The Star Beacon; Ashtabula, Ohio

World, nation, state

May 2, 2013

Oil drilling technology leaps, clean energy lags

(Continued)

NEW YORK —

“It has made possible things that were unthinkable 10 years ago,” says Claudi Santiago, managing director at First Reserve Corp., a private-equity firm that invests in energy companies.

Now, drillers are finding oil faster than the world is using it. At the end of 2001, the industry had enough “proved oil reserves” to satisfy world demand for 45 years, according to BP’s annual statistical review, a closely watched study. By the end of 2011 that had grown to 51 years — even though a decade’s worth of oil had been used and daily demand had grown 14 percent. And “proved reserves” refers to oil that can be economically tapped using today’s technology. Tomorrow’s methods could yield even more.

This is good news for a global economy that remains dependent on fossil fuels, but it’s terrifying to climate scientists.

“If we’re willing to go down this road of squeezing whatever petroleum we can out of the earth, we can easily get carbon dioxide levels up to unfathomable levels and put in motion what would be dramatic or catastrophic changes in our climate system,” says Michael E. Mann, a geophysicist and director of the Earth System Science Center at Penn State University.

———

RENEWABLES PROGRESS, BUT NOT FAST ENOUGH

Renewable technologies have had their successes. The average cost of a solar power system has fallen by 31 percent in the last two years. Solar now generates six times more electricity in the U.S. than it did a decade ago, and wind produces 14 times more. Most major automakers offer some type of electric vehicle.

And this success has come despite the fact that renewable energy’s major benefit — that it doesn’t pollute — is given little or no value in the marketplace because most governments haven’t adopted taxes or penalties for fossil fuel pollution.

Text Only
World, nation, state
  • Study finds 35 percent in U.S. facing debt collectors

    More than 35 percent of Americans have debts and unpaid bills that have been reported to collection agencies, according to a study released Tuesday by the Urban Institute.

    July 30, 2014

  • U.S. blasts Israel for Kerry criticism

    The Obama administration pushed back strongly Monday at a torrent of Israeli criticism over Secretary of State John Kerry’s latest bid to secure a cease-fire with Hamas, accusing some in Israel of launching a “misinformation campaign” against the top American diplomat.

    July 29, 2014

  • Outlook on Medicare finances improves

    Medicare’s finances are looking brighter, the government said Monday. The program’s giant hospital trust fund won’t be exhausted until 2030 — four years later than last year’s estimate.

    July 29, 2014

  • Plan to simplify 2015 health renewals may backfire

    If you have health insurance on your job, you probably don’t give much thought to each year’s renewal. But make the same assumption in one of the new health law plans, and it could lead to costly surprises.

    July 28, 2014

  • Hospital shooting suspect charged with murder

    A man accused of fatally shooting his caseworker and grazing his psychiatrist at a suburban Philadelphia hospital complex before the doctor returned fire has been charged with murder.

    July 28, 2014

  • Man seeks video of Oklahoma City bombing

    One man’s quest to explain his brother’s mysterious jail cell death 19 years ago has rekindled long-dormant questions about whether others were involved in the 1995 Oklahoma City bombing.

    July 28, 2014

  • Bill in Congress to help veterans with PTSD

    A group of lawmakers have joined together to help veterans with Post Traumatic Stress Disorder (PTSD), Post Traumatic Brain Injury (PTBI) and other war injuries get speedy medical treatment — and avoid Veteran’s Administration bureaucracy and Department of Defense lack of accountability.

    July 28, 2014

  • U.S.: Russia has fired rockets into Ukraine

    Stepping up pressure on Moscow, the U.S. on Sunday released satellite images it says show that rockets have been fired from Russia into neighboring eastern Ukraine and that heavy artillery for separatists also has crossed the border.

    July 28, 2014

  • U.S. says Russia is firing across border into Ukraine

    Russia is launching artillery attacks from its soil on Ukrainian troops and preparing to move heavier weaponry across the border, the U.S. and Ukraine charged Friday in what appeared to be an ominous escalation of the crisis.

    July 25, 2014

  • Gaza sides agree to lull but truce efforts stall

     Israel-Hamas fighting looked headed for escalation after U.S. Secretary of State John Kerry failed Friday to broker a weeklong truce as a first step toward a broader deal and Israel’s defense minister warned Israel might soon expand its Gaza ground operation “significantly.”

    July 25, 2014

House Ads
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
AP Video