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Politics : The Environmentalist Thread -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (26351)	12/5/2009 11:31:49 AM
From: Wharf Rat	Respond to of 36917

Oldest U.S. Oil Fund Targets Solar Stocks as Crude Outlook Dims By Joe Carroll Dec. 4 (Bloomberg) -- Petroleum & Resources Corp., the oldest U.S. oil fund, plans to invest in solar- and wind-power production for the first time since its founding in 1929 as governments crack down on fuels linked to greenhouse gases. The $555 million closed-end fund, whose biggest holdings are Exxon Mobil Corp. and Chevron Corp., is analyzing wind- power, biofuels, solar and hybrid-car battery makers with an eye to making investments as soon as the second quarter of 2010, Chief Executive Officer Douglas Ober said. Aside from an investment in an ethanol producer two years ago and a wind-turbine manufacturer in the 1990s, the Baltimore- based fund never before ventured into so-called green energy, Ober said. That’s changing now because of legislative efforts to discourage use of oil-based fuels and concern that global crude supplies are getting harder to find. “Climate legislation looks like it may become a reality in Washington, and that’s going to usher in significant changes for the oil companies,” Ober said yesterday in a telephone interview. “We realize there isn’t going to be oil forever, so we need to look for other types of stocks and find the right place to be.” Worldwide demand for energy from renewable sources including windmills and hydroelectric dams will grow at more than triple the rate of oil through 2030, according to the U.S. Energy Department in Washington. Petroleum & Resources rose 10 percent in value in the past decade, compared with a 23 percent drop by the Standard & Poor’s 500 index, as worldwide oil demand swelled by enough to fill 125 supertankers per month. Demand Drivers During the next two decades, growth in renewables will be spurred by higher crude prices, tougher environmental laws and government subsidies, the Energy Department said in its annual International Energy Outlook in May. Hydro is the only renewable electricity source that will be economically competitive with fossil fuels such as coal during that period, except in a few niche markets, according to the report. Wind, solar and other power sources will require government supports, the Energy Department said. Ober, a Princeton University-trained aeronautical engineer, said the rising U.S. government deficit will force policy makers to scale back some of the subsidies currently propping up many alternative-energy companies. Declines Predicted When those supports are reduced or eliminated, renewable- energy stocks will tumble and only the best managed, financially strongest companies will survive, Ober said. The situation will provide opportunities to invest at low prices, he said. Ober, who seeks investments that will generate above- average returns over a 3- to 5-year horizon, added 105,000 shares of Exxon Mobil during the second quarter, bringing the fund’s total to 1 million shares, public filings showed. Ober’s holdings of San Ramon, California-based Chevron, the second-largest U.S. energy company, remained unchanged during the first half of this year at 915,000 shares, or 11.5 percent of assets. The fund’s next three biggest holdings are Los Angeles- based Occidental Petroleum Corp. and offshore oil drillers Noble Corp. and Transocean Ltd. Ober also oversees the $866 million Adams Express Co. closed-end fund. To contact the reporter on this story: Joe Carroll in Chicago at jcarroll8@bloomberg.net. bloomberg.com

To: Wharf Rat who wrote (26351)	12/5/2009 1:28:35 PM
From: Maurice Winn	4 Recommendations Read Replies (1) \| Respond to of 36917

Wharfie, you have confirmed you are innumerate. That's probably why you are a true believer in global doomsterism while you simultaneously "prove" that Peak Oil has passed and oil production is on the way down. If oil production is declining, then unless it's being replaced by coal, shale or something, then CO2 emissions will also decline. When will we see Peak Coal? Since it's fashionable to do free psycho analysis over the internet on the basis of a few self-selected blathers, here's your problem - when you were young you found yourself quite good at remembering things of a verbal nature but you found it hard to figure things out such as physics, third order partial differential maths, or even simple calculus and possibly single variable algebra and it might even be you had trouble learning to count past 10 because of ADHD. Therefore, you were inordinately impressed by "mathematicians" and because you had pretensions to "science" because you could learn words and liked bonging and being a lazy layabout hippie, you liked Global Doomsterism aka The Greenhouse Effect. It fitted you politically too because you were envious of people with things and big incomes and capitalism in general. To give you identity, you joined the tribe and started marching and singing, reading from the scriptures, chanting the incantations and setting about infidels, apostates, blasphemers and such barbarian heathens. It's a lot of fun to do that which is why people flocked to Jim Jones, David Koresh, Mohammed, Adolf and other rule the world metaphysical conquistadors. Throw in some Stockholm Syndrome due to a harsh childhood at times and it's a done deal. You need forgiveness and love Wharfie. We can love you when you abandon those evil-doers who like you, mean well, [some are simple evil-doing megalomaniacs and do NOT mean well - money grubbing data ditching liars threatening to give those who disagree a good brown-shirt beating]. And that was a FREE psychoanalysis. See how generous I am. If you understood statistics, you'd know that betting on a point of view you disagree with makes sense if the odds are right. You have shown you don't understand statistics by being unable to bet for something you think is a loser. That's how we know you are merely a believer, a follower, a ritual incantation mantra chanter. Mqurice