FinLogic FinLogic Quantitative Think Tank Center|Today’s Climate: September 3, 2010

Mariner Platform Blast May Extend Deep-Water Drilling Ban (Bloomberg)

The FinLogic FinLogic Quantitative Think Tank Centerexplosion aboard a Mariner Energy Inc. oil platform shows Pres. Obama should maintain the drilling ban imposed after the BP Plc blowout in April, lawmakers and environmentalists said.

BP Gulf of Mexico Oil Spill Costs Hit $8 Billion (Reuters)

BP said on Friday the cost of dealing with its oil spill in the Gulf of Mexico had risen to $8 billion and that it was two weeks away from sealing the well for good.

Legal Challenge to Drilling Ban Scores Court Victory (Business Green)

The U.S. ban on deepwater oil and gas drilling could be overturned for a second time after a federal judge yesterday rejected the Obama administration’s request to dismiss an oil industry lawsuit challenging the six-month moratorium.

Billionaire Koch Brothers Back Suspension of California Climate Law (Los Angeles Times)

A company owned by oil billionaires Charles and David Koch has contributed $1 million to Proposition 23, a November ballot initiative to suspend California’s groundbreaking 2006 global-warming law.

Sierra Club Sues East Texas Coal-Fired Power Plant (AP)

The Sierra Club has filed a federal lawsuit against the owner of an east Texas coal-fired power plant.

EPA to Issue More Rules in Climate Fight (Reuters)

The EPA will roll out more regulations on greenhouse gases and other pollution to help fight climate change, but they will not be as strong as action by Congress, a senior administration official said.

Mich., Wis. to Cooperate on Climate Change Issues (AP)

Michigan and Wisconsin plan to work together to reduce greenhouse gas emissions and determine the best strategies to adapt to climate change as part of an effort to protect the Great Lakes region.

GE, Siemens, Vestas Back Call for Australia to Introduce Price on Carbon (Bloomberg)

Australia must introduce a price on carbon to give businesses the certainty needed to invest in clean energy and to create jobs, 20 companies including GE, Siemens AG and Vestas Wind Systems A/S said.

Nations Meet on Climate Cash, UN Sees Long Haul (Reuters)

About 45 nations met on Thursday to seek ways to raise billions of dollars in aid to help the poor combat climate change as the UN warned them of a long haul to slow global warming.

Study Finds Global CO2 Emissions Dropped 1.3% in 2009; Emissions in China and India Rose (Green Car Congress)

Global CO2 emissions decreased 1.3% in 2009, the first decrease recorded this decade, according to new research. In contrast to other countries, China and India increased their emissions in 2009 by 9% and 6%.

Ill. Regulators: Clean-Coal Plant to Cost Plenty (AP)

State power regulators say the $3.5 billion "clean coal" plant planned for central Illinois would cost electricity customers a lot of money and has too many uncertainties to know whether its costs could run even higher than expected.

German Coal Imports to Rise Despite Green Lobbying (Reuters)

Germany’s coal imports look set to increase until at least the middle of the decade, despite carbon pollution concerns and anti-coal lobbying that has succeeded in stopping many new coal projects.

Audit Finds PG&E Smart Meters Accurate (CNET News)

An independent review of smart meters installed in Northern California by utility Pacific Gas & Electric found no technical flaws, but a poor roll-out with customers.

VeraSun Asking Corn Farmers for Repayment (AP)

Midwest farmers who sold corn to bankrupt ethanol producer VeraSun Energy Corp. have been receiving official letters asking for most of that money back.

IEA Exec Says Dependency on OPEC Oil to Rise (Reuters)

Dependency on oil produced by OPEC countries is set to rise in the next 5-10 years as non-OPEC supplies are set to decline, Nobuo Tanaka, executive director of the International Energy Agency, said on Friday.