Todd Zywicki Spring When President Dwight Eisenhower named Charles Wilson — then the president of General Motors — to be his secretary of defense insome senators considering the nomination wondered whether Wilson could distinguish his loyalty to GM from his obligations to the country. Wilson assured them that he could, but then added that he did not think a conflict would ever come up.
A New Ki nd of Technology Since electricity is four times as expensive as natural gasfew sane Americans would heat their homes with electricity, but it happens. I have lived in homes heated with electric heaters several times, mainly because of all the hydroelectric projects in Washington State.
When I lived in New Jersey, my apartment had electric heat. Gas furnaces cost thousands of dollars, while electric heaters cost a small fraction of that. Electric lines run in places where gas lines are too difficult to install.
Gas has its dangers, such as explosions and asphyxiation reduced because artificial scent is added to natural gas, so leaks are easily detected in the home. Electricity has its hazards, such as electrocution and radiation from high voltage lines. Millions of homes have heat pumps. If a heat pump can average a COP of two, then it would be twice as efficient as using that electricity to run space heaters.
Wh y are any heat pumps sold in the United States, if electricity is four times as expensive as natural gas? If a heat pump averages a COP of two, then electricity is still twice as expensive as burning natural gas for heat. There are regional variations in electric and gas prices, which can make the relationship closer, however.
In addition, there are variables in the economics of producing electricity. For instance, the electricity production infrastructure is geared toward meeting peak demand. At night and in the winter, demand can slacken dramatically.
There are technical and practical issues with turning on and off electric company steam turbines. Electric company turbines run all the time, but idle during off-peak hours. Electric companies have long encouraged businesses to use electricity at off peak hours, and do so with preferential pricing.
For instance, in the early 20th century, the Niagara Mohawk electric company charged more than 17 cents per kilowatt-hour kWh at peak times, and less than four cents per kWh on off peak.
Also, if a home or business uses electricity for heating, electric companies can give preferential pricing. What if heat pumps could get COPs of eight? Then heat pumps could operate at half the operating cost of natural gas furnaces. A diagram of a standard air-to-air heat pump is presented below.
Heat pumps are often used to both heat and cool homes. In the winter they pump heat into the home, and in the summer they pump heat out of the home for air conditioning. To work as an air conditioner in the summer, heat pumps need be placed in the shade, often next to the house.
Being in the shade helps for the summer, but hinders winter performance. The cowboy did not know how the heat pump worked and called an engineer friend of his to come over and explain it.
The engineer showed that it was like a refrigerator. The cowboy understood, and asked:They warned that General Motors Company and Chrysler LLC faced bankruptcy and the loss of 1 million jobs.
The Ford Motor Company didn't need the funds since it had already cut costs. But it asked to be included so it wouldn't suffer by competing with subsidized companies. Ford’s “Big Three” competitors, Chrysler and General Motor faced imminent bankruptcy by In an effort by the United States, to avoid even larger unemployment rates and a deeper recession, our government granted Chrysler and General Motor with emergency bailout loans.
* Financial Times and McKinsey Business Book of the Year * Winner of the J. Anthony Lukas Book Prize * CEO-READ Business Book of the Year * A New York Times Notable Book * A Washington Post Notable Book * An NPR Best Book of * A Wall Street Journal Best Book of * An Economist Best Book of * A Business Insider Best Book of *.
Search and browse our historical collection to find news, notices of births, marriages and deaths, sports, comics, and much more. In the game all the players choose secretly whether to Keep Faith or Betray each other, and then points are scored when the choices are revealed.
If two players (A & B) Keep Faith with each other, then moderate benefits are earned by both.
If both players Betray each other, then there is a minimal benefit. Citigroup appeared poised to go down next, with General Motors and Chrysler to follow.
Everything solid in the American economy turned out to be built on sand. But the crisis took years to emerge.