MACKAY, Australia (AP) — The Australian mining boom built over a decade on Chinese hunger for energy and raw materials is turning into bust for many business owners as China's cooling growth reverberates through a country accustomed to winning from the rise of an Asian economic giant.
BEIJING (AP) — Voracious demand for wood to feed factories for exports and satisfy wealthier consumers at home has turned China into a magnet for the illegal timber trade, causing other countries to strip their forests as Beijing does little to discourage the practices, an environmental group said in a report released Thursday.
The Australian government pushed a new 30 percent tax on big mining companies through Parliament on Monday but faces an uphill battle to reduce the tax burden on struggling companies outside the booming commodities sector.
The Senate passed the legislation 38 votes to 32, allowing the government to take a bigger slice of profits from a mining boom driven by Chinese and Indian demand for raw materials.
The Interior Department rule governing drilling on federal lands should contain “the strongest possible safeguards,” according to a letter sent to the Office of Management and Budget by Massachusetts Sen. Ed Markey and 11 of his Democratic colleagues, FuelFix reports.
Agreements reached between President Barack Obama and Prime Minister Narendra Modi during the Indian leader’s visit to the White House include a strategic partnership to improve energy security, clean energy and climate change resilience, The Hill reports.
Ahead of the weekly stockpile report issued Wednesday, oil was trading slightly higher the day after a big plunge. West Texas Intermediate crude for November delivery was up 43 cents to $91.59 in electronic trading on the Nymex, while in London Brent climbed 19 cents to $94.86, Bloomberg reports.
Shares in oilfield equipment maker National Oilwell Varco have dropped some 2.6 percent since the company announced it would buy back $3 billion worth from investors, the repurchase a sign that the firm may be running out of acquisition targets, FuelFix reports.
Seven Western states are starting up an energy imbalance market this week, which offers up electricity to buyers in five-minute increments, giving them a chance to smooth out the impact of more variable renewable energy into the grid, E&E reports.
The retirement of coal plants over the next six years – pushed by tougher federal emissions regulations – should cause an increase of up to 5 billion cubic feet a day in demand for natural gas, according to Standard & Poor’s Ratings Direct, Platts reports.
Claiming in a report that African-Americans bear a greater brunt of the health impacts from the use of coal as an energy source, the NAACP is calling for a more just energy policy in Utah and across the rest of the country, which would encourage developing alternative energy and clean energy, according to the Deseret News.
As technology advances -- with the availability of cheap sensors and a proliferation of software to help collect and analyze the data they gather -- the drive toward more energy efficiency in buildings is getting a big boost, The Wall Street Journal reports.
A special fund launched in Mexico Tuesday will handle income from the country’s oil and gas sector -– which has been newly opened to private investment –- giving some of it to the federal government and directing some to long-term savings, The Wall Street Journal reports.