Word: gas
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...Chinese stock-market crash sent a shock wave through the entire Asian economy. Some blamed the powerful new Middle Eastern Shari'a-law banks, which had terminated their zero-interest-rate facilities for Shanghai hedge funds. Others saw the sinister hand of the Russian-controlled OGEC (Organization of Gas Exporting Countries), which had stunned energy importers in Asia by trebling natural gas prices. Either way, the impact was disastrous. Output collapsed. Unemployment soared. The Chinese banking system, which had never been entirely free of corruption, imploded...
...windswept prairies of eastern Wyoming, Frank Eathorne doesn't have much time or use for complaining. But one day this spring, he drove 80 miles in his GMC truck with a BUSH-CHENEY bumper sticker to do just that. It wasn't that he minded the oil-and-gas boom currently flooding the state with jobs and royalties. The problem, he told a government panel in a hotel ballroom in Casper, is that the rush to drill in Wyoming is swiping the land right out from under its people...
...only the surface of his 32,000 acres; the Federal Government owns most of what lies beneath. Washington, increasingly eager to find domestic sources of energy, is leasing the subsurface rights of those so-called split estates at an unprecedented pace to energy companies. Wyoming's abundance of gas reserves makes it especially attractive. The state's citizens have lived through energy booms--and busts--before. But while oil and gas jobs came and went, the ranch remained. This time, ranchers say, the boom risks ruining the land that has always sustained them for the easy-come, easy-go riches...
Eathorne's situation is a dark side of an oil boom that has otherwise re-energized the state's economy. Last year, as energy companies swarmed the state, Wyoming produced nearly double the natural gas it did 10 years ago. Even its production of oil, which had been ebbing, is expected to rise this year. More rigs are operating in Wyoming today than at any other time in the past 20 years, and revenue from mineral royalties and taxes topped $1.6 billion in 2005, pumping state budgets with cash. In Casper, the state's energy-industry hub, a 36-hole...
...state?s global warming strategy is to succeed, however, it must also fend off an auto industry lawsuit to invalidate its landmark 2002 law requiring carmakers to reduce tailpipe emissions of greenhouse gas and cut CO2 emissions for new vehicles by about 30 percent. And if that law were to be invalidated, California officials will face yet a new challenge: finding other ways to ratchet back emissions to meet the new overall limits it has just enacted...