natural gas

California Public Pension Funds Lost $5 Billion On Fossil Fuel Investments In One Year

Two of California’s massive public pension funds lost more than $5 billion on investments in coal, oil and natural gas in just 12 months.

According to a report released by environmental group 350.org, the California Public Employees' Retirement System (CalPERS) lost $3 billion and the California State Teachers’ Retirement System (CalSTRS) lost $2.1 billion from their holdings in the top 200 fossil fuel companies between June 2014 and June of this year.

Combined, the two funds lost a total of $840 million from their stock investments in coal companies alone — one-fourth of the value of their coal holdings.

New Records Show More US Involvement in Mexico Oil, Gas Privatization Efforts as Mexican Government Says "100%" Its Idea

New records obtained by DeSmog shed further light on the role the U.S. government has played to help implement the privatization of Mexico's oil and gas industry, opening it up to international firms beyond state-owned company PEMEX (Petroleos Mexicanos).

Obtained from both the City of San Antonio, Texas and University of Texas-San Antonio (UTSA), the records center around the U.S.–Mexico Oil and Gas Business Export Conference, held in May in San Antonio and hosted by both the U.S. Department of Trade and Department of Commerce, as well as UTSA.

They reveal the U.S. government acting as a mediator between Mexico's government and U.S. oil and gas companies seeking to cash in on a policy made possible by the behind-the-scenes efforts of then-Secretary of State Hillary Clinton's U.S. State Department. State Department involvement was first revealed here on DeSmog, pointing to emails obtained via Freedom of Information Act and cables made available via Wikileaks.

California Distributed Energy Incentive Program Disproportionately Benefiting Fossil Fuels, Regulators OK With That

A California program designed to spur innovation in technologies for distributed generation of low-emission energy is disproportionately benefiting fossil fuels projects, primarily natural gas — and a new proposal to update the emissions threshold that determines which projects are eligible will not change that, critics of the program say.

Some 70 percent of the energy generation that has so far received rebates from California’s $83-million-a-year, ratepayer-funded Self-Generation Incentive Program (SGIP) has been fossil-fueled, according to the Sierra Club.

SGIP, administered by the California Public Utilities Commission (CPUC), provides rebates for distributed energy systems installed on the customer side of the utility meter — “behind the meter” in industry parlance.

The US Installed More Than Twice As Much Solar and Wind As Fossil Fuel Electricity So Far In 2015

Throughout the entire first half of 2015, solar and wind energy accounted for 2,518 megawatts of new electricity generating capacity brought online in the US — some 65 percent of all new capacity added so far this year.

Coal accounted for a mere 3 MW during that time period, while natural gas accounted for 1,173 MW (there was no new oil). That’s less than half the amount of solar and wind energy added January to June. Wind alone, at 1,969 MW, was more than all fossil fuels combined.

Key Greenhouse Gas Study May Have "Systematically Understated" Methane Leaks, New Research Shows

A widely cited study on the amount of methane leaking from oil and gas sites, including fracked wells, shows signs of a major flaw, a newly published peer-reviewed paper concludes.

“The University of Texas reported on a campaign to measure methane emissions from United States natural gas production sites as part of an improved national inventory,” researcher Touché Howard wrote in a paper published today in the journal Energy Science & Engineering. “Unfortunately, their study appears to have systematically underestimated emissions.”

Once Burned, Twice Shy? Utica Shale Touted to Investors As Shale Drillers Continue Posting Losses

For the past several weeks, the drilling industry — hammered by bad financial results — has begun promoting its next big thing: the Utica shale, generating the sort of headlines you might have seen five years ago, when the shale drilling rush was gaining speed. “Utica Shale Holds 20 Times More Gas Than Previous Estimates”, read one headline. “Utica Bigger Than Marcellus”, proclaimed another.

FBI Advisory: Oil Trains At Risk of "Extremist" Attack, But Lacks "Specific Information" To Verify

A documentmarked “Confidential” and published a year ago today, on July 18, 2014, by the Federal Bureau of Investigation (FBI) concluded that “environmental extremists” could target oil-by-rail routes, as first reported on by McClatchyBut the Bureau also concedes upfront that it lacks “specific information” verifying this hunch.

Rail industry lobbying groups published the one-page FBI Private Sector Advisory as an exhibit to a jointly-submitted August 2014 comment sent to the U.S. Department of Transportation's (DOT), which has proposed “bomb trains” regulations currently under review by the White House Office of Information and Regulatory Affairs (OIRA)

Greenwash: Shell May Remove "Oil" From Name as it Moves to Tap Arctic, Gulf of Mexico

Shell Oil has announced it may take a page out of the BP “Beyond Petroleum” greenwashing book, rebranding itself as something other than an oil company for its United States-based unit.

Marvin Odum, director of Shell Oil's upstream subsidiary companies in the Americas, told Bloomberg the name Shell Oil “is a little old-fashioned, I’d say, and at one point we’ll probably do something about that” during a luncheon interview with Bloomberg News co-founder Matt Winkler (beginning at 8:22) at the recently-completed Shell-sponsored Toronto Global Forum.

“Oil,” said Odum, could at some point in the near future be removed from the name.

Enbridge Stuffs Provision into Wisconsin Budget to Expedite Controversial Piece of "Keystone XL Clone"

On Thursday, July 3 on the eve of a long Fourth of July holiday weekend, Canadian pipeline company giant Enbridge landed a sweetheart deal: a provision in the 2015 Wisconsin Budget that will serve to expedite permitting for its controversial proposed Line 61 tar sands pipeline expansion project.

Line 61 cuts diagonally across Wisconsin and goes into north-central Illinois, beginning in Superior, Wisconsin and terminating in Flanagan, Illinois. The Wisconsin Gazette refers to the pipeline as the “XXL” pipeline because it is bigger in size and has higher carrying capacity than the more well known tar sands pipeline cousin, TransCanada's Keystone XL, and is “buried beneath every major waterway” in the state.

How Many Voluntary Easements Has Energy Transfer Partners Signed With Iowa Landowners For The Bakken Oil Pipeline?

By David Goodner

Texas-based Fortune 500 company Energy Transfer Partners claims to have signed voluntary easement agreements with nearly 60 percent of Iowa landowners in the path of the proposed Dakota Access Pipeline which would transport Bakken crude through the state. But a DeSmog investigation into publicly accessible information has verified less than half that number, casting doubt on Energy Transfer’s claims.

Energy Transfer Partners owns the proposed Dakota Access pipeline, set to carry up to 575,000 barrels of oil per day obtained via hydraulic fracturing (“fracking”) from North Dakota’s Bakken Shale basin through North and South Dakota and Iowa and into the southern Illinois town of Patoka. The proposed project has faced stiff resistance from environmentalists, farmers and other Iowans along the proposed route and across the state.

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