Michael Giberson Boone Picken’s new book, The First Billion is the Hardest, reviewed in the Wall Street Journal. From the review, after a summary of Pickens’s business success with Mesa Petroleum: Such accomplishments are the core of Mr. Pickens’s 1987 autobiography, “Boone,” which was updated 13 years later and retitled “The Luckiest Guy in the …
Michael Giberson According to the US Department of Energy, “The Strategic Petroleum Reserve exists, first and foremost, as an emergency response tool the President can use should the United States be confronted with an economically-threatening disruption in oil supplies.” In response to disruptions caused by Hurricane Gustav, the DOE has indicated a willingness to release …
Why is the Strategic Petroleum Reserve Unable to Operate During Power Outages? Read More »
Michael Giberson Mississippi has a price gouging law which allows the state government to prosecute businesses that raise prices on certain kinds of retail goods and services during a “state of emergency” (as officially declared by the state’s governor). Now the Mississippi Attorney General discovered that businesses were working around the legal barrier to price …
Michael Giberson …but not in a good way. The Streetwise Professor deploys a little Property Rights Economics 101 lesson as he contrasts the development of petroleum resources in Russia and China: An article on the McClatchy wire states that the Russian oil industry is facing a dire future due to “the practice of reaping quick …
Insecure Property Rights May Be Helping to Maximize Current Russian Oil Output… Read More »
Michael Giberson Texas Monthly magazine profiles Boone Pickens. Here’s a sample: In addition to the advertising campaign, Boone is also laying out his energy manifesto in his latest memoir, The First Billion Is the Hardest, which Crown is releasing this month. (His first memoir, Boone, was published in 1987.) “The times require a George Patton, …
Boone Pickens – Texas Monthly on the Man Behind the Plan Read More »
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 …
Senator Calls for Ferc Probe of Traders Using Lake Erie Loop Strategy Read More »
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 …
Is Market Concentration to Blame for Record High Oil Prices? Read More »
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 …
Is Market Concentration to Blame for Record High Oil Prices? Read More »
Michael Giberson Holman Jenkins makes another good point in his WSJ column on energy (in addition to his conclusion, which I cited in an earlier post). He points out in response to Boone Pickens’s concern over the “transfer of wealth” to foreign oil producers: [Pickens] says we spend $700 billion a year on foreign oil, …
Michael Giberson Holman Jenkins’s editorial on energy in yesterday’s WSJ seems to take the right approach: [W]e can’t drill our way out of the dilemmas of living in the world. But drilling is one of many things we can do that are worth doing. Over time, the price mechanism and technology will tell us how …
Energy is Not Scarce: Comment on Wilkinson on the Sustainability of Economic Growth Read More »
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