gas

On Monday, the European Union is expected to decide to boycott Iranian oil. If it does—nothing is ever certain when EU policymakers gather, least of all a firm decision—Iran says it will close the Strait of Hormuz, through which 20 percent of the world’s oil moves to market. That country’s navy commander, Habibollah Sayari, says Iran has the ability to “control” the waterway, and unnamed military sources in Iran are saying a boycott would be an act of war.

The attack on the British embassy in Tehran came just days after the Iranian “parliament” voted to expel the British ambassador, and therefore reeks of official complicity. The attack—complete with an invasion of the grounds, looting, and a brief hostage-taking—is an always useful reminder of the nature of the regime in Tehran. These are thugs, whatever their religious titles.

If you're looking for a dramatic example of a government regulatory agency run amok, consider EPA’s arbitrary and shameful attack on one Texas natural gas company. 

In December 2009, one Steven Lipsky noticed a problem with his water well at his new home just west of Dallas, Texas.   He began to suspect that the source was a nearby natural gas well that Range Resources had built and “fracked” earlier that year to exploit a part of the massive Barnet Shale a mile underground.

While the New York Times can barely conceal its glee at the phone-hacking scandal embroiling the rival Murdoch empire, The Scrapbook confesses to a certain schadenfreude of its own at the Gray Lady’s latest embarrassment. The Times’s slanted coverage of the natural gas industry continues to generate radioactive fallout.

At last night's debate, one audience member raised the issue of energy infrastructure:

Why not just call for an individual Chevy Volt mandate? "General Motors Co. CEO Dan Akerson wants the federal gas tax boosted as much as $1 a gallon to nudge consumers toward more fuel-efficient cars."

Megan McArdle: "Anthony Weiner Admits to Sending Racy Photos: Should We Really Ignore It?"

It’s anybody's guess whether Sarah Palin will run for the Republican presidential nomination in 2012. If she does, she’s likely to benefit from a highly favorable documentary that highlights the part of her career least known to most Americans.

The weakening of the dollar since 2008 has added 56.5 cents to the price of gasoline, the congressional Joint Economic Committee (JEC) has found. The average price of gasoline would be $3.40 per gallon, instead of the current average price nationally of nearly $4, if the dollar hadn’t declined.

Steve Hayes, with Juan Williams and Charles Krauthammer, last night on Fox News:

Do we still get a subsidy if we trade in our president instead? "Obama needled one questioner who asked about gas prices, now averaging close to $3.70 a gallon nationwide, and suggested that the gentleman consider getting rid of his gas-guzzling vehicle."

A media meme has developed about the economy and the 2012 election: if Barack Obama gets the unemployment rate at or below 8 percent, he will be well positioned to win reelection. To that end, the press greeted last Friday’s jobs report (the addition of 216,000 jobs, and unemployment falling to 8.8 percent) as though it was the first sunbeam of Morning in America, Version 2.0.

The disaster at Japan’s Fukushima Daiichi nuclear plant, and the upheavals in the Middle East are the sort of events that send economists back to their forecasters’ drawing boards. As usual, there is a tendency to confuse the long-run and the short-run, and to blame developments that were due to occur anyhow on the most recent events.