Author: admin

The comparison of whale oil use decline with today’s projected petroleum oil demand reductions, in Michael Haigh’s guest column, neglects to factor in the devastating effects and subsequent costs of unabated burning of hydrocarbons (“Whale oil’s slow decline carries lessons for today”, Markets Insight, December 12).

Continuing the convenient use of whale oil to keep the parlour lamps lit reduced whale populations and perhaps altered ocean ecology. A bad outcome, but nothing like the catastrophes to come with another 50 years of burning.

In that timeframe, the already frequently flooded city of Jakarta (the most populous settlement on the planet) must be either elevated or relocated.

Where is that cost factored into this economic prediction?

Thomas Paino
Hudson (a former whale oil capital), NY, US

Gas producers on Australia’s east coast will have to reserve a portion for domestic use to shore up supply and put “downward pressure” on prices, the federal government has confirmed.

The long-awaited move was signed off by cabinet in Canberra on Monday and will now be subject to a period of consultation.

After much deliberation about the best model for a reservation scheme, Energy Minister Chris Bowen and Industry Minister Tim Ayres said cabinet had settled on a permit scheme.

That would see exports limited until producers ensured that between 15 and 25 per cent of extracted gas was reserved for local use.

Mr Bowen said the scheme would start operating in 2027 but would apply to any new contracts entered into from today.

“Most Australians think that Australians should have first rights to what’s under Australian soil … and Australians are right about that,” Mr Bowen said.

Loading