- US House passes climate change bill
US takes first step towards cutting carbon emissions (FT)
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As of Friday afternoon, it looks as if there will be a vote on the US cap-and-trade bill today in the US, though it still could carry over to next week.
In lieu of usual Friday number/quote/image-of-the-week post, here is a multimedia report from our West Africa correspondent Matthew Green. Navigate the labyrinthine channels of Nigeria’s oil-rich delta and watch video reports as Matthew investigates the conflicts caused by oil production in the region.
On Energy Source:
After a long and difficult search, BP has named the man who will succeed Peter Sutherland as chairman:
BP said on Thursday that it had appointed Carl-Henric Svanberg, chief executive of Swedish telecoms equipment maker Ericsson, to take the place of Peter Sutherland as chairman of the UK oil major. Read more
Gordon Brown laid out the UK’s position in the international talks on a successor to the Kyoto protocol this morning, and he did so at a rather surprising venue: London Zoo.
There was a nod towards the natural world in his speech, when he mentioned the damaging effects of climate change. Read more
- White House lobbies wavering lawmakers on climate bill
Commitment to cut emissions by 17% (FT)
Steven Kopits of Douglas Westwood Energy research discusses this urgency in a new report, noting that in the last 37 years, the US has suffered six recessions. From the beginning of each, he says, oil played a central role. In every case when oil consumption breached 4 per cent of GDP, he notes, the US has suffered a recession. Indeed, he says, the current US recession began within two months of oil hitting the 4 per cent threshold, when oil reached $80 per barrel.
Kopits also notes that a sustained rise in the oil price of 50 per cent or more has always been associated with recession, and this applies to the current recession as well. Read more
Oil rose back towards the $69 mark on Thursday as further attacks on pipelines in Nigeria by militants helped reverse losses caused by a sharp jump in US fuel stocks.
Crude had dipped on Wednesday after weekly US supplies data showed gasoline stocks hit 3.9m barrels as refiners ramped up production ahead of the peak summer driving season, and distillates stocks rose to the highest level in over 10 years. Read more