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6.11.2010

Politics as usual-The bill is S.J. Res. 26.

Obama's greenhouse gas rules survive Senate vote

WASHINGTON – In a boost for the president on global warming, the Senate on Thursday rejected a challenge to Obama administration rules aimed at cutting greenhouse gas emissions from power plants and other big polluters.

The defeated resolution would have denied the Environmental Protection Agency the authority to move ahead with the rules, crafted under the federal Clean Air Act. With President Barack Obama's broader clean energy legislation struggling to gain a foothold in the Senate, the vote took on greater significance as a signal of where lawmakers stand on dealing with climate change.

"If ever there was a vote to find out whose side you are on, this is it," said Sen. Barbara Boxer, D-Calif., chairman of the Environment and Public Works Committee.
The vote was 53-47 to stop the Senate from moving forward on the Republican-led effort to restrain the EPA.
Sen. Joe Lieberman, I-Conn., predicted the vote would "increase momentum to adopt comprehensive energy and climate legislation this year."

But Obama still needs 60 votes to advance his energy agenda, and Democrats don't have them yet. Sen. James Inhofe, R-Okla., said the vote made clear that a majority in the Senate back either a delay or an outright ban on "the Obama EPA's job-killing, global warming agenda."

Republicans, and the six Democrats who voted with them to advance the resolution, said Congress, not bureaucrats, should be in charge of writing climate change policy. They said the EPA rules would drive up energy costs and kill jobs.

But Democrats, referring frequently to the Gulf oil spill, said it made no sense to undermine efforts to curtail greenhouse gas emissions and reduce dependence on oil and other fossil fuels.

The effort to block the rules "is an attempt to bury our heads in the sand and ignore reality," said Sen. Tom Udall, D-N.M.

Obama said the vote was another reminder of the need to pass legislation to reduce the country's reliance on oil. The White House had issued a veto threat this week, saying the resolution would block efforts to cut pollution that could harm people's health and well-being.

"Today the Senate chose to move America forward, towards that clean energy economy — not backward to the same failed policies that have left our nation increasingly dependent on foreign oil," he said.

The EPA crafted standards on greenhouse gas emissions by big polluters after the Supreme Court ruled that those emissions could be considered a danger to human health and thus could be regulated under the Clean Air Act. The rules are to go into effect next January.
The poor chances of the anti-EPA measure overcoming a veto and becoming law did not deter fierce debate.

Senate Republican leader Mitch McConnell of Kentucky called the new regulations a "blatant power grab by the administration and the EPA." With a broad energy bill unlikely to pass this year, "the administration has shifted course and is now trying to get done through the back door what they haven't been able to get done through the front door," he said.

But Senate Majority Leader Harry Reid, D-Nev., called the blocking measure, "a great big gift to big oil" that would "increase pollution, increase our dependence on foreign oil and stall our efforts to create jobs" in clean energy.

White House press secretary Robert Gibbs said Thursday that he anticipated the Senate taking up a broader energy bill in the next several weeks "and hopefully we can get something done before Congress adjourns this year."

The sponsor of Thursday's resolution, Republican Sen. Lisa Murkowski of oil-rich Alaska, said her intent was to protect the authority of Congress, not the interests of the oil industry. "It should be up to us to set the policy of this country, not unelected bureaucrats within an agency," she said.

Her Democratic allies used similar arguments. "The regulatory approach is the wrong way to promote renewable energy and clean energy jobs in Arkansas and the rest of the country," said Sen. Blanche Lincoln of Arkansas, who faces a difficult re-election campaign this summer.

Sen. Jim Webb, D-Va., who opposed the resolution, agreed that Congress should not cede its authority to the executive branch but expressed concern the measure would reverse progress made in such areas as vehicle emissions. He said he supported a bill that would suspend EPA's regulation of greenhouse gases from stationary sources for two years.

Murkowski, too, said Congress should be working harder to come up with an energy bill. The issue was whether a consensus was possible this year.

"Here's the real rub," said Sen. Lindsey Graham, a South Carolina Republican who has worked with Democrats on possible energy legislation. "If we stop them (the rules), are we going to do anything?"

"This is going to be the great hypocrisy test," said Sen. John Kerry, D-Mass., cosponsor of a major clean energy proposal. He asked whether those demanding that Congress act first would actually vote for change.

There were other disputes about the consequences of the Murkowski resolution. EPA Administrator Lisa Jackson and the White House said the resolution would force the EPA to rescind the standards for emissions from future-model cars and light trucks it came up with earlier this year with the Transportation Department. The result, she said, would be a need for the country to consume an extra 455 million barrels of oil.

Murkowski and others countered that Transportation has long been able to set fuel efficiency standards without the help of the EPA.

Jackson also denied the argument of critics that the EPA rules would impose devastating costs on small businesses and farmers, resulting in major job losses. The EPA added a provision that exempts small sources of pollution from the regulations for six years.
___
The bill is S.J. Res. 26.
Online:
Congress: http://thomas.loc.gov.


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Scott's Contracting

6.10.2010

More Active Sun Means Nasty Solar Storms Ahead

Solar Storm News

The sun is about to get a lot more active, which could have ill effects on Earth. So to prepare, top sun scientists met Tuesday to discuss the best ways to protect Earth's satellites and other vital systems from the coming solar storms.

Solar storms occur when sunspots on our star erupt and spew out flumes of charged particles that can damage power systems. The sun's activity typically follows an 11-year cycle, and it looks to be coming out of a slump and gearing up for an active period.

"The sun is waking up from a deep slumber, and in the next few years we expect to see much higher levels of solar activity," said Richard Fisher, head of NASA's Heliophysics Division. "At the same time, our technological society has developed an unprecedented sensitivity to solar storms. The intersection of these two issues is what we're getting together to discuss."

Fisher and other experts met at the Space Weather Enterprise Forum, which took place in Washington, D.C., at the National Press Club.

Bad news for gizmos

People of the 21st century rely on high-tech systems for the basics of daily life. But smart power grids, GPS navigation, air travel, financial services and emergency radio communications can all be knocked out by intense solar activity. 

A major solar storm could cause twenty times more economic damage than Hurricane Katrina, warned the National Academy of Sciences in a 2008 report, "Severe Space Weather Events—Societal and Economic Impacts."

Luckily, much of the damage can be mitigated if managers know a storm is coming. That's why better understanding of solar weather, and the ability to give advance warning, is especially important.

Putting satellites in 'safe mode' and disconnecting transformers can protect electronics from damaging electrical surges.

"Space Weather forecasting is still in its infancy, but we're making rapid progress," said Thomas Bogdan, director of the National Oceanic and Atmospheric Administration (NOAA)'s Space Weather Prediction Center in Boulder, Colo.

Eyes on the sun
NASA and NOAA work together to manage a fleet of satellites that monitor the sun and help to predict its changes.

A pair of spacecraft called STEREO (Solar Terrestrial Relations Observatory) is stationed on opposite sides of the sun, offering a combined view of 90 percent of the solar surface. In addition, SDO (the Solar Dynamics Observatory), which just launched in February 2010, is able to photograph solar active regions with unprecedented spectral, temporal and spatial resolution. Also, an old satellite called the Advanced Composition Explorer (ACE), which launched in 1997, is still chugging along monitoring winds coming off the sun. And there are dozens more dedicated to solar science.

"I believe we're on the threshold of a new era in which space weather can be as influential in our daily lives as ordinary terrestrial weather." Fisher said. "We take this very seriously indeed."  SPACE.com Staff SPACE.com Space.com Staff space.com

SPACE.com offers rich and compelling content about space science, travel and exploration as well as astronomy, technology, business news and more. The site boasts a variety of popular features including our space image of the day and other space pictures,space videos,


BP Oil Spill Film Footage June 10



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Scott's Contracting
314-243-1953
scottscontracting@gmail.com
http://www.stlouisrenewableenergy.blogspot.com
http://www.stlouisrenewableenergy.com
scotty@stlouisrenewableenergy.com

BP's Falling Stock Prices

BP shares fall on oil spill fallout fears

A BP logo is seen at a petrol station in Birmingham, England, Thursday, June 10, 2010. Shares in BP PLC are falling sharply at the start of trading in AP – A BP logo is seen at a petrol station in Birmingham, England, Thursday, June 10, 2010. Shares in BP PLC …
Related Quotes
Symbol Price Change
BP 32.54 +3.34
^GSPC 1,080.41 +24.72
^IXIC 2,203.87 +45.02

LONDON – BP shares fell Thursday in London as U.S. politicians pressed the British oil company to halt its dividend payments and fork out greater compensation for American workers and companies devastated by the massive Gulf of Mexico oil spill.

But markets were also beginning to heed warnings from analysts who said Wednesday's 15.8 percent sell-off of BP shares in New York was an overreaction.

BP shares dropped as much as 11 percent to a 13-year low at the open in London, then recovered some ground by early afternoon, trading 6.1 percent lower at 367.8 pence ($5.39). In New York, the stock opened 9.8 percent higher at $32.05.

BP has lost around half its market value since the spill began with an April 20 rig explosion in the Gulf.

The company has found itself caught in a trans-Atlantic squeeze between an angry U.S. administration and unhappy shareholders — some 18 million Britons hold shares or pension funds in the company.

Prime Minister David Cameron's office said the British leader would discuss the issue with President Barack Obama on a scheduled telephone call over the weekend.

"I understand the U.S. government's frustration because it is a catastrophe for the environment," Cameron said Thursday while on a visit to Afghanistan.

Investors are fretting about the rising costs facing BP after Obama suggested it should also pay unemployment benefits to thousands of oil workers laid off during a moratorium on deep-sea drilling triggered by the spill.

BP tried to reassure investors before the London Stock Exchange opened, saying it was in a strong financial position and it saw no reason to justify the U.S. sell-off, and many analysts agree that the company can withstand the crisis.

But most market experts also acknowledge that the political rhetoric surrounding the accident is outweighing financial fundamentals.

"We don't believe BP has a funding issue, but given the overwhelmingly hostile nature of the U.S. government the company may decide to suspend payments until the wells are capped and the clean-up sufficiently advanced to convince the U.S. that it can afford all the costs as well as pay dividends," said Evolution Securities analyst Richard Griffith. "Unilateral action against BP over its U.S. operations, be it unreasonable or illegal, hangs over BP."

Robert Talbut, the chief investment officer at Royal London Asset Management, a shareholder in BP, said "there is a lot of very irrational and short-term selling going on." But he added that talk of a potential sale of assets or takeover bid — PetroChina Ltd. has been suggested by some as a potential suitor — was not surprising.

"I can understand exactly why someone else would want to buy the BP assets because I think they are grossly undervalued at the moment," he said. "As a shareholder, it's not something I would welcome."

The politics of the spill crossed the Atlantic, with London Mayor Boris Johnson expressing concern Thursday about the "anti-British rhetoric that seems to be permeating from America."

Johnson said BP was paying a "very, very heavy price" for an accident.

"I would like to see a bit of cool heads rather than endlessly buck-passing and name-calling," Johnson told BBC Radio. "When you consider the huge exposure of British pension funds to BP, it starts to become a matter of national concern if a great British company is being continually beaten up on the airwaves."

The influential Financial Times newspaper ran a banner front-page headline "UK alarm over attack on BP."

Cutting the dividend would have a big impact in Britain, where the company accounts for about an eighth of dividend payments from companies in that country's blue-chip stock index, providing crucial income for retirees. In addition, about 40 percent of BP's shareholders are based in the U.S.

BP, which earned more than $16 billion last year, said Thursday the cost of the clean-up and containment efforts had now hit $1.43 billion.

Speaking to investors last week, CEO Tony Hayward wouldn't estimate the total bill, though he told analysts that minority partners in the rig would be expected to pay as well.

BP stressed on Thursday that it had "significant capacity and flexibility" to deal with ongoing costs, underlining its additional cash flow, strong debt to equity ratio and proven reserves.

The company reminded investors that it had indicated in March — before the explosion at the Deepwater Horizon rig — that its cash inflows and outflows were balanced at an oil price of around $60 per barrel.

It said its gearing was currently below the bottom of its targeted range and its asset base was "strong and valuable." The company had more than 18 million barrels of proven reserves and 63 billion barrels of resources at the end of 2009.

Killik & Co. analyst Jonathan Jackson said the shares would remain very volatile until there was a clearer idea of the potential cost but he remained positive on the stock.

"Despite the high risk involved in adding to holdings in the short term and the possibility of a temporary suspension of the dividend, we would continue to do so," he said.

___

AP Reporter Robert Barr contributed to this story.



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Scott's Contracting
314-243-1953
scottscontracting@gmail.com
http://www.stlouisrenewableenergy.blogspot.com
http://www.stlouisrenewableenergy.com
scotty@stlouisrenewableenergy.com

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