Scientific Review Finds Fatal Flaws with Oil Industry Study of AB32

An independent panel of scientific experts today reaffirmed that an oil industry association’s study of California’s landmark clean energy law (AB32), in particular the Low Carbon Fuel Standard, was flawed on a number of fronts, saying it did not “include a full accounting of the economic impacts, or the health and welfare impacts of the legislation on the broader population and economy of the state,” such as “positive effects on the health and welfare of the citizens of California that could result from the implementation of AB32.”

San Francisco supervisors vote to divest from Big Oil

San Francisco took a symbolic step Tuesday toward ridding its retirement holdings of investments in the biggest fossil fuel companies, even if it may be years before divestment is realized.

The Board of Supervisors unanimously passed a resolution by Supervisor John Avalos urging the Employees’ Retirement System to divest about $580 million in holdings from the top 200 fossil fuel companies. The resolution calls for the system to stop any new fossil fuel investments and complete divestment within five years.

Big Oil Prefers to Crush Renewables Rather Than Invest in Them

For awhile it looked like the oil giants were seriously diversifying into renewable energy, but that’s coming to an end.

BP dropped its long-standing solar and wind divisions, Shell focuses on how wind energy can assist fossil fuel extraction, and Exxon and Chevron have pulled back from biofuels.

Lawmaker proposes office to investigate possible gas-price fixing

Think you are being ripped off at the gas pump?

One California lawmaker wants to give the public a place to contact with complaints of price manipulation or other shenanigans.

Sen. Mark Leno (D-San Francisco) has proposed creation of an Office of Fuel Price Investigation and Manipulation Prevention at the California Energy Commission.

Leno said the new office would develop anti-fuel price manipulation standards, investigate potential incidents of illegal activity and recommend ways to reduce the volatility of gas prices in California, which last year saw some stations charge $5 per gallon.

Big Oil Fueling A Deficit

If you’re like most people, you probably think about your food budget at least a little bit. Most likely, you try to find the best value at the grocery store, perhaps by clipping coupons or sticking to on-sale items, and limiting dining out or choosing restaurants carefully. After all, if you dined out every night at a $100-a-person restaurant you may discover very quickly that you’re going broke just trying to “fuel” yourself with food.

Obama budget would end oil industry tax breaks, hike royalites

In unveiling his $3.8 trillion spending plan for the U.S. government on Wednesday, President Barack Obama revived his longstanding attack on oil industry tax breaks and formally launched a plan to pay for alternative vehicle research with drilling dollars.

While the tax plans are dead on arrival on Capitol Hill — where lawmakers have rejected similar proposals many times before — they drew outrage from oil and gas industry leaders who said Obama was seeking to use the sector as a piggy bank.

Remember, Oil Companies Are Spilling Toxic Stuff Literally Every Day

At this point, we can only assume that Exxon Mobil is tring its hand at a slapstick comedy routine: just as it was scrambling to clean up the Arkansas town it just dumped oil all over, it slipped and spilled a bunch of hazardous chemicals in Louisiana. Reporters could neither confirm nor deny the presence of an ensuing sad trombone sound.

The Obama Budget Drains Tax Breaks for Big Oil

President Barack Obama’s budget proposal for fiscal year 2014 would eliminate $39 billion of special tax breaks for Big Oil companies over the next decade as part of comprehensive business tax reform. These companies earned billions of dollars in recent years due to high oil and gasoline prices and do not need additional support from taxpayers. These tax breaksemerged over the past 100 years to help the then-nascent industry develop, and they relieved the oil and gas industry of $466 billion in tax payments to the federal treasury between 1918 through 2009, according to DBL Investors. Now that the oil and gas industry is fully developed and mature, President Obama’s budget would end this century of largesse.

Southern California air regulators adopt fracking rules

In the absence of statewide regulations for hydraulic fracturing, Southern California air-quality officials have enacted their own reporting rules for the controversial extraction process driving the country’s oil and gas boom.

On Friday, the governing board of the South Coast Air Quality Management District adopted a rulethat requires oil companies to notify the air agency 10 days to 24 hours before beginning drilling operations, including “fracking,” which involves injecting large volumes of chemical-laced water and sand deep into the ground to break apart rock and release oil.

Cheap natural gas helps Chevron leapfrog Shell in value

Chevron Corp, after years of living in the shadow of Exxon Mobil Corp, has grown accustomed to having to punch above its weight, and it has now landed a notable blow against another big oil company.

Though it ranks fourth in oil and gas reserves among the world’s non-government-controlled producers, the California major recently seized the number two spot from Royal Dutch Shell Plc in terms of stock market valuation.