60 Minutes had a nice two-piece on the Saudis effort to extract oil from the desert. It will allow them to produce an extra two million barrels of oil a day for the next 50 years. They will be using sea-water to push the oil to the surface.
Fleeting thought: Will this offset the amount of sea-rise due to global warming? Will the water and salt/oil separate over time, eventually providing a massive oasis in the desert?
Showing posts with label Energy. Show all posts
Showing posts with label Energy. Show all posts
Monday, December 8, 2008
Tuesday, November 4, 2008
Oil prices rise about 10 percent.
link
With "friends" like the Saudi, who doesn't think we need more drilling in the U.S.?
"il prices jumped more than 10 percent on Tuesday on signs Saudi Arabia and other OPEC members had made cuts in crude exports and as global financial markets rallied ahead of the U.S. election result."
With "friends" like the Saudi, who doesn't think we need more drilling in the U.S.?
"il prices jumped more than 10 percent on Tuesday on signs Saudi Arabia and other OPEC members had made cuts in crude exports and as global financial markets rallied ahead of the U.S. election result."
Friday, October 24, 2008
Why Oil is going lower.
Many countries, like Russia, have borrowed to fuel their growth. They now need to sell oil to service that debt. Not being able to refinance is forcing those countries to sell oil at any price.
Saturday, October 18, 2008
Could cheap oil threaten the stability of Iran and Venezuela
link
It was reported in the news lately that Venezuela was looking for a billion dollar loan to upgrade its oil producing facilities. Is this a start to the downfall of socialism in Venezuela?
It was reported in the news lately that Venezuela was looking for a billion dollar loan to upgrade its oil producing facilities. Is this a start to the downfall of socialism in Venezuela?
Thursday, October 16, 2008
McCain says would eliminate ethanol tariff
link
Eliminating the ethanol tariff is a good idea. It keeps gasoline prices high. It encourages the use of corn for fuel, which increases food prices. Not only are corn prices higher, so is the price of everything that eats corn, like chicken and hogs.
Eliminating the ethanol tariff is a good idea. It keeps gasoline prices high. It encourages the use of corn for fuel, which increases food prices. Not only are corn prices higher, so is the price of everything that eats corn, like chicken and hogs.
Saturday, October 4, 2008
Poll Results
Should there be a 90% tax on the net profits of the oil and military companies for the next 8 years?
No - 54%, Yes - 45% (6-5)
For those who voted yes, please explain why and what you think would happen after the tax was imposed.
No - 54%, Yes - 45% (6-5)
For those who voted yes, please explain why and what you think would happen after the tax was imposed.
Friday, October 3, 2008
Karl Rove on Taxes
The Tax Issue Still Resonates A good article.
"One reason offered for the alleged decline of tax cuts as a potent issue is that since 2000, tax cuts have taken 13 million filers off of the income tax rolls. Today, one-third of all filers have no federal income tax liability and nearly 40% of all federal income taxes are now paid by the top 1% of taxpayers (60% by the top 5%). The fewer people who are paying taxes, the fewer people who care about tax cuts, or so goes the reasoning."
"While Mr. Obama claims his tax increases will pay for "tax cuts," much of his increases are actually earmarked for a massive new spending program that will send tax "rebate" checks to 45.6 million filers who have no income tax liability. These filers will get a check of up to $500 a person or $1,000 a couple even though they do not pay federal income taxes."
"Mr. Obama wants to raise the top marginal rate by nearly a fifth to about 40%. With Medicare taxes and his proposed increases in Social Security taxes on the wealthy added in, this would result in over 50 cents out of every additional $1 earned in the top income brackets going to government"
"One reason offered for the alleged decline of tax cuts as a potent issue is that since 2000, tax cuts have taken 13 million filers off of the income tax rolls. Today, one-third of all filers have no federal income tax liability and nearly 40% of all federal income taxes are now paid by the top 1% of taxpayers (60% by the top 5%). The fewer people who are paying taxes, the fewer people who care about tax cuts, or so goes the reasoning."
"While Mr. Obama claims his tax increases will pay for "tax cuts," much of his increases are actually earmarked for a massive new spending program that will send tax "rebate" checks to 45.6 million filers who have no income tax liability. These filers will get a check of up to $500 a person or $1,000 a couple even though they do not pay federal income taxes."
"Mr. Obama wants to raise the top marginal rate by nearly a fifth to about 40%. With Medicare taxes and his proposed increases in Social Security taxes on the wealthy added in, this would result in over 50 cents out of every additional $1 earned in the top income brackets going to government"
Energy - Wind Farm - Good News
New Jersey Grants Rights to Build a Wind Farm About 20 Miles Offshore
"Regulators in New Jersey awarded the rights on Friday for construction of a $1 billion offshore wind farm in the southern part of the state to Garden State Offshore Energy"
"The proposal by Garden State Offshore Energy includes the installation of 96 turbines to produce as much as 346 megawatts of electricity, enough to power tens of thousands of houses, starting in 2013."
"Regulators in New Jersey awarded the rights on Friday for construction of a $1 billion offshore wind farm in the southern part of the state to Garden State Offshore Energy"
"The proposal by Garden State Offshore Energy includes the installation of 96 turbines to produce as much as 346 megawatts of electricity, enough to power tens of thousands of houses, starting in 2013."
Fact Check - Biden Palin Misstatements
Biden's Misstatements:
(1) Article one of the Constitution deals with the Legislative branch, not the Executive Branch.
Section 3:"The Vice President of the United States shall be President of the Senate, but shall have no Vote, unless they be equally divided."
(2) Biden said McCain voted “the exact same way” as Obama to increase taxes on Americans (singles) earning just $42,000, but McCain did not. "Biden was referring to an amendment that didn't address taxes at that income level."
(3) Biden said that Obama never said that he would sit down unconditionally with Mahmoud Ahmedinijad of Iran. Obama did say specifically, and Biden attacked him for it.
(4) Biden has opposed offshore drilling and even compared offshore drilling to “raping” the Outer Continental Shelf.”
(5) Biden indicated that John McCain and Barack Obama voted the same way against funding the troops in the field. McCain opposed a bill that included a timeline, that the President of the United States had already said he would veto regardless of it’s passage. When the final vote for funding came, Obama voted against it.
(6) Biden says he’s always been for clean coal, but he just told a voter that he is against clean coal and any new coal plants in America and has a record of voting against clean coal and coal in the U.S. Senate.
(7) Biden mischaracterized McCain's health insurance proposal. McCain will raise taxes on people's health insurance coverage but they get a tax credit to offset any tax hike. Those without company supplied health insurance can use the tax credit to purchase insurance. At 40% marginal tax rate, your company plan would have to be over $12,000 to be a net negative.
(8) Biden falsely said Palin supported a windfall profits tax in Alaska -- she reformed the state tax and revenue system, it's not a windfall profits tax.
(9) Biden said that top military commander in Iraq said the principles of the surge could not be applied to Afghanistan, but the commander of NATO's International Security Assistance Force Gen. David D. McKiernan said that there were principles of the surge strategy, including working with tribes, that could be applied in Afghanistan.
(10) Biden falsely said McCain weakened regulation -- he actually called for more regulation on Fannie and Freddie. McCain call for deregulation in health insurance was a call to allow insurance to be sold across state lines for greater competition.
(11) Biden is wrong in saying that under Obama, Americans won't pay any more in taxes then they did under Reagan. Reagan had a top tax rate of 28%.
(12) Biden said the economic rescue legislation matches the four principles that Obama laid out, but in reality it doesn’t meet two of the four principles that Obama outlined on Sept. 19, which were that it include an emergency economic stimulus package, and that it be part of “part of a globally coordinated effort with our partners in the G-20.”
(13) Biden said Americans earning less than $250,000 wouldn’t see higher taxes, but the Obama-Biden tax plan would raise taxes on individuals making $200,000 or more.
(14) Biden wrongly claimed that McCain had said "he wouldn't even sit down" with the government of Spain. Actually, McCain didn't reject a meeting, but simply refused to commit himself one way or the other during an interview.
link
Palin mistatements:
(1) Palin mistakenly claimed that troop levels in Iraq had returned to “pre-surge” levels. Levels are gradually coming down but current plans would have levels higher than pre-surge numbers through early next year, at least
"The surge was announced in January 2007, at which point there were 132,000 troops in Iraq, according to the Brookings Institute Iraq Index. As of September 2008, that number was 146,000. President Bush recently announced that another 8,000 would be coming home by February of next year. But even then, there still would be 6,000 more troops in Iraq than there were when the surge began."
(2) Palin repeated a false claim that Obama once voted in favor of higher taxes on “families” making as little as $42,000 a year. He did not. The budget bill in question called for an increase only on singles making that amount, but a family of four would not have been affected unless they made at least $90,000 a year.
(3) Palin claimed McCain’s health care plan would be “budget neutral,” costing the government nothing. Independent budget experts estimate McCain's plan would cost tens of billions each year, though details are too fuzzy to allow for exact estimates.
(4) Palin wrongly claimed that “millions of small businesses” would see tax increases under Obama’s tax proposals. At most, several hundred thousand business owners would see increases.
(1) Article one of the Constitution deals with the Legislative branch, not the Executive Branch.
Section 3:"The Vice President of the United States shall be President of the Senate, but shall have no Vote, unless they be equally divided."
(2) Biden said McCain voted “the exact same way” as Obama to increase taxes on Americans (singles) earning just $42,000, but McCain did not. "Biden was referring to an amendment that didn't address taxes at that income level."
(3) Biden said that Obama never said that he would sit down unconditionally with Mahmoud Ahmedinijad of Iran. Obama did say specifically, and Biden attacked him for it.
(4) Biden has opposed offshore drilling and even compared offshore drilling to “raping” the Outer Continental Shelf.”
(5) Biden indicated that John McCain and Barack Obama voted the same way against funding the troops in the field. McCain opposed a bill that included a timeline, that the President of the United States had already said he would veto regardless of it’s passage. When the final vote for funding came, Obama voted against it.
(6) Biden says he’s always been for clean coal, but he just told a voter that he is against clean coal and any new coal plants in America and has a record of voting against clean coal and coal in the U.S. Senate.
(7) Biden mischaracterized McCain's health insurance proposal. McCain will raise taxes on people's health insurance coverage but they get a tax credit to offset any tax hike. Those without company supplied health insurance can use the tax credit to purchase insurance. At 40% marginal tax rate, your company plan would have to be over $12,000 to be a net negative.
(8) Biden falsely said Palin supported a windfall profits tax in Alaska -- she reformed the state tax and revenue system, it's not a windfall profits tax.
(9) Biden said that top military commander in Iraq said the principles of the surge could not be applied to Afghanistan, but the commander of NATO's International Security Assistance Force Gen. David D. McKiernan said that there were principles of the surge strategy, including working with tribes, that could be applied in Afghanistan.
(10) Biden falsely said McCain weakened regulation -- he actually called for more regulation on Fannie and Freddie. McCain call for deregulation in health insurance was a call to allow insurance to be sold across state lines for greater competition.
(11) Biden is wrong in saying that under Obama, Americans won't pay any more in taxes then they did under Reagan. Reagan had a top tax rate of 28%.
(12) Biden said the economic rescue legislation matches the four principles that Obama laid out, but in reality it doesn’t meet two of the four principles that Obama outlined on Sept. 19, which were that it include an emergency economic stimulus package, and that it be part of “part of a globally coordinated effort with our partners in the G-20.”
(13) Biden said Americans earning less than $250,000 wouldn’t see higher taxes, but the Obama-Biden tax plan would raise taxes on individuals making $200,000 or more.
(14) Biden wrongly claimed that McCain had said "he wouldn't even sit down" with the government of Spain. Actually, McCain didn't reject a meeting, but simply refused to commit himself one way or the other during an interview.
link
Palin mistatements:
(1) Palin mistakenly claimed that troop levels in Iraq had returned to “pre-surge” levels. Levels are gradually coming down but current plans would have levels higher than pre-surge numbers through early next year, at least
"The surge was announced in January 2007, at which point there were 132,000 troops in Iraq, according to the Brookings Institute Iraq Index. As of September 2008, that number was 146,000. President Bush recently announced that another 8,000 would be coming home by February of next year. But even then, there still would be 6,000 more troops in Iraq than there were when the surge began."
(2) Palin repeated a false claim that Obama once voted in favor of higher taxes on “families” making as little as $42,000 a year. He did not. The budget bill in question called for an increase only on singles making that amount, but a family of four would not have been affected unless they made at least $90,000 a year.
(3) Palin claimed McCain’s health care plan would be “budget neutral,” costing the government nothing. Independent budget experts estimate McCain's plan would cost tens of billions each year, though details are too fuzzy to allow for exact estimates.
(4) Palin wrongly claimed that “millions of small businesses” would see tax increases under Obama’s tax proposals. At most, several hundred thousand business owners would see increases.
Monday, September 29, 2008
Hypocrisy of rich Liberals - Wind Energy
Why isn't Nantucket Sound producing wind energy? Because of rich liberals like Ted Kennedy.
"The Cape Wind Project is a proposed offshore wind farm on Horseshoe Shoal in Nantucket Sound off Cape Cod in Massachusetts. If the project moves forward on schedule, it will become the first offshore wind farm project in the United States.
A 2007 public opinion survey found that more than four out of five Massachusetts residents (84 percent) -- including 58 percent of those who live on the Cape and on the Islands -- explicitly support "the proposed Cape Wind offshore wind farm that would involve wind turbines being placed in Nantucket Sound about five and a half miles from the Town of Hyannis." A June 2006 survey posed the same question and found 81 percent support statewide and 61 percent in Cape Cod/the Islands.[1]"
The Alliance to Protect Nantucket Sound "was formed in 2001 to oppose a proposal to build a 130 turbine renewable energy wind farm"
"The Cape Wind Project is a proposed offshore wind farm on Horseshoe Shoal in Nantucket Sound off Cape Cod in Massachusetts. If the project moves forward on schedule, it will become the first offshore wind farm project in the United States.
A 2007 public opinion survey found that more than four out of five Massachusetts residents (84 percent) -- including 58 percent of those who live on the Cape and on the Islands -- explicitly support "the proposed Cape Wind offshore wind farm that would involve wind turbines being placed in Nantucket Sound about five and a half miles from the Town of Hyannis." A June 2006 survey posed the same question and found 81 percent support statewide and 61 percent in Cape Cod/the Islands.[1]"
The Alliance to Protect Nantucket Sound "was formed in 2001 to oppose a proposal to build a 130 turbine renewable energy wind farm"
90% tax on oil companies
It amazes me that so many of you are in favor of a 90% tax, unless you want to destroy the military and oil companies.
First, you would have no new investment in the industries, for no sane person would risk money knowing that 90% of possible profits would be taxed.
Second, you would receive less tax revenue. For no same executive would show a profit. He or she would spend any potential profit by buying other assets. And those assets would not be to bring down the cost of production, for any savings gained would lost in taxes. No, they would buy real estate, or non-military and non-oil related companies. Things they could sell once the tax is reduced.
First, you would have no new investment in the industries, for no sane person would risk money knowing that 90% of possible profits would be taxed.
Second, you would receive less tax revenue. For no same executive would show a profit. He or she would spend any potential profit by buying other assets. And those assets would not be to bring down the cost of production, for any savings gained would lost in taxes. No, they would buy real estate, or non-military and non-oil related companies. Things they could sell once the tax is reduced.
Wednesday, September 24, 2008
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