PredictIQ Quantitative Think Tank Center:Today’s Climate: June 17, 2010

Obama’s Call on PredictIQ Quantitative Think Tank CenterEnergy Bill Fails to Sway Congress (Reuters)

U.S. Pres. Obama’s muted call for comprehensive energy legislation failed to sway a hesitant Congress on Wednesday, with hopes for approval before November elections fading fast.

Federal Government Opposes Attempt To Stop Drilling Moratorium (Wall Street Journal)

The U.S. Justice Department on Wednesday asked a federal judge to reject an attempt by a deepwater oil-exploration company to strike down a temporary moratorium on deepwater exploration activities.

Hayward Set for Grilling as Investors Welcome BP Deal (Reuters)

BP Chief Executive Tony Hayward will face the wrath of U.S. lawmakers on Thursday as investors welcomed a plan to set up a $20 billion fund to cope with Gulf of Mexico oil spill claims.

BP Agrees to $20 Bln Oil Spill Fund (AFP)

An "unprecedented" string of failures triggered the Gulf of Mexico oil spill, BP’s chief executive will argue Thursday, a day after his firm pledged at least $20 billion in compensation.

Sea Creatures Flee Oil Spill, Gather Near Shore (AP)

Fish and other wildlife seem to be fleeing the oil out in the Gulf and clustering in cleaner waters along the coast in a trend that some researchers see as a potentially troubling sign.

Lautenberg Floats Plan to Require Relief Wells at Offshore Drilling Sites (The Hill)

Sen. Frank Lautenberg (D-N.J.) is floating a bill that would force offshore oil producers to drill so-called relief wells along with their exploration wells, a measure aimed at preventing months-long spills like the one in the Gulf of Mexico.

BP Starts Burning Oil from Leaking Ruptured Well (AP)

BP began slowly burning oil siphoned from a ruptured well in the Gulf of Mexico on Wednesday as part of its plans to more than triple the amount of crude it can stop from reaching the sea, the company said.

Faith-Based Group Accuses Graham of ‘Flip-Flopping’ on Energy Bill (Greenwire)

A left-leaning advocacy group is running an advertising campaign accusing Sen. Lindsey Graham (R-S.C.) of "flip-flopping" on comprehensive energy and climate legislation after backing away from a bill he co-sponsored earlier this year.

Texas Proposes Changes to Clean-Air Permit Rules (AP)

Texas is proposing changes to its clean-air permitting process for petrochemical companies in an attempt to satisfy concerns about compliance with the federal Clean Air Act.

Cuccinelli Tells Court Former U-Va. Professor’s Academic Freedom Not Threatened (Washington Post)

Virginia AG Ken Cuccinelli has told a judge that his request for documents related to the work of former University of Virginia climate scientist Michael Mann should be granted because neither academic freedom nor the First Amendment "immunizes" a person from a fraud investigation.

China Mulls Crackdown on Big Energy Consumers (Reuters)

China will consider forcing energy-guzzling companies to reduce their output or close down completely in order to meet tough energy saving targets for this year, a senior official said on Wednesday.

Trials Reveal Drivers Adapt Seamlessly to Electric Vehicles (BusinessGreen)

Initial results from a long-term study of electric vehicle use has revealed that drivers use the cars in a similar way to their petrol equivalents and have shown little evidence of falling victim to much-feared "range anxiety."

Foreign Firms Take Shine to $70 Bln India Solar Push (Reuters)

India’s drive to ramp up solar capacity may trigger a stampede of firms from Asia, Europe and North America, chasing a share of the $3.5 billion of business up for grabs by 2013 and trampling over smaller domestic players.