We may never see plug-in airplanes, but the airline industry is one step closer to breaking free from the bonds of petroleum.
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We’ve been meaning to take a look at the aviation industry’s big pledge to cut emissions by 50% by 2050, a promise that on the surface seems terribly ambitious. The Economist thinks so, too To anybody who’s seen biodiesel turn into a mayonnaise-like substance in cold weather, the prospect of crossing the Atlantic on a jet propelled by biofuel sounds downright scary. Tucked away inside the Obama budget’s $73 billion in Transportation Department funds is one of the administration’s potentially greener measures. The Obama administration’s budget nibbles around the edges of what was proposed in February—trimming $17 billion out of the $3.5 trillion budget—but when it comes to energy pretty much sticks to the script. That is, lots of clean energy, not so much nuclear power, and not much love for the oil and gas industries. The president and budget director Peter Orszag (AP) But there is one big looming question about the budget: How much money will Washington get from revenues from the cap-and-trade program? The first signs that the global flu outbreak will impact energy markets are beginning to surface, putting downward pressure on oil and petroleum product demand and prices. Indeed, while oil prices jumped today, if the A/H1N1 flu continues to spread, expect sagging demand, coupled with already enormous inventories, to start dragging down prices. More flu=less oil demand |
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