Energy markets

Vaclav Smil on the Pickens Plan for Wind Power and Natural Gas Vehicles

2 Comments / Energy markets, Environmental policy / By

Michael Giberson Perhaps the greatest appeal of the Pickens Plan is its cascading simplicity. First, Pickens wants to dot the Great Plains (“the Saudi Arabia of wind power”) with wind turbines to replace all the electricity currently produced by burning natural gas. Second, he wants to use the natural gas freed by wind-powered generation to …

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Useful Perspective on Speculation in Oil Markets

Energy markets / By

Michael Giberson Geoffrey Styles offers some perspective on the Vitol S.A. affair. (Vitol was indirectly revealed to have had a rather large position in NYMEX’s oil contracts when the CFTC reclassified a single trader from “commercial” to “non-commercial.” The CFTC did not name Vitol, but enough information was available that industry insiders were able to …

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The Consequences of Falling Oil Prices, and the Benefits of High Oil Prices

4 Comments / Economics, Energy markets / By

Lynne Kiesling At Econbrowser, Jim Hamilton has a very thorough post on the economic consequences of falling oil prices. Consumer confidence, inflation, GDP, Fed policy, … and his conclusion is not very optimistic in the short run. In fact, here’s a question for you: will the short-run and long-run adaptations of consumers and producers actually …

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Critiques of Obama’s Oil Windfall Profits Tax Proposals

1 Comment / Economics, Energy markets / By

Lynne Kiesling OK, critiquing windfall profits taxes is pretty elementary skeet shooting target practice for economists, but Tim Worstall does it so eloquently in the Register! More people want to use $30, $50, $90 oil than there is oil to go around at that price so markets do their magic thing, prices adjust and supply …

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Consumer Behavior and $4 Gas: an Economics Case Study

1 Comment / Economics, Energy markets / By

Lynne Kiesling Yep, I’m gonna pile on here with my friends at Environmental Economics and other places about how consumer responses to $4 gas are manifesting themselves. To quote John (whose post is about SUV markets in particular): 1. Gas prices rise 2. People drive less 3. Gas prices stay high 4. Demand for new …

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The Inverted Metamorphic Triple-junction Solar Cell and Other Energy Items in the News

Electricity, Energy markets / By

Michael Giberson Solar power technology continues to improve. Retail electric utility rate for 100% wind power dips below the standard rate. Likely just for one month, since gas prices are down from their recent peak. Texas retail market under pressure, but shows signs of progress. A well-capitalized firm with an understanding of risk management issues …

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Senator Calls for Ferc Probe of Traders Using Lake Erie Loop Strategy

2 Comments / Electricity, Energy markets, Politics / By

Michael Giberson Senator Charles Schumer of New York has asked the U.S. Federal Energy Regulatory Commission to investigate the traders scheduling circuitous routes around Lake Erie for transactions that in effect flowed primarily within the New York ISO power system. As discussed here last week, in late July the NYISO sought emergency rule changes to …

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Dallas Vs. Houston: the Differences in Retail Power Charges

5 Comments / Electricity, Energy markets / By

Michael Giberson Dallas and Houston draw electricity from the same ERCOT power grid, but the Dallas area has sported lower retail power prices for the last few years. The Houston Chronicle explains some of the reasons for the differences: Houston’s residential electric power prices are consistently higher than in the Dallas-Fort Worth area, ranging in …

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Is Market Concentration to Blame for Record High Oil Prices?

1 Comment / Energy markets, Politics / By

Michael Giberson Robert McCullough, the “analyst known for his work with a Washington utility trying to prove that Enron manipulated power markets” (in the words of Newswatch: Energy), is back in the news with a report sure to appeal to the economically naive in Congress and elsewhere. In his report McCullough concludes, “All available evidence …

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