Category Archives: economics

Wind Turbine For 40$$ – Who says the kids of today can’t save the world?

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I did not double check to see what the exact exchange rate is. I just guessed. It’s 20 English Pounds so I just doubled it to be safe:

http://www.dailymail.co.uk/sciencetech/article-1046778/Student-inventor-creates-20-wind-turbine-scrap-developing-world.html

Student inventor creates £20 wind turbine out of scrap for developing world

A student has built a wind turbine from scrap to help people in the developing world.

Max Robson, 22, constructed a prototype using rubbish collected from skips, tips and bins including an old bike frame and wheel bearings, the magneto from a Vespa, a battery from a Ford Fiesta and bits of wood.

It is so simple, he says, it can be built by unskilled workers in less than a day anywhere in the world.  

Max Robson designed a wind turbine made from 100 percent recycled materials

His turbine works by converting the energy in wind into electrical energy stored in a battery. It produces an output of 11.3 watts, which is enough electricity to run lighting for 63 hours or a radio for 30 hours.

The product design student from Greenwich has just received a first class honours degree from the University of Portsmouth. He said he had always been interested in gadgets and machines and was inspired by his father Ashley’s enthusiasm

The wind turbine can be built by unskilled workers in less than a day anywhere in the world

‘My dad wanted to do something like this but I beat him to it,’ said Mr Robson.

‘He had the idea of designing a scrap wind turbine but it was my idea to use it in the developing world. I wanted to build something worthwhile and I am interested in design being environmentally friendly.’

‘This isn’t going to change lives in the developing world dramatically but a device like this could make their lives a lot easier,’ he said.

‘It cost me £20 to build the prototype and in the developing world it would be a lot less. The nearest alternative wind turbine on the market costs £2,000.’

Ashley Robson, 51, who studied mechanical engineering at the University of Portsmouth, said he was delighted his son was following in his footsteps.

20lbs.jpg

WHAT AN AMAZING YOUNG MAN!

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Clean Energy Summit – This thing has been so widely publicized that no one knows it’s going on

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I have to admit that if not for Peak Oil and Rueters, I would not have known that this was even going on.

 http://www.iht.com/articles/ap/2008/08/20/business/NA-US-Energy-Summit.php

Business leaders: Make renewable energy cheaper

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MY TAKE ON THIS IS MAKE TRADITIONAL ENERGY MORE EXPENSIVE BY TAXING THE LIVING SHIT OUT OF THEM TO PAY FOR ALL THE DAMAGE THEY DO TO THE ENVIRONMENT – oh never mind.

LAS VEGAS: Representatives from Google Inc. and General Electric Co. said Tuesday that widespread use of renewable energy in United States would be possible — if it were cheaper.

Renewable energy options will remain “boutique” industries unless their costs are cut to make them competitive with coal and other widely used power sources, said Dan Reicher, director for climate change and energy initiatives at Google.org, the company’s philanthropic arm.

Reicher spoke to a group of politicians and energy experts at the National Clean Energy Summit in Las Vegas. The meeting’s attendees said they hope to develop a national energy agenda to take to the Democratic and Republican parties at their upcoming conventions.

“There’s a whole set of factors that go into the ultimate cost of energy,” Reicher said after announcing a plan for Google to invest more than $10 million to develop “enhanced geothermal systems” technology to generate energy from rocks deep below the earth’s surface.

Google’s project replicates traditional geothermal systems deep below the Earth’s surface by circulating water through hot rock and running the steam through a turbine that generates electricity.

Google said its goal was to produce one gigawatt of renewable energy capacity — enough to power a major city.

“These are all high-capital-costs projects,” Reicher said.

One by one, speakers at the meeting touted the benefits of various energy-related initiatives, including how large-scale solar power could generate thousands of jobs and why wind power could lessen America’s dependence on foreign oil. Extending tax credits, establishing caps on carbon emissions and modernizing the nation’s electricity grid were also ideas that speakers said would be crucial to building a “green” economy.

New York City Mayor Michael Bloomberg said the energy discussion was timely, and he criticized presidential candidates Barack Obama and John McCain for not having a real debate about energy.

Texas oil baron T. Boone Pickens also presented his plan to develop wind energy to generate 20 percent of the nation’s electricity, then use natural gas to power cars until hydrogen or plug-in electric cars become widely available.

“I don’t see many people from my party,” said Pickens, a Republican. “I’m making new friends, and that’s good.”

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Here is what they have to say for theirselves. It’s a whole day!

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http://www.cleanenergysummit.org/

National Clean Energy Summit

WHEN: August 18-19, 2008
8/18/08 -Doors open at 4:00 p.m. for general registration and 3:30 for press.
8/19/08- Doors open at 7:45.

WHERE: University of Nevada Las Vegas, Las Vegas, NV

Thank you for your interest in the Clean Energy Summit. Web registration for the summit is now closed. We will be able to accommodate walk-up registration at Cox Pavilion as capacity allows.

Industry leaders, scientists, policy experts, citizens, and the media will gather in Nevada at the national summit hosted by the Center for American Progress Action Fund, U.S. Senator Harry Reid (D-NV), and University of Nevada, Las Vegas, to chart a course for our nation’s clean energy future. This is a pivotal opportunity to focus on defining a policy agenda that accelerates the development of renewable energy, energy-efficiency technologies, and robust clean energy markets in Nevada, the nation, and the world.
Developing a Clean Energy Future for Nevada, the Nation, and the World

Nevada is at the epicenter in the debate of how America should generate and use energy in the future. Nevada has abundant clean energy sources such as solar, wind, geothermal, and efficiency technologies that could be developed to meet its future energy needs. The question is whether Nevadans—and all Americans—will shift to a clean energy economy that creates less expensive and more efficient energy, cleaner air, clean energy markets, and the creation of good new jobs that strengthen and grow our economy in Nevada, the nation, and the world.

We owe it to our children and grandchildren to protect the air they breathe and our nation’s great outdoors. Nevada has the opportunity to do that and lead the nation in a clean energy revolution by developing clean, renewable energy and efficiency technologies that will meet the state’s current and future energy demands.
Once again, America can lead the way. Developing new technologies will result in a robust clean energy economy our country can be proud of while creating good-paying jobs and diversifying our economy while not polluting our air.
This is our vision for America’s future. And the National Clean Energy Summit is a pivotal opportunity to help get us there.

The University of Nevada, Las Vegas is committed to increasing energy efficiency and to significantly reducing energy consumption through its energy management systems, recycling programs, and turf reduction efforts.  Our goal is to make the National Clean Energy Summit carbon neutral.

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T. Boone Pickens Is Wrong – It’s not the oil we import it’s what we use it for

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Can you imagine all the dumb things we do with oil? We use it to make fertilizers most of which evaporate or run off. We use it to make plastic bags for God’s sake and then throw most of them in the dump. If we just cut our stupid usages and limited our oil consumption to the necessities like pharmceuticals we could easily cut our oil imports in half.

http://www.reusablebags.com/

Eco-friendly reusable bags, plus facts & news on plastic bag issue

Billions of plastic bags are choking our planet. All of these “free” bags ultimately cost both consumers and the environment plenty:

Each year billions of bags end up as ugly litter.

  • Eventually they break down into tiny toxic bits polluting our soil, river, lakes and oceans
  • Production requires vast amounts of oil.
  • Countless animals needlessly die each year. (more)

Since 2003 ReusableBags.com has been a major force providing facts and news on the global push to reduce plastic and paper bag consumption. Plus, simple actions you can take to help the cause.

As part of the solution our store features a wide range of reusable shopping bags and other innovative, practical products all designed to help people consume less, preserve natural resources and save money too. 

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I can’t reproduce this site because it’s a flash player but it is cool>

http://www.mybagcares.com/

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Even the grocery stores are getting into the act:

 http://www.sustainableisgood.com/blog/2008/05/mystery-surroun.html

 Mystery Surrounds New Whole Foods Reusable Bag

Mystery Surrounds New Whole Foods Reusable Bag

Wholefoods_betterbag

Whole Foods A Better Bag (photo: www.made-in-china.com)

When I started this story last month, I never expected a standard interview request with a designer to turn into a bureaucratic two-step that took us to China and back.

Austin-based Whole Foods Market officially phased out the use of plastic shopping bags on Earth Day last week. 

In December Whole Foods announced their intention to eliminate plastic bags and unveiled their new reusable bag called “A Better Bag.”  Following that announcement we reached out to the bag’s designer to learn more about the design and concept behind this colorful new bag. 

The response we received may be an indication of just how important reusable bags are becoming for Whole Foods. 

The colorful bags are quickly becoming the primary reusable bag the company sells, and their customers are embracing them thanks to their bright fun design, durability, low price and unique look and feel.

Perhaps an indicator of their popularity is the fact they are even selling on eBay.

A Better Bag was designed internally by Whole Foods staff who work on the company’s branded products.  The bag’s graphic design depicts blues and greens and a fresh cut apple.  Sustainable is Good attempted to obtain information on the bag’s artwork for this story.  However the bag’s designer was unable to answer any questions, citing a strict non-disclosure policy Whole Foods maintains with its employees.

 Sustainable is Good contacted the Whole Foods corporate office in March for information on the bag for our story.  Initially we were turned down, being told the company doesn’t speak to “trade publications.”  After some follow up we were then informed a “rare exception” was made at the approval of the director of PR for Whole Foods – the company would participate in our story.

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For more see:

 www.earthwisebags.com

 www.bravenewleaf.com/environment/2008/04/wal-mart-giving.html

www.shesabetty.typepad.com/shes_a_betty_single_girl_/2007/04/guide_to_reusab.html

www.reusablebags.wordpress.com

 www.reusablebags.com/store/shopping-sets-c-1.html

www.thedailygreen.com/environmental-news/latest/5806

www.treehugger.com/files/2007/10/wal_marts_new_reusable_bag.php

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Nuclear Future – Probably Not – Or as W says Nuclr

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Oh yah, they were gona go gangbusters on this ultra new design. Ah would that be untested?

http://southernstudies.org/facingsouth/2008/07/revelations-of-nuclear-reactor-design.asp

FACING SOUTH

A New Voice for a Changing South

 iss_logo.gif

 PO Box 531  •  Durham,NC 27702  •  Telephone: (919) 419-8311  •  Fax: (919) 419-8315

July 28, 2008 

Revelations of nuclear reactor

design flaws spur

legal action over

Duke cost estimates

In states across the South, utility companies are pushing ahead with plans to construct a new kind of nuclear reactor. Designed by Westinghouse Electric Co., the AP1000 is to date but an idea on paper, having never been tested with a demonstration model in the real world.
And now it appears there are serious problems with the reactor design, which is delaying the regulatory approval process. Those problems, in turn, have sparked legal actions by public-interest groups calling on utilities commissions in the Carolinas to revoke $230 million in approved pre-construction costs for two new reactors planned by Duke Energy of Charlotte, N.C.

Last week, Friends of the Earth in Columbia, S.C. and the Durham-based N.C. Waste Awareness and Reduction Network filed legal motions seeking the cost revocation. They argue that the design problems threaten Duke’s chances of ever completing two new AP1000 reactors it wants to build at the proposed Lee Nuclear Station on the Broad River in Cherokee County, S.C.. They also say the delays mean Duke can’t provide a reliable cost estimate for the station by year’s end, a commitment the company made to both commissions during hearings on pre-construction costs.

“Duke Energy’s customers should not be stuck holding the bag if the company keeps pouring millions into that risky project,” said Friends of the Earth’s Tom Clements. “The state regulatory agencies must now reverse their earlier decisions to approve Duke’s reactor project and require that the company not come back for reconsideration until the reactor design is finalized.”

In a June 27 letter to Westinghouse, the Nuclear Regulatory Commission said the company’s recent withdrawal of technical documents due to design problems had delayed the agency’s review of key components and systems. Earlier this year, as part of the application process for building new plants, Duke Energy and other companies filed some 6,500 pages of technical documents from Westinghouse.

The NRC wants to review and certify plant designs separately from the plant applications. Because the agency expects more design modifications as its review continues, it’s likely that all the projects involving the AP1000 will be delayed.

The same type of reactors are being proposed by Progress Energy for its Shearon Harris plant in Wake County, N.C. as well as the company’s planned facility in Levy County, Fla.; SCE&G for the Summer Nuclear Plant in Fairfield County, S.C.; Georgia Power’s Vogtle plant in Burke County, Ga.; FP&L’s Turkey Point nuclear plant in Miami-Dade County; and Tennessee Valley Authority’s Bellefonte Nuclear Generating Station in Jackson County, Ala.

A public hearing about the Bellefonte plant is scheduled for this Wednesday, July 30 at 9 a.m. at the Scottsboro Goosepond Civic Center in Scottsboro, Ala. The AP1000 design problems are expected to be part of the discussion.

Concerns about the reactor design were also raised during the July 17 public meeting in Waynesboro, Ga. about the two new reactors proposed for the Vogtle plant. Though the NRC does not expect to certify the reactor’s final design until 2012, the NRC said they expected to issue a license for Vogtle in 2011, leading nuclear opponents to level charges of “rubber stamping.”

The AP1000 reactors are being built by a consortium, 80 percent of which is owned by Westinghouse Electric (which in turn is owned by Japan’s Toshiba Corp.) and the rest by Louisiana-based The Shaw Group’s nuclear division. In December 2006, the AP1000 Consortium won a contract with China’s State Nuclear Power Technology Co. to build four new nuclear power plants in that country.

leenuclearplans.jpg

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Solar Power Goes Main Stream – I mean Main Street

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Amanda Beals has been trying to get me to post some of Main Streets “Environmental Coverage” for a while now. Here one is but Solar Jackets by Designer People? Whoa 

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http://mainstreet.com/5-solar-solutions

5 Solar Solutions

By Sean Leviashvili (07/28/08)

The Greatest Green Gadgets Ever

Some companies are struggling to go green, but rumor has it Toyota (TM) is going greener.

Japanese business paper the Nikkei reported earlier this month that the company plans to install solar panels on the redesigned Prius in 2009. The solar panels will provide two to five kilowatts of electricity to power utilities like air conditioners and radios.

Sales for the Prius are booming, especially in light of rising gas prices and the growing go-green trend. But if you aren’t ready to give up your gas guzzler, or simply can’t afford a $25,000 car, there are other ways you can get in on the solar craze.

Take a Look!

It’s in the Bag:

Chargers:
With an internal rechargeable battery, the Solio Classic charger acts as a hybrid giving you the option to connect to a home outlet or accept energy from the sun. The Solio can charge multiple gadgets including an iPod (AAPL), cell phone or digital camera. Check out the range of models ($79.95-169.95) at solio.com. Depending on the amount of sunlight, the Solio charger is capable of charging your gadget in under two hours.

Bags:
To charge on the go, invest in a solar backpack or messenger bag. According to Krissie Nagy, a sales and marketing representative from Voltaic Systems, an hour of direct sunlight will yield 1.5 hours of full cell phone use, or 3 hours of iPod play. Voltaic bags come with eleven different adaptors, including the latest Samsung charger, along with a car charger socket that covers adaptors not included.

Different bags have different charging potentials, and the devices you plan on charging should influence your purchasing decision. Charging a laptop, for example, is only possible in bags yielding at least 17 watts of electricity, such as the Voltaic Generator, available at voltaicsystems.com for $599.

Solar Jackets:
The Ermenegildo Zegna designed solar powered jacket charges devices right in your pocket. But this luxury doesn’t come cheap. The price: $995. According to the company’s official website, www.zegna.com, the jacket uses solar cells on the detachable neoprene collar, and powers devices at 5 or 6 volts, so it can charge your cell phone or iPod, but nothing larger.

AT HOME

Solar Water Heating:
Installing a solar water heating system costs between $5,000 and $8,000, says Gary Trainer, professional engineer for Solarplex in San Antonio, Texas. The installation process requires solar panels and a separate water tank, which works with anti-freeze and your home’s original water tank to produce hot water. The system, Trainer says, can cover 60 to 80% of your total water heating needs. And, while the initial purchase is costly, the long-term payoff is substantial. “After about eight years, you’ll really see the value in the system,” Trainer says. “At that point, the system will basically pay for itself.”

Solar Pool Heating:
With solar pool heating, you can extend your swim season by months. Depending on the size of your pool, buying and installing a solar pool-heating system costs anywhere from $2,000 to $10,000. According to the eere.gov, a branch of the Department of Energy’s website that focuses on energy efficiency and renewable energy, the cost of heating your pool with solar power runs from $7 to $12 per square foot.

Solar pool heating can save hundreds of dollars each year, and according to Trainer, this system has the greatest payoff of all solar heating systems. “The most expensive installment is the conventional grid type stuff, where you use solar power to reduce the energy your in-house utilities use,” Trainer admits. “But it’s not difficult to install a [solar] heating system for your pool for three or five thousand dollars, and the payout is great, it’s about two to four years.”

Solar heating systems all require solar panels (amount will vary based on the system), and a prior consultation to decide if solar power is right for you.

“There are certain conditions where it is just impractical,” Trainer says. “Trees are usually the number one reason, along with space limitation, and limited access to the sun.”

For more information on how to incorporate solar energy into your life, log on to The Department of Energy’s official website.



 

Oil Falls to 121$$ A Barrel – We are all going to die, but it will take awhile and be mildly uncomfortable

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This is the last time I am going to post about nasty icky oil (that we should stop burning anyway) until it falls below 100$$ a barrel. We need the stuff for pharmecuticals, and parts for our satellites/space craft. Stuff that only oil can be used to make. Transportation ain’t one of them and we need to quit using it for that. Oil will be below 100$$ a barrel by the end of August. All of the oil people should be freaking out because we used some 800,000 fewer barrels in May the USA and those kind of changes usually are permanent.

http://news.yahoo.com/s/ap/20080729/ap_on_bi_ge/oil_prices;_ylt=AshIG6iZs_taqFegOtxj5tOs0NUE

Oil hits 7-week low on demand worries, dollar gain 

By4 STEVENSON JACOBS, AP Business Writer 

NEW YORK – Oil prices tumbled to their lowest level in seven weeks Tuesday as a stronger dollar and beliefs that record prices are eroding the world’s thirst for energy sparked another dramatic sell-off

The drop — as much as $4 a barrel during the day — was a throwback to oil’s nosedive over the past two weeks and outweighed supply concerns touched off by a militant attack Monday on two Nigerian crude pipelines. It was oil’s seventh decline in the last 10 sessions.

Light, sweet crude for September delivery fell $1.89, or 1.52 percent, to $122.84 a barrel in early afternoon trading on the New York Mercantile Exchange. Earlier, prices fell to $120.42, the lowest level for a front-month contract since June 10; they have now fallen more than $25 from their trading high of $147.27, reached July 11.

More concerns that crude’s run-up over the past year has pushed prices to unsustainable levels fed Monday’s decline. The U.S. Transportation Department said Monday that U.S. drivers logged 9.6 billion fewer vehicle miles in May — or 3.7 percent — compared to the same period last year, the biggest drop ever for the historically busy summer driving month.

And demand for oil in the U.S. — the world’s thirstiest consumer — continues to fall, dropping by 891,000 barrels per day in May compared the same month a year ago, the Energy Department’s Energy Information Administration said Monday.

“We’re seeing both statistical and anecdotal evidence of very rapidly weakening demand picture,” said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill.

The declines accelerated after oil briefly dipped below $122, a key resistance level that triggered technical selling by computers programed to dump oil contracts once prices fall below a certain threshold. The next technical level traders are watching is $117.

“I think we could see $117 a barrel in a one-week time frame, and this market could eventually get to $100,” Ritterbusch said.

Also weighing on prices was a sharply stronger dollar compared to the euro, which made commodities less attractive to investors who have bought oil futures as a hedge against inflation and weakness in the U.S. currency.

The euro bought $1.5557 compared with $1.5752 late Monday in New York.

“It looks like oil is selling off today with the very, very strong dollar and nothing to drive it higher. Quiet seems to be bearish these days,” said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service in Wall, N.J.

In a further sign high prices are curbing Americans’ consumption for fuel, retail gas prices fell further below the $4-a-gallon mark. The average price of a regular gas fell 1.7 cents to $3.941, according to auto club AAA, the Oil Prices Information Service and Wright Express.

Monday’s attack in Nigeria targeted two pipelines believed to be owned by a unit of Royal Dutch Shell PLC and was the latest in a two-year campaign of attacks on the country’s oil industry. Shell said a pipeline had been damaged in attacks and that some crude production had been shut down to prevent the oil from spilling into the environment.

The oil company said Tuesday it may not be able to fulfill some oil-export contracts because of the damage. Shell didn’t specify how much oil production was cut by the attack or how long repairs would take.
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 http://in.reuters.com/article/businessNews/idINIndia-34728620080729

‘Abnormal’ oil prices could fall to$80-OPEC pres

 By Muklis Ali

JAKARTA (Reuters) – OPEC should not consider cutting production after oil’s steep two-week decline as markets are now balanced, OPEC President Chakib Khelil said on Tuesday, adding that prices could yet fall another $50 a barrel.

Khelil, who is also Algeria’s oil minister, said oil prices could fall to $70 to $80 in the long-term, if the U.S. dollar continued to strengthen and geopolitical anxieties eased.

“The price today is abnormal at $123 a barrel,” said Khelil, speaking to reporters on a visit to Jakarta to meet Indonesia’s energy minister.

He did not elaborate, but OPEC ministers have said repeatedly that they believe the surge in oil prices is not being driven by a shortage of supply.

Asked if OPEC members should cut supply if oil prices continue to decline, he said: “No, I don’t think so, why should they cut production? They always want to make sure there is good supply and demand and to satisfy the demand.”

U.S. oil prices have fallen by $22 from a record high above $147 a barrel earlier this month amid growing concerns that high prices and slowing economic growth are causing a decline in demand, but prices are still up 30 percent on the year.

“We are not worried about any price, because we don’t decide the price. We just meet the demand,” he said.

Khelil said he did not see any signs of demand destruction from high prices. 
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Oil Is 125$$ A Barrel – We are all going to die!

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Oh sorry, as oil gentily falls to 70 or 80$$ per barrel. Americans will have to come to grips with the fact that the super wealthy just soaked the world for 350 billion $$. The Saudies have to be trembling. Americans travel 40 billion miles less this year. Bummer guys.

They Finally Busted The Bastards – Oil speculators starting to get complaints from the CFTC

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Commodity Futures Trading Commission….say it now Commodity Futures Trading Commission …..oh yah now the CFTC is going to be hot on TV. God Bless Steve Hargreaves. I am a thief.. but I am not going to list his entire post or even claim it as my own. But I have been bitching about the speculators in oil since last September so I think I get to thump my chest a little. I even rented the Movie Trading places so I can get into the spirit of the thing. So let’s recronical the events. In August the  Fed announces that they are more worried about stability in the housing market, refuses to back the dollar with interest rate increases and the dollar plunges. All of the currency speculators dumped their dollars (many of whom are also the oil speculators today – hint hint) and the price of oil climbs to 50$$s a barrel. The Saudies and OPEC see the rise as good for them and constrict production slightly. The price climbs to 60$$s a barrel and the speculators say hmmm. There is a commodity we can abuse so they buy long in the futures market, take that oil out of the market and the price begins to soar. WHY? Because these are people who have never been in the oil market. They are not going to touch a single barrel of oil and the oil guys do not know these people. So the speculators keep buying and the price keys rising which should have ended at about 100$$ a barrel. At that point every financial planner for every rich person said, “get into oil” like it was gold or something. As they did the oil soared again to somewhere around 130$$ per barrel. The gasoline refiners realized they could jack the price of gasoline under the guise of expensive oil even though that’s not the price they were paying.

The Saudies got pissed off because they know at some point people will quit using gasoline and they know most that quit using gasoline will not come back ultimately destroying their market. This is when it gets good because this is when the chisslers and the real crooks get in. They start selling their futures to each other at inflated prices, and the people busted today start hammering the market at the open and the close and the market hyperinflates to high water marks for now at 148/149$$$ a barrel. Damn you would think these people would at least have the decency to hit 150$$ but nooooo. That is because the Senate announced that they were holding hearings on speculation and the Bushman order the CFTC to investigate. OH OO. So the speculators start to sell off but they have to doooo itttt slowlllly or the oil market crashes and the whole world starts looking for them to kill them!

So what will happen now? Well alot of minor chisselers and crooks will go to jail. The real players at the hedge funds will be nearly out of oil by the end of August and prices will slowllllly come down until the refiners have to drop prices and start up capacity that they have not been using lately.

Now, who is responsible for all of this? Well Phil Gramm and his Wife Wendy actually (yes the guy who said we were whiners)  They effectively changed the rules for commodity trading at the end of Bill Clinton’s term and people just sort of played with it in 2000 to 2003 BECAUSE there was more money to be made, and more fun too, in the housing market. Yah those Wall Street guys are real wacky when it comes to stealing other people’s money.  

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http://money.cnn.com/2008/07/24/markets/cftc/index.htm

Traders manipulated oil prices – U.S.

Regulators claim firm attempted to ‘bang the close’ by amassing large positions

just before markets closed.

By Steve Hargreaves, CNNMoney.com staff writer

Last Updated: July 25, 2008: 10:27 AM EDT

NEW YORK (CNNMoney.com) — The government charged an oil trading firm Thursday with manipulating oil prices in the first complaint to be announced since the regulators began a new investigation into wrongdoings in the energy markets.

The Commodity Futures Trading Commission accused Optiver Holding, two of its subsidiaries and three employees with manipulation and attempted manipulation of crude oil, heating oil and gasoline futures on the New York Mercantile Exchange.

“Optiver traders amassed large trading positions, then conducted trades in such a way to bully and hammer the markets,” CFTC Acting Chairman Walt Lukken said at a press conference. “These charges go to the heart of the CFTC’s core mission of detecting and rooting out illegal manipulation of the markets.”

In May, under the backdrop of record oil prices and calls from legislators to crack down on speculative oil trading and market manipulation, the CFTC announced a wide-ranging probe into oil price manipulation. The agency says it has dozens of investigations ongoing.

The complaint filed Thursday names Bastiaan van Kempen, chief executive; Christopher Dowson, a head trader; and Randal Meijer, head of trading at an Optiver subsidiary.

The CFTC said the firm attempted to “bang the close” by amassing large positions just before markets closed – forcing prices up – then selling them quickly to drive prices down and pocketing the difference.

The alleged manipulation was attempted 19 times on 11 days in March 2007, the agency said. In at least five of those 19 times, traders succeeded in driving prices higher twice and lower three times, according to the CFTC.

Optiver issued a written statement saying the firm had received the complaint.

“We take the Commission’s action very seriously, and are treating it with utmost attention and care,” said the statement. “Obviously, we cannot comment further until we have had the opportunity to review the complaint.”

CFTC stressed that the price changes were small and the manipulation was isolated, and that the investigation has nothing to do with the recent heat the agency has taken on Capitol Hill over rising oil prices.

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Here is more from the CFTC itself:

http://www.cftc.gov/newsroom/enforcementpressreleases/2008/pr5521-08.html

CFTC Charges Optiver

 Holding BV,

Two

 Subsidiaries, and High

-Ranking

Employees with

 Manipulation of NYMEX

Crude Oil,

Heating Oil,

and Gasoline Futures

Contracts

Defendant Caught on Tape and in

Email Saying He Would “Bully”

the Market

 The CFTC filed the civil enforcement action in the United States District Court for the Southern District of New York against Optiver Holding BV, a global proprietary trading fund headquartered in the Netherlands, and two subsidiaries – Optiver US, LLC (Optiver), a Chicago-based corporation, and Optiver VOF, a Dutch company. The complaint also names defendants Christopher Dowson (head trader of Optiver), Randal Meijer (head of trading and supervisor of Optiver and Optiver VOF) and Bastiaan van Kempen (Chief Executive Officer of Optiver).

The Energy Futures Contracts Manipulated by Defendants

The defendants’ manipulative trading scheme involved three futures contracts listed for trading on the NYMEX: the Light Sweet Crude Oil futures contract (Crude Oil, also referred to as West Texas Intermediate (WTI)), the New York Harbor Heating Oil futures contract (Heating Oil), and the New York Harbor Reformulated Gasoline Blendstock futures contract (New York Harbor Gasoline). The settlement price for the Crude Oil, New York Gasoline, and Heating Oil futures contracts is derived by calculating the volume weighted average prices of futures trades conducted during the closing period for the contracts (from 2:28 to 2:30 p.m.). The volume weighted average price is referred to commonly as the VWAP.

The defendants’ manipulative scheme involved the Trading at Settlement (or TAS) contracts in Crude Oil, Heating Oil, and New York Harbor Gasoline contracts. TAS contracts are futures contracts, except that the parties determine at the initiation of the contract that the price of the TAS contract will be the day’s settlement price plus or minus an agreed differential. A TAS contract which has been bought or sold can be offset by trading a futures contract in the opposite direction.

The Manipulative Scheme

The manipulative scheme, in defendant Dowson’s words, to “bully the market,” involved trading a significant volume of futures contracts in Crude Oil, Heating Oil, and New York Harbor Gasoline in the opposite direction of the associated TAS position, before and during the close of the contracts. The defendants’ goal in trading the large volume of futures was to improperly influence and affect the price of futures contracts in Crude Oil, Heating Oil, and New York Harbor Gasoline. The defendants’ manipulative scheme was, in the words of defendant Meijer, “built on the idea that we can control the VWAP.”

As alleged in the complaint, the scheme ultimately permitted defendants to profit regardless of the direction of the market move, provided that Optiver’s futures trading in the close and before the close was in the opposite direction of the TAS position it had accumulated during the trading day.

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All of this is hysterical because they just said that the reason for the rise in the price of oil was SUPPLY AND DEMAND 2 days ago. Dare I say it? Thats Rich. 

Oil Hits 128$$ Per Barrel – We are all going to die!

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Oh never mind. As I said, all along, the oil run up was 3 parts speculation and 1 part nerves. As the August Senate hearings approach on speculation the speculators, like the cock roaches that they are, will scurry and the nerves will harden. Guess what? Oil will fall to 70$$ a barrel and gas prices will come down. How will the American public respond to the fact that they just stuffed 350 billion $$ in speculators pockets? Like sheep – BAAAAAAAAA?

This will happen again however so now that we have a house we can live in, in energy confort what shall we do with what is sitting in the driveway? Like the speculators – SELL

http://www.cartalk.com/

http://www.sj-r.com

Friday, July 18, 2008

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It’s time to dump SUV

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TOM AND RAY MAGLIOZZI 

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DEAR TOM AND RAY: This will prob­ably seem like a really stupid question, but I need professional advice. I own a 1-year-old Jeep in perfect condition, which I purchased for my job. I was laid off from said job, and now I own a gas-guzzling, really nice-looking Jeep Grand Cherokee that is too big and too expensive for me to drive, espe­cially since I no longer have a job. My question is, Should I trade it in for a smaller, more fuel-efficient car? I have no payments, and being unemployed limits what I could purchase. With gas prices continuing to climb, I don’t real­ly know what I should do, since I own the vehicle outright. Care to advise an idiot? — Micci

RAY: I guess this is what you might call “idiot-to-idiot” communication.

TOM: Or, more accurately, “idiot-AND-idiot-to-idiot communication.” So consider yourself warned, Micci.

RAY: Actually, you’re hardly alone. SUVs and pickups were, for many people, a fashion trend during the past 10 years. And like many fashion trends, they were, at heart, exceeding­ly impractical.

TOM: Tell me about it. Try wearing a miniskirt like I did during the entire winter of’68!

RAY: People who didn’t need pick­ups and SUVs bought them anyway, because they were seen as cool, despite the fact that they handled like crud, tended to flip over more than other ve­hicles, ripped countless inseams during ingress and egress, and drank gas like it was a dark-chocolate-caramel-mocha freddo from Feet’s Coffee.

TOM: So now, here we are, with a lot of people stuck with SUVs that get 15 mpg while gas is $4 a gallon. What to do?

RAY: I’d say dump it, Micci. You’re going to take a bath on it, no question. Anytime you sell a car that’s a year old, you take a huge hit from initial de­preciation. Add to that the fact that you’re selling a vehicle that not many people want nowadays, for the same reasons you don’t want it. But there’s always a price at which someone will take it.

TOM: If you don’t want to sell it yourself, you can even try CarMax, if there’s one in your area. They buy late-model cars at the wholesale price.

RAY: And since you own it outright, you can take the cash you get, buy a cheaper 2-, 3- or 4-year-old fuel-effi­cient car, and then put aside a few grand to get you through this period of unemployment.

TOM: If you had an income and weren’t in desperate straits, you could hang on to it a little longer, to see if gas prices level off and come down a bit — which they might. That might make your Jeep a little more valuable on the used-car market. But if you can’t afford the gas to go out looking for a job, you need to do something now. Plus, I don’t see gas prices com­ing down a lot.

RAY: Me, either. Combine the insta­bility and war in the Middle East with increased demand from growing economies in China and India, and the decreasing supply of oil in the Earth, and the long-term trend for oil prices is up, rather than down.

Got a question about cars? Write to Click and Clack in care of this newspa­per, or e-mail them by visiting the Car Talk Web site at www.cartalk.com.

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Energy Efficient Dishwasher – The secret is they use less water

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As with the Clothes Washer, the Dish Washer uses hot water and that is the big cost. Our house is super insulated and the water is solar heated so we save a lot more money then the normal home owner. The experts say:

http://www.energystar.gov/index.cfm?c=dishwash.pr_dishwashers

 Dishwashers

Replacing a dishwasher manufactured before 1994 with an ENERGY STAR qualified dishwasher can save you more than $30 a year in utility costs.

 Earning the ENERGY STAR means a product meets strict energy efficiency guidelines set by the US Environmental Protection Agency and the US Department of Energy.

  • ENERGY STAR qualified dishwashers use at least 41 percent less energy than the federal minimum standard for energy consumption.
  • ENERGY STAR qualified dishwashers use much less water than conventional models. Saving water helps protect our nation’s water supplies.
  • Because they use less hot water compared to new conventional models, an ENERGY STAR qualified dishwasher saves about $90 over its lifetime.

Remember, saving energy prevents pollution. By choosing ENERGY STAR, you are helping prevent global warming and promote cleaner air without sacrificing the product quality and performance you expect.

You may also be interested to know that you can save extra energy while washing dishes, whether with a standard or an ENERGY STAR model:

  • Run your dishwasher with a full load. Most of the energy used by a dishwasher goes to heat water. Since you can’t decrease the amount of water used per cycle, fill your dishwasher to get the most from the energy used to run it.
  • Avoid using the heat-dry, rinse-hold and pre-rinse features. Instead use your dishwasher’s air-dry option.

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More over: 

http://www.aceee.org/consumerguide/dishwashing.htm

To find the most efficient products, download a list of qualifying products from the ENERGY STAR Web site (link to excel file in the upper-right). Sort by “Size” and “Energy Factor” to see which meet our recommendations (below). You may need to also check product literature or with your utility for further specifications. For a quick search by manufacturer, here’s a direct link to the list in html.

When buying a new dishwasher, consider the following:

1. High Energy Factor
ACEEE recommends that you consider dishwashers that have an Energy Factor (EF) of at least 0.65, or an estimated energy use of less than 340 kWh/year. This is about 40% better than the federal standard. You can find which products meet this requirement on the showroom floor by looking on the yellow EnergyGuide label on each product.

Energy Factor measures the number of cycles that can be run with 1 kWh of electricity, and, unlike clothes washer efficiency ratings, does not take into account water use; although high-efficiency models are more likely to incorporate improvements to the spray arm, sump geometry, and/or pump design to reduce water requirements per cycle.

2. Low Water Use
To find the most water-efficient models, you must look beyond ENERGY STAR and EnergyGuide. Some ENERGY STAR models use half as much water as others, saving hundreds of gallons of water each year. Check the manufacturer’s literature or contact your local water utility. In some states, electric and water utilities offer rebates for the purchase of models that are exceptionally efficient.

3. Wash Cycle Options
Most dishwashers have several different wash cycle selections. The more options you have, the better you can tailor the energy and water use needed for a particular load. Look at the manufacturer’s literature for total water use with different cycles.Some dishwashers on the market today use “soil sensor” technology to automatically adjust water use depending on how dirty the dishes are in each load. There are highly-efficient dishwashers with and without this feature.4. Energy-Saving “No-Heat” Dry
An electric heating element is generally used to dry dishes at the end of the final rinse cycle, consuming about 7% of dishwasher energy use. Most new dishwashers offer an energy-saving no-heat drying feature. At the end of the rinse cycle, if the feature is selected, room air is circulated through the dishwasher by fans, rather than using an electric heating element to bake the dishes dry.

Energy Saving Tips

Whether you are buying a new dishwasher or using an existing one, you may be able to save a considerable amount of energy by changing the way you operate it.

  • Avoid Hand-Washing
    Studies are showing more and more that, when used to maximize energy-saving features, modern dishwashers can outperform all but the most frugal hand washers.
  • Scrape, Don’t Rinse
    Studies show that most people pre-rinse dishes before loading them into the dishwasher, even though dishwashers purchased within the last 5–10 years do a superb job of cleaning even heavily soiled dishes. If you find you must rinse dishes first, get in the habit of using cold water.
  • Follow Manufacturer Instructions
    Completely fill the racks to optimize water and energy use, but allow proper water circulation for adequate cleaning.
  • Wash Only Full Loads
    The dishwasher uses the same amount of water whether it’s half-full or completely full, so nothing will save more energy than waiting to run your dishwasher. If you find that it takes a day or two to get a full load, use the rinse and hold feature common on newer models. This will prevent build up of dried-on food while saving time and water compared to pre-rinsing each item. The rinse feature typically uses only 1 to 2 gallons of water.
  • Use Energy-Saving Cycle Options
    Pay attention to the cycle options on your dishwasher and select the cycle that requires the least amount of energy for the job. Use the no-heat air-dry feature on your dishwasher if it has one.
  • Turn Down the Water Heater Temperature
    Since the early 1990s, most dishwashers in the U.S. have been sold with built-in heaters to boost water temperature to 140–145°F, the temperature recommended by manufacturers for optimum dishwashing performance. The advantage to the booster heater is that you can turn down your water heater thermostat to 120°F (typically half-way between the “medium” and “low” settings

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AND The Winners Are:

http://products.pricerunner.com/results/query?q=energy+efficient+dishwashers

 

General Electric GLD4400NWW / GLD4400NBB / GLD4400NCC Built-in Dishwasher

This 24″ Built-In Dishwasher by GE, provides you with an array of useful features to ensure clean dishes, efficient use of your time, and a sleek design to compliment any kitchen decor.One specific feature highlight of the GLD4400N is the 6-Level…

$314.oo

 

 

 

Frigidaire FDB1502RGC Built-in Dishwasher

ENERGY STAR qualified appliance. Imagine efficient cleaning that saves both time and energy. The tall tub design of the ENERGY STAR qualified dishwasher can wash up to 14 five-piece place settings at once and the 5-level Precision Direct Water Delivery…

$310.00

 

 

Frigidaire FDB1502RGS Built-in Dishwasher

ENERGY STAR+ qualified appliance. Imagine efficient cleaning that saves both time and energy. The tall tub design of the ENERGY STAR+ qualified dishwasher can wash up to 14 five-piece place settings at once.

$289.00
 

Fagor LFA-65 IT Built-in Dishwasher

The AIS Fagor Dishwashers regulate consumption and troubleshoot for you. These dishwashers simplify your everyday chores and make the most efficient use of your appliances, allowing you to use water, energy and time according to your needs.

$799.00
 

General Electric GLD4650NCS Built-in Dishwasher

This 24″ Built-In Dishwasher by GE, provides you with an array of useful features to ensure clean dishes, efficient use of your time, and a sleek design to compliment any kitchen decor.One specific feature highlight of the GLD4600N is the 6-Level…

$404.00
 

Fagor LFA-073 IT Built-in Dishwasher

The AIS Fagor Dishwashers regulate consumption and troubleshoot for you. These dishwashers simplify your everyday chores and make the most efficient use of your appliances, allowing you to use water, energy and time according to your needs.

$999.00
 

Fagor LFA-065 SS Stainless Steel 23 in. Built-in Dishwasher

The new AIS Fagor Dishwashers regulate consumption and troubleshoot for you. These dishwashers simplify your everyday chores and make the most efficient use of your appliances, allowing you to use water, energy and time according to your needs.

$899.00
 

Hotpoint HDA3500NCC Built-in Dishwasher

This dishwasher features a 5-level PowerScrub wash system with PowerShower that has 5 wash levels and redesigned wash arms direct water precisely for a quiet and efficient clean. The 100% water filtration with ExtraFine filter helps deliver clean…

$239.00
 

General Electric HDA3540NSA Built-in Dishwasher

This dishwasher features a 5-level PowerScrub wash system with PowerShower that has 5 wash levels and redesigned wash arms direct water precisely for a quiet and efficient clean. The 100% water filtration with ExtraFine filter helps deliver clean…

$269.00
 

DCS DD124-C Built-in Dishwasher

Powerful and efficient. Choose from nine distinct cycles, including four energy-saving Eco Options, for maximum flexibility. Handy door controls and a concealed control panel give you the ease of on-touch programming. Detergent dissolves immediately,…

$849.00