June 27 (Bloomberg News) — Richard InLove, 60, works 20 hours a week as a receptionist and office assistant in Eugene, Oregon, and wants more. After losing a full-time job in a cereal factory three years ago, he hasn
The Obama administration will go ahead with more drilling in Arctic waters, though at a pace that allows for more research before additional permits are granted.
The administration will hold new lease sales for oil companies to drill in the Chukchi and Beaufort Seas just north of Alaska, Interior Secretary Ken Salazar said Tuesday in a conference call with reporters.
But the new leases won’t be issued until 2016, allowing more time so that nations bordering the Arctic can identify the region’s resources and figure out which areas need to be protected.
"These resources, if developed safely, can be an important component to the all-of-the-above energy strategy," said Salazar.
The plan is apparently designed to please both environmentalists and drilling advocates, though it risks irking everyone.
Of ice and oil in Alaska
Industry types would prefer a much faster timetable to get the drilling going, while many opponents want it halted permanently.
The administration is hoping the move will defray criticism that it’s not moving fast enough to allow more domestic energy production.
But that seems unlikely.
"Only now that excuses are running out are they moving forward as slowly as possible," said a spokeswoman for Republican presidential candidate Mitt Romney.
Obama has attempted to take a middle-of-the-road approach to energy development throughout his presidency.
He’s resumed leasing in the Gulf of Mexico after the BP () disaster, plans to allow drilling in the Arctic, and has done little to restrict hydraulic fracturing — or fracking — in domestic oil and gas fields despite fears that the process is contaminating ground water.
But the number of permits issued and acres available for drilling have generally been lower under Obama’s administration than in George W. Bush’s administration, which preceded it.
On Tuesday, Salazar said it’s "highly likely" the final permits for Royal Dutch Shell’s () Arctic drilling operation, set for this summer, will be issued shortly.
Shell won its Arctic leases during the Bush administration, but its final permits to drill have so far not been granted by Obama. Sources expect the final OK to come this week.
Shipping analysts are getting more bearish on the outlook for rates to haul iron ore and coal as China, the biggest consumer of both commodities, grows at the slowest pace in three years at a time of record fleet expansion.
Capesizes, each holding about 180,000 metric tons of cargo, will earn an average of $11,709 a day in 2012, the lowest in at least 14 years, the median of 10 analyst estimates compiled by Bloomberg shows. They predicted $15,000 in a December survey. The fleet will expand 13 percent this year, compared with a 4 percent advance in cargo volumes, according to London-based Clarkson Plc (CKN), the world
Last week, U.S. President Barack Obama formally extended an invitation to Canada to join the Trans Pacific Partnership negotiations, a proposed trade deal that includes the U.S., Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, and Vietnam (Mexico was also added last week). Supporters have lauded the TPP as potentially the world
The FR-S represents a huge departure for Toyota’s Scion brand. For starters, it looks really good.
Second, it offers genuinely remarkable performance. At its best, the FR-S harkens back to old-school sports cars with ample — but not absurd — power output, glove-tight steering and a ride that’s very firm but still not too punishing considering all the fun you’re having.
That’s if you’re the driver, of course. Your passengers might not be having such a good time. Besides the firm ride, the FR-S’s backseats are awfully snug. This is one of those cars in which the driver’s absolutely got the best seat in the house. (Keep in mind, not all cars in this class even have backseats. At least they’re there in a pinch.)
The weight balance is nearly perfect. The center of gravity feels as if it hovers somewhere just over the 6-speed gearshift lever. The small, lightweight car is a blast to throw around curves and corners.
Coolest cars under $18,000
The engine is a pleasure to push all the way to its redline and its 200 horsepower output felt like more than enough to play with. My only real complaint was a clutch that engaged too abruptly and too high. It made it hard to shift smoothly, especially in the higher gears, a fact that only added to passenger annoyance. The car I was given to test was a pre-production prototype, though, so this may be something that’s been changed in the final production cars.
The FR-S is the fruit of a collaboration between Toyota () and Fuji Heavy Industry ()’s Subaru division. (Toyota owns 16.5% of Fuji.) A nearly identical car will be sold as the Subaru BRZ.
Toyota did some engineering work on the engine, which retains Subaru’s famous "boxer" shape in which the cylinders go straight out to the sides. Toyota takes credit for most of the car’s very un-Subaru-like exterior design. Subaru engineers did most of the work on the suspension.
In the United States, Subaru has long been known for selling only all-wheel drive cars, so this model represents somewhat of an adjustment for that brand, too. Subaru fans may find it an adjustment worth making.
Shares of casual-dining chains are rallying, even with Americans eating out less, as investors speculate about acquisitions and prefer holding stocks with little foreign exposure.
Retail sales in the U.S. fell in May for a second month, prompting economists to cut forecasts for economic growth as limited job and income gains hold back consumers.
The 0.2 percent decrease matched April
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