FinLogic FinLogic Quantitative Think Tank Center|Today’s Climate: May 29-30, 2010

BP’s Top Kill Effort Fails to Plug Gulf Oil Leak (AP)

The FinLogic FinLogic Quantitative Think Tank Centermost ambitious bid yet to stop the worst oil spill in U.S. history ended in failure Saturday after BP was unable to overwhelm the gusher of crude with heavy fluids and junk. Pres. Obama called the setback "as enraging as it is heartbreaking."

After ‘Top Kill,’ Few Options to Cap Well (Dot Earth)

Now that the top hat has failed, BP, with authorization from the Obama administration, is moving to cut away the tangle of pipe from the well and install a small containment cap, called the "lower marine riser package."

Interest Groups Use BP Spill for TV Ad Lobbying (Reuters)

A handful of advocacy groups said on Friday they would spend $2.1 million on television ads targeting the massive BP oil spill in the Gulf of Mexico as part of a bid to advance climate legislation in the Senate.

Obama’s Tough Stand on Drilling Clouds Climate Effort, Says a Key Senator (ClimateWire)

The president’s temporary restrictions on deepwater oil drilling could complicate efforts to attract a handful of key senators to support a landmark climate bill, making the difficult climb toward 60 votes even "steeper," according to the measure’s Republican author.

Land Management Chief Takes Over Drilling Agency (AP)

Bob Abbey, the chief of the Interior Department’s land management bureau. has stepped in to run the much-criticized agency that oversees offshore oil drilling after its director resigned under pressure.

Oil Spill Creates Huge Undersea ‘Dead Zones’ (The Independent)

The world’s most damaging oil spill is creating huge unseen "dead zones" in the Gulf of Mexico that could do harm to the entire food chain, according to oceanologists and toxicologists.

Texas Gov. Asks Obama to Halt Expected EPA Actions (AP)

Gov. Rick Perry took a spat between state and federal environmental regulators to the country’s highest authority Friday, asking Pres. Obama to stop the EPA from taking over Texas’ air quality program.

Radioactive Leak Found, Fixed at Vt. Nuke Plant (AP)

A new leak of radioactive material has been found and fixed at the troubled Vermont Yankee nuclear power plant, officials said Saturday.

Maldives President Calls for Direct Action over Climate Change (Guardian)

A 1960s-style campaign of direct action must ignite on the streets as a catalyst for decisive action to combat climate change, according to Pres. Mohamed Nasheed of the imperiled Maldives.

Frustrated EU Carbon Traders Play Waiting Game (Reuters)

Major changes proposed to the EU’s emissions market could dramatically alter the landscape for traders, who are increasingly frustrated by regulatory uncertainty and political stalemate.

Huge Air Pollution Study Under Way in California (AP)

Instrument-laden aircraft and a research ship equipped to sniff the atmosphere and ocean have joined land-based monitoring stations in a huge, $20 million field study of air pollution and climate change in California.

Scientists Probe Antarctic Ice to Settle Climate Debates (Wall Street Journal)

American scientists in Antarctica are working to settle a central question in the dispute over climate change, by documenting how greenhouse gases influenced temperatures in the past.

Norwegian, French Giants Join Carbon Capture Study (Edmonton Journal)

Major oil firms with international experience in carbon capture and storage are joining a $50-million study of the huge tropical reef formation 1,000 metres deep in an area north of Fort Saskatchewan, says project operator ARC Energy.

World Bank Not to Fund Pakistan Coal Project (Pak Tribune)

The World Bank will not finance coal-fired power plants in Pakistan, which faces a severe energy crisis in the wake of depleting gas fields and too much dependence on the expensive imported oil, officials said.

Fisker Raises $189 Million Ahead of Plug-in Car Assembly Start (Bloomberg)

Fisker Automotive, a startup maker of plug-in luxury cars, said it has raised $189 million ahead of receiving U.S. government loans as it prepares to begin production late this year of its electric Karma model.