The Daily Five: Wednesday, 24 September, 2008

Congressional Democrats agree to drop a 25-year ban on offshore drilling. And Chrysler pulls a bit of a surprise, announcing a plan for electric cars by 2010.

Democrats allow drilling ban to lapse: Bowing to election year pressure and record fuel prices, Congressional Democrats will allow a 25-year ban on offshore oil and gas drilling to expire next week. Though most experts insist the move will have little impact on pump prices, the ban’s repeal is being hailed as a victory by Republicans and the petroleum industry. Democratic strategists had hoped to preserve a partial drilling moratorium, but capitulated in the face of a certain veto by President Bush. (CNN)

Senate Approves Energy Tax Credit Extensions: The U.S. Senate has approved an 11th hour reauthorization of tax credits which have fueled a boom in renewable energy development. The credits were set to expire at the end of the year, causing the cancellation or postponement of major wind and solar power developments. While the Senate bill differs in some way from a similar measure before the House, negotiators now expect to complete a compromise version of the $18 billion dollar package before Congress adjourns for the year. (Earth2Tech)

AAA - Gasoline prices should drop this week: AA analysts say that while gasoline prices remain high throughout parts of the Southeast, motorists should notice improvement as supplies rebound. Refining and transit points along the Gulf Coast have been largely shut down since the beginning of the month due to Hurricanes Gustav and Ike. That’s led to spot shortages and a return to $4 per gallon gasoline prices. While pain at the pump could begin moderating by next week, a fresh spike in the price of crude could once again hit drivers’ pocketbooks in October. (Orlando Sentinel)

China Planning Electric Vehicle Charging Stations: China’s Xinhua news agency says the nation will begin developing infrastructure to support electric cars. At least ten charging stations will be built as part of a test project in several major Chinese cities. If successful, the network will be expended nationwide. China showcased similar technology during the Summer Olympics, displaying fully computerized charging stations used to support about 600 electric cars attached to the event. (EcoGeek)

Chrysler gets into electric car race: Surprise! Struggling automaker Chrysler announced Monday that it intends to bring two electric vehicles to market in 2010. That puts Chrysler head-to-head with General Motors, which expects to have the extended range plug-in Chevy Volt in dealer showrooms at about the same time. From the sound of Chrysler’s announcement, the company’s new vehicles will feature range and layout similar to the Volt. They’ll also tap A123 Systems for lithium battery supplies. A123 is one of two vendors currently supplying GM with lithium battery packs. (CNET)

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