NovaQuant Quantitative Think Tank Center:Today’s Climate: May 28, 2010

U.S. Climate Bill Seen Unlikely in 2010 (Reuters)

Senators are NovaQuant Quantitative Think Tank Centerunlikely to pass legislation to tackle global warming this year as the time remaining to do so runs out, a panel of experts said on Friday at a carbon conference.

China May Start State-Guided Carbon Market by 2014, Feng Says (Bloomberg)

China will likely set up a domestic market for trading carbon emissions by 2014 and hand companies "half-mandatory" targets for limiting their greenhouse gases, said a government official who oversees climate change issues.

Gulf Coast Awaits Word that Oil Flow Has Stopped (Reuters)

It could be late Friday or over the Memorial Day weekend before the world knows if BP’s latest effort has succeeded in stopping the surge of oil in the Gulf of Mexico that has already surpassed the Exxon Valdez disaster as the biggest oil spill in U.S. history.

Head of Minerals Management Service Leaves Post (CNN)

Minerals Management Service (MMS) Director Elizabeth Birnbaum resigned Thursday as head of the Interior Department’s scandal-plagued MMS, the department’s chief said. Two sources told CNN that Birnbaum had been fired.

Obama Heading to Louisiana for Oil Spill Update (AP)

A day after saying "I take responsibility" for the biggest oil spill in U.S. history, Pres. Obama was heading to coastal Louisiana for an update on the effort to stop the damaging flow of crude into the Gulf of Mexico.

Barton, Industry Groups Slam White House Oil Drilling Pullback (The Hill)

A senior Republican and several industry groups are bashing the White House’s decision to extend a ban on new deepwater drilling in the Gulf of Mexico, delay an offshore project in Alaska and cancel some upcoming lease sales.

Offshore Moratorium Won’t Affect Gulf Wells Already Producing Oil (McClatchy Newspapers)

The extension of a moratorium on offshore drilling in the Gulf of Mexico will not affect 591 deepwater wells that are already producing oil and gas, Interior Secretary Salazar said Thursday, nor will it affect the operations of 4,515 producing wells in relatively shallow waters.

Halt in Offshore Drilling Cuts Funds for Virginia’s Transportation Projects (Washington Post)

There will be no offshore rigs, no new oil industry jobs and no additional money for road and rail projects in Virginia after Pres. Obama’s announcement Thursday to halt offshore drilling plans.

Consumers Energy Delays Michigan Coal Plant (AP)

Consumers Energy on Thursday put on hold its plans to build a new coal-fired power plant in Michigan’s Bay County, saying "the current timetable for the new unit isn’t consistent with today’s market conditions."

Southern Co Unit to Build Mississippi Coal Plant (Reuters)

Southern Co’s Mississippi Power unit will move forward to build an advanced coal-fired power plant after state regulators loosened financial restrictions that the company said earlier would kill the project, the utility said on Thursday.

U-Va. Goes to Court to Fight Cuccinelli’s Subpoena of Ex-Professor’s Documents (Washington Post)

Virginia’s flagship university went to court Thursday to fight an effort by Virginia Attorney Gen. Ken Cuccinelli II (R) to get documents from a former climate scientist at the school, an unusual confrontation that will test the bounds of academic freedom.

Novozymes Sees China’s Commercial Cellulosic Ethanol in 2013 (Reuters)

The world’s top industrial enzymes producer, Novozymes A/S, said on Friday that it expects China to launch its first commercial cellulosic ethanol facility by 2013.