Word: oiled
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...Across the country, energy companies are quickly cutting their exploration efforts. On Tuesday, oil fell to $46.85 a bbl., its lowest price in 3 1/2 years, down significantly from the $140 it traded for this past July. Natural-gas prices are well off highs too. And that is causing energy executives, recently determined to drill in places long considered uneconomical, to rethink their plans. "Oil and gas companies are going to meaningfully cut their budgets next year," says Larry Nichols, chief executive of Devon Energy, one of the nation's largest exploration companies. "And that includes us." (See TIME...
...some places, like northwestern Colorado and Montana, exploration could drop as much as 40% in the next few months. Experts say the resultant drop in oil and natural-gas supplies could cause energy prices to spike sometime next year, further slowing the nation's economic recovery. Last month the International Energy Association warned that oil prices could return to record highs if energy companies pull back their investments. "I worry that the downward slide in prices is causing the industry to overcorrect," says John Harpole, who runs Mecator Energy, a natural-gas broker. "We are going to see higher tops...
...until a few months ago, energy exploration was one of the few bright spots in the darkening U.S. economy. There were 165,500 people in the U.S. working on oil- and gas-drilling crews at the end of October, up 11% from a year earlier, according to the Bureau of Labor Statistics. All mining support-service jobs, including those in the coal business, were up an even larger 17%, to 343,000. Now energy companies are sure to pull back. And that could make the nation's economic recession even worse, taking job losses to areas that...
...energy efficiency should move the United States toward a more energy frugal future, green energy advocate Amory B. Lovins said in a talk at the Science Center yesterday evening. “We are often given a multiple choice test in the media. We must choose between climate change, oil wars, or nuclear holocaust,” said Lovins, the co-founder of the sustainability-research organization Rocky Mountain Institute. “We are never given the choice of ‘none of the above,’ when all these problems go away if we use energy...
...been looking to divert $25 billion of the $700 billion bank-bailout funds allocated in September to help the automakers, a move opposed by many Republicans critical of an industry that has long resisted tighter fuel-efficiency standards, continued to invest in gas-guzzling trucks and SUVs even as oil prices soared and given its union unsustainably generous deals on salary and benefits. "I don't believe this is a good idea, to take $25 billion and give it to the three major car companies, which I think have a business plan that's doomed to fail," Senator Lindsey Graham...