Cooler Heads Digest
News You Can Use
Hedge Fund Wins Big Bet against Solar
In a quarterly newsletter, the hedge fund Greenlight Capital, Inc. announced that it has closed its short position in First Solar, “one of the most profitable shorts in the history” of its funds. Stock prices for First Solar, which received a $1.4 billion stimulus loan from the same program that propped up Solyndra, plummeted primarily because Germany rolled back solar power subsidies.
Inside the Beltway
Obama Punts on Keystone (again)
President Barack Obama on Wednesday, 18th January, announced that he would not approve the Keystone XL pipeline from Alberta’s oil sands to refineries in the Gulf States. A provision in the payroll tax cut extension legislation required the President to make a decision before 21st February based on the national interest. The President’s statement used the deadline to blame Congress for his decision:
“This announcement is not a judgment on the merits of the pipeline, but the arbitrary nature of a deadline that prevented the State Department from gathering the information necessary to approve the project and protect the American people.”
The New York Times was almost alone among major papers in supporting the President’s decision. The Washington Post noted that the President’s own Council on Jobs and Competitiveness had reported the day before that the United States needed to be building more energy infrastructure, including pipelines. Post columnist Robert Samuelson wrote that Obama’s decision was an “act of national insanity.”
In the News
Federal Judge Blocks Enforcement of California Low Carbon Fuel Standard
Marlo Lewis, GlobalWarming.org, 5 January 2012
The Climate Change Message Is Not Being Heard; Here’s How to Change Tack
Sunny Hundal, Guardian, 5 January 2012
Could Climate Change Create Deadly, Mutant Sharks Which Kill Us All?
James Delingpole, Telegraph, 3 January 2012
News You Can Use
Bad News for Electric Cars
Last week, we reported that electric vehicles receive subsidies of up to $250,000 per car. Recent news suggests this money is poorly spent.