House Passes 'Cash for Clunkers' Bill

The House passed a plan to boost auto sales by providing vouchers of up to $4,500 for consumers who turn in their gas-guzzling cars and trucks for more fuel-efficient vehicles.

Under the House bill, car owners could get a voucher worth $3,500 if they traded in a vehicle getting 18 miles per gallon or less for one getting at least 22 miles per gallon. The value of the voucher would grow to $4,500 if the mileage of the new car is 10 mpg higher than the old vehicle. The miles per gallon figures are listed on the window sticker.

Owners of sport-utility vehicles, pickup trucks or minivans that get 18 mpg or less could receive a voucher for $3,500 if their new truck or SUV is at least 2 mpg higher than their old vehicle. The voucher would increase to $4,500 if the mileage of the new truck or SUV is at least 5 mpg higher than the older vehicle. Consumers could also receive vouchers for leased vehicles.

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Volcanic eruptions wiped out ocean life 93 million years ago

University of Alberta scientists contend they have the answer to mass extinction of animals and plants 93 million years ago. The answer, research has uncovered, has been found at the bottom of the sea floor where lava fountains erupted, altering the chemistry of the sea and possibly of the atmosphere.
Undersea volcanic activity triggered a mass extinction of marine life and buried a thick mat of organic matter on the sea floor about 93 million years ago, which became a major source of oil, according to a new study.

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People want to do nation-building... in America

People want to do nation-building. They really do. But they want to do nation-building in America.

Our president’s latest energy initiative was to go to Saudi Arabia and beg King Abdullah to give us a little relief on gasoline prices. I guess there was some justice in that. When you, the president, after 9/11, tell the country to go shopping instead of buckling down to break our addiction to oil, it ends with you, the president, shopping the world for discount gasoline.

A few weeks ago, my wife and I flew from New York’s Kennedy Airport to Singapore. In J.F.K.’s waiting lounge we could barely find a place to sit. Eighteen hours later, we landed at Singapore’s ultramodern airport, with free Internet portals and children’s play zones throughout. We felt, as we have before, like we had just flown from the Flintstones to the Jetsons. If all Americans could compare Berlin’s luxurious central train station today with the grimy, decrepit Penn Station in New York City, they would swear we were the ones who lost World War II.

How could this be? We are a great power. How could we be borrowing money from Singapore? Maybe it’s because Singapore is investing billions of dollars, from its own savings, into infrastructure and scientific research to attract the world’s best talent — including Americans.

And us? Harvard’s president, Drew Faust, just told a Senate hearing that cutbacks in government research funds were resulting in “downsized labs, layoffs of post docs, slipping morale and more conservative science that shies away from the big research questions.” Today, she added, “China, India, Singapore ... have adopted biomedical research and the building of biotechnology clusters as national goals. Suddenly, those who train in America have significant options elsewhere.”

Who will tell the people? We are not who we think we are. We are living on borrowed time and borrowed dimes. We still have all the potential for greatness, but only if we get back to work on our country.

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Olbermann Fact Checks the Bush Recession

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Oil Boom Coming to an End?

The roaring oil boom of the last few months may be on its last legs as economic growth slows hard across the world and a clutch new refineries come into operation, Lehman Brothers has warned in a hard-hitting report.

The Bright Artemis, a 146,463-ton Singaporean-registered oil tanker
The build-up in supply is taking place at a time of cooling demand

“Supply is outpacing demand growth,” said Michael Waldron, the US bank’s oil strategist.

“Inventories have been building since the beginning of the year. We have pretty significant projects starting soon in Saudi Arabia, and large off-shore fields in Nigeria,” he said.

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Big Oil - We Own the Sun... er...

The Real Mr. Fusion? Getting Oil and Gas from Trash

Frank Pringle has found a way to squeeze oil and gas from just about anything

Everything that goes into Frank Pringle’s recycling machine—a piece of tire, a rock, a plastic cup—turns to oil and natural gas seconds later. “I’ve been told the oil companies might try to assassinate me,” Pringle says without sarcasm.

The machine is a microwave emitter that extracts the petroleum and gas hidden inside everyday objects—or at least anything made with hydrocarbons, which, it turns out, is most of what’s around you. Every hour, the first commercial version will turn 10 tons of auto waste—tires, plastic, vinyl—into enough natural gas to produce 17 million BTUs of energy (it will use 956,000 of those BTUs to keep itself running).

Pringle has spent 10 years and $1 million homing in on frequencies for hundreds of materials. In 2004 he teamed up with engineer pal Hawk Hogan to take the machine commercial.

Their first order is under construction in Rockford, Illinois. It’s a $5.1-million microwave machine the size of small bus called the Hawk, bound for an auto-recycler in Long Island, New York. More deals loom: The U.S. military may use Hawks in Iraq on waste such as water bottles and food containers. Oil companies are looking to the machines to gasify petroleum trapped in shale.

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Huge Offshore Oil Reserve Found in Brazil

A huge offshore oil discovery could raise Brazil's petroleum reserves by a whopping 40 percent and boost this country into the ranks of the world's major exporters, officials said.

The government-run oil company Petroleo Brasileiro SA, or Petrobras, said the new "ultra-deep" Tupi field could hold as much as 8 billion barrels of recoverable light crude, sending Petrobras shares soaring and prompting predictions that Brazil could join the world's "top 10" oil producers.
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"If the best-case scenario happens, this discovery would make Petrobras' reserves overcome those of Shell and Chevron and put Petrobras behind only Exxon and British Petroleum," Cunha said.

Petrobras has a 65 percent operating stake in the field, Britain's BG Group PLC holds 25 percent, and Petroleos de Portugal holds the remaining 10 percent.

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WTF? Is Iran an Iraq Deja Vu?

Déjà Vu All Over Again
The US is smearing IAEA chief Mohamed ElBaradei for not finding evidence of Iranian nuclear weapons. Sound familiar?
by Ian Williams

When it comes to Iran’s nuclear capabilities, whose word would you rather take: that of a Nobel prize-winning head of an international agency specializing in nuclear issues who was proved triumphantly right about Iraq, or that of a bunch of belligerent neocons who make no secret of their desire to whack Iran at the earliest opportunity and who made such a pigs ear of Iraq?

That is the stark choice facing the sane people of the world, given the smearing of IAEA chief Mohamed ElBaradei for not joining the hysterical lynch mob building up against Iran. Criticised by Condoleezza Rice and others in the Bush administration, it is uncannily reminiscent of the slurs against him and UN weapons inspector Hans Blix in the run up to the invasion of Iraq - and we should remember that the US vindictively tried to unseat him afterwards for not joining in the lying game.

ElBaradei is hardly acting as cheerleader for the Iranians. He says that his inspectors have not seen “any concrete evidence that there is a parallel military program,” though he could not yet swear to its absence. But he does believe that our issues with Iran can be resolved through negotiations - in which it would help if the US were not implicitly threatening war. But it looks as though we have reached a similar stage to when Saddam let in the inspectors. When they found no WMDs Washington cried foul, ordered the UN inspectors out and sent the troops in. The US and its allies will not accept anything short of regime change in Teheran - no matter what ordinary Iranians might want and what the IAEA says.

The only difference from last time is that France has defected, and France’s opposition to the war in Iraq was as much because of Saddam’s oil contracts with Total and Elf-Aquitaine as any deep attachment to international law. Teheran should sign a contract immediately!
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