the largest U.S. rooftop solar-energy project, at a Toys “R” Us Inc. distribution center in New Jersey.
Chileans in at least nine cities protested Monday after authorities voted to approve the first environmental impact study for a $7 billion hydroelectric project in Patagonia that could flood 14,600 acres of land.
Thousands of people took the streets in Santiago, blocking traffic in several parts of the city until police used teargas and water cannons to drive them away. In Coyhaique, where 11 of 12 members of an environment commission voted in favor of the project, demonstrators threw coins and rocks at riot police who eventually cleared a path for the officials to leave, local press reported.
Vicki Escarra, president and CEO of Feeding America, the nation's largest hunger-relief charity with a network of more than 200 food bank partners, says there is a growing problem with suburban poverty, "where new clients are individuals who have never needed to rely on the charitable food system."
But talking to some families in Xingtang, it became clear that it wasn’t simply the existence of family planning that was keeping the birth rate low.
“One reason to have only one child is to follow the nationwide policy,” said Wang Weigang, a 36-year-old who works in agriculture. “But the other reason is economic. It’s a big burden to bring up children.”
As I grew older and started reading the Bible more holistically, I realized that this kind of prognostication was a house of cards. Not only that, it had disastrous consequences. After all, why care about global climate change if you believe God is about to burn it up to a cinder anyway? Why worry about peak oil if the world will end before the oil economy collapses? Why address systemic injustice - economic, racial, sexual, political, environmental - if you assume it’s God’s will for things to get worse and worse so it all can be swept away in final judgment?
Now I, like many others, have migrated to a very different understanding of the future. More and more of us are calling it a “participatory eschatology” or a “participatory view of the future.”
An urban studies expert says an informal think-tank of academics is ready and willing to help with Government-led recovery efforts if earthquake body Cera wants to call.
Lincoln University urban studies lecturer Dr Suzanne Vallance convened a recent Resilient Future conference at the university which featured local and international speakers focused on the rebuilding of Christchurch after the earthquakes, with more events planned for the future.
In Jan Lundberg's interview with Oriental Morning Post - Weekly Edition, he told this reporter that petrocollapse is a global challenge and the next oil shock is just a matter of time. People need to be aware of this and start to live a simple, energy-wise and localized life before it's too late.
In August 2010, for instance, the libertarian magazine Reason ran the headline “Forget peak oil. What about peak lithium, peak neodymium, and peak phosphorus?” In the case of lithium, the panic has begun to subside as we’ve learned more about the element’s abundance. But will the same be true of the other 28 energy-critical elements? And what can the state of lithium supplies tell us about the rest of them?
MIAMI — Just before the Republican-led Florida Legislature finished up its session for the year, it gave developers a parting gift: It pushed through measures that would reverse 25 years of growth management law by loosening state oversight of builders and making it harder for people to challenge development.
If you spend any time at all browsing comments on articles about climate change (and bless you if you've managed to avoid it), you've likely read the same handful of long-debunked arguments against the reality of anthropogenic global warming (or "man-made" global warming). Recently, you've also almost definitely seen links to this website—"900+ Peer-Reviewed Papers Supporting Skepticism of "Man-Made" Global Warming (AGW) Alarm"—created by the Global Warming Policy Foundation.
The problem is, of the top ten contributors of articles to that list, nine are financially linked to Exxon Mobil.
The UK will miss its "carbon budget" targets to cut emissions over the next decade if it relies on existing policies, analysts warned today.
The latest analysis by Cambridge Econometrics confirmed that the UK has missed its long-standing target to cut carbon by 20% by 2010, despite a large fall in emissions in 2008-09 as a result of the recession.
The report concluded it would cost at least $600 a ton to capture carbon dioxide from the air, compared with an estimated cost of about $80 a ton to capture the gas from a typical coal power plant.
The most significant hurdle is the extremely low concentrations of carbon dioxide in air, compared with the stream from a coal-fired power plant or other large emitter, said Robert H. Socolow, a Princeton physicist and a co-chairman of the report.
OTTAWA — Quebec province, anticipating renewed interest in its natural resources, rolled out on Monday an ambitious 25-year plan to develop its vast but largely untouched northern and Arctic regions.
The region is well endowed with mineral resources, woodlands and potential hydroelectric developments, but it lacks the roads, railways, ports, communications links and other infrastructure necessary for their exploitation.
(Reuters) - Leaders of Arctic nations gather in Greenland this week to chart future cooperation as global warming sets off a race for oil, mineral, fishing and shipping opportunities in the world's fragile final frontier.
Secretary of State Hillary Clinton will join foreign ministers from seven other Arctic states in Greenland's tiny capital of Nuuk -- population 15,000 -- on Thursday for an Arctic Council meeting on the next steps for a region where warming temperatures are creating huge new challenges and unlocking untapped resources.