/PRNewswir/ -- Fifty independent energy industry representatives joined U.S. Senator John Cornyn (TX) and former Congressman John Peterson at a Capitol Hill press conference to urge the Obama Administration and Members of Congress to lift the moratorium on energy exploration in the Gulf of Mexico and resist efforts to raise taxes on U.S. energy companies. The event, which took place this morning, was organized by Save U.S. Energy Jobs, a project of the American Energy Alliance.
"My job matters," Thomas Clements a small business owner from Broussard, Louisiana, said. "So I've come to Washington to find somebody to hear me, to see my hopelessness, my no-man's-land that I'm in because of these proposed tax changes to the energy industry and the moratorium. I hope that Congress listens to us and protects American jobs."
Thomas and his wife, Melissa, are co-owners of Oilfield CNC Machining. They opened their business at the end of 2008 with a focus on producing quality metal parts for oilfield equipment used on offshore drilling rigs. With a year under their belts, the Clements were hoping that 2010 would be a breakout year for their new company. They were looking to hire more workers and expand their facility workspace. Although the oil spill in April 2010 and the initial 30-day moratorium put a damper on things, they weren't going to let that keep them down. But when the six month moratorium was issued their business came to a complete halt. Every order was cancelled. Now they are worried that taxes on American energy companies could harm the entire U.S. energy industry.
The Clements are just one tragic story.
Today more than fifty Gulf area residents came to Washington to share their perspectives. They're here to tell their representatives, "My Job Matters" and to ask their elected officials to lift the moratorium on energy exploration in the Gulf of Mexico and to not support changes to the tax code that would unfairly harm American energy companies.
According to a recent study released by Louisiana State University professor Dr. Joseph Mason, the six month moratorium will cost the Gulf region more than 8,000 jobs and more than $2.1 billion in economic activity. And if the moratorium is extended - the consequences could be much, much worse.
In addition to the current moratorium, President Obama and Members of Congress have not ruled out extending the moratorium and have also suggested repealing two provisions of the tax code that would raise taxes on U.S. based energy companies. One of these taxes would amount to a double taxation on American energy companies, hurting U.S. companies and acting as a de-facto bailout to foreign owned ones. Policymakers are also considering raising the cap on liabilities for energy companies - making their work unsustainable. Any of these new laws would do irreparable harm to American energy companies, raise the price of energy for consumers, weaken our nation's energy security, and kill U.S. jobs.
"In an economy like this, the President and Congress should be looking for ways to strengthen U.S. businesses, not weaken them," Thomas J. Pyle, president of the American Energy Alliance, said. "I'm proud that these hardworking small business owners are fighting for American energy jobs."
Following the press conference, the Gulf Coast residents fanned out across Capitol Hill to meet with their representatives in Congress and staffs.
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Showing posts with label oil. Show all posts
Showing posts with label oil. Show all posts
Wednesday, August 4, 2010
Tuesday, August 3, 2010
Nationwide Low-Carbon Fuel Standard Would Increase Global Greenhouse Gas Emissions, Study Finds
/PRNewswire/ -- The implementation of a nationwide low-carbon fuel standard (LCFS) in the United States would increase global greenhouse gas emissions by up to 19 million metric tons each year - contradicting the claim of LCFS advocates that the standard would reduce such emissions - according to a study issued today.
The study assumes that because an LCFS would prevent American refineries from importing petroleum obtained from oil sands in neighboring Western Canada, the United States would instead have to import more oil in tankers from the Middle East and elsewhere. At the same time, the Canadian oil would be shipped in tankers across the Pacific to China and other Asian locations.
The study calls this long-distance movement of oil thousands of miles around the world in tankers a "shuffle" that would result in higher carbon dioxide emissions than simply extracting the Canadian petroleum from the oil sands for U.S. consumption, due to emissions created by shipping the oil such great distances.
Barr Engineering Company of Minneapolis conducted the study for members of NPRA, the National Petrochemical & Refiners Association.
"In conducting this technical study, we looked at the most accurate data publicly available, and the conclusion was clear," said Joel Trinkle, senior air quality consultant at Barr and one of the authors of the study. "Crude shuffling under a nationwide LCFS would substantially raise overall greenhouse gas emissions."
The study found that:
-- "A LCFS implemented in the U.S. results in a notable increase in
greenhouse gas emissions due to the displacement of Canadian crude
imports to the U.S. and re-routing of crude imports and exports to
accommodate this displacement. ... Nearby Canadian crude sources
would be diverted to regions not affected by LCFS and replaced with
supplies from distant parts of the world." (Page 2)
-- "While it is likely that LCFS would change the mix of crude imports to
the United States, LCFS implemented in the United States is not
expected to change overall trends in energy use and demand for crude
resources throughout the rest of the world. A shift in U.S.
crude-supply preferences will simply cause redirection of crude
supplies elsewhere." (Page 4-5)
-- "This analysis of the change in crude-transport-related emissions
accompanying implementation of a LCFS indicates that the net effect
will be a doubling of GHG [greenhouse gas] emissions associated with
changes in crude-transport patterns. It indicates an increase in
global GHG emissions by 7.1 to 19.0 million metric tons per year,
depending on the extent of resulting Canadian crude displacement."
(Page 3)
Canada is currently the largest supplier of petroleum imported into the United States, but other nations are looking to the Canadian oil sands as a potential energy source. China alone has already invested more than $6 billion in Canadian oil sands projects as it continues to rapidly increase its presence in overseas energy production.
"By denying the American people access to oil from our friendly neighbor Canada, a low-carbon fuel standard would raise fuel costs and wipe out millions of American jobs," said NPRA President Charles T. Drevna. "Now this latest study shows that a nationwide LCFS won't reduce overall global greenhouse gas emissions - it will actually raise them. These findings simply reinforce NPRA's long-held belief that a federal low-carbon fuel standard is a policy of all pain and no gain."
Additional concerns regarding American access to Canadian oil sands resources have surfaced following a recent U.S. State Department decision regarding a proposed pipeline to transport Canadian crude to refineries in the Gulf Coast region. The decision will allow federal agencies an additional 90 days to comment on TransCanada's proposed Keystone XL project, pending the State Department's release of a final environmental impact statement. The proposed pipeline expansion would more than double the amount of Canadian crude imported to the United States.
Several regional and state LCFS initiatives are currently underway, including a statewide LCFS program in California established as part of the state's AB 32 climate law, and proponents of a federal LCFS continue to seek its enactment.
A federal LCFS provision was included in the 2008 Lieberman-Warner climate change bill that was defeated in the Senate. The 2009 Waxman-Markey climate change bill also contained an LCFS provision, although it was removed before the bill was passed by the House.
Two other recent studies cast additional doubt on the efficacy of low-carbon fuel standards:
-- A June 2010 report by Charles River Associates found that a nationwide
LCFS implemented in 2015 would result by 2025 in: the loss of between
2.3 million and 4.5 million American jobs; an increase of up to 170
percent in the price of gasoline and diesel fuel; and a 2 to 3 percent
decrease in the U.S. Gross Domestic Product (totaling between $410
billion and $750 billion).
-- A report by the Canadian Energy Research Institute issued in October
2009 examined the impacts of developing Canadian oil sands on the U.S.
economy. It found that such development - which would be threatened by
the implementation of a nationwide LCFS in the United States - would
result in an estimated 343,000 new U.S. jobs between 2011 and 2015,
and that U.S. output of goods and services would increase by an
average of $62 billion per year from 2009 through 2025.
-----
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The study assumes that because an LCFS would prevent American refineries from importing petroleum obtained from oil sands in neighboring Western Canada, the United States would instead have to import more oil in tankers from the Middle East and elsewhere. At the same time, the Canadian oil would be shipped in tankers across the Pacific to China and other Asian locations.
The study calls this long-distance movement of oil thousands of miles around the world in tankers a "shuffle" that would result in higher carbon dioxide emissions than simply extracting the Canadian petroleum from the oil sands for U.S. consumption, due to emissions created by shipping the oil such great distances.
Barr Engineering Company of Minneapolis conducted the study for members of NPRA, the National Petrochemical & Refiners Association.
"In conducting this technical study, we looked at the most accurate data publicly available, and the conclusion was clear," said Joel Trinkle, senior air quality consultant at Barr and one of the authors of the study. "Crude shuffling under a nationwide LCFS would substantially raise overall greenhouse gas emissions."
The study found that:
-- "A LCFS implemented in the U.S. results in a notable increase in
greenhouse gas emissions due to the displacement of Canadian crude
imports to the U.S. and re-routing of crude imports and exports to
accommodate this displacement. ... Nearby Canadian crude sources
would be diverted to regions not affected by LCFS and replaced with
supplies from distant parts of the world." (Page 2)
-- "While it is likely that LCFS would change the mix of crude imports to
the United States, LCFS implemented in the United States is not
expected to change overall trends in energy use and demand for crude
resources throughout the rest of the world. A shift in U.S.
crude-supply preferences will simply cause redirection of crude
supplies elsewhere." (Page 4-5)
-- "This analysis of the change in crude-transport-related emissions
accompanying implementation of a LCFS indicates that the net effect
will be a doubling of GHG [greenhouse gas] emissions associated with
changes in crude-transport patterns. It indicates an increase in
global GHG emissions by 7.1 to 19.0 million metric tons per year,
depending on the extent of resulting Canadian crude displacement."
(Page 3)
Canada is currently the largest supplier of petroleum imported into the United States, but other nations are looking to the Canadian oil sands as a potential energy source. China alone has already invested more than $6 billion in Canadian oil sands projects as it continues to rapidly increase its presence in overseas energy production.
"By denying the American people access to oil from our friendly neighbor Canada, a low-carbon fuel standard would raise fuel costs and wipe out millions of American jobs," said NPRA President Charles T. Drevna. "Now this latest study shows that a nationwide LCFS won't reduce overall global greenhouse gas emissions - it will actually raise them. These findings simply reinforce NPRA's long-held belief that a federal low-carbon fuel standard is a policy of all pain and no gain."
Additional concerns regarding American access to Canadian oil sands resources have surfaced following a recent U.S. State Department decision regarding a proposed pipeline to transport Canadian crude to refineries in the Gulf Coast region. The decision will allow federal agencies an additional 90 days to comment on TransCanada's proposed Keystone XL project, pending the State Department's release of a final environmental impact statement. The proposed pipeline expansion would more than double the amount of Canadian crude imported to the United States.
Several regional and state LCFS initiatives are currently underway, including a statewide LCFS program in California established as part of the state's AB 32 climate law, and proponents of a federal LCFS continue to seek its enactment.
A federal LCFS provision was included in the 2008 Lieberman-Warner climate change bill that was defeated in the Senate. The 2009 Waxman-Markey climate change bill also contained an LCFS provision, although it was removed before the bill was passed by the House.
Two other recent studies cast additional doubt on the efficacy of low-carbon fuel standards:
-- A June 2010 report by Charles River Associates found that a nationwide
LCFS implemented in 2015 would result by 2025 in: the loss of between
2.3 million and 4.5 million American jobs; an increase of up to 170
percent in the price of gasoline and diesel fuel; and a 2 to 3 percent
decrease in the U.S. Gross Domestic Product (totaling between $410
billion and $750 billion).
-- A report by the Canadian Energy Research Institute issued in October
2009 examined the impacts of developing Canadian oil sands on the U.S.
economy. It found that such development - which would be threatened by
the implementation of a nationwide LCFS in the United States - would
result in an estimated 343,000 new U.S. jobs between 2011 and 2015,
and that U.S. output of goods and services would increase by an
average of $62 billion per year from 2009 through 2025.
-----
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Friday, July 30, 2010
New Poll: Americans Support Energy Production, Oppose Unfair Taxes by a 3-1 Margin
/PRNewswire/ -- A new survey released today by the American Energy Alliance (AEA) found that 77 percent of registered voters oppose efforts in Congress to tax American companies twice on income earned abroad. The poll also found that 3 out of 4 Americans agree that our energy companies should be allowed to continue offshore exploration for energy and, separately, that we should increase U.S. oil production.
"These results may not be what the leaders on Capitol Hill want to hear, but it is no surprise that even with the tragic events unfolding in the Gulf, Americans recognize the realities of our nation's economy, the abundance of energy still available here in the U.S., and the overall exemplary safety record of our nation's drillers," AEA president Thomas Pyle said.
"AEA recently commissioned a study that showed 12,000 jobs would be lost and $2.8 billion in economic activity with it, because of the Administration's six-month moratorium in the Gulf. This unpopular and unnecessary ban is costing more jobs every day and will cost every American in terms of higher energy prices and increased reliance on energy from unstable foreign regimes. Again, we urge the Administration to listen to the American people and reopen the Gulf to responsible energy development."
The survey, conducted by Jan R van Lohuizen from Voter/Consumer Outreach, comes at a time when the President and Congress are attempting to pay for environmental and other pet projects on the backs of American oil and gas companies. Two specific changes to the tax code included in the President's 2011 budget and under discussion on Capitol Hill would have the impact of increasing the cost of energy in the U.S. and could lead to even more job losses in the energy sector. The U.S. currently taxes the global income of its international companies, but provides a credit against domestic tax liability on that income in hopes of keeping American companies from being "double-taxed" on their overseas earnings. Targeting our own energy producers with this double-tax will weaken American energy companies' ability to compete with foreign energy companies.
Additionally, policymakers are looking to repeal Section 199 tax provisions which gives all businesses that manufacture goods within the U.S. an incentive to grow their U.S. operations and hire more U.S. workers. Some in Washington are attempting to repeal these provisions just on the oil industry, essentially discriminating against energy jobs. Today, the energy industry employs some 9 million workers. However, many of these jobs could be in jeopardy if the Administration and Congress continue the drilling moratorium and impose new and onerous taxes on these companies.
The survey also found that Americans overwhelmingly oppose new regulations on the energy industry and, instead, support efforts to better enforce existing laws (16%-75%).
The poll was commissioned by Save U.S. Energy Jobs, a project of the American Energy Alliance - a free market energy advocacy organization. To learn more and get exclusive information on upcoming projects, follow Save U.S. Energy Jobs on Twitter and Facebook.
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"These results may not be what the leaders on Capitol Hill want to hear, but it is no surprise that even with the tragic events unfolding in the Gulf, Americans recognize the realities of our nation's economy, the abundance of energy still available here in the U.S., and the overall exemplary safety record of our nation's drillers," AEA president Thomas Pyle said.
"AEA recently commissioned a study that showed 12,000 jobs would be lost and $2.8 billion in economic activity with it, because of the Administration's six-month moratorium in the Gulf. This unpopular and unnecessary ban is costing more jobs every day and will cost every American in terms of higher energy prices and increased reliance on energy from unstable foreign regimes. Again, we urge the Administration to listen to the American people and reopen the Gulf to responsible energy development."
The survey, conducted by Jan R van Lohuizen from Voter/Consumer Outreach, comes at a time when the President and Congress are attempting to pay for environmental and other pet projects on the backs of American oil and gas companies. Two specific changes to the tax code included in the President's 2011 budget and under discussion on Capitol Hill would have the impact of increasing the cost of energy in the U.S. and could lead to even more job losses in the energy sector. The U.S. currently taxes the global income of its international companies, but provides a credit against domestic tax liability on that income in hopes of keeping American companies from being "double-taxed" on their overseas earnings. Targeting our own energy producers with this double-tax will weaken American energy companies' ability to compete with foreign energy companies.
Additionally, policymakers are looking to repeal Section 199 tax provisions which gives all businesses that manufacture goods within the U.S. an incentive to grow their U.S. operations and hire more U.S. workers. Some in Washington are attempting to repeal these provisions just on the oil industry, essentially discriminating against energy jobs. Today, the energy industry employs some 9 million workers. However, many of these jobs could be in jeopardy if the Administration and Congress continue the drilling moratorium and impose new and onerous taxes on these companies.
The survey also found that Americans overwhelmingly oppose new regulations on the energy industry and, instead, support efforts to better enforce existing laws (16%-75%).
The poll was commissioned by Save U.S. Energy Jobs, a project of the American Energy Alliance - a free market energy advocacy organization. To learn more and get exclusive information on upcoming projects, follow Save U.S. Energy Jobs on Twitter and Facebook.
-----
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Tuesday, July 20, 2010
IADC Applauds Senators' Leadership in Opposing Federal Drilling Moratorium
/PRNewswire/ -- The International Association of Drilling Contractors (IADC) applauds the leadership of three United States Senators: David Vitter (Louisiana), John Cornyn (Texas), and Roger Wicker (Mississippi), who are opposing the federal moratorium on offshore permitting and drilling activities announced on July 12 by Secretary of the Interior Ken Salazar. Last week the three Gulf Coast senators sponsored legislation (S. 3588) to lift the offshore drilling and permitting moratorium for companies that have complied with the new safety and inspection requirements issued by the Department of the Interior.
"The men and women whose livelihoods depend on the offshore oil and gas exploration and production industry in the Gulf of Mexico deeply appreciate the efforts of our legislators to lift the drilling moratorium," said IADC President Dr. Lee Hunt. "Industry representatives have communicated to the Interior Department and Congress our industry's strong commitment to rigorous requirements for well design, enhanced training, and adoption of safety case requirements for Mobile Offshore Drilling Units (MODUs). We are dismayed by the continued blanket suspension of deepwater drilling in the U.S. Gulf of Mexico. Lifting the moratorium is critical to tens of thousands of jobs in the deepwater industry and to the oil and gas service sector in the Gulf Coast region and throughout the country."
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"The men and women whose livelihoods depend on the offshore oil and gas exploration and production industry in the Gulf of Mexico deeply appreciate the efforts of our legislators to lift the drilling moratorium," said IADC President Dr. Lee Hunt. "Industry representatives have communicated to the Interior Department and Congress our industry's strong commitment to rigorous requirements for well design, enhanced training, and adoption of safety case requirements for Mobile Offshore Drilling Units (MODUs). We are dismayed by the continued blanket suspension of deepwater drilling in the U.S. Gulf of Mexico. Lifting the moratorium is critical to tens of thousands of jobs in the deepwater industry and to the oil and gas service sector in the Gulf Coast region and throughout the country."
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Friday, July 16, 2010
Congress Passes Law to End Secrecy in Oil, Gas, and Mining Industry
/PRNewswire/ -- International humanitarian organization Oxfam America commends the U.S. Congress for making disclosure of payments from oil and mining companies to governments around the world a legal requirement. Included as part of the Dodd-Frank financial reform legislation passed by the House and Senate, this historic measure will increase financial transparency in the oil, gas, and mining industry and help reduce the corruption, mismanagement, and conflict that are too often associated with natural resource extraction booms.
"Congress has made an unprecedented commitment to financial transparency and good governance in a sector that not only affects American wallets, but also some of the most vulnerable communities around the world," said Raymond C. Offenheiser, president of Oxfam America. "Secrecy of oil, gas and mining company payments to governments fosters government corruption and violent conflict in resource-rich countries that are home to more than half of the world's poorest people. Instability in these regions poses a long-term threat to national security, foreign policy, and economic interests in the United States."
The language included in the financial services reform measure was based on the Energy Security through Transparency Act (S. 1700), a bipartisan Senate bill championed by Senators Lugar (R-IN) and Cardin (D-MD). The new law creates a low-cost, uniform transparency method for oil, gas, and mining companies registered with the US Securities and Exchange Commission (SEC) and covers more than 90 percent of internationally operating oil companies and many of the top international mining companies. Companies will be required to publicly disclose payments for the extraction of oil, gas, and minerals on a country-by-country and project basis as part of financial statements that are already required by the SEC. This not only includes American companies but also many foreign companies, such as Shell and BP, as well as companies from emerging markets such as China, India, Brazil, and Russia.
"This provision is a critical part of the increased transparency and corporate responsibility that we are striving to achieve in the financial industry. Given the catastrophic events in the Gulf of Mexico, oil companies, in particular, should well understand that secrecy fosters instability, corruption and greater risk," said Senator Cardin. "We now have the tools to help people in resource-rich countries hold their leaders accountable for the money made from their oil, gas and minerals."
"Too often, oil money intended for a nation's poor ends up lining the pockets of the rich or is squandered on showcase projects instead of productive investments," said Senator Lugar when he spoke in favor of the measure when it was offered as an amendment to the Senate financial reform bill in late May. (The Cardin-Lugar amendment was co-sponsored by Senators Durbin (D-IL), Schumer (D-NY), Feingold (D-WI), Merkley (D-OR), and Johnson (D-SD).) He added: "This 'resource curse' affects us as well as producing countries. It exacerbates global poverty which can be a seedbed for terrorism, it empowers autocrats and dictators, and it can crimp world petroleum supplies by breeding instability."
"We applaud Senators Cardin and Lugar for spearheading this effort in the Senate that will both level the playing field for oil, gas, and mining companies and help citizens hold their governments accountable for using revenues for economic development and poverty reduction. We also thank Senator Leahy for offering the measure during the House-Senate conference process and House Financial Services Chairman Barney Frank for his early leadership on transparency in the oil and mining industries and for his support for this measure that demonstrates U.S. commitment to transparent business practices and accountable governance," said Offenheiser.
"Passing this law sets up an international standard for the public disclosure of natural resource revenue information, but its effectiveness will be determined by strict implementation by lawmakers and development of effective implementing regulations by the SEC. Companies should heed the call for transparency so citizens of resource-rich countries can begin to use this information to hold their governments accountable for using revenues to address essential services like healthcare, education, and job creation."
Oxfam America calls on the SEC to quickly undertake its rule-making process to implement this important measure as Congress intended. "Oxfam America and its allies in the Publish What You Pay campaign will be closely following the rule-making process to ensure this groundbreaking disclosure measure is quickly put in place," said Offenheiser.
Oxfam America is an international relief and development organization that creates lasting solutions to poverty, hunger, and injustice. Together with individuals and local groups in more than 100 countries, Oxfam saves lives, helps people overcome poverty, and fights for social justice. Oxfam America is an affiliate of the international confederation Oxfam.
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"Congress has made an unprecedented commitment to financial transparency and good governance in a sector that not only affects American wallets, but also some of the most vulnerable communities around the world," said Raymond C. Offenheiser, president of Oxfam America. "Secrecy of oil, gas and mining company payments to governments fosters government corruption and violent conflict in resource-rich countries that are home to more than half of the world's poorest people. Instability in these regions poses a long-term threat to national security, foreign policy, and economic interests in the United States."
The language included in the financial services reform measure was based on the Energy Security through Transparency Act (S. 1700), a bipartisan Senate bill championed by Senators Lugar (R-IN) and Cardin (D-MD). The new law creates a low-cost, uniform transparency method for oil, gas, and mining companies registered with the US Securities and Exchange Commission (SEC) and covers more than 90 percent of internationally operating oil companies and many of the top international mining companies. Companies will be required to publicly disclose payments for the extraction of oil, gas, and minerals on a country-by-country and project basis as part of financial statements that are already required by the SEC. This not only includes American companies but also many foreign companies, such as Shell and BP, as well as companies from emerging markets such as China, India, Brazil, and Russia.
"This provision is a critical part of the increased transparency and corporate responsibility that we are striving to achieve in the financial industry. Given the catastrophic events in the Gulf of Mexico, oil companies, in particular, should well understand that secrecy fosters instability, corruption and greater risk," said Senator Cardin. "We now have the tools to help people in resource-rich countries hold their leaders accountable for the money made from their oil, gas and minerals."
"Too often, oil money intended for a nation's poor ends up lining the pockets of the rich or is squandered on showcase projects instead of productive investments," said Senator Lugar when he spoke in favor of the measure when it was offered as an amendment to the Senate financial reform bill in late May. (The Cardin-Lugar amendment was co-sponsored by Senators Durbin (D-IL), Schumer (D-NY), Feingold (D-WI), Merkley (D-OR), and Johnson (D-SD).) He added: "This 'resource curse' affects us as well as producing countries. It exacerbates global poverty which can be a seedbed for terrorism, it empowers autocrats and dictators, and it can crimp world petroleum supplies by breeding instability."
"We applaud Senators Cardin and Lugar for spearheading this effort in the Senate that will both level the playing field for oil, gas, and mining companies and help citizens hold their governments accountable for using revenues for economic development and poverty reduction. We also thank Senator Leahy for offering the measure during the House-Senate conference process and House Financial Services Chairman Barney Frank for his early leadership on transparency in the oil and mining industries and for his support for this measure that demonstrates U.S. commitment to transparent business practices and accountable governance," said Offenheiser.
"Passing this law sets up an international standard for the public disclosure of natural resource revenue information, but its effectiveness will be determined by strict implementation by lawmakers and development of effective implementing regulations by the SEC. Companies should heed the call for transparency so citizens of resource-rich countries can begin to use this information to hold their governments accountable for using revenues to address essential services like healthcare, education, and job creation."
Oxfam America calls on the SEC to quickly undertake its rule-making process to implement this important measure as Congress intended. "Oxfam America and its allies in the Publish What You Pay campaign will be closely following the rule-making process to ensure this groundbreaking disclosure measure is quickly put in place," said Offenheiser.
Oxfam America is an international relief and development organization that creates lasting solutions to poverty, hunger, and injustice. Together with individuals and local groups in more than 100 countries, Oxfam saves lives, helps people overcome poverty, and fights for social justice. Oxfam America is an affiliate of the international confederation Oxfam.
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Wednesday, December 9, 2009
Deloitte Survey: Age of Plenty Predicted for Natural Gas
/PRNewswire/ -- The United States is entering an age of plenty for natural gas, according to a survey of oil and gas professionals conducted by the Deloitte Center for Energy Solutions.
"The survey numbers are striking," said Gary Adams, vice chairman and leader of Deloitte's oil and gas practice. "The overwhelming majority of survey respondents, 84 percent, say the best days for the natural gas industry are still ahead of us, despite today's low prices."
Current industry thinking would attribute this enthusiasm about natural gas to a surge in production from unconventional formations, such as shale and coal bed methane, and to the expectation that climate change legislation will increase the demand for gas-powered electricity generation.
Adams notes the survey confirms the increasingly common perception among many energy pundits that America's energy future will become more closely aligned with natural gas than we thought just a few years ago. In contrast, oil will continue to be a dominant fuel source for transportation for many years to come, but difficulties are expected to continue when it comes to finding and producing the fuel in the future, mainly because oil is increasingly found in challenging environments such as deep water and arctic regions, or in reserves controlled by national oil interests.
"While most analysts agree that oil will remain vital for transportation, the current belief in a vibrant future for domestic natural gas -- driven by significant technological advances in the production of gases from unconventional fuel sources -- stands in contrast to the industry's thinking just a few years ago, which indicated that natural gas supplies in the United States would not grow dramatically," said Adams.
The survey further supports the optimism about a natural gas future by looking at several key perceptions:
-- While oil is expected to remain the single most widely used energy
source in the United States for some time, its usage is expected to
decline over time. The number of respondents that expect oil to remain
the most widely used overall energy source in the United States drops
16 points over the next five years -- sinking to 41 percent who
believe oil will dominate in 2015 from 57 percent who currently think
oil is the most widely used overall energy source.
-- In contrast, expectations that natural gas will be the most widely
used fuel source by 2015 double over the next five years, rising to
almost one quarter (24 percent) who believe it will dominate in 2015
from one in 10 respondents who see natural gas as the currently
dominant fuel source. Current industry thinking would indicate that
much of the rising demand for natural gas will be for power
generation.
-- Additionally, almost one in 10 respondents expects unconventional
natural gas to be the main source of energy in five years -- as well
as an additional 4 percent who think it will be liquid natural gas
(LNG) -- further elevating the status of natural gas in respondents'
views as a critical energy source.
-- When it comes to fossil fuel production, 85 percent of respondents
believe the domestic production of natural gas will increase in the
next five years, compared to only 45 percent who think American oil
production will increase during the same time period.
-- A higher percentage of survey respondents believe oil prices will
increase versus respondents that think natural gas prices will
increase. More than half (51 percent) believe the price of oil will
greatly increase over the next five years. In contrast, only 32
percent of respondents foresee the price of natural gas greatly
increasing in the same time period, probably due to the abundant
supply of natural gas versus increasingly constrained oil supplies.
Climate Change Legislation Expected to Pass; Industry and Consumers to Feel Impact
Survey respondents also were in accord regarding climate change legislation, anticipating some form of the legislation would pass within two years, but that it would penalize oil and gas companies, and increase fuel prices for consumers.
"According to our survey," said Adams, "a solid majority of respondents, 60 percent, think that some form of the climate change legislation currently under discussion in Congress will be finalized and passed within the next two years. A mere 14 percent think Congress will never pass such legislation."
While oil and gas professionals are split on whether or not climate change legislation will reduce greenhouse gas emissions, they are united in their opinions that it will push consumer prices higher and penalize oil and gas companies:
-- More than 90 percent of respondents believe climate change legislation
will lead to higher gasoline and natural gas prices for consumers.
-- Three quarters (75 percent) of all respondents expect climate change
legislation will lead to significantly lower profits for oil and gas
companies and 68 percent say it will lead to more layoffs in the
industry.
-- Most oil and gas professionals (76 percent) believe that climate
change legislation is not likely to create more jobs for Americans.
"All of this speaks to a general concern about the effectiveness of governmental energy policies among oil and gas professionals," said Adams. "The survey reveals that most oil and gas professionals, 76 percent, think the energy industry is heading in the wrong direction and a similar amount, 63 percent, say it is in worse shape now than it was even a year ago."
Despite Concerns about Layoffs and Expense Cutting, Respondents are Optimistic about Exploration and Production Revenues
When the survey looked at recession-related business issues, it found that concerns about layoffs and expense cutting persisted among oil and gas professionals:
-- Almost one in two oil and gas professionals expects that layoffs in
the industry will increase over the next year.
-- Most oil and gas professionals say their companies are reducing
operating expenses (75 percent) and many say their companies are
reducing overall capital expenditures (56 percent) in response to the
recession.
Despite these concerns, respondents do not expect revenues to shrink in the various oil and gas industry sectors in the next year, with the exception of the refining sector:
-- 76 percent expect revenues to grow at national oil companies
-- 76 percent expect revenues to grow at international oil companies
-- 67 percent expect revenues to grow at independent exploration and
production companies
-- 61 percent expect revenues to grow at supply and service companies
-- 58 percent expect revenues to grow at outside energy consultancies
-- 35 percent expect revenues to grow at refining companies
The survey also shows that, contrary to speculation by many analysts about mergers and acquisitions in the energy sector, most oil and gas professionals do not currently see such activity at their own companies. When asked how their individual companies are responding to current oil and gas prices, only 14 percent say their company is pursuing a merger or acquisition.
"What we are seeing here is an underlying confidence in the sustainability of the oil and gas industry," said Adams. "Oil and gas companies have survived severe volatility over the past decades, and despite the current recession, these companies have sophisticated, adaptable business models and believe they can post healthy revenues well into the future."
Energy Independence will be Hard to Achieve in the Near Term
A final area of interest in the survey concerned energy independence. Oil and gas professionals are more or less evenly split on whether or not the United States can realistically achieve energy independence with 53 percent saying the United States can achieve independence while 46 percent say it cannot. Among the half that believes it is possible, most do not expect it for at least 15 years.
Concerns about independence from foreign oil are further complicated by climate change legislation. The majority of oil and gas professionals (62 percent) think climate change legislation will worsen the United States' dependence on foreign nations for oil.
Adams believes the survey responses reinforce the idea that oil and gas professionals are clearly looking to the future and that they see their industry as a vital part of the bridge to alternative energy and renewables. "Oil and gas will continue to be critical to meeting energy demand for many years to come, with natural gas playing an increasingly important role in our energy future. The oil and gas industry is healthy, innovative and enthusiastic about the opportunities before it," he added.
To view a graphic related to this survey, visit www.deloitte.com/us/OilSurvey2009. A high resolution version of the graphic is available upon request.
To obtain the full findings, contact Jon Rucket at 713-819-0712 (mobile) or 713-982-4217 (office) or jrucket@deloitte.com.
Survey Methodology
Deloitte conducted 200 quantitative interviews among oil and gas professionals from Oct. 30, 2009 to Nov. 5, 2009. All respondents were energy sector employees who have worked in the industry for at least five years, are college educated and earned at least $100,000 per year.
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"The survey numbers are striking," said Gary Adams, vice chairman and leader of Deloitte's oil and gas practice. "The overwhelming majority of survey respondents, 84 percent, say the best days for the natural gas industry are still ahead of us, despite today's low prices."
Current industry thinking would attribute this enthusiasm about natural gas to a surge in production from unconventional formations, such as shale and coal bed methane, and to the expectation that climate change legislation will increase the demand for gas-powered electricity generation.
Adams notes the survey confirms the increasingly common perception among many energy pundits that America's energy future will become more closely aligned with natural gas than we thought just a few years ago. In contrast, oil will continue to be a dominant fuel source for transportation for many years to come, but difficulties are expected to continue when it comes to finding and producing the fuel in the future, mainly because oil is increasingly found in challenging environments such as deep water and arctic regions, or in reserves controlled by national oil interests.
"While most analysts agree that oil will remain vital for transportation, the current belief in a vibrant future for domestic natural gas -- driven by significant technological advances in the production of gases from unconventional fuel sources -- stands in contrast to the industry's thinking just a few years ago, which indicated that natural gas supplies in the United States would not grow dramatically," said Adams.
The survey further supports the optimism about a natural gas future by looking at several key perceptions:
-- While oil is expected to remain the single most widely used energy
source in the United States for some time, its usage is expected to
decline over time. The number of respondents that expect oil to remain
the most widely used overall energy source in the United States drops
16 points over the next five years -- sinking to 41 percent who
believe oil will dominate in 2015 from 57 percent who currently think
oil is the most widely used overall energy source.
-- In contrast, expectations that natural gas will be the most widely
used fuel source by 2015 double over the next five years, rising to
almost one quarter (24 percent) who believe it will dominate in 2015
from one in 10 respondents who see natural gas as the currently
dominant fuel source. Current industry thinking would indicate that
much of the rising demand for natural gas will be for power
generation.
-- Additionally, almost one in 10 respondents expects unconventional
natural gas to be the main source of energy in five years -- as well
as an additional 4 percent who think it will be liquid natural gas
(LNG) -- further elevating the status of natural gas in respondents'
views as a critical energy source.
-- When it comes to fossil fuel production, 85 percent of respondents
believe the domestic production of natural gas will increase in the
next five years, compared to only 45 percent who think American oil
production will increase during the same time period.
-- A higher percentage of survey respondents believe oil prices will
increase versus respondents that think natural gas prices will
increase. More than half (51 percent) believe the price of oil will
greatly increase over the next five years. In contrast, only 32
percent of respondents foresee the price of natural gas greatly
increasing in the same time period, probably due to the abundant
supply of natural gas versus increasingly constrained oil supplies.
Climate Change Legislation Expected to Pass; Industry and Consumers to Feel Impact
Survey respondents also were in accord regarding climate change legislation, anticipating some form of the legislation would pass within two years, but that it would penalize oil and gas companies, and increase fuel prices for consumers.
"According to our survey," said Adams, "a solid majority of respondents, 60 percent, think that some form of the climate change legislation currently under discussion in Congress will be finalized and passed within the next two years. A mere 14 percent think Congress will never pass such legislation."
While oil and gas professionals are split on whether or not climate change legislation will reduce greenhouse gas emissions, they are united in their opinions that it will push consumer prices higher and penalize oil and gas companies:
-- More than 90 percent of respondents believe climate change legislation
will lead to higher gasoline and natural gas prices for consumers.
-- Three quarters (75 percent) of all respondents expect climate change
legislation will lead to significantly lower profits for oil and gas
companies and 68 percent say it will lead to more layoffs in the
industry.
-- Most oil and gas professionals (76 percent) believe that climate
change legislation is not likely to create more jobs for Americans.
"All of this speaks to a general concern about the effectiveness of governmental energy policies among oil and gas professionals," said Adams. "The survey reveals that most oil and gas professionals, 76 percent, think the energy industry is heading in the wrong direction and a similar amount, 63 percent, say it is in worse shape now than it was even a year ago."
Despite Concerns about Layoffs and Expense Cutting, Respondents are Optimistic about Exploration and Production Revenues
When the survey looked at recession-related business issues, it found that concerns about layoffs and expense cutting persisted among oil and gas professionals:
-- Almost one in two oil and gas professionals expects that layoffs in
the industry will increase over the next year.
-- Most oil and gas professionals say their companies are reducing
operating expenses (75 percent) and many say their companies are
reducing overall capital expenditures (56 percent) in response to the
recession.
Despite these concerns, respondents do not expect revenues to shrink in the various oil and gas industry sectors in the next year, with the exception of the refining sector:
-- 76 percent expect revenues to grow at national oil companies
-- 76 percent expect revenues to grow at international oil companies
-- 67 percent expect revenues to grow at independent exploration and
production companies
-- 61 percent expect revenues to grow at supply and service companies
-- 58 percent expect revenues to grow at outside energy consultancies
-- 35 percent expect revenues to grow at refining companies
The survey also shows that, contrary to speculation by many analysts about mergers and acquisitions in the energy sector, most oil and gas professionals do not currently see such activity at their own companies. When asked how their individual companies are responding to current oil and gas prices, only 14 percent say their company is pursuing a merger or acquisition.
"What we are seeing here is an underlying confidence in the sustainability of the oil and gas industry," said Adams. "Oil and gas companies have survived severe volatility over the past decades, and despite the current recession, these companies have sophisticated, adaptable business models and believe they can post healthy revenues well into the future."
Energy Independence will be Hard to Achieve in the Near Term
A final area of interest in the survey concerned energy independence. Oil and gas professionals are more or less evenly split on whether or not the United States can realistically achieve energy independence with 53 percent saying the United States can achieve independence while 46 percent say it cannot. Among the half that believes it is possible, most do not expect it for at least 15 years.
Concerns about independence from foreign oil are further complicated by climate change legislation. The majority of oil and gas professionals (62 percent) think climate change legislation will worsen the United States' dependence on foreign nations for oil.
Adams believes the survey responses reinforce the idea that oil and gas professionals are clearly looking to the future and that they see their industry as a vital part of the bridge to alternative energy and renewables. "Oil and gas will continue to be critical to meeting energy demand for many years to come, with natural gas playing an increasingly important role in our energy future. The oil and gas industry is healthy, innovative and enthusiastic about the opportunities before it," he added.
To view a graphic related to this survey, visit www.deloitte.com/us/OilSurvey2009. A high resolution version of the graphic is available upon request.
To obtain the full findings, contact Jon Rucket at 713-819-0712 (mobile) or 713-982-4217 (office) or jrucket@deloitte.com.
Survey Methodology
Deloitte conducted 200 quantitative interviews among oil and gas professionals from Oct. 30, 2009 to Nov. 5, 2009. All respondents were energy sector employees who have worked in the industry for at least five years, are college educated and earned at least $100,000 per year.
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Tuesday, October 13, 2009
Oil Demand from Developed Countries Has Peaked
World oil demand is poised for recovery driven by emerging markets but demand from OECD countries is unlikely return to its 2005 high
CAMOil demand in developed countries—currently 54 percent of all oil demand—likely reached its all-time peak in 2005, according to a new research report by IHS Cambridge Energy Research Associates. While world oil demand is now set to grow as the world economy moves from recession to recovery, the demand lost in 30 developed countries that make up the Organization for Economic Cooperation and Development (OECD) is not likely to ever be regained, the report finds.
“The economic downturn has been masking a larger trend in the oil demand of developed countries,” said IHS CERA Chairman and Pulitzer Prize-winning author of The Prize, Daniel Yergin. “The fact is that OECD oil demand has been falling since late 2005, well before the Great Recession began.”
The key factor making it unlikely for OECD demand to ever return to its 2005 peak is that petroleum demand in the transportation sector—which accounts for 60 percent of OECD petroleum demand—is likely to flatten out after years of steady growth. Oil demand outside the transportation sector has already been relatively flat since 1980. Now the conjunction of several long-term factors is doing the same to transportation:
- Demographic and socioeconomic changes – Vehicle ownership rates in developed countries have reached a “saturation” level while aging populations with low to negative population growth suggests a flattening of demand for mobility. The growth of women’s participation in the labor force is also leveling off, meaning the flattening of another source of demand growth.
- Stronger governmental and consumer push for passenger vehicle fuel economy gains – Energy security concerns and climate change initiatives have led OECD governments to tighten fuel economy standards. The rise in energy prices over the past several years has pushed consumers to value increased efficiency and the auto industry through a major reorientation toward greater efficiency.
- Greater penetration of alternative fuels and vehicle technologies – Governments across the OECD continue to favor mandates that increase the share of alternative fuels in the transportation sector. New technologies such as plug-in hybrid electric vehicles and next-generation biofuels could also have a greater impact in the future.
“Petroleum for transportation has been the single driving force behind OECD oil demand for the past two decades,” said Aaron Brady, IHS CERA Director, Global Oil. “After the oil crisis of the early 1980s the nontransportation sector turned to readily available substitutes like coal, gas or nuclear power. Now we are seeing the tempering of the last significant driver of oil demand in developed countries—petroleum for transportation.”
Future world oil demand growth will be driven almost exclusively by emerging markets. The latest IHS CERA World Oil Watch expects oil demand to increase from 83.8 mbd in 2009 to 89.1 mbd in 2014. 83 percent (4.4 mbd) will come from non-OECD countries. China alone is expected to account for 1.6 mbd of cumulative growth. Just 900,000 bpd of growth is expected to come from OECD countries, just a fraction of the 3.7 million bpd of demand lost over the course of 2005 to 2009.
But the peak of OECD oil demand does not mean that the end of the oil age in these developed economies is imminent, the report finds. The size of the decline in oil demand from the peak year of 2005 to 2030 is expected to be fairly modest, says Brady, assuming that some demand rebounds over the next few years.
“The reason for a modest decline is that although the potential for demand growth has diminished so has the potential, at least in the short to medium term, for large-scale substitution away from petroleum,” he said. “Today’s alternative fuels and technologies can only gain market share slowly owing to the slow turnover of the cars, trucks and airplanes that use petroleum. Petroleum will still be the dominant fuel for transportation 25 years from now, although other sources of energy will likely have captured a growing foothold in transportation.”
Regardless if the decline is modest, the peak of OECD demand will have major implications, the report finds. Peak demand will dampen the rate of increase in dependency on oil imports. It likewise could also help make economic growth in those countries less susceptible to oil price shocks. Finally, peak OECD demand could counteract the expected rapid demand growth in the developing world.
---
About IHS CERA (www.ihscera.com)
IHS CERA is a leading business information provider to energy companies, consumers, financial institutions, technology providers and governments. IHS CERA (www.cera.com) delivers strategic knowledge and independent analysis on energy markets, geopolitics, industry trends, and strategy. IHS CERA is based in Cambridge, Mass., and has offices in Bangkok, Beijing, Calgary, Dubai, Johannesburg, Mexico City, Moscow, Mumbai, Oslo, Paris, Rio de Janeiro, San Francisco, Tokyo and Washington, DC.
About IHS (www.ihs.com)
IHS (NYSE: IHS) is a leading global source of critical information and insight, dedicated to providing the most complete and trusted information and expertise. IHS product and service solutions span four areas of information that encompass the most important concerns facing global business today: Energy, Product Lifecycle, Security, and Environment, all supported by Macroeconomics. By focusing on customers first, IHS enables innovative and successful decision-making for customers ranging from governments and multinational companies to smaller companies and technical professionals in more than 180 countries. IHS is celebrating its 50th anniversary in 2009 and employs approximately 4,000 people in 20 countries.
IHS is a registered trademark of IHS Inc. CERA is a registered trademark of Cambridge Energy Research Associates, Inc. Copyright ©2009 IHS Inc. All rights reserved.
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---
CAMOil demand in developed countries—currently 54 percent of all oil demand—likely reached its all-time peak in 2005, according to a new research report by IHS Cambridge Energy Research Associates. While world oil demand is now set to grow as the world economy moves from recession to recovery, the demand lost in 30 developed countries that make up the Organization for Economic Cooperation and Development (OECD) is not likely to ever be regained, the report finds.
“The economic downturn has been masking a larger trend in the oil demand of developed countries,” said IHS CERA Chairman and Pulitzer Prize-winning author of The Prize, Daniel Yergin. “The fact is that OECD oil demand has been falling since late 2005, well before the Great Recession began.”
The key factor making it unlikely for OECD demand to ever return to its 2005 peak is that petroleum demand in the transportation sector—which accounts for 60 percent of OECD petroleum demand—is likely to flatten out after years of steady growth. Oil demand outside the transportation sector has already been relatively flat since 1980. Now the conjunction of several long-term factors is doing the same to transportation:
- Demographic and socioeconomic changes – Vehicle ownership rates in developed countries have reached a “saturation” level while aging populations with low to negative population growth suggests a flattening of demand for mobility. The growth of women’s participation in the labor force is also leveling off, meaning the flattening of another source of demand growth.
- Stronger governmental and consumer push for passenger vehicle fuel economy gains – Energy security concerns and climate change initiatives have led OECD governments to tighten fuel economy standards. The rise in energy prices over the past several years has pushed consumers to value increased efficiency and the auto industry through a major reorientation toward greater efficiency.
- Greater penetration of alternative fuels and vehicle technologies – Governments across the OECD continue to favor mandates that increase the share of alternative fuels in the transportation sector. New technologies such as plug-in hybrid electric vehicles and next-generation biofuels could also have a greater impact in the future.
“Petroleum for transportation has been the single driving force behind OECD oil demand for the past two decades,” said Aaron Brady, IHS CERA Director, Global Oil. “After the oil crisis of the early 1980s the nontransportation sector turned to readily available substitutes like coal, gas or nuclear power. Now we are seeing the tempering of the last significant driver of oil demand in developed countries—petroleum for transportation.”
Future world oil demand growth will be driven almost exclusively by emerging markets. The latest IHS CERA World Oil Watch expects oil demand to increase from 83.8 mbd in 2009 to 89.1 mbd in 2014. 83 percent (4.4 mbd) will come from non-OECD countries. China alone is expected to account for 1.6 mbd of cumulative growth. Just 900,000 bpd of growth is expected to come from OECD countries, just a fraction of the 3.7 million bpd of demand lost over the course of 2005 to 2009.
But the peak of OECD oil demand does not mean that the end of the oil age in these developed economies is imminent, the report finds. The size of the decline in oil demand from the peak year of 2005 to 2030 is expected to be fairly modest, says Brady, assuming that some demand rebounds over the next few years.
“The reason for a modest decline is that although the potential for demand growth has diminished so has the potential, at least in the short to medium term, for large-scale substitution away from petroleum,” he said. “Today’s alternative fuels and technologies can only gain market share slowly owing to the slow turnover of the cars, trucks and airplanes that use petroleum. Petroleum will still be the dominant fuel for transportation 25 years from now, although other sources of energy will likely have captured a growing foothold in transportation.”
Regardless if the decline is modest, the peak of OECD demand will have major implications, the report finds. Peak demand will dampen the rate of increase in dependency on oil imports. It likewise could also help make economic growth in those countries less susceptible to oil price shocks. Finally, peak OECD demand could counteract the expected rapid demand growth in the developing world.
---
About IHS CERA (www.ihscera.com)
IHS CERA is a leading business information provider to energy companies, consumers, financial institutions, technology providers and governments. IHS CERA (www.cera.com) delivers strategic knowledge and independent analysis on energy markets, geopolitics, industry trends, and strategy. IHS CERA is based in Cambridge, Mass., and has offices in Bangkok, Beijing, Calgary, Dubai, Johannesburg, Mexico City, Moscow, Mumbai, Oslo, Paris, Rio de Janeiro, San Francisco, Tokyo and Washington, DC.
About IHS (www.ihs.com)
IHS (NYSE: IHS) is a leading global source of critical information and insight, dedicated to providing the most complete and trusted information and expertise. IHS product and service solutions span four areas of information that encompass the most important concerns facing global business today: Energy, Product Lifecycle, Security, and Environment, all supported by Macroeconomics. By focusing on customers first, IHS enables innovative and successful decision-making for customers ranging from governments and multinational companies to smaller companies and technical professionals in more than 180 countries. IHS is celebrating its 50th anniversary in 2009 and employs approximately 4,000 people in 20 countries.
IHS is a registered trademark of IHS Inc. CERA is a registered trademark of Cambridge Energy Research Associates, Inc. Copyright ©2009 IHS Inc. All rights reserved.
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Monday, September 21, 2009
Isakson, Chambliss Urge Administration to Open New Areas for Natural Gas, Oil Development
Expansion Would Create Jobs, Lessen Dependence on Foreign Oil
U.S. Senators Johnny Isakson, R-Ga., and Saxby Chambliss, R-Ga., today joined with 33 of their Senate colleagues in a bipartisan letter to the Administration expressing their strong support for a proposal by the Minerals Management Service to open up new offshore areas for natural gas and oil leasing and development.
“Environmentally responsible exploration of our offshore oil and natural gas resources is a critical part of a comprehensive policy that will enable the United States to become energy independent,” Isakson said. “I hope Secretary Salazar and President Obama will move quickly to utilize these resources, which are important to our national security and economic well-being.”
“It’s important that we utilize all of our domestic energy sources in an environmentally friendly way so that America can become energy independent,” said Chambliss. “Moving forward with the proposed program to lease areas in the Outer Continental Shelf for oil and gas exploration and development is a step in the right direction.”
The full text of the letter to Interior Secretary Ken Salazar is below:
Dear Mr. Secretary:
We are writing to convey our strong support for the Draft Proposed Outer Continental Shelf (OCS) Oil and Gas Leasing Program (DPP) proposed by the U.S. Minerals Management Service (MMS). By opening up new offshore areas for natural gas and oil leasing and development and also allowing for the development of renewable energy as proposed in the DPP, the Department of the Interior can provide the United States with an opportunity to responsibly produce our own energy. This development will bolster our nation’s economy, create new jobs and decrease our dependence on foreign sources of energy.
It is more important than ever that the federal government allow for development of domestic offshore energy supplies made available in the DPP. By offering new leasing opportunities, the DPP is appropriately expansive and provides the Department with maximum flexibility to properly utilize our nation’s domestic resources.
Now is the appropriate time to promote long-term policies that responsibly encourage job creation while growing the economy. Important offshore areas, like those in Alaska, offer tremendous natural gas and oil resources. By some estimates, the Chukchi Sea alone off Alaska’s coast contains as much natural gas and oil as the country has produced in the Gulf of Mexico since 1942.
Additionally, we urge MMS to move forward with the 2007-2012 Leasing Program while working to approve and finalize the new DPP. Implementing a sensible, forward-thinking energy policy will allow for responsible leasing and development of America’s energy resources and will help industries and businesses here at home that rely heavily on natural gas and crude oil. It will also further our national security and energy security interests and, of course, spur jobs and economic growth as we open new areas to leasing and development.
In conclusion, we are pleased to see that the MMS has included new leasing areas in the DPP and has acknowledged the need for the United States to begin responsibly developing the abundant energy resources located off our coasts. We believe that the DPP is an important step in creating a robust, diverse, national energy policy which will help secure our energy future.
We urge you to move forward on the DPP as you work to finalize a new five-year OCS plan. Thank you for your attention to this important matter. Please do not hesitate to contact us if we can be of assistance to you.
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U.S. Senators Johnny Isakson, R-Ga., and Saxby Chambliss, R-Ga., today joined with 33 of their Senate colleagues in a bipartisan letter to the Administration expressing their strong support for a proposal by the Minerals Management Service to open up new offshore areas for natural gas and oil leasing and development.
“Environmentally responsible exploration of our offshore oil and natural gas resources is a critical part of a comprehensive policy that will enable the United States to become energy independent,” Isakson said. “I hope Secretary Salazar and President Obama will move quickly to utilize these resources, which are important to our national security and economic well-being.”
“It’s important that we utilize all of our domestic energy sources in an environmentally friendly way so that America can become energy independent,” said Chambliss. “Moving forward with the proposed program to lease areas in the Outer Continental Shelf for oil and gas exploration and development is a step in the right direction.”
The full text of the letter to Interior Secretary Ken Salazar is below:
Dear Mr. Secretary:
We are writing to convey our strong support for the Draft Proposed Outer Continental Shelf (OCS) Oil and Gas Leasing Program (DPP) proposed by the U.S. Minerals Management Service (MMS). By opening up new offshore areas for natural gas and oil leasing and development and also allowing for the development of renewable energy as proposed in the DPP, the Department of the Interior can provide the United States with an opportunity to responsibly produce our own energy. This development will bolster our nation’s economy, create new jobs and decrease our dependence on foreign sources of energy.
It is more important than ever that the federal government allow for development of domestic offshore energy supplies made available in the DPP. By offering new leasing opportunities, the DPP is appropriately expansive and provides the Department with maximum flexibility to properly utilize our nation’s domestic resources.
Now is the appropriate time to promote long-term policies that responsibly encourage job creation while growing the economy. Important offshore areas, like those in Alaska, offer tremendous natural gas and oil resources. By some estimates, the Chukchi Sea alone off Alaska’s coast contains as much natural gas and oil as the country has produced in the Gulf of Mexico since 1942.
Additionally, we urge MMS to move forward with the 2007-2012 Leasing Program while working to approve and finalize the new DPP. Implementing a sensible, forward-thinking energy policy will allow for responsible leasing and development of America’s energy resources and will help industries and businesses here at home that rely heavily on natural gas and crude oil. It will also further our national security and energy security interests and, of course, spur jobs and economic growth as we open new areas to leasing and development.
In conclusion, we are pleased to see that the MMS has included new leasing areas in the DPP and has acknowledged the need for the United States to begin responsibly developing the abundant energy resources located off our coasts. We believe that the DPP is an important step in creating a robust, diverse, national energy policy which will help secure our energy future.
We urge you to move forward on the DPP as you work to finalize a new five-year OCS plan. Thank you for your attention to this important matter. Please do not hesitate to contact us if we can be of assistance to you.
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Friday, August 14, 2009
Experts discuss breaking US’s oil addiction
No single renewable energy source, such as biofuel, solar or wind, will break the country’s massive dependence on foreign oil. Industry experts, scientists and policymakers gathered to discuss how the three sources combined could at the 2009 Southeast Bioenergy Conference Aug. 11 at the University of Georgia Tifton Campus Conference Center in Tifton, Ga.
Right now, oil is the “trump card” that beats all others in world power, said keynote speaker and prominent astronautics engineer Robert Zubrin, whose recent book “Energy Victory” outlines a plan to break the decades-long economic grip the Organization of Petroleum Exporting Countries has had on the U.S. economy.
More than any other OPEC country, he said, Saudi Arabia is the strongest, making $400 billion from its oil last year, which costs only 50 cents per barrel to pump from the ground. Saudi Arabia produces more oil than the next four OPEC countries combined and uses its dominance to monopolize the market and fund terrorism.
OPEC’s power is very dangerous for the U.S. and the world, he said. For example, the 1973 Arab oil embargo sent the U.S. into economic chaos. At the time, the U.S. only received 30 percent of its oil from foreign countries.
Today, such an embargo would devastate the U.S., which now gets 65 percent of its oil from OPEC. Adding to the threat, OPEC has trillions of dollars in cash reserves and could implement a prolonged embargo.
“They can keep us shut down until you’re gone,” he said.
Oil control has been the key to success or defeat for many conflicts in the past century, particularly WW II. In 1940, the U.S. produced 60 percent of the world’s oil. Its allies Russia and England controlled another 15 percent. Germany lost the war because it literally ran out of gas.
To turn the tide, Zubrin said, alcohol-based fuels like ethanol and methanol must become the new trump card in the energy game. U.S. agriculture’s fertile ground could take a big lead in growing biomass to turn into fuel to power the world.
The first thing the U.S. can do, he said, is mandate all vehicles be equipped to run on flex-fuel, or a mix of gasoline and an alcohol-based fuel. Within a few years of such an action, gas stations would carry more alcohol-based fuels to meet the growing demand, which would help farmers, drastically increase the bioenergy markets and reduce carbon emissions.
Zubrin also estimates it would put 50 million flex-fuel vehicles on U.S. highways and millions more around the world.
Every resource for energy independence must be considered in terms of tax incentives or ways they are promoted, said U.S. Sen. Johnny Isakson (R-Ga.).
“Whether it’s 50 percent of our cars by 2015 burning alternative fuels or whether it’s a voluntary system of protocols to reduce carbon emission into our atmosphere or whether it is tax incentives to promote bioenergy, all of those ought to be promoting every single resource so we in the United States can become energy independent,” Isakson said.
Georgia has the agricultural knowledge, climate, infrastructure and business-friendly atmosphere to lead the country in alternative-energy production, said Georgia Gov. Sonny Perdue.
“Georgia has been uniquely blessed with the natural resources, intellectual capital and entrepreneurial spirit that can make growing, producing and using our own energy a reality right here in our state,” Perdue said.
The three-day conference drew 450 attendants from across the country and world to hear scores of speakers discuss topics such as biofuel crops and biomass, vehicles and farm equipment, conservation strategies, finance, current bioenergy development in the area and career opportunities.
Several entrepreneurs provided workshops on how to make ethanol and biodiesel on the farm. Dozens of vendors participated in the trade show, including Tesla and Gaia Transport, which displayed their cutting-edge renewable energy vehicles entered in the prestigious X Prize competition.
"I believe that now is the most exciting and profitable time to take advantage of renewable energies, and the Southeast Bioenergy Conference is one of the most comprehensive and affordable ways to learn how,” said Craig Kvien, a professor with the UGA College of Agricultural and Environmental Sciences and conference organizer.
By Brad Haire
University of Georgia
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Right now, oil is the “trump card” that beats all others in world power, said keynote speaker and prominent astronautics engineer Robert Zubrin, whose recent book “Energy Victory” outlines a plan to break the decades-long economic grip the Organization of Petroleum Exporting Countries has had on the U.S. economy.
More than any other OPEC country, he said, Saudi Arabia is the strongest, making $400 billion from its oil last year, which costs only 50 cents per barrel to pump from the ground. Saudi Arabia produces more oil than the next four OPEC countries combined and uses its dominance to monopolize the market and fund terrorism.
OPEC’s power is very dangerous for the U.S. and the world, he said. For example, the 1973 Arab oil embargo sent the U.S. into economic chaos. At the time, the U.S. only received 30 percent of its oil from foreign countries.
Today, such an embargo would devastate the U.S., which now gets 65 percent of its oil from OPEC. Adding to the threat, OPEC has trillions of dollars in cash reserves and could implement a prolonged embargo.
“They can keep us shut down until you’re gone,” he said.
Oil control has been the key to success or defeat for many conflicts in the past century, particularly WW II. In 1940, the U.S. produced 60 percent of the world’s oil. Its allies Russia and England controlled another 15 percent. Germany lost the war because it literally ran out of gas.
To turn the tide, Zubrin said, alcohol-based fuels like ethanol and methanol must become the new trump card in the energy game. U.S. agriculture’s fertile ground could take a big lead in growing biomass to turn into fuel to power the world.
The first thing the U.S. can do, he said, is mandate all vehicles be equipped to run on flex-fuel, or a mix of gasoline and an alcohol-based fuel. Within a few years of such an action, gas stations would carry more alcohol-based fuels to meet the growing demand, which would help farmers, drastically increase the bioenergy markets and reduce carbon emissions.
Zubrin also estimates it would put 50 million flex-fuel vehicles on U.S. highways and millions more around the world.
Every resource for energy independence must be considered in terms of tax incentives or ways they are promoted, said U.S. Sen. Johnny Isakson (R-Ga.).
“Whether it’s 50 percent of our cars by 2015 burning alternative fuels or whether it’s a voluntary system of protocols to reduce carbon emission into our atmosphere or whether it is tax incentives to promote bioenergy, all of those ought to be promoting every single resource so we in the United States can become energy independent,” Isakson said.
Georgia has the agricultural knowledge, climate, infrastructure and business-friendly atmosphere to lead the country in alternative-energy production, said Georgia Gov. Sonny Perdue.
“Georgia has been uniquely blessed with the natural resources, intellectual capital and entrepreneurial spirit that can make growing, producing and using our own energy a reality right here in our state,” Perdue said.
The three-day conference drew 450 attendants from across the country and world to hear scores of speakers discuss topics such as biofuel crops and biomass, vehicles and farm equipment, conservation strategies, finance, current bioenergy development in the area and career opportunities.
Several entrepreneurs provided workshops on how to make ethanol and biodiesel on the farm. Dozens of vendors participated in the trade show, including Tesla and Gaia Transport, which displayed their cutting-edge renewable energy vehicles entered in the prestigious X Prize competition.
"I believe that now is the most exciting and profitable time to take advantage of renewable energies, and the Southeast Bioenergy Conference is one of the most comprehensive and affordable ways to learn how,” said Craig Kvien, a professor with the UGA College of Agricultural and Environmental Sciences and conference organizer.
By Brad Haire
University of Georgia
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Arts Across Georgia
Friday, December 12, 2008
Fuel From Fat
When the cost of diesel skyrocketed to more than $4 a gallon, Travis Sweat fought back. Using knowledge from the Internet and recycled oil from fast-food restaurants, he made his own fuel for $1 a gallon.
“I’d heard of other people (making their own fuel), and I knew there were several different ways to do it,” said Sweat, who has run his 1997 Ford F250 on a blend of waste vegetable oil for seven months.
Free oil is the base
Sweat, a game warden from Griffin, Ga., gets free used liquid fryer oil from a friend who owns a restaurant. He uses vegetable, peanut and soybean oils. Hydrogenated oil can’t be used.
Sweat filters the oil twice and puts it through a water separator. It takes 30 minutes to process a 55-gallon batch of fuel. “Basically, I just pour a few things in a drum, filter it and I’m ready to go,” he said.
Sweat’s recipe is 80 percent oil, 15 percent to 20 percent diesel and 5 percent gasoline.
His fuel isn’t biodiesel, which is “harder to make and requires more chemicals,” he said. WVO fuel blend can only run in certain types of engines and injection systems, Sweat said. It won’t work at all in newer trucks.
A smooth ride
When Sweat switches his truck from diesel to his WVO blend, he likes the difference. “The engine gets really quiet and smooth, and it runs a lot better,” he said. “There used to be a rough idle at stop signs, and now there isn’t.”
Sweat’s wife, Stephanie, has faith in her husband’s homemade fuel. She must. She drives the truck to work and to run errands around town.
Sweat admits, though, his greatest concern is engine failure.
“It was a little scary at first,” he said. “If you blow a diesel engine, you’re looking at $5,000 to $10,000 to replace it.”
A matter of time
Sweat should be careful, said Dan Geller, a researcher with the University of Georgia College of Agricultural and Environmental Sciences. From an engineering standpoint, the fuels he’s burning won’t work for long.
“The engineer in me says this is a bad idea because of the potential for disaster,” Geller said. “But the practical, environmental side of me says it’s great. It’s just not for the faint of heart.”
With WVO, not all the oil combusts, he said, and over time carbon builds up in the engine and will damage it.
The problem is chemical not physical. “The molecules in the oil are big molecules, relatively speaking, compared to diesel molecules,” Geller said. “You can thin it all you want, but you aren’t changing the molecule structure.”
Do you feel lucky?
Geller has met hundreds of people who have used WVO in their vehicles for up to five years with no problems. He also knows some who have had unsuccessful ventures with WVO and other homemade fuel recipes.
“If you’re mindful of what you’re doing and are very mechanically inclined, go ahead and try it,” he said. “I wouldn’t personally do it.”
Geller has conducted numerous experiments with biodiesel, he said, and would use it in his own vehicle. “With biodiesel, you go to the pump, you put it in and you don’t have to think about it.”
WVO blended fuel is better for the environment, runs much cleaner than petroleum, is a renewable resource and relieves some of our dependence on foreign oil, he said. “But you can get all the same advantages from biodiesel, and you don’t have to make it yourself.”
By Sharon Dowdy
University of Georgia
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“I’d heard of other people (making their own fuel), and I knew there were several different ways to do it,” said Sweat, who has run his 1997 Ford F250 on a blend of waste vegetable oil for seven months.
Free oil is the base
Sweat, a game warden from Griffin, Ga., gets free used liquid fryer oil from a friend who owns a restaurant. He uses vegetable, peanut and soybean oils. Hydrogenated oil can’t be used.
Sweat filters the oil twice and puts it through a water separator. It takes 30 minutes to process a 55-gallon batch of fuel. “Basically, I just pour a few things in a drum, filter it and I’m ready to go,” he said.
Sweat’s recipe is 80 percent oil, 15 percent to 20 percent diesel and 5 percent gasoline.
His fuel isn’t biodiesel, which is “harder to make and requires more chemicals,” he said. WVO fuel blend can only run in certain types of engines and injection systems, Sweat said. It won’t work at all in newer trucks.
A smooth ride
When Sweat switches his truck from diesel to his WVO blend, he likes the difference. “The engine gets really quiet and smooth, and it runs a lot better,” he said. “There used to be a rough idle at stop signs, and now there isn’t.”
Sweat’s wife, Stephanie, has faith in her husband’s homemade fuel. She must. She drives the truck to work and to run errands around town.
Sweat admits, though, his greatest concern is engine failure.
“It was a little scary at first,” he said. “If you blow a diesel engine, you’re looking at $5,000 to $10,000 to replace it.”
A matter of time
Sweat should be careful, said Dan Geller, a researcher with the University of Georgia College of Agricultural and Environmental Sciences. From an engineering standpoint, the fuels he’s burning won’t work for long.
“The engineer in me says this is a bad idea because of the potential for disaster,” Geller said. “But the practical, environmental side of me says it’s great. It’s just not for the faint of heart.”
With WVO, not all the oil combusts, he said, and over time carbon builds up in the engine and will damage it.
The problem is chemical not physical. “The molecules in the oil are big molecules, relatively speaking, compared to diesel molecules,” Geller said. “You can thin it all you want, but you aren’t changing the molecule structure.”
Do you feel lucky?
Geller has met hundreds of people who have used WVO in their vehicles for up to five years with no problems. He also knows some who have had unsuccessful ventures with WVO and other homemade fuel recipes.
“If you’re mindful of what you’re doing and are very mechanically inclined, go ahead and try it,” he said. “I wouldn’t personally do it.”
Geller has conducted numerous experiments with biodiesel, he said, and would use it in his own vehicle. “With biodiesel, you go to the pump, you put it in and you don’t have to think about it.”
WVO blended fuel is better for the environment, runs much cleaner than petroleum, is a renewable resource and relieves some of our dependence on foreign oil, he said. “But you can get all the same advantages from biodiesel, and you don’t have to make it yourself.”
By Sharon Dowdy
University of Georgia
-----
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Wednesday, December 10, 2008
Deloitte Survey: Seventy-Three Percent of Voters Say America on the Wrong Track
/PRNewswire/ -- Voters feel the country is headed in the wrong overall direction by a five-to-one margin, according to a national survey from Deloitte's Oil & Gas industry group.
The Deloitte survey also identified the four most urgent issues facing the new presidential administration: the nation's economy, 84 percent; the wars in Iraq and Afghanistan, 39 percent; health care, 26 percent; and energy, 19 percent (multiple responses were permitted; numbers do not add up to 100 percent).
The survey placed a special focus on the national energy situation, which voters believe is on the wrong track by a three-to-one margin -- 79 percent claiming that the nation's energy situation is in worse shape now than five years ago.
The survey shows that Americans have a particular passion for renewable energy, but may not realize the need for more hydrocarbons like oil and gas, which are projected to account for the majority of the world's transportation fuels through 2030. Given this fact, the new presidential administration could face a challenge meeting the public's short-term aspirations for renewable energy.
"It's clear from our survey that most voters believe renewable energy is the way of the future," said Gary Adams, vice chairman, oil and gas, Deloitte LLP. "While this is very important, many voters may not understand the current costs and complexities of developing renewable energy."
In the survey, renewables like solar power and wind power have an 86 percent favorability rating, consistent across all age and education groups. Moreover, a plurality of voters (41 percent) believe renewable energy is the cheapest type of energy today, with an additional 10 percentage points (51 percent overall) claiming renewable energy will be the cheapest energy source 25 years from now.
In contrast, the percentage of voters surveyed who believe oil and gas is currently the cheapest energy source trails renewables by 25 points (16 percent feel oil and gas is currently a cheap energy source). What is more, the percentage trails renewables by a full 45 points when voters look into the future (6 percent believe oil and gas will be a cheap energy source 25 years from now).
Adams points out that there is confusion among voters about the real costs of renewable energy sources. "Right now, renewables simply are not as cheap as fossil fuels, which adds to the challenge of satisfying the public's desire to move away from conventional oil and gas in a short time period."
When it comes to sustainability, oil and gas decline even further in voters' minds: 25 percent surveyed say oil and gas are a sustainable energy source today, but only 8 percent say the same will be true 25 years from now -- a 17 point drop.
Adams points out that America urgently needs a comprehensive energy policy that will promote investment in the development of economical alternative fuels, such as renewables and, at the same time, encourage local exploration and production of oil and gas to bridge to the gap to the future.
"The world will be primarily reliant on fossil fuels for at least two generations -- the bridge to tomorrow's new energy future depends on this. The key is to have a sensible plan to transition to a new, cleaner energy era. It is also clear that the oil and gas industry needs to do more to educate the public on the challenges ahead."
Deloitte's survey offers a few clues as to how voters would like go about this transition. First and foremost, voters widely agree on requiring more stringent and mandatory fuel economy standards for all cars sold in America. Most voters, especially younger ones, are also in favor of funding major clean energy projects despite high costs.
Surprisingly, the survey showed that oil and gas are viewed with less outright disdain than one might assume: Conventional oil and gas generally enjoy two-to-one support as an energy source among all voters surveyed, although the level of support is highest among those over the age of 55. At least one in three voters prefers using fossil fuels more efficiently rather than moving away from them. Older voters are also in favor of building new refineries to produce more gasoline.
Still, voters are increasingly skeptical about the longevity of oil and gas as an energy solution. While they are evenly split over whether oil and gas are a short-term or medium-term solution for fulfilling America's energy needs, a mere 10 percent think oil and gas are a long-term solution.
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The Deloitte survey also identified the four most urgent issues facing the new presidential administration: the nation's economy, 84 percent; the wars in Iraq and Afghanistan, 39 percent; health care, 26 percent; and energy, 19 percent (multiple responses were permitted; numbers do not add up to 100 percent).
The survey placed a special focus on the national energy situation, which voters believe is on the wrong track by a three-to-one margin -- 79 percent claiming that the nation's energy situation is in worse shape now than five years ago.
The survey shows that Americans have a particular passion for renewable energy, but may not realize the need for more hydrocarbons like oil and gas, which are projected to account for the majority of the world's transportation fuels through 2030. Given this fact, the new presidential administration could face a challenge meeting the public's short-term aspirations for renewable energy.
"It's clear from our survey that most voters believe renewable energy is the way of the future," said Gary Adams, vice chairman, oil and gas, Deloitte LLP. "While this is very important, many voters may not understand the current costs and complexities of developing renewable energy."
In the survey, renewables like solar power and wind power have an 86 percent favorability rating, consistent across all age and education groups. Moreover, a plurality of voters (41 percent) believe renewable energy is the cheapest type of energy today, with an additional 10 percentage points (51 percent overall) claiming renewable energy will be the cheapest energy source 25 years from now.
In contrast, the percentage of voters surveyed who believe oil and gas is currently the cheapest energy source trails renewables by 25 points (16 percent feel oil and gas is currently a cheap energy source). What is more, the percentage trails renewables by a full 45 points when voters look into the future (6 percent believe oil and gas will be a cheap energy source 25 years from now).
Adams points out that there is confusion among voters about the real costs of renewable energy sources. "Right now, renewables simply are not as cheap as fossil fuels, which adds to the challenge of satisfying the public's desire to move away from conventional oil and gas in a short time period."
When it comes to sustainability, oil and gas decline even further in voters' minds: 25 percent surveyed say oil and gas are a sustainable energy source today, but only 8 percent say the same will be true 25 years from now -- a 17 point drop.
Adams points out that America urgently needs a comprehensive energy policy that will promote investment in the development of economical alternative fuels, such as renewables and, at the same time, encourage local exploration and production of oil and gas to bridge to the gap to the future.
"The world will be primarily reliant on fossil fuels for at least two generations -- the bridge to tomorrow's new energy future depends on this. The key is to have a sensible plan to transition to a new, cleaner energy era. It is also clear that the oil and gas industry needs to do more to educate the public on the challenges ahead."
Deloitte's survey offers a few clues as to how voters would like go about this transition. First and foremost, voters widely agree on requiring more stringent and mandatory fuel economy standards for all cars sold in America. Most voters, especially younger ones, are also in favor of funding major clean energy projects despite high costs.
Surprisingly, the survey showed that oil and gas are viewed with less outright disdain than one might assume: Conventional oil and gas generally enjoy two-to-one support as an energy source among all voters surveyed, although the level of support is highest among those over the age of 55. At least one in three voters prefers using fossil fuels more efficiently rather than moving away from them. Older voters are also in favor of building new refineries to produce more gasoline.
Still, voters are increasingly skeptical about the longevity of oil and gas as an energy solution. While they are evenly split over whether oil and gas are a short-term or medium-term solution for fulfilling America's energy needs, a mere 10 percent think oil and gas are a long-term solution.
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Monday, December 8, 2008
Obama Struggles to Explain Drop of Windfall Profits Tax for Oil and Gas Industry
/PRNewswire-USNewswire/ -- The following is a statement from the American Small Business League:
Barack Obama may already be losing credibility over his explanation as to why he dropped the windfall profits tax on the oil and gas industry from his administration's agenda. During his campaign, President-elect Obama promised to enact a windfall profits tax on the oil and gas industry, which would help finance a $1,000 emergency energy rebate for American families.
During the campaign, Obama repeated his commitment to enacting a windfall profits tax on the oil and gas industry hundreds of times. The Obama camp ran national television advertisements touting the windfall profits tax, and used the issue in campaign speeches right up to the election. (http://www.youtube.com/watch?v=QJPo5IGTd0A)
Now, any mention of the windfall profits tax has been quietly removed from the Obama-Biden transition website, www.change.gov, and an anonymous "transition team aide" acknowledged that the windfall profits tax had been dropped.
The Obama camp's explanation as to why the windfall profits tax has been dropped is inconsistent with the facts and the actual series of events.
The main excuse the Obama camp offered was that the price of oil had dropped below $80 per barrel, and as a result there was no need for a windfall profits tax. (http://www.businessweek.com/bwdaily/dnflash/content/dec2008/db2008124_176271. htm?chan=top+news_top+news+index+-+temp_news+%2B+analysis) There are several problems with their excuse.
According to OPEC, the price of oil dropped below $80 per barrel in early October, yet Obama continued to campaign on the promise of a windfall profits tax.
The windfall profits tax was the number one issue under "economy" on Obama's transition site, www.change.gov, when it was launched on November 6th and the price of oil was $54.89. It was removed without explanation on November 8th. The price of oil remained relatively stable during that three-day time frame and any miniscule change would not justify the sudden and unexplained elimination of one of Obama's cornerstone campaign promises.
The oil and gas industry has been making excessive profits for several years, even when the price of a barrel of oil was dramatically less than it is now. At the present moment gas prices have decreased, but with no windfall profits tax in place the oil companies are free to arbitrarily increase the price of gas at any point in time.
In 2003, when the average price of a barrel of oil was $30.06, big oil companies reaped record profits. (http://www.eia.doe.gov/emeu/international/crude2.html) According to an Associated Press (AP) article dated January 29, 2004, Exxon-Mobil earned $21.51 billion in profits during fiscal year (FY) 2003. At the time, the mark nearly doubled the company's profit during FY 2002. (http://www.washingtonpost.com/wp-dyn/articles/A60862-2004Jan29_2.html)
"It is difficult to believe President-elect Obama's explanation for dropping one of his most significant campaign promises when you look at the facts," American Small Business League President Lloyd Chapman said.
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Barack Obama may already be losing credibility over his explanation as to why he dropped the windfall profits tax on the oil and gas industry from his administration's agenda. During his campaign, President-elect Obama promised to enact a windfall profits tax on the oil and gas industry, which would help finance a $1,000 emergency energy rebate for American families.
During the campaign, Obama repeated his commitment to enacting a windfall profits tax on the oil and gas industry hundreds of times. The Obama camp ran national television advertisements touting the windfall profits tax, and used the issue in campaign speeches right up to the election. (http://www.youtube.com/watch?v=QJPo5IGTd0A)
Now, any mention of the windfall profits tax has been quietly removed from the Obama-Biden transition website, www.change.gov, and an anonymous "transition team aide" acknowledged that the windfall profits tax had been dropped.
The Obama camp's explanation as to why the windfall profits tax has been dropped is inconsistent with the facts and the actual series of events.
The main excuse the Obama camp offered was that the price of oil had dropped below $80 per barrel, and as a result there was no need for a windfall profits tax. (http://www.businessweek.com/bwdaily/dnflash/content/dec2008/db2008124_176271. htm?chan=top+news_top+news+index+-+temp_news+%2B+analysis) There are several problems with their excuse.
According to OPEC, the price of oil dropped below $80 per barrel in early October, yet Obama continued to campaign on the promise of a windfall profits tax.
The windfall profits tax was the number one issue under "economy" on Obama's transition site, www.change.gov, when it was launched on November 6th and the price of oil was $54.89. It was removed without explanation on November 8th. The price of oil remained relatively stable during that three-day time frame and any miniscule change would not justify the sudden and unexplained elimination of one of Obama's cornerstone campaign promises.
The oil and gas industry has been making excessive profits for several years, even when the price of a barrel of oil was dramatically less than it is now. At the present moment gas prices have decreased, but with no windfall profits tax in place the oil companies are free to arbitrarily increase the price of gas at any point in time.
In 2003, when the average price of a barrel of oil was $30.06, big oil companies reaped record profits. (http://www.eia.doe.gov/emeu/international/crude2.html) According to an Associated Press (AP) article dated January 29, 2004, Exxon-Mobil earned $21.51 billion in profits during fiscal year (FY) 2003. At the time, the mark nearly doubled the company's profit during FY 2002. (http://www.washingtonpost.com/wp-dyn/articles/A60862-2004Jan29_2.html)
"It is difficult to believe President-elect Obama's explanation for dropping one of his most significant campaign promises when you look at the facts," American Small Business League President Lloyd Chapman said.
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Monday, December 1, 2008
Energy Efficiency Helps Consumers 'Weather' Heating Bills at Time of Economic Strain for Many, Says Alliance to Save Energy
/PRNewswire-USNewswire/ -- Even though winter energy price projections have come down, consumers already facing a tough economic climate are likely to be paying more to heat their homes this winter than they spent a year or two ago, according to the Alliance to Save Energy. High home heating costs make energy efficiency as timely as ever, says the Alliance, which also highlights new federal income tax credits for homeowners who make energy efficiency home improvements in 2009.
-- Those who heat with natural gas will spend almost $900 this winter, an
increase of about 4 percent over last winter and 9 percent over winter
2006-7.
-- Consumers using home heating oil will spend almost $1,700 this winter
- a decrease of 13 percent compared to last winter but an increase of
17 percent from 2006-7.
-- Propane users will spend about $1,550 this winter, a decrease of 8
percent from last winter but 15 percent more than two years ago.
-- Consumers with electric heat will spend almost $950 this winter,
almost 10 percent more than last winter and 14 percent more than two
years ago.
"The average U.S. household will spend $2,300 on home energy this year - 7 percent more than last year and 12 percent more than in 2006 - with winter heating bills taking a large 'bite' out of household budgets going into next year," noted Alliance President Kateri Callahan. "At a time of financial stress and strain for many, simple yet effective energy-saving steps are the way to go - not only to save money, but also to make homes more comfortable and help protect the environment.
"New federal income tax credits for energy efficiency home upgrades made in 2009 can partially offset the up-front cost of new equipment such as highly efficient furnaces and heat pumps or ENERGY STAR windows," she continued. "All the details are on the Alliance consumer website at www.ase.org/taxcredits.
"Another consideration is that powering the average U.S. home produces more than twice the greenhouse gas pollution as the average car - 25,000 pounds of carbon dioxide annually compared with 12,000 pounds for a typical car," Callahan added. "So when you use energy efficiency to lower your home energy bills, you also are helping the planet."
The Alliance suggests the following winter home energy tips:
-- Smart Fix - Plug up leaks to the outside - Seal air leaks with
sealant, caulking, and weather stripping; and install appropriate
insulation for your climate to increase your comfort, make your home
quieter and cleaner, and reduce your heating (and summer cooling)
costs up to 20 percent. In 2009, these energy efficiency improvements
can also generate a federal income tax credit of up to $500 for 10
percent of the cost of the materials (but not installation).
-- Properly maintain your HVAC system. Just as a tune-up for your car
can improve your gas mileage, a yearly tune-up of your heating and
cooling system can improve efficiency and comfort. Consider a
semi-annual or yearly professional "tune-up" of the system to ensure
it is working efficiently. The federal government's ENERGY STAR
website can help you find a qualified individual
(www.energystar.gov/index.cfm?c=heat_cool.pr_contractors_10tips).
-- Keep furnace filters clean. Check your filter every month, especially
during heavy use months (winter and summer), and change it if it looks
dirty. At a minimum, change the filter every 3 months. A dirty filter
will slow down air flow and make the system work harder to keep you
warm or cool - wasting energy. A clean filter will also prevent dust
and dirt from building up in the system - leading to expensive
maintenance and/or early system failure.
-- Let a programmable thermostat "remember for you" to lower the heat
while your home is empty and/or overnight to reduce heating costs by
up to 10 percent - and allow you to come home to and wake up to a
toasty, comfortable house.
-- Consider installing ENERGY STAR qualified heating and cooling
equipment. If you have to replace your HVAC equipment, consider a
unit that has earned the ENERGY STAR. Installed correctly, these
high-efficiency units can save up to 20 percent on heating and cooling
costs. Certain highly efficient models qualify for a federal income
tax credit in 2009.
-- Seal your heating and cooling ducts. In a typical house, about 20
percent of the air that moves through the duct system is lost due to
leaks, holes, and poorly connected ducts. Sealing and insulating
ducts increases efficiency, lowers home energy bills, and can often
pay for itself in energy savings. Also, a well-designed and sealed
duct system may make it possible to downsize to a smaller, less costly
heating and cooling system that will provide better dehumidification.
Insulate ducts in unheated areas such as attics, crawlspaces, and
garages with duct insulation that carries an R-value of 6 or higher.
-- Insulate your hot water storage tank according to manufacturer's
directions (being careful not to cover the thermostat or the burner
compartment in an oil- or natural gas-powered tank) and the first six
feet of the hot and cold water pipes connected to the water heater,
too.
-- Open curtains and other window treatments on your west- and
south-facing windows during the day to allow sunlight to naturally
heat your home, and close them at night.
-- Go "window shopping" at www.efficientwindows.org to discover how
high-performance ENERGY STAR-labeled windows can cut heating and
cooling costs by as much as 30 percent while increasing indoor comfort
and lessening fading of home furnishings. ENERGY STAR windows, too,
are eligible for a federal tax credit in 2009 - 10 percent of the cost
(but not installation) up to $200.
-- Also look for the ENERGY STAR label, the symbol of energy efficiency,
when replacing or buying appliances, electronics, lighting and many
other product categories. See www.energystar.gov for details on all 50
types of products.
Many more winter tips are available on the Alliance to Save Energy's consumer website at www.ase.org/consumers and http://www.ase.org/content/article/detail/924.
The Alliance to Save Energy is a coalition of prominent business, government, environmental, and consumer leaders who promote the efficient and clean use of energy worldwide to benefit consumers, the environment, the economy, and national security.
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-- Those who heat with natural gas will spend almost $900 this winter, an
increase of about 4 percent over last winter and 9 percent over winter
2006-7.
-- Consumers using home heating oil will spend almost $1,700 this winter
- a decrease of 13 percent compared to last winter but an increase of
17 percent from 2006-7.
-- Propane users will spend about $1,550 this winter, a decrease of 8
percent from last winter but 15 percent more than two years ago.
-- Consumers with electric heat will spend almost $950 this winter,
almost 10 percent more than last winter and 14 percent more than two
years ago.
"The average U.S. household will spend $2,300 on home energy this year - 7 percent more than last year and 12 percent more than in 2006 - with winter heating bills taking a large 'bite' out of household budgets going into next year," noted Alliance President Kateri Callahan. "At a time of financial stress and strain for many, simple yet effective energy-saving steps are the way to go - not only to save money, but also to make homes more comfortable and help protect the environment.
"New federal income tax credits for energy efficiency home upgrades made in 2009 can partially offset the up-front cost of new equipment such as highly efficient furnaces and heat pumps or ENERGY STAR windows," she continued. "All the details are on the Alliance consumer website at www.ase.org/taxcredits.
"Another consideration is that powering the average U.S. home produces more than twice the greenhouse gas pollution as the average car - 25,000 pounds of carbon dioxide annually compared with 12,000 pounds for a typical car," Callahan added. "So when you use energy efficiency to lower your home energy bills, you also are helping the planet."
The Alliance suggests the following winter home energy tips:
-- Smart Fix - Plug up leaks to the outside - Seal air leaks with
sealant, caulking, and weather stripping; and install appropriate
insulation for your climate to increase your comfort, make your home
quieter and cleaner, and reduce your heating (and summer cooling)
costs up to 20 percent. In 2009, these energy efficiency improvements
can also generate a federal income tax credit of up to $500 for 10
percent of the cost of the materials (but not installation).
-- Properly maintain your HVAC system. Just as a tune-up for your car
can improve your gas mileage, a yearly tune-up of your heating and
cooling system can improve efficiency and comfort. Consider a
semi-annual or yearly professional "tune-up" of the system to ensure
it is working efficiently. The federal government's ENERGY STAR
website can help you find a qualified individual
(www.energystar.gov/index.cfm?c=heat_cool.pr_contractors_10tips).
-- Keep furnace filters clean. Check your filter every month, especially
during heavy use months (winter and summer), and change it if it looks
dirty. At a minimum, change the filter every 3 months. A dirty filter
will slow down air flow and make the system work harder to keep you
warm or cool - wasting energy. A clean filter will also prevent dust
and dirt from building up in the system - leading to expensive
maintenance and/or early system failure.
-- Let a programmable thermostat "remember for you" to lower the heat
while your home is empty and/or overnight to reduce heating costs by
up to 10 percent - and allow you to come home to and wake up to a
toasty, comfortable house.
-- Consider installing ENERGY STAR qualified heating and cooling
equipment. If you have to replace your HVAC equipment, consider a
unit that has earned the ENERGY STAR. Installed correctly, these
high-efficiency units can save up to 20 percent on heating and cooling
costs. Certain highly efficient models qualify for a federal income
tax credit in 2009.
-- Seal your heating and cooling ducts. In a typical house, about 20
percent of the air that moves through the duct system is lost due to
leaks, holes, and poorly connected ducts. Sealing and insulating
ducts increases efficiency, lowers home energy bills, and can often
pay for itself in energy savings. Also, a well-designed and sealed
duct system may make it possible to downsize to a smaller, less costly
heating and cooling system that will provide better dehumidification.
Insulate ducts in unheated areas such as attics, crawlspaces, and
garages with duct insulation that carries an R-value of 6 or higher.
-- Insulate your hot water storage tank according to manufacturer's
directions (being careful not to cover the thermostat or the burner
compartment in an oil- or natural gas-powered tank) and the first six
feet of the hot and cold water pipes connected to the water heater,
too.
-- Open curtains and other window treatments on your west- and
south-facing windows during the day to allow sunlight to naturally
heat your home, and close them at night.
-- Go "window shopping" at www.efficientwindows.org to discover how
high-performance ENERGY STAR-labeled windows can cut heating and
cooling costs by as much as 30 percent while increasing indoor comfort
and lessening fading of home furnishings. ENERGY STAR windows, too,
are eligible for a federal tax credit in 2009 - 10 percent of the cost
(but not installation) up to $200.
-- Also look for the ENERGY STAR label, the symbol of energy efficiency,
when replacing or buying appliances, electronics, lighting and many
other product categories. See www.energystar.gov for details on all 50
types of products.
Many more winter tips are available on the Alliance to Save Energy's consumer website at www.ase.org/consumers and http://www.ase.org/content/article/detail/924.
The Alliance to Save Energy is a coalition of prominent business, government, environmental, and consumer leaders who promote the efficient and clean use of energy worldwide to benefit consumers, the environment, the economy, and national security.
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Saturday, October 25, 2008
John McCain Message re: America's Dependence on Foreign Oil
Problem: America's Dependence on Foreign Oil
Our nation's security and prosperity depends on our nation's ability to break its strategic dependence on foreign sources of energy. America needs to achieve energy independence and John McCain has the plan to do it!
John McCain's Solution: The Lexington Project
The Lexington Project is John McCain's comprehensive energy policy that includes:
Expanding domestic oil and natural gas exploration and production
Reforming our transportation sector
Investing in clean, alternative sources of energy
Clean coal
45 new nuclear power plants by 2030
Alternative, low carbon fules such as wind, hydro, and solar power
A permanent tax credit equal to 10 % of wages spent on R&D
Promoting energy efficency
Addressing the speculative pricing of oil
Follow this link to learn more about the plan: The Lexington Project
As president, John McCain will take the necessary steps to ensure that Americans have dependable energy sources: producing more power, encouraging technology development, reducing energy prices, and addressing climate change.
Have you seen our latest ad? Check out the "I AM JOE" ad! Special shout out to Georgia's own Pam the Antique Dealer!!! Want to get involved in the campaign in your community? Go to our Georgia County Chair page to find your county's McCain Palin Chair and get involved NOW in the campaign!
Our nation's security and prosperity depends on our nation's ability to break its strategic dependence on foreign sources of energy. America needs to achieve energy independence and John McCain has the plan to do it!
John McCain's Solution: The Lexington Project
The Lexington Project is John McCain's comprehensive energy policy that includes:
Expanding domestic oil and natural gas exploration and production
Reforming our transportation sector
Investing in clean, alternative sources of energy
Clean coal
45 new nuclear power plants by 2030
Alternative, low carbon fules such as wind, hydro, and solar power
A permanent tax credit equal to 10 % of wages spent on R&D
Promoting energy efficency
Addressing the speculative pricing of oil
Follow this link to learn more about the plan: The Lexington Project
As president, John McCain will take the necessary steps to ensure that Americans have dependable energy sources: producing more power, encouraging technology development, reducing energy prices, and addressing climate change.
Have you seen our latest ad? Check out the "I AM JOE" ad! Special shout out to Georgia's own Pam the Antique Dealer!!! Want to get involved in the campaign in your community? Go to our Georgia County Chair page to find your county's McCain Palin Chair and get involved NOW in the campaign!
Tuesday, October 7, 2008
Outdated Regulations Slow Oil, Gas Drilling In Tennessee
(BUSINESS WIRE)--High crude oil and natural gas prices, new drilling technology and the state's Chattanooga Shale could combine to turn Tennessee into a significant oil and gas producing state, if enforcement of outdated regulations doesn't slow or even stop oil and gas exploration, said one industry official.
"We are currently producing crude oil and natural gas in 11 Tennessee counties, and there is potential for oil and gas producing from more than half of the state's counties," explained Scott Gilbert, President, Tennessee Oil & Gas Association (TOGA).
"Horizontal drilling in the Chattanooga Shale is a major factor in the growth of oil and gas development through a good portion of the state," said Scott. "And high crude oil and natural gas prices is another contributing factor.
"This could all come to a halt unless we can convince the state's Oil & Gas Board to make the kind of changes needed in the state's oil and gas regulations to stimulate oil and gas development rather than hold it back," he added.
Scott noted that many of the oil and gas regulations were written 30 or more years ago, when oil was less than $10 a barrel and natural gas was just flared into the atmosphere. Today oil prices are nearly $100 and natural gas is selling for $8 or more an mcf.
"Thirty years ago, if a well didn't flow oil when it was drilled in, it was considered a dry hole. Fifty years ago, all too often dry holes were not plugged and were just open. Thus, the regulation that require either producing or plugging all wells.
"With today's technology, we can turn many old wells that appear to be dry into a substantial oil or gas producer. But if the state forces old wells to be plugged, they can seldom, if ever be reopened," Gilbert noted.
"In addition, it often takes months or even years to drill enough gas wells to justify a pipeline. If we are forced, by the Water Pollution Control Division, to plug a well within six months, there would be very few wells drilled for gas, and certainly no wildcat wells where the operator may have to wait for many years for a pipeline," he added.
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"We are currently producing crude oil and natural gas in 11 Tennessee counties, and there is potential for oil and gas producing from more than half of the state's counties," explained Scott Gilbert, President, Tennessee Oil & Gas Association (TOGA).
"Horizontal drilling in the Chattanooga Shale is a major factor in the growth of oil and gas development through a good portion of the state," said Scott. "And high crude oil and natural gas prices is another contributing factor.
"This could all come to a halt unless we can convince the state's Oil & Gas Board to make the kind of changes needed in the state's oil and gas regulations to stimulate oil and gas development rather than hold it back," he added.
Scott noted that many of the oil and gas regulations were written 30 or more years ago, when oil was less than $10 a barrel and natural gas was just flared into the atmosphere. Today oil prices are nearly $100 and natural gas is selling for $8 or more an mcf.
"Thirty years ago, if a well didn't flow oil when it was drilled in, it was considered a dry hole. Fifty years ago, all too often dry holes were not plugged and were just open. Thus, the regulation that require either producing or plugging all wells.
"With today's technology, we can turn many old wells that appear to be dry into a substantial oil or gas producer. But if the state forces old wells to be plugged, they can seldom, if ever be reopened," Gilbert noted.
"In addition, it often takes months or even years to drill enough gas wells to justify a pipeline. If we are forced, by the Water Pollution Control Division, to plug a well within six months, there would be very few wells drilled for gas, and certainly no wildcat wells where the operator may have to wait for many years for a pipeline," he added.
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Tuesday, August 12, 2008
New Survey Finds Georgians Support Increased Access to Domestic Oil and Natural Gas Resources
PRNewswire-USNewswire/ -- Georgians are concerned about the price of gasoline and the majority of them support increased access to domestic oil and natural gas resources, a new survey finds.
"This research confirms what every recent poll has shown. Georgians, like Americans everywhere, are feeling the crush of high gasoline costs and support increasing domestic supplies of oil and natural gas," said Ric Cobb, executive director of the Georgia Petroleum Council (GPC). "Sadly, some in Congress are ignoring this groundswell and blocking a balanced energy policy that includes development of America's vast natural resources, along with more conservation, energy efficiency and increased supplies of all sources of energy."
The poll was conducted by telephone between July 10 and July 27, 2008 by Harris Interactive and commissioned by API. The survey of 501 registered Georgia voters who are likely to vote in the upcoming presidential election found 66 percent of those surveyed said they somewhat or strongly support increased access to domestic oil and natural gas resources. Only 23 percent of respondents said they opposed increased access. An overwhelming 97 percent said they are somewhat or very concerned about the price of gasoline.
"America's oil and natural gas companies are ready to work with government at all levels to enact a comprehensive energy plan that includes increasing domestic supplies while protecting our environment," said Cobb. "It's time for Congress to lift the ban on offshore drilling."
Currently, Congress is blocking the exploration and development of abundant oil and natural gas reserves beneath non-park federal lands and coastal waters. Advanced technology means America's oil and natural gas companies can efficiently explore for these resources while protecting the environment. Based on federal government data, these resources could provide enough oil to fuel more than 65 million cars for 60 years and enough natural gas to heat 60 million homes for 160 years.
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