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.
A 30-second television ad highlighting the importance of energy development in Alaska is running in markets throughout the state ahead of President Obama’s visit set for Monday, paid for by the Arctic Slope Regional Corp., which hold North Slope drilling rights and represents around 12,000 native Alaskans, FuelFix reports.
Delivering the keynote address at an energy expo in Tulsa Wednesday, Gov. Mary Fallin, R-Okla., called for a strong national energy policy that includes construction of the Keystone XL pipeline and the lifting of the U.S. ban on crude exports, the Tulsa World reports.
Seven groups – including the Natural Resources Defense Council and the Environmental Integrity Project -- gave notice Wednesday that they intend to sue the Environmental Protection Agency for failing to update the regulations that govern the handling of drilling waste, E&E reports.
The U.S. Chamber of Commerce and the National Association of Manufacturers have been turning up the volume in their attacks on the Environmental Protection Agency’s potential moves to lower ozone limits in the atmosphere, National Journal reports.
Smaller drilling companies around the world are putting exploration plans on hold as they take steps to cut costs in the face of falling oil prices, which could mean a big drop in future discoveries of deposits, The Wall Street Journal reports.
The Energy Information Administration says U.S. ethanol production has dropped to May levels at 952,000 barrels a day, although stockpiles increased for a second straight week to 18.628 million barrels, Platts reports.
Gains in global stock markets alongside a pipeline shutdown in Nigeria sent oil prices soaring Thursday. U.S. benchmark crude jumped $2.93 a barrel to $41.55 on the Nymex, while in London Brent rose $3 a barrel to $46.32, The Financial Times reports.
If the Bureau of Land Management imposed new rules that cut down on natural gas venting and flaring on federal lands, taxpayers could get millions more in royalty payments, according to ads being run by the Western Values Project and Taxpayers for Common Sense, The Hill reports.
NASA is warning that ocean levels may rise three feet or more by the end of the century, with scientists attributing the change to melting glaciers, melting ice sheets and ocean expansion due to climate change, the Los Angeles Times reports.