
Energy and Environment News
March 19, 2015
Top Stories
Energy Policy. President Obama signed an executive order today that requires the Federal Government to cut greenhouse gas emissions by 40% from 2008 levels and increase the use of renewable electricity to 30% of its current electricity supply over the next ten years. In conjunction with this executive order, a group of firms that supplies the Federal Government pledged to reduce its carbon footprint by 5 million metric tons over the same period. WP
Oil. Oil prices fell to fresh six-year lows today due to factors such as rising U.S. inventories and increasing crude production. Additionally, while prices increased yesterday following the Federal Reserve’s indication that it would hold-off on raising interest rates, an interest-rate hike later this year is likely to strengthen the dollar — which will place additional downward pressure on oil prices. WSJ
Shale. Several of the world’s biggest oil companies have retracted efforts to expand fracking operations outside of the U.S. While the collapse in crude oil prices is the underlying factor behind these companies’ decisions to halt investments in international fracking, obstacles such as sanctions in Russia, a fracking ban in France, a moratorium in Germany, and poor results in Poland have also hindered efforts to “re-create the U.S. shale boom” overseas. WSJ
Coal. In a Brookings “Policy Brief”, the authors note that even though coal is the largest source of carbon dioxide and other emissions, it will continue to play a significant role in the global energy market for many decades. Specifically, they note that while coal-fired generation is declining in the United States, it is increasing in developing markets where access to cheap coal-based electricity is essential for economic development. Brookings