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Financials were among the worst performing sectors of the day, with bank stocks dropping more than 17% on average. Shares of Citigroup, Merrill Lynch, Bank of America and Wachovia all fell more than 20%, largely erasing last week's financial-stock rally. Shares of oil companies fell sharply as well on Monday, as the price of crude sank to $49.28 per barrel, a decline of more than 9%. (See the Top 10 Wall Street Meltdowns...
...produce about 4,700 lbs of emissions. Both numbers can be larger if you live in a cold part of the country. The problem is that many American houses are poorly constructed and insulated, leaking heat in winter and cool air in the summer - and that's not cheap. Oil and gas prices may have declined in recent months - of course, fuel costs in the U.S. have also been historically low, compared to our counterparts in much of Europe - but most experts believe that's only temporary and expect to see significantly higher costs to heat and cool our homes...
...latest bid to combat rising food costs and economic uncertainty, South Korean natural-resource-development company Daewoo Logistics said on Nov. 19 that it signed a 99-year lease to farm oil palms and corn on more than 2.5 million acres of land in Madagascar. A Madagascar land minister refuted the claim, however, saying the agreement allowed Daewoo only the right to search for about 250,000 acres of arable farmland. Other countries being scouted...
...will have to mitigate 47,000 tons of carbon by 2016, nearly 6,000 tons per year. Half of the 8,300 tons that have been cut in the past two years come from upgrading the efficiency of central plant equipment through measures such as switching from oil to natural gas, which contains less carbon. The other half was achieved through conservation efforts and behavioral-change programs, such as retrofitting buildings with more efficient lighting and encouraging sustainable lab practices, Phillips said. In the coming years, conservation and behavioral-change campaigns will get more “aggressive?...
Highlight reel: 1. On "securing stable and sustainable energy supplies and mitigating climate change": More than 30% of U.S oil imports come from Latin American nations, a level that outstrips even that which we take from the Middle East. Given America's checkered standing in the region, it's an alarming figure. In order to avoid being held hostage by fluctuations in the price of crude, the authors recommend developing sustainable energy infrastructures-an endeavor that will also help to suppress climate change. "The link between carbon-intensive activities and changes in the world's climate is now well established...