Source: http://ift.tt/hFWySe - Thursday, January 29, 2015
Fracking and OPEC strategy may not be the main influences on oil prices As New York shakes off another dose of the climate change reality dealt by winter storm Juno, many are beginning to re-appreciate the forces of Nature and the power of public policy. But they still might not be ready for the truth about the effect of government policy on oil prices. "Subsidies, particularly production subsidies, can have a big impact on the price of oil, but I think there is little understanding of that in the media," says Steve Kretzmann , Executive Director, Oil Change International. With fossil fuel subsidies amounting to $1.9 trillion annually including 'negative externalities', according to the IMF , you can be sure that government policy impacts oil price, a lot. Cities tackle countries' responsibilities Federal policy isn't the only influencer on oil prices. Just last fall in New York, a group of 228 cities representing 436 million citizens around the world committed to cut greenhouse gas pollution by two billion tons per year. This ' Compact of Mayors ', including Chinese cities, set their signatures to paper during the United Nations Climate Summit in New York last September. Emissions trading in several Chinese regions in 2013 has cut carbon dioxide emissions by 2.5 million metric tons, according to Shenzhen Vice Mayor, Tang Jie. The bottom-up approach these mayors are taking sends a strong message to their countries, most of which
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Fracking and OPEC strategy may not be the main influences on oil prices As New York shakes off another dose of the climate change reality dealt by winter storm Juno, many are beginning to re-appreciate the forces of Nature and the power of public policy. But they still might not be ready for the truth about the effect of government policy on oil prices. "Subsidies, particularly production subsidies, can have a big impact on the price of oil, but I think there is little understanding of that in the media," says Steve Kretzmann , Executive Director, Oil Change International. With fossil fuel subsidies amounting to $1.9 trillion annually including 'negative externalities', according to the IMF , you can be sure that government policy impacts oil price, a lot. Cities tackle countries' responsibilities Federal policy isn't the only influencer on oil prices. Just last fall in New York, a group of 228 cities representing 436 million citizens around the world committed to cut greenhouse gas pollution by two billion tons per year. This ' Compact of Mayors ', including Chinese cities, set their signatures to paper during the United Nations Climate Summit in New York last September. Emissions trading in several Chinese regions in 2013 has cut carbon dioxide emissions by 2.5 million metric tons, according to Shenzhen Vice Mayor, Tang Jie. The bottom-up approach these mayors are taking sends a strong message to their countries, most of whichfrom Top News on RSS Feeds http://ift.tt/1z9IbkY
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