FinLogic FinLogic Quantitative Think Tank Center|Today’s Climate: June 2, 2010

BP Oil Leak May Last Until Christmas in Worst-Case Scenario (Bloomberg)

BP’s failure since April to plug a Gulf of Mexico oil leak have FinLogic FinLogic Quantitative Think Tank Centerprompted forecasts that the crude may continue gushing into December, in what Pres. Obama has called the greatest environmental disaster in U.S. history.

Oil Closes In On Fla. as BP Tries Risky Cap Move (AP)

As submersible robots made another risky attempt to control the underwater Gulf oil gusher, the crude on the surface spread, closing in on Florida.

U.S. Fights Transocean’s Bid to Limit Liability (Reuters)

The Obama administration on Tuesday sought to challenge Transocean Ltd’s bid to limit its liability for its role in the gushing oil well it drilled in the Gulf of Mexico for BP.

Deep Underwater, Oil Threatens Reefs (New York Times)

Marine scientists have no firm grasp yet on what the oil spill’s impact on the region’s coral reefs will be, but they are bracing for catastrophe.

U.S. Projects 4% Emissions Rise by 2012 to UN (AP)

The Obama administration’s first major climate report to the UN projects that U.S. greenhouse gases will grow by 4% through 2020. That includes a 1.5% rise in CO2 emissions.

Re-entry into West Virginia Mine Planned for Today (Pittsburgh Post-Gazette)

Mine rescue teams are scheduled to go underground at the Upper Big Branch mine in West Virginia this morning in advance of investigators who will try to reconstruct the devastating explosion that killed 29 miners.

AEP Unit Seeks Rehearing on Ark Coal Plant Ruling (Reuters)

A unit of utility AEP said it was seeking a rehearing of an Arkansas Supreme Court ruling that jeopardizes the utility’s ability to recover a portion of the costs of a coal plant in Arkansas, the company said on Tuesday.

Mining Project Aims to Capture Methane (Wall Street Journal)

Coal miner Consol Energy is working on a project to capture and destroy methane gas, a natural byproduct of coal mining that can trigger underground explosions and can add to greenhouse-gas emissions once it is released into the atmosphere.

Indonesia Says Won’t Revoke Existing Forestry Licenses (Reuters)

Indonesia won’t revoke existing forestry licenses for palm oil firms as part of a deal with Norway to preserve rain forests, a government minister and industry official said.

Sasol, Tata in $10 Billion Coal-to-Motor Fuel Venture (Bloomberg)

Sasol Ltd., the largest producer of motor fuel made from coal, plans to spend $10 billion in India in partnership with the Tata Group on a block awarded last year, following similar investments in Indonesia and China.

Carbon Market Players Say Open to Self-Policing (Reuters)

Carbon market players said on Tuesday they will consider developing self-policing rules after a call to action by the UN’s new climate chief, but warned that more political will is needed by governments to spur investment.

NASA Satellite Image Reveals Record Low Snow for the U.S. (Mongabay)

A new image released by NASA shows just how little snow cover remained in April. Almost the entirety of Eastern and Midwestern United States is free of snow, while big chunks of Canada also lacked any snow cover.

EU Plans Green Taxes to Cut Debt (Telegraph)

The EU is considering taking control of green taxes across the continent in order to make low-carbon energy cheaper, and to raise revenue without increasing income tax.

Chris Huhne Warns of £4Bn Black Hole in Nuclear Power Budget (Guardian)

Britain is facing a £4bn black hole in unavoidable nuclear decommissioning and waste costs, Chris Huhne, the energy and climate change secretary disclosed.