With Greece on the verge of default, we’re about to learn how little has really changed since governments around the world wrote the last round of bail out checks to prop up failing financial institutions. Just as the collapse of the US subprime mortgage market rippled into nearly every corner of the global financial system, [...]
President Obama’s recently announced moratorium on deep-water drilling in the Gulf of Mexico is effectively a freeze on growth in US oil production. And short of a huge influx of synthetic oil from tar sands, similar moratoriums around the world will have the same implications for world oil supply. The well that the Deepwater Horizon [...]
I suppose it’s only natural that the nation that’s soon to be the world’s largest consumer of oil should seek access to what will soon be the world’s largest source of new oil supply (which will happen even sooner if deep-water oil production is about to get nuked). The acquisition of a nine per cent [...]
America’s dream of greater energy independence is rapidly turning into an ecological nightmare. Instead of filling empty gas tanks, BP’s Deepwater Horizon well miles offshore is oozing thousands of barrels a day of oil, already covering an area over 1,900 square miles in the food-rich waters of the Gulf of Mexico. With no way of [...]
Is there heartache in the heartland? As Albertans shoulder the weight of a new $4.5 billion budget deficit (not to mention the burden of equalization payments to the rest of Canada) despite the fact that they own the world’s largest oil reserve open to private investment, some might suggest that something is seriously amiss in [...]
Governor Arnold Schwarzenegger and his Midwestern colleagues had better think twice before banning carbon-dirty fuels such as the oil made from Canadian tar sands. If they don’t like the fuel Canada has to offer, their only other choice is to get off the road entirely. Like it or not, synthetic oil from Alberta’s tar sands [...]