In previous posts (most recent here), I noted that oil and natural gas prices have disconnected from their usual historical relationship. For many years, oil prices (as measured in $ per barrel) tended to be 6 to 12 times natural gas prices (as measured in $ per MMBtu). That ratio blew out to more than 20 [...]
Archive for the ‘Environment’ Category
The New Normal in Oil and Natural Gas Prices
Posted in Energy, Environment, tagged Energy, Natural Gas, Oil on September 7, 2010 | 16 Comments »
The End of Cap and Trade?
Posted in Energy, Environment, Microeconomics, Regulation, tagged Climate Change, Energy, Environment on July 12, 2010 | 2 Comments »
No, not for carbon. For sulfur dioxide. As noted by Mark Peters at the Wall Street Journal: The original U.S. cap-and-trade market, which succeeded in slashing the power-plant emissions that cause acid rain, is in disarray following the issuance of new federal pollution rules. The collapse in the pioneering market where power producers trade permits [...]
Afghanistan and the Resource Curse
Posted in Energy, Environment, International, tagged Afghanistan, Resource Curse on June 14, 2010 | 4 Comments »
Yesterday, the New York Times reported that the United States has identified “vast mineral riches in Afghanistan“: The United States has discovered nearly $1 trillion in untapped mineral deposits in Afghanistan, far beyond any previously known reserves and enough to fundamentally alter the Afghan economy and perhaps the Afghan war itself, according to senior American government [...]
Rethinking Oil and Natural Gas Prices
Posted in Energy, Environment, tagged Energy, Natural Gas, Oil on April 9, 2010 | 7 Comments »
My recent post about oil and natural gas prices elicited some very constructive responses from readers (thanks in particular to PJ, MF, and FW, in addition to public commenters on the post). As a result, I’ve rethought my discussion of the relationship between oil and natural gas prices. I was also inspired to look at [...]
Oil and Natural Gas Prices Disconnect Again
Posted in Energy, Environment, tagged Energy, Natural Gas, Oil on April 1, 2010 | 13 Comments »
Update (4/9/10): Please see my follow-up post as well. Last summer I noted that oil and natural gas prices had diverged to an unprecedented degree. I bravely predicted that this divergence would reverse (unbravely, I didn’t predict when). As the chart below shows, I was right: the price relationship did move sharply toward normal levels. [...]
Pigou and the Plastic Bag
Posted in Budget, Environment, tagged Environment, Taxes on March 30, 2010 | 10 Comments »
The big news in Washington today are the early returns for the new DC bag tax. As of January 1, DC shoppers have to pay a 5 cent tax for each disposable plastic or paper bag that they get at grocery, drug, convenience, and liquor stores. The Washington Post reports that the DC government has [...]
The President Caves on Climate Policy
Posted in Budget, Energy, Environment, tagged Budget, Climate Change, Deficit on February 2, 2010 | 11 Comments »
At a time of unsustainable deficits, deficit neutrality is a remarkably lame vision for climate policy. Last year, President Obama proposed to raise $500 billion over ten years through a cap-and-trade system that would limit carbon emissions. This year his climate policy raises nothing. The president still backs cap-and-trade, but he has caved into congressional [...]
Climate Change and the Deficit
Posted in Budget, Energy, Environment, tagged Budget, Climate Change, Deficit on December 2, 2009 | 2 Comments »
Over at the National Journal’s Economy blog, John Maggs asks some budget experts for recommendations of how President Obama can bring the budget deficit down by 2016. Here’s an excerpt from my contribution: President Obama should combine his concern about climate change with his concern about the budget. … President Obama should demand … that [...]
Another Look at Oil and Natural Gas Prices
Posted in Energy, Environment, tagged Energy, Natural Gas, Oil on September 2, 2009 | 6 Comments »
A couple weeks ago, I discussed the remarkable divergence between the prices of oil and natural gas. At the time, the spot price of West Texas Intermediate was above $73 per barrel, while the spot price of natural gas at the Henry Hub was about $3 per MMBtu. The ratio of the two prices was [...]
The Disconnect Between Oil and Natural Gas Prices
Posted in Energy, Environment, tagged Energy, Natural Gas, Oil on August 21, 2009 | 12 Comments »
Yesterday marked a new record in the divergence between oil and natural gas prices. As noted in a small item in the Wall Street Journal, the ratio of oil prices ($ per barrel) to natural gas prices ($ per million BTU) hit a record 24.5 at yesterday’s close. As you can see from the following [...]
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