Articles by Josh Dorner

ExxonMobil’s profits huge; shares fall anyway

You know we're living in strange and perverse times when ExxonMobil can post a $10.9 billion quarterly profit and still fall short of expectations. This past quarter marked the second most profitable quarter ever for the most profitable company in the history of the world -- a 17 percent increase in year-on profits. And like its competitors at BP and Royal Dutch Shell, Exxon managed to increase its profits despite no increase in production. (Funny what happens when the price of oil literally doubles.) Nevertheless, Wall Street was disappointed and the company's shares fell sharply in early trading yesterday.

Bush, Big Oil offer more of the same

Yesterday, David noted comments by an oil analyst who predicted $200 oil by 2012.

Today, that analyst was joined in his prediction by none other than the chief of OPEC, Chakib Khelil (who's also Algeria's energy minister). Mr. Khelil's comments were not date-specific, though this article leads me to believe he was thinking $200 oil could come much sooner than 2012.

Meanwhile, we saw more of the same from both President Bush and Big Oil.

Counties lead on global warming as federal feuding continues

Here in D.C., we're deadlocked (thanks largely to Republicans beholden to Big Oil) over no-brainers like taking back $13.5 billion in giveaways to Big Oil in order to fund the extension of key clean energy tax incentives and forestall a crash in the renewable energy industry. Meanwhile, cities, states, and counties continue to take the lead in putting in place the kind of progressive, innovative policy solutions that we can only dream of at the federal level for the time being.

A great example of the continuing groundswell of local government action to combat global warming happened just yesterday in Montgomery County, Maryland -- a wealthy suburban area just across the D.C. line.

The county council passed a series of seven bills that make up a package of 25 far-reaching environmental initiatives designed to help slash the county's global warming emissions.

The centerpiece of the county's Earth Day legislative extravaganza is a mandate requiring all new homes built after January 2010 to meet federal Energy Star standards. This would help cut residential energy use some 15-30 percent -- cutting both emissions and consumers' energy bills.

Renewables score big victory in the Senate

With today's green energy boom (and over 100,000 existing jobs in the wind and solar industries alone) hanging in the balance, the Senate voted this morning by an overwhelming 88 to 8 margin to attach short-term extensions of key clean energy tax incentives set to expire at the end of this year -- the Production Tax Credit that mostly goes to wind power, the Investment Tax Credit for solar, and other incentives for energy efficient appliances and the like -- to the housing bill that the Senate then went on to pass by an also overwhelming 84 to 12. (None of the presidential contenders were around for today's votes, for those keeping track of such things.)

(The overwhelming popularity of wind power was also clearly on display this morning. An effort by wind-hatin' Sen. Lamar Alexander [R-Tenn.] to double the extension to two years by cutting the subsidy to wind in half was trounced on a 15-79 vote -- fewer votes than similar efforts by Alexander have received in the past.)

Today's victory -- the first time this Congress that the Senate has approved even short-term extensions of these clean energy incentives -- is sweet, to be sure, as it underscores the strong, bipartisan support for these measures and the urgent need to extend them. However, unless the House and the Senate can bridge some key differences, this particular strategy may not ultimately result in victory on this make-or-break issue.