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One way to curb global warming is to purposely shoot sulfur into the atmosphere, a scientist suggested today.

The burning of fossil fuels releases carbon dioxide, a greenhouse gas, into the atmosphere. It also releases sulfur that cools the planet by reflecting solar radiation away from Earth.
 
Most researchers say the warming effect has been winning in recent decades.

Injecting sulfur into the second atmospheric layer closest to Earth would reflect more sunlight back to space and offset greenhouse gas warming, according to Nobel laureate Paul Crutzen from the Max Planck Institute for Chemistry in Germany and the Scripps Institution of Oceanography, University of California at San Diego.

Crutzen suggests carrying sulfur into the atmosphere via balloons and using artillery guns to release it, where the particles would stay for up to two years. The results could be seen in six months.

Nature does something like this naturally.

When Mount Pinatubo erupted in the Philippines in1991, millions of tons of sulfur was injected into the atmosphere, enhancing reflectivity and cooling the Earth’s surface by an average of 0.9 degrees Fahrenheit in the year following the eruption.

“Given the grossly disappointing international political response to the required greenhouse gas emissions, … research on the feasibility and environmental consequences of climate engineering of the kind presented in this paper, which might need to be deployed in future, should not be tabooed,” Crutzen said. 

This proposal is detailed in the August issue of the journal Climatic Change.

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This is a little scary.  I understand that mother nature did this on her own with out any ill effects but it scares me when people decide they want to make like god and meddle.  I don’t think we are helping our planet by putting so many greenhouse gases into our air, but should we be mucking around with the planet but coming up with these schemes?  Who gets to regulate this?  What happens if one country says they don’t want to take the chance on this causing more long term damage to the environment?  I am not suggesting we should do nothng, but I would like to think that there are a lot of less potentially damaging solutions that can be employed first.  But hey that is just me. What do you think?

Hong Kong motorists may face fines for leaving their engines idling under legislation being considered to help reduce the city’s worsening pollution problem, the government said.

The announcement came as air quality monitors recorded “very high” pollution over the city for the second day in a row, a classfification that carries with it an automatic health warning to sufferers of respiratory and heart problems.

Environment Secretary Sarah Liao said officials would make a decision on introducing legislation after they had studied the effectiveness of a voluntary appeal urging drivers to turn off their engines while stationary.

“We are investigating the effect of stopping idling car engines,” Liao told reporters. “Of course we need to go through a very extensive consultation process before we embark on anything.”

Air quality has deteriorated in Hong Kong so much in the past decade that smog reduced visibility to less than a kilometer (half a mile) on more than 50 days last year, a record in this southern Chinese territory.

Surveys say pollution is also hitting Hong Kong financially. Companies are finding it hard to attract executives from overseas because of the haze, and the travel industry says tourists are increasingly suffering health problems.

Tour operators say visitors are also complaining as the city’s famous harbour, its premier tourist attraction, is rendered invisible by the thick blanket of pollutants.

Tuesday was such a day, with the high-rise skyline shrouded in a grey haze and impossible to see from the Tsim Sha Tsui tourist district less than a kilometre away across the harbour.

The government claims the problem is mostly due to the industrialisation of southern China’s neighbouring Pearl River Delta region. Green groups blame Hong Kong’s coal-burning power stations and diesel-powered buses.

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This is an interesting idea.  Not only will this help Hong Kong control their pollution problems but it will also help save fuel in the process.  Ultimately, everyone is going to have to consider taking steps like this to not only control pollution but help reduce our dependencies on fossil fuels.  I would not be surprised to hear many cities across North America and Europe take similar steps.

Nationwide gas prices hit an all-time high in the last two weeks, rising nearly 2 cents to just over $3 per gallon, according to a survey released Sunday. The national average for self-serve regular stood at $3.0150 a gallon Friday, up 1.98 cents in the last two weeks, according to the Lundberg Survey of 7,000 gas stations across the country. The price exceed the previous high of $3.0117 set in September last year, analyst Trilby Lundberg said. A gallon of mid-grade gasoline averaged around $3.12, and premium at nearly $3.22. Nationwide, the lowest price for regular was $2.77 a gallon in Charleston, S.C., while the highest – $3.28 a gallon – was in San Diego.

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I guess this shouldn’t come as no surprise.  I haven’t had much to post about lately but I knew this was going to be the topic of conversation soon.  What can we do?

The price of oil briefly surpassed $78 a barrel Friday and finished 4 percent higher for the week after Israeli attacks against Lebanese militants stoked fears of a wider Middle East conflict and possible oil-supply disruption.

The run-up in oil raised concerns about inflation and the economy at large, sending stock prices tumbling. OPEC tried to reassure the market by stressing its commitment to “order and stability,” but at the same time said it “has no influence” over the geopolitical turmoil underlying today’s volatility.

Because oil accounts for more than 50 percent of the cost of gasoline, U.S. pump prices, now averaging $2.96 a gallon nationwide, are likely to climb some more, analysts said.

On Friday, light sweet crude for August delivery on the New York Mercantile Exchange soared as high as a record $78.40 a barrel in electronic trading before settling at a record $77.03, an increase of 33 cents from Thursday’s record close.

Gasoline futures rose by 2.36 cents to settle at $2.3249 a gallon _ the highest level since late September of last year, when U.S. refinery output was sharply curtailed by hurricane damage.

In London, Brent crude futures gained 58 cents to settle at $77.27 a barrel on the ICE Futures exchange.

“We’ve reached a level where we’ve put all the scare premium into the market that we can,” said James Cordier, president of Liberty Trading in Tampa, Fla. “At this point, we have to have a disruption to move smartly higher from here.”

Cordier said that while fuel demand in the U.S. is still strong, rising energy costs appear to be dampening consumer spending in other areas and that could eventually slow the economy enough to help cool energy prices.

But there won’t be any significant decline until at least the end of the summer, and that assumes that the Gulf Coast sustains no serious hurricane damage this year.

Israel widened its offensive on Lebanon on Friday, with fighter bombers blasting the airport for a second day and cutting off the main highway to Syria. Hezbollah has fired more than 100 rockets into Israel. More than 80 people have died, most in Lebanon, in three days of violence sparked by the capture of two Israeli soldiers by Hezbollah militants.

While Israel and Lebanon are not major oil suppliers, the fear is that the conflict could expand in the region, which produces nearly a third the world’s oil and has almost two-thirds of its untapped reserves.

Iran has threatened to use oil as a weapon if the United Nations invokes sanctions in its dispute with Tehran over its nuclear program. While OPEC’s No. 2 supplier has not raised the issue of withholding oil from the market in a sign of solidarity with Hezbollah, the possibility, while deemed unlikely, weighs on the market’s psychology, analysts said.

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The new just keeps getting worse.  Extremely high gas prices are just on the horizon and well…. there is no real reason for it.  A showdown in the Middle East is bad but should Israel and Lebanon in conflict cause the dramatic rise in gas and oil prices?  Conventional wisdom suggests no… but then again… maybe I am wrong.

Oil prices surged to a record above $78 a barrel Thursday in a market agitated by escalating violence in the Middle East and the threat of supply disruptions there and beyond.

The latest surge in oil shook stock-market investors’ confidence, though economists said most U.S. consumers and businesses appear to be absorbing higher energy costs surprisingly well.

U.S. gasoline demand continues to rise in spite of near $3-a-gallon pump prices, core inflation remains relatively low and the U.S. economy is forecast to grow by roughly 3 percent in the second half of the year.

“Two years ago I might have said that $70 or $75 a barrel would be some kind of a tipping point. Now I’m not so sure anymore,” said Nariman Behravesh, chief economist at Global Insight, a private forecasting firm.

Still, Behravesh said lower-income Americans are suffering disproportionately from higher energy costs and “I could certainly make a policy case for helping them out on a temporary basis.”

Light sweet crude for August delivery settled at a new high of $76.70 a barrel on the New York Mercantile Exchange, then continued climbing in after-hours electronic trading, when volumes are significantly lower, to $78.35. The rally came as fighting between Israel and Lebanon intensified, explosions hit Nigerian oil installations and a diplomatic standoff dragged on between the West and Iran over its nuclear program.

The previous Nymex settlement record of $75.19 was set July 5. The previous intraday record of $75.78 was posted two days later.

Adjusted for inflation, oil prices would need to rise to about $90 a barrel to exceed the highs set a quarter century ago when supplies tightened in the aftermath of a revolution in Iran and a war between Iraq and Iran.

Today oil prices are being pushed higher by rising global demand and worries that the world’s limited supply cushion would not be adequate to offset a lengthy disruption to output in major producing countries, such as Iran or Nigeria. There are also concerns about the risks hurricanes pose to U.S. production.

The latest fear being priced into the market is that the conflict between Israel and Lebanon could spill over into other corners of the Middle East, the region that produces nearly a third the world’s oil and contains almost two-thirds of its untapped reserves.

Israel intensified its attacks against Lebanon on Thursday, imposing a naval blockade, twice hitting Beirut’s airport and blasting two Lebanese army air bases near Syria. Hezbollah fired more than 100 rockets into Israel, which said one also struck the port city of Haifa. More than 51 people have died in two days of violence following the capture of two Israeli soldiers by Hezbollah militants, who have financial links to Syria and Iran.

Iran has threatened on more than one occasion to use oil as a weapon if the United Nations uses economic sanctions or some other punishment in its dispute with Tehran over its nuclear program. While OPEC’s No. 2 supplier has not raised the issue of withholding oil from the market in a sign of solidarity with Hezbollah, the possibility is no doubt influencing oil traders’ actions.

“It plays psychologically in people’s minds,” said Larry Goldstein, president of the Petroleum Industry Research Foundation, a New York- based industry-financed think tank. “You don’t have to hear them say it.”

In Nigeria, government officials said twin explosions hit oil installations belonging to an Italian oil company in the volatile southeastern delta region. Elsewhere, militants attacked a group of 11 boats carrying supplies to Chevron’s offshore oil fields Wednesday, killing four navy sailors who were escorting the convoy, Brig. Gen. Alfred Ilogho said Thursday.

“The oil price has become a register of geopolitical tensions and fears,” said Daniel Yergin, who heads Cambridge Energy Research Associates.

Yergin said petroleum supply-demand fundamentals are improving, with global oil inventories and spare oil-production capacity rising, but clearly not enough to offset the geopolitical unrest.

The surge in oil prices rattled stock market investors, sending the Dow Jones industrials sharply lower for the second straight day. Shares of Wal-Mart Stores Inc., the world’s largest retailer, slumped 2 percent on the New York Stock Exchange on concerns that high energy prices are cutting into consumers’ discretionary income.

“The economy took $50 oil in stride,” Yergin said. “It’s clearly not taking $70 or $75 a barrel in stride. This is a rougher adjustment.”

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What can we say about this.  As Israel and Lebanon destablize the Middle East the rest of the world is going to pay, and pay dearly.  Even though the gas prices are going to increase, I still worry more about the people in that part of the world.  I can only hope that peace will prevail. 

These comics are great, keep them coming!

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Oil fell from a record high of $75.78 a barrel on Friday on signs of a decrease in tension between the West and Iran, the world’s fourth largest oil exporter.

Iran’s chief nuclear negotiator said he had a “positive impression” of a Western proposal for Iran to stop enriching uranium in return for a package of incentives. Oil had earlier risen due to strong demand in the United States.

U.S. crude was $1.14 lower at $74 a barrel at 2:06 p.m. EDT, having earlier on Friday hit an all-time high of $75.78. London Brent crude was down 64 cents at $73.44, having earlier hit a record $75.09.
Prices drew early support from a U.S. government report on Thursday showing gasoline demand grew by 1.4 percent in the last four weeks from a year ago. Data released on Friday showed U.S. jobless figures stayed at a five-year low in June.

“While the global economy is staying strong, demand is going to be very supportive,” said Tony Dolphin of Henderson Global Investors.

“I don’t see oil falling back a lot. I think it is likely to remain in a range and perhaps gradually drift higher.”

Oil in New York is up 23 percent this year because of supply cuts in Nigeria, the dispute over Iran’s nuclear work and a flood of investment fund money into commodities. North Korea’s missile tests this week added to global tensions.

“North Korea has been a minor or secondary factor in what’s happened to oil this week,” said Mike Wittner of investment bank Calyon. “The main factor has been new money coming in.”

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Small blip on the radar… don’t worry… your precious oil prices will soon rebound.

Oil hit a fresh record high of $75.78 a barrel on Friday after a U.S. government report showed strong fuel demand in the world’s top oil consumer.

Prices also drew support from international tensions ranging from Iran’s nuclear ambitions to North Korea’s missile tests. Adjusted for inflation, oil is more expensive now than at any time since 1980, the year after the Iranian revolution.

Gasoline demand in the United States gained by 1.4 percent in the last four weeks from a year ago, a government report said on Thursday. U.S. payroll data released on Friday showed jobless figures stayed at a five-year low in June, underscoring the strength of the world’s biggest economy.
Investors doubt oil’s 4-1/2 year rally is coming to an end.

“While the global economy is staying strong, demand is going to be very supportive,” said Tony Dolphin of Henderson Global Investors, which manages more than 67 billion pounds.

“I don’t see oil falling back a lot. I think it is likely to remain in a range and perhaps gradually drift higher.”

U.S. crude was up 41 cents at $75.55, having earlier hit an all-time high of $75.78. London Brent crude rose 79 cents at $74.87, having earlier hit a record $75.09.

Oil in New York has surged from $20 at the start of 2002 and is up 24 percent this year, boosted by supply cuts in Nigeria, the dispute over Iran’s nuclear program and a flood of investment fund money into commodities.

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Are the government officials starting to take notice yet?  We need new feul alternatives and we need them now.  The longer we are dependant on oil, the higher the gas prices will become.  Everyday things we like to do like ride the bus, fly out to visit family or even driving to work will eventually become so expensive that the average person cannot do it.

Oil prices will soar to well over $100 a barrel and stay high as part of a sustained commodities bull run that has another 15 years to run, U.S. celebrity investor Jim Rogers told Reuters in an interview.

One factor that could bring down the price would be a bird flu epidemic, which would send all asset classes plummeting, he said, although oil would probably fall less than other markets.

“We’re going to have high oil prices for a very long time. The surprise is going to be how high it goes,” Rogers said.

Reiterating earlier comment oil prices would hit at least $100 a barrel, he said: “It will be much more than $100 before the bull market is over”.

U.S. light sweet crude hit a new record of $75.40 a barrel on Tuesday.

This is a scary thought….

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Ken Lay died of severe coronary artery disease, according to an autopsy conducted today at Community Hospital.

Mesa County Coroner Rob Kurtzman said the autopsy found evidence of prior heart attacks, which correlates with Lay’s history of heart trouble.

Lay, the disgraced Enron chief, died today in Aspen. He was 64.

Lay was awaiting sentencing after he was found guilty May 25, along with former Enron CEO Jeffrey Skilling, of defrauding investors and employees by repeatedly lying about Enron’s finances in the months before the company plummeted into bankruptcy protection in December 2001.

Lay also was convicted in a separate trial of bank fraud and making false statements to banks, charges related to his personal finances.