FinLogic FinLogic Quantitative Think Tank Center|Today’s Climate: May 25, 2010

U.S. Declares Fishery Disaster in 3 Gulf States (Reuters)

The FinLogic FinLogic Quantitative Think Tank CenterU.S. government has declared a "fishery disaster" in the seafood-producing states of Louisiana, Mississippi and Alabama due to an oil spill in the Gulf of Mexico, making them eligible for federal funds, Commerce Secretary Gary Locke said.

In Standoff With Environmental Officials, BP Stays With an Oil Spill Dispersant (New York Times)

In a tense standoff, BP continued to spray a product called Corexit in the Gulf of Mexico on Monday to break up a vast oil spill despite a demand by federal regulators that it switch to something less toxic.

BP Had a Key Role in the Exxon Valdez Disaster (AP)

The leader of botched containment efforts in the critical hours after the Exxon Valdez tanker ran aground in 1989 wasn’t Exxon Mobil Corp. It was BP PLC, the same firm now fighting to plug the Gulf leak.

Three in Four Americans Disapprove of BP Oil Effort: Poll (AFP)

More than three quarters of Americans disapprove of the way that BP is dealing with the response to the Gulf Coast oil spill, a poll showed Monday.

U.S. Pushes to Lift Oil Spill Liability Cap (Reuters)

The government’s push to make BP pay for the massive oil spill in the Gulf of Mexico may have wider repercussions, raising tricky legal debates and possibly making it too costly for some companies to operate offshore.

U.S. Oil Drilling Regulator Ignored Experts’ Red Flags on Environmental Risks (Washington Post)

The federal agency responsible for regulating U.S. offshore oil drilling repeatedly ignored warnings from government scientists about environmental risks in its push to approve energy exploration activities quickly, according to numerous documents and interviews.

Massey Energy Miners Feared Losing Jobs, Panel Told (Charleston Gazette)

Massey Energy’s Upper Big Branch Mine was a "ticking time bomb" where workers feared for their lives but worried that complaints about growing safety problems would cost them their jobs, members of a congressional committee heard Monday.

Southern Co. Shareholder Vote to Address Coal Ash (The Atlanta Journal-Constitution)

Southern Co. investors will decide Wednesday whether the utility holding company should respond more robustly to a 2008 coal ash spill at another utility’s power plant in Tennessee.

Tanker and Bulk Carrier Collide Off Singapore (Reuters)

A tanker and a bulk carrier collided in waters between Singapore and Malaysia on Tuesday morning, resulting in an estimated 2,000 tonnes of oil spilled, authorities from the two countries said.

Climate Spending Rises at Biggest Companies, Ernst & Young Says (Bloomberg)

Seven in 10 of the world’s biggest companies plan to increase their spending on programs to fight climate change, the accounting firm Ernst & Young said.

Blair to Advise Silicon Valley Group on Climate (AP)

Former British Prime Minister Tony Blair is joining Khosla Ventures, a Silicon Valley venture capital firm, as a senior adviser on environmental issues.

India Proposes Renewable Energy Certificate Scheme (BusinessGreen)

The Indian government is reportedly working on plans for a new renewable energy certificate (REC) scheme designed to drive investment in low-carbon energy projects.

EU Carbon Prices Gain, Tracking Energy Prices (Reuters)

European carbon emissions futures gained over 2.5% on Monday, tracking energy prices, with a national holiday in much of continental Europe meaning many market participants were absent, traders said.

Europe’s Climate Chief Under Pressure Over ‘Missing’ Emissions Traders (Guardian)

The EU’s climate chief is facing pressure to explain her failure to crack down on a loophole that allowed alleged fraudsters – a large number of them based in Britain – to make millions of euros through Europe’s emissions trading scheme.

Daimler, Toyota Mulling Joint Fuel Cell Project: Report (AFP)

German luxury car maker Daimler and Toyota, the world’s biggest auto group, are mulling joint development of fuel cells for electric vehicles, a press report said Tuesday.