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Surprise! Coal & Nuclear Power are Keys to Obama’s Energy Plan
President-elect Barack Obama has made no bones about wantinto jump-start the renewable energy markets – pledging $150 billion for the development of biofuels, solar and wind power, other alternative energy sources during his first term.
But what might the new administration mean for more traditional – and more reliable –energy sources?
Oil is always the first energy source to spring to mind. But it’s hardly a solo act – coal and nuclear make up the other two-thirds of the top fuel trio. Coal delivers 50% of U.S. electricity needs, and nuclear power brings another 20% to the table.
The cold truth is that…
12Dec2008 | Money Morning | 0 comments | ContinuedPakistan on the Verge of Bankruptcy, Presses Allies for Support
Pakistan said Friday that it would seek $4 billion in financial assistance, mostly from the World Bank, the Financial Times reported. Pakistan, a nuclear power and neighbor to Afghanistan, is on the verge of bankruptcy and if it does not receive the assistance it requires, the economy could collapse resulting in political upheaval and social unrest.
Pakistan has been wracked by inflation, currently running at 25% and its foreign reserves are dwindling. The nation’s currency, the rupee, last week sank to a new low of 84.4 to the dollar and has tumbled more than 33% against the greenback this year. Pakistan’s…
20Oct2008 | Money Morning | Comments Off | ContinuedCreating Feds Like It’s 1913
I received an email from a Washington, D.C. advocacy group urging me to urge my U.S. Senators to “support the Climate Security Act.†Climate security? This is legislation to set up emissions trading or a “Cap & Trade†system for carbon-based energy supplies.
Basically, the government sets up a national limit for carbon emissions. This is meant to slow the changes that are supposedly occurring to the atmosphere, and by implication threatening the long-term health of the earth’s climate systems.
Under the national Cap & Trade limits, industry has to obtain rights to emit carbon dioxide (CO2) or find another source for…
20Jun2008 | The Penny Sleuth | Comments Off | ContinuedIEA Demands $45 Trillion Investment in Clean Technology
The world must spend $45 trillion to cut its dependence on oil and reduce greenhouse gasses, the International Energy Agency (IEA) said Friday.
According to the IEA countries must commit 1.1% of projected total global gross domestic product (GDP) to develop sufficient clean energy technology by 2030.
“Carbon emissions must be cut. Costs of about 1% of [global] GDP are not outrageous, so this target is realistic,†Go Hibino, a senior manager at Mizuho Information & Research Institute, told Reuters.
Without a change in current governmental policies, carbon-dioxide emissions will rise by 130% and oil demand will climb 70% by 2050, Nobuo Tanaka,…
9Jun2008 | Money Morning | Comments Off | Continued
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