According to a WSJ article, Vesta, an European wind energy producing company, is planning to cut 3,000 jobs because they aren't making a profit. They are also claiming that it's to increase competitiveness. It is one of the world's largest provider of wind energy. However, they are unwilling to show the projected profits for the incoming year.
This scares me because I feel like the hopes of advancement in the renewable energy is going down. I would think that people would invest more money into these companies due to all the ethical issues they have created. For example, another WSJ article states that Massey Energy has lost $41 million dollars because of an explosion that killed 29 miners. If both renewable and nonrenewable energy are not making a profit, then what is? Maybe this is actually an indication that our economy isn't recovering?
Wednesday, October 27, 2010
Fuel Efficiency Standards To Be Raised
This pass Monday the Obama administration disclosed the nation's fuel-economy rules for trucks and buses. Implementation is expected to begin in 2014 requiring reductions as high as 20% in fuel use and carbon-dioxide emissions by 2018. This new development is expected to create a massive overhaul in the car manufacturing industry. Although, this new development effects the Automobile Industry it must be understood that the Energy Industry will simultaneously be effected, if not more so.
By the passage of these new standards it must be understood that the Energy Industry must also shift its movements according to legal constraints set by government. Companies such as, Navistar International Corp., Paccar Inc., Daimer Ag, and Volvo Group have already invested in the fuel-efficiency race. The article mainly focuses on the leading company in fuel-efficiency standards Cummins Inc.,. Annually they siphon about 4% in profits to research and development into fuel-efficiency standards, this amount totals to $500 million annually. They have taken a proactive approach to this new development in fuel-efficiency standards, and had the foresight, through planning, to realize that fuel-efficiency would become a major issue.
The government has offered incentives to increasing fuel-efficiency within specific car companies. Up to $54 million has been granted to help in research and development for fuel-efficiency standards and pollution controls. Cummins Inc.'s responded during the 1980's standards by exclaiming, "Let's stop complaining and invest in technology." By taking this approach twenty years ago it has given Cummins Inc. the competitive edge to fight in this new market for sustainability.
How does any of this relate to the Energy Industry? Due to this new change in regulations it is the an imperative of companies, involved in energy production, to pay close attention to developments so they may alter allocation of fuel resources. If a new regulation is imposed it becomes just as essential to realize the new trends in legal standards and attitudes toward energy. This development is one shinning example of how regulation can alter the business strategy of a specific industry, while also effecting all those who are also involved with that industry.
By:Timothy D. Vallario
Source: The Wall Street Journal, Wednesday, October 27, 2010 - VOL. CCLVI No.100"Fuel-Economy Rules Raise Bar for Engine Makers" By James R. Hagerty and Bob Tita, Earnings B5
By the passage of these new standards it must be understood that the Energy Industry must also shift its movements according to legal constraints set by government. Companies such as, Navistar International Corp., Paccar Inc., Daimer Ag, and Volvo Group have already invested in the fuel-efficiency race. The article mainly focuses on the leading company in fuel-efficiency standards Cummins Inc.,. Annually they siphon about 4% in profits to research and development into fuel-efficiency standards, this amount totals to $500 million annually. They have taken a proactive approach to this new development in fuel-efficiency standards, and had the foresight, through planning, to realize that fuel-efficiency would become a major issue.
The government has offered incentives to increasing fuel-efficiency within specific car companies. Up to $54 million has been granted to help in research and development for fuel-efficiency standards and pollution controls. Cummins Inc.'s responded during the 1980's standards by exclaiming, "Let's stop complaining and invest in technology." By taking this approach twenty years ago it has given Cummins Inc. the competitive edge to fight in this new market for sustainability.
How does any of this relate to the Energy Industry? Due to this new change in regulations it is the an imperative of companies, involved in energy production, to pay close attention to developments so they may alter allocation of fuel resources. If a new regulation is imposed it becomes just as essential to realize the new trends in legal standards and attitudes toward energy. This development is one shinning example of how regulation can alter the business strategy of a specific industry, while also effecting all those who are also involved with that industry.
By:Timothy D. Vallario
Source: The Wall Street Journal, Wednesday, October 27, 2010 - VOL. CCLVI No.100"Fuel-Economy Rules Raise Bar for Engine Makers" By James R. Hagerty and Bob Tita, Earnings B5
Outcome on Proposition 23...
An article from the Wall Street Journal demonstrates how proposition 23 in California will affect the energy industry. Proposition 23 will temporary suspend California's greenhouse gas law. This law says that by 2020 California will have dramatically cut its greenhouse gas emissions. The reason policymakers want to suspend this law is because of unemployment. When employers must worry about tough regulations, spending more money to employ workers is not an option. Thus, policymakers believe that by suspending this law that employers will have more money to hire workers and more citizens of California will be employed.
This is a very interesting article because it shows how unemployment is related to trying to improve the environment. Although, we are trying to use renewable energy, enforce tougher laws on big businesses to help the environment, and pushing efforts to go green, they are all having negative effects on the economy because of unemployment. It is a question of what is worse, unemployment or damaging our planet. California's law on decreasing greenhouse emissions was a very important law because, not only did it help lower the amount of harmful greenhouse gases in our environment, but it encouraged all other states to take steps toward doing this as well. However, now, there is not really an incentive for other states to work to save the environment, because they can see the negative effects it is having on the economy in California.
I believe that California needs to find some middle ground, a compromise that allows it to improve its unemployment situation, but also does not suspend its groundbreaking law to decrease greenhouse gas emissions. I believe that even though unemployment is related to this law, there are many other conditions that are causing it and the government of California needs to look at these issues as well.
This is a very interesting article because it shows how unemployment is related to trying to improve the environment. Although, we are trying to use renewable energy, enforce tougher laws on big businesses to help the environment, and pushing efforts to go green, they are all having negative effects on the economy because of unemployment. It is a question of what is worse, unemployment or damaging our planet. California's law on decreasing greenhouse emissions was a very important law because, not only did it help lower the amount of harmful greenhouse gases in our environment, but it encouraged all other states to take steps toward doing this as well. However, now, there is not really an incentive for other states to work to save the environment, because they can see the negative effects it is having on the economy in California.
I believe that California needs to find some middle ground, a compromise that allows it to improve its unemployment situation, but also does not suspend its groundbreaking law to decrease greenhouse gas emissions. I believe that even though unemployment is related to this law, there are many other conditions that are causing it and the government of California needs to look at these issues as well.
-Rianna Das
Sources:
Thursday, October 14, 2010
Alternatives in Africa
At first, I was attracted to the name of this Wall Street Journal Article, Donor of the year: Yossie Hollander, and as I began to read it, I realized it was an article about an energy.
This article talks about an Israeli technology entrepreneur that is contributing $5 Millions to fund research for alternative energy in developing countries.Yossie Hollander states that,"In five years, the world will experience a shortage of up to 10 million barrels of oil a day and it will be the weakest counties who won't get the oil." This is a scary thought, considering the dependence this country's dependence on it. Although we may think this might no affect us, it actually does, since this research is held at Cornell University and can actually be beneficial to everyone.
The new method, called pyrolysis, is "suppose to generate biofuels and biochar, a charcoal-like material used to enrich soil and land, for communities in the developing world." Energy is suppose to be created through "the thermal decomposition of organic material such as grass and corn husks, without the use of oxygen." If this experiment succeeds, it will be taught to many African countries.
Yossie Hollander is definitely taking a risk and acting as an angel investor, but he says that he's done is research. The outcomes are unsure, but he believes that this will be successful and be a gift to mankind. I think that, ideally, this does sound like a good investment....but I'm don't know if this will work. I feel like it's like going to be an expensive process, just like hydro-power.
This article talks about an Israeli technology entrepreneur that is contributing $5 Millions to fund research for alternative energy in developing countries.Yossie Hollander states that,"In five years, the world will experience a shortage of up to 10 million barrels of oil a day and it will be the weakest counties who won't get the oil." This is a scary thought, considering the dependence this country's dependence on it. Although we may think this might no affect us, it actually does, since this research is held at Cornell University and can actually be beneficial to everyone.
The new method, called pyrolysis, is "suppose to generate biofuels and biochar, a charcoal-like material used to enrich soil and land, for communities in the developing world." Energy is suppose to be created through "the thermal decomposition of organic material such as grass and corn husks, without the use of oxygen." If this experiment succeeds, it will be taught to many African countries.
Yossie Hollander is definitely taking a risk and acting as an angel investor, but he says that he's done is research. The outcomes are unsure, but he believes that this will be successful and be a gift to mankind. I think that, ideally, this does sound like a good investment....but I'm don't know if this will work. I feel like it's like going to be an expensive process, just like hydro-power.
Wednesday, October 13, 2010
Regulating Energy
The oil industry is well known as having a large special interest in Washington, with many allegations leveled against the industry. These accusations run from saying that the industry is stifling alternative sources to claiming that the oil industry was partially responsible for the war in Iraq. As an extremely important industry that is vital to daily life in American, as well as one that can be hazard to the environment, regulation is considered extremely important for oil companies. Different Governmental organizational entities have control of different issues that could arise, including the DOE(Department of Energy), FERC (Federal Energy Regulation Committee), and EPA (Environmental Protection agency).
The DOE has a division called the Office of Oil and Natural gas which “supports research and policy options to ensure clean, reliable, and affordable supplies of oil and natural gas for American consumers.” The main job of this division is to make sure that no one in the country does without the oil and gas that they need to go about their lives.
The FERC is an agency that acts to regulate the energy industry in several important ways, including the sale of oil and oil pipelines throughout different states. This is important to make sure that different areas of the country are not subjected to vastly different prices and availability of energy.
The EPA is in charge of attempting to regulate the environmental concerns that are so often included in any discussion of the industry. From the intrinsic damage done any time that a car is run to the catastrophic possibilities of a potential oil spill, the EPA must be prepared to deal with the consequences and help to remove the
http://www.ferc.gov/industries/oil.asp
http://www.epa.gov/athens/publications/reports/EPA-600-R03-072-OilComposition.pdf
http://fossil.energy.gov/programs/oilgas/index.html
The DOE has a division called the Office of Oil and Natural gas which “supports research and policy options to ensure clean, reliable, and affordable supplies of oil and natural gas for American consumers.” The main job of this division is to make sure that no one in the country does without the oil and gas that they need to go about their lives.
The FERC is an agency that acts to regulate the energy industry in several important ways, including the sale of oil and oil pipelines throughout different states. This is important to make sure that different areas of the country are not subjected to vastly different prices and availability of energy.
The EPA is in charge of attempting to regulate the environmental concerns that are so often included in any discussion of the industry. From the intrinsic damage done any time that a car is run to the catastrophic possibilities of a potential oil spill, the EPA must be prepared to deal with the consequences and help to remove the
http://www.ferc.gov/industries/oil.asp
http://www.epa.gov/athens/publications/reports/EPA-600-R03-072-OilComposition.pdf
http://fossil.energy.gov/programs/oilgas/index.html
Europe May Ease Jet Carbon Fees
-Rianna Das
An article entitled "Europe May East Jet Carbon Fees" appeared in the New York Times two days ago. This is a very interesting article because it discusses how the United States Airlines could be exempt from European carbon regulations if they reduce their greenhouse gas emissions back home. According to this new law, European airlines would be charged only fifteen percent of the cost of permits needed to cover their emissions until the end of the decade. However to comply with this law is going to cost the industry approximately at least 2.4 billion or euros or about 3.3. billion dollars (www.nytimes.com).
An article entitled "Europe May East Jet Carbon Fees" appeared in the New York Times two days ago. This is a very interesting article because it discusses how the United States Airlines could be exempt from European carbon regulations if they reduce their greenhouse gas emissions back home. According to this new law, European airlines would be charged only fifteen percent of the cost of permits needed to cover their emissions until the end of the decade. However to comply with this law is going to cost the industry approximately at least 2.4 billion or euros or about 3.3. billion dollars (www.nytimes.com).
While this new law will have a significant impact for sure on the European energy industry, it may not have a huge impact on the United States' energy industry if they do indeed become exempt from this law. However, in order for the United States to be exempt, they must decrease greenhouse gas emissions back home. This will be costly for the United States' government and it also may have several impacts on the energy industry. For example, it will increase the consumption of alternative energy, such as wind power, solar power, and hydroelectric energy. It will also result in a decrease in consumption of polluting non renewable types of energy, such as oil and coal, since these types of energy will not help to reduce greenhouse gas emissions.
Personally, I believe the United States should try to reduce greenhouse gas emissions. Not only will this benefit the country in that they will be exempt from airline carbon regulations, but also because reducing greenhouse gas emissions is important to the environment. By reducing the about of greenhouse gas emissions, the United States is winning in that it is improving the environment and also getting exempt from these new regulations.
Personally, I believe the United States should try to reduce greenhouse gas emissions. Not only will this benefit the country in that they will be exempt from airline carbon regulations, but also because reducing greenhouse gas emissions is important to the environment. By reducing the about of greenhouse gas emissions, the United States is winning in that it is improving the environment and also getting exempt from these new regulations.
Sources:
Iraq Back on the Map
With economic instability and currencies devaluing globally an individual may ask themselves is there any good future prospects in the marketplace? I answer this by saying although the ship may seem to be sinking the lights will remain on. Iraq has begun to produce oil at a rate seen during the late nineties, that being about 2.2 to 2.6 million barrels of crude. After several decades of war, which has hindered economic development, Iraq has reached a time of relative stability that has promoted an increase in oil production. With this increased production Iraq has the ability to makes its name as one of the leading heads in OPEC in the foreseeable future.
The International Energy Association (IEA) has stated Iraq is expected to be a "very important element for future [oil] supply". The fear of dwindling oil supplies and increased pricing have been softened due to Iraq's ascension back into oil production. What this means to the energy industry as a whole would be that with this increase of supply, regardless of economic turmoil, the energy industry will be able to weather rougher financial times due to the fact that oil is such a crucial section of the industry. Iraq is expected in the next two to three decades to produce about 4 to 7 million barrels of oil per year. Adding additional reserves to a market that is already somewhat unstable. This increased supply will lighten the fear of rising prices.
War and insurrection are the two main problems that should be taken into account with this new development. Although, Iraq is stably producing oil at this point there are still militant factions who will try to interrupt the production process, and the country itself is still in a fragile state. The news from Iraq is exceptional for the volatile market of oil production, but as any good businessman would promote look at all the facets of a forecast before grabbing your umbrella.
- Timothy D. Vallario
Source- Wednesday, October 13, 2010 - VOL. CCLVI NO. 88, A16 World News, "Iraq Oil Is 'Game Changer' " by, Guy Chazan
The International Energy Association (IEA) has stated Iraq is expected to be a "very important element for future [oil] supply". The fear of dwindling oil supplies and increased pricing have been softened due to Iraq's ascension back into oil production. What this means to the energy industry as a whole would be that with this increase of supply, regardless of economic turmoil, the energy industry will be able to weather rougher financial times due to the fact that oil is such a crucial section of the industry. Iraq is expected in the next two to three decades to produce about 4 to 7 million barrels of oil per year. Adding additional reserves to a market that is already somewhat unstable. This increased supply will lighten the fear of rising prices.
War and insurrection are the two main problems that should be taken into account with this new development. Although, Iraq is stably producing oil at this point there are still militant factions who will try to interrupt the production process, and the country itself is still in a fragile state. The news from Iraq is exceptional for the volatile market of oil production, but as any good businessman would promote look at all the facets of a forecast before grabbing your umbrella.
- Timothy D. Vallario
Source- Wednesday, October 13, 2010 - VOL. CCLVI NO. 88, A16 World News, "Iraq Oil Is 'Game Changer' " by, Guy Chazan
Thursday, October 7, 2010
California Pipeline Blast Puts Focus on Oversight
Many events that have taken place recently such as the much widely noted BP oil spill in the gulf have brought out questions about the safety in the energy industry.
Recently a natural gas explosion in Northern California devastated a whole neighborhood which has forced the state to take a good look at the oversight and safety of all pipelines, as this wasn't an isolated incident. There have been many pipeline leaks and utilities cited for low scored in California but minimal disciplinary action has been taken to fix it.
These plants can't control everything that happens but they can control how they handle it. Also the state needs to deal with them and raise the standard of safety because over the past decade, reportable incidents for California utilities have continued rising.
This is only one state but the trend is all throughout the industry. People should not have to worry about their neighborhoods and their own lives being destroyed because workers aren't doing their job correctly and the government isn't making sure they do. The BP oil spill in the gulf caused detriment to a whole region of the country because of the way it was handled, as well as many other factors.
Hopefully the federal government gets involved in California if the state government cannot handle it alone because things must get better and hopefully this puts the spotlight on energy safety everywhere.
-Tyler Collins
http://online.wsj.com/article/SB10001424052748704847104575532202549943736.html?mod=WSJ_Energy_leftHeadlines
Recently a natural gas explosion in Northern California devastated a whole neighborhood which has forced the state to take a good look at the oversight and safety of all pipelines, as this wasn't an isolated incident. There have been many pipeline leaks and utilities cited for low scored in California but minimal disciplinary action has been taken to fix it.
These plants can't control everything that happens but they can control how they handle it. Also the state needs to deal with them and raise the standard of safety because over the past decade, reportable incidents for California utilities have continued rising.
This is only one state but the trend is all throughout the industry. People should not have to worry about their neighborhoods and their own lives being destroyed because workers aren't doing their job correctly and the government isn't making sure they do. The BP oil spill in the gulf caused detriment to a whole region of the country because of the way it was handled, as well as many other factors.
Hopefully the federal government gets involved in California if the state government cannot handle it alone because things must get better and hopefully this puts the spotlight on energy safety everywhere.
-Tyler Collins
http://online.wsj.com/article/SB10001424052748704847104575532202549943736.html?mod=WSJ_Energy_leftHeadlines
Wednesday, October 6, 2010
Unexpected Spike in Crude Prices
Despite previous predictions, the price of crude oil rose by a significant amount this week. This was due to the decrease in inventories and the general fear of inflation caused the price of crude to shoot up higher than expected. This loss of inventories has shocked many investors who expected the inventories to remain constant. This has lead to an increase in price for crude oil, having it break though the $84 mark, something many analysts were not expecting it to do anytime in the near future. Gasoline inventories fell by 2.6 million barrels, far more than the 300,000 which was expected to happen. Oil in the U.S. is approaching a 27 year high.
What does this mean to investors? In the short term, it means that the savvy investor might be able to reap a quick reward by investing in crude oil. Yet more and more, everything I see points at the inevitable eventual decline of the oil industry. There is never enough oil to satisfy the demands of consumers, who are constantly strung along by the giant oil conglomerates. I can not help but feel that there is a an immense unfilled niche in the oil market. When this niche is filled, not only will the consumers be far better off, but the investors who set about the change will be in a position to make untold amounts of profit.
http://online.wsj.com/article/SB10001424052748703735804575535692968175852.html?mod=WSJ_Energy_leftHeadlines
What does this mean to investors? In the short term, it means that the savvy investor might be able to reap a quick reward by investing in crude oil. Yet more and more, everything I see points at the inevitable eventual decline of the oil industry. There is never enough oil to satisfy the demands of consumers, who are constantly strung along by the giant oil conglomerates. I can not help but feel that there is a an immense unfilled niche in the oil market. When this niche is filled, not only will the consumers be far better off, but the investors who set about the change will be in a position to make untold amounts of profit.
http://online.wsj.com/article/SB10001424052748703735804575535692968175852.html?mod=WSJ_Energy_leftHeadlines
California to Get Two Solar Plants
-Rianna Das
Once again, this article demonstrates the trend/need for companies to develop alternative types of energy or educate the population of sustainable energy use. Whether or not you believe peak oil is a myth, most people can agree that pollution is bad for the environment and can negatively impact human life. While these new types of alternative energy can be used as replacements for oil, they are also more environmentally friendly, as they can lower greenhouse gases. This is seen in the article because the California government is mandating that one third of energy sold is from renewable sources and using this practice as a way to lower greenhouse gas emissions. This law also shows that regulation of the industry is not always a bad thing. While regulation such as this is costing companies money to find renewable energy sources, it is also decreasing these companies impact on the environment.
Personally, I find California's law very beneficial. Not only does it seem to be effective in lower greenhouse gas emissions, it also encourages and demonstrates to other states that regulation of the industry can be effective. Although many energy companies are making plenty of profit of non renewable sources of energy, the new market for renewable types of energy allows them to expand their market and possibly even make more profit while supporting the environment.
It seems like every week I find an article dealing with renewable energy. I believe this shows how important this new trend is. There is an energy crisis, whether we chose to acknowledge it or not, and it will affect our lives. By developing renewable sources of energy and correctly marketing them to the population, business will not only succeed in increasing profit, but also lessen the negative effects of this energy crisis.
It seems like every week I find an article dealing with renewable energy. I believe this shows how important this new trend is. There is an energy crisis, whether we chose to acknowledge it or not, and it will affect our lives. By developing renewable sources of energy and correctly marketing them to the population, business will not only succeed in increasing profit, but also lessen the negative effects of this energy crisis.
Hard Assets Expand
Investors are racing to sure up possible losses against inflation brought on by devalued currencies. Several central banking firms globally have lowered interest rates in an effort to expand purchasing power, and stimulate the economy. Investors use this process to back their more risky and developed investments. when a lowered interest rate is imposed by a government banking regulatory system it weakens the nations currency. The US dollar is leading all other currencies in this decline. "The weaker dollar gives commodities priced in the currency a boost, as traders can buy them at a relatively low price".
The ramifications of this moving to a lower interest rate, globally, has caused trading in commodities to explode. Traders looking for the best return and safest investment have begun to expand their hard assets. What this means for the energy industry is a sharp rise in prices for energy commodities. The energy industry is essentially a commodity industry because most business facets of the industry are involved in utilities. Utilities have always been a safe bet as far as investment futures are concerned, and this new occurrence has led to increased growth of energy commodities such as, oil and natural gas.
With the current economic turmoil and mistrust an investors best bet would be to expand into growing hard assets. Although, physical assets have always been a conservative bet by investors and seen as not innovative the fact remains they are most likely the safest market to investors. The commodities market is the safest market to enter and our industry has a major stake in its fluctuations.
- Timothy D. Vallario
Source: Wednesday, October 6, 2010 - VOL. CCLVI NO. 82 , "Investors Stock Up on Hard Assets" by Brian Baskin. (Commodities Section, Pg. C13)
The ramifications of this moving to a lower interest rate, globally, has caused trading in commodities to explode. Traders looking for the best return and safest investment have begun to expand their hard assets. What this means for the energy industry is a sharp rise in prices for energy commodities. The energy industry is essentially a commodity industry because most business facets of the industry are involved in utilities. Utilities have always been a safe bet as far as investment futures are concerned, and this new occurrence has led to increased growth of energy commodities such as, oil and natural gas.
With the current economic turmoil and mistrust an investors best bet would be to expand into growing hard assets. Although, physical assets have always been a conservative bet by investors and seen as not innovative the fact remains they are most likely the safest market to investors. The commodities market is the safest market to enter and our industry has a major stake in its fluctuations.
- Timothy D. Vallario
Source: Wednesday, October 6, 2010 - VOL. CCLVI NO. 82 , "Investors Stock Up on Hard Assets" by Brian Baskin. (Commodities Section, Pg. C13)
"BP has learned its lesson"...or has it?
I'm really interested in the whole gulf incident, so I'm writing about this again.
A recent Wall Street Journal article, talks about BP assuming responsibility for the spills in the Gulf. However, it seems like "we've all heard this before."
Apparently, there was an incident similar to this in 2005. Bob Malone, chairmen at the time, said that BP had an extensive plan to correct all the problems; he retired before any of it was put into action. Now its Bob Dudley's chance to shine. He also has a plan to correct the problems. He is planning to create "a new safety division" which will have "authority to intervene in all aspects of BP's technical activities." Of course, this is would be there response.
This is relevant to what we are learning; in chapter three, we talked about ethics and how companies attempt to fix ethical issues. BP is taking the "managerial approach to change things." It doesn't amuse me that it has taken them this long to come out with a "public statement." They know that they are getting a lot of environmentalists angry. I think if this were to happen again, BP can face bankruptcy and angry clients.
A recent Wall Street Journal article, talks about BP assuming responsibility for the spills in the Gulf. However, it seems like "we've all heard this before."
Apparently, there was an incident similar to this in 2005. Bob Malone, chairmen at the time, said that BP had an extensive plan to correct all the problems; he retired before any of it was put into action. Now its Bob Dudley's chance to shine. He also has a plan to correct the problems. He is planning to create "a new safety division" which will have "authority to intervene in all aspects of BP's technical activities." Of course, this is would be there response.
This is relevant to what we are learning; in chapter three, we talked about ethics and how companies attempt to fix ethical issues. BP is taking the "managerial approach to change things." It doesn't amuse me that it has taken them this long to come out with a "public statement." They know that they are getting a lot of environmentalists angry. I think if this were to happen again, BP can face bankruptcy and angry clients.
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