Media

No doubt the new International Energy Agency (IEA)'s latest World Energy Outlook will be cause for celebration for the fossil fuel industry. In it, IEA points to the strong oil and gas production in the U.S. and predicts that by within a decade or so, the U.S. will become the world's largest oil producer, surpassing Saudi Arabia and Russia. By 2030, North America could be a net oil exporter and, around the same time, the U.S. will likely be energy independent.

Tuning in to the latest round of fiscal panic, you might think that Congress and the President have been doing exactly nothing about the deficit over the past few years. Of course, though, that is wrong: Major steps have already been taken to control government spending. According to a new analysis by the Center for Budget and Policy Priorities:

One of the most visible signs of climate change was last summer’s prolonged extreme drought. Over eighty percent of the corn and soybean crops were impacted. Not surprisingly, we saw record food prices globally. Price increases due to drought are easy to understand given the reduction in crop supply that accompanies drought.

When we talk about leveling the playing field for energy solutions, we often talk about how fossil fuels receive the lion’s share of federal subsidies even though they continually post record profits. The renewable energy sector, in contrast, continually faces uncertainty over future funding.

We already know that a well-publicized corporate gift can put spit and shoeshine on a tarnished public image; a well-placed one can exert political leverage. But what about companies that use disaster relief as product placement? 

Hasbro Toys Inc., a company that just made #10 on the "Ranking of America’s Most Community-Minded Corporations," gave 10,000 of their products and $100,000 to the Red Cross for hurricane relief efforts.

Last week's election was historic for all sort of reasons: gay rights (and human decency) prevailed in Maine, Maryland, Minnesota and Washington; Romney's loss suggested that super PACs could not, in fact, buy the presidency; and President Obama will get the crucial chance to implement the Affordable Care Act.

The job of reforming Wall Street is far from finished. The most profitable investments for the big banks continue to be Washington lobbyists chipping away at reform and litigators challenging every major rule in court.

During the Presidential campaign, conservatives continued to falsely claim that oil and gas drilling had been restricted during the Obama Administration. In fact, as we pointed out, oil and gas production is at the highest level it’s been in decades.

President Obama's biggest failure in his first term was to not forcefully stem the flood of foreclosures that has been devastating lives, prolonging the economic slump, and stripping vulnerable groups -- particularly blacks -- of financial assets that took years to build up.

In turn, that failure was the result of another devastating mistake by Obama: picking Timothy Geithner to be Treasury Secretary and allowing that department to be way too cozy with the big banks.