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Last week, GOP presidential candidate Mitt Romney announced his energy platform, which emphasizes the goal of U.S. energy independence through increased offshore drilling, particularly in the mid-Atlantic, an “energy partnership” with Mexico and Canada, and through greater control over energy production on federal lands for states. “States are far better able to develop, adopt and enforce regulations based on their unique resources, geology and local concerns,” said Romney. Enacting these policies would lead to over $1 trillion in revenue for federal, state, and local governments, more than 3 million new jobs, and a resurgence in U.S. manufacturing, according to the… [more]
View InsightHouse leadership is planning a vote this week on a bill to expand leasing for offshore drilling, the “Congressional Replacement of President Obama’s Energy-Restricting and Job-Limiting Offshore Drilling Plan” (H.R. 6082). As E&E News reports, the bill would “expand future offshore leasing to almost all of the Atlantic Ocean, the southern Pacific and Alaska’s Bristol Bay, all areas that were excluded from Interior’s final five-year leasing plan.” The bill would also double the number of sales in the Department of Interior’s plan and accelerate by three years sales Interior plans in Alaska’s Chukchi and Beaufort seas. Some have criticized the… [more]
View InsightA new report, produced by Battelle Memorial Institute and funded by the American Petroleum Institute and America’s Natural Gas Alliance, criticizes an EPA study plan that details a proposed agency investigation into the potential impacts of hydraulic fracturing on drinking water. The Batelle report calls for greater collaboration between industry and the EPA, and with the EPA’s study potentially informing federal drilling regulations, industry is keen to lend their voice. The report asserts that with the “industry’s extensive experience with production of oil and gas from unconventional reservoirs, its unique expertise in the process of hydraulic fracturing and associated technologies,… [more]
View InsightRecent increases in U.S. natural gas and oil production – increases dramatic enough to drive speculation about and calls for U.S. exports of these resources – have brought the prospect of an energy self-sufficient U.S. into sight, while geopolitical and market volatility around the globe continue to make energy independence an attractive policy goal. However, the question remains: Would U.S. energy independence necessarily mean U.S. energy security? According to a report from Securing America’s Future Energy, The New American Oil Boom: Implications for Energy Security, “energy security,” defined as our economy’s ability to withstand shocks to energy supply, is too… [more]
View InsightA House vote on H.R. 4480, the Strategic Energy Production Act of 2012, also being cited as the Domestic Energy and Jobs Act, has brought a veto threat from the White House and the introduction of 27 amendments from Representatives. The Congressional Research Service reports that the bill would direct the Secretary of Energy to develop a plan to increase the percentage of federal lands leased for oil and gas exploration, development, and production, and would require that additional federal land be put under production if the Strategic Petroleum Reserve is tapped. The bill also calls for a streamlining of the drill permitting… [more]
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As Arctic ice recedes in the summer months, nations, including the U.S., are eying the region’s mineral and fossil fuel resources. The U.S. Geological Survey estimates that the Arctic holds 13 percent of the world’s undiscovered conventional oil and 30 percent of its undiscovered natural gas. Secretary of State Hilary Clinton was in Tromso, Norway, last week telling reporters“A lot of countries are looking at what will be the potential for exploration and extraction of natural resources as well as new sea lanes,” but that it was important that countries “agree on ‘rules of the road’ in the Arctic so… [more]
View InsightAccording to a Japanese news service, The Obama Administration will call for a release of strategic oil reserves (SPR) at the upcoming G8 summit. The expected request comes in advance of Europe’s July embargo on Iranian oil. Oil prices have declined in recent weeks, and the U.S. has seen increasing crude inventories. The Administration may be eager to assure minimal price disruptions as a result of the embargo, although the White House has downplayed reports of its support for a strategic oil release. The International Energy Agency will decide if oil reserves should be tapped, and as recently as two… [more]
View InsightA new report from the Energy Security Leadership Council, a group including business leaders and retired military officials, warns that U.S. energy policy advocates are conflating “energy independence” with “energy security.” Relying on increased domestic production oil and natural gas is misguided, they argue, and the country should instead seek to decrease reliance on all oil. The report acknowledges that the recent boom in energy production in the U.S. will have positive economic impacts, and calls for the government to make federal lands available for oil and gas development. However, the authors state, “as long as the United States remains… [more]
View InsightEastern Utah may see tar sand production begin later this year. A private company, the Alberta-based U.S. Oil Sands, has invested $6 million since 2005 to test the oil sands at its 6,000-acre lease in eastern Utah and develop pilot projects on state land. They were granted preliminary permits to begin production in 2009, and have been raising capital and developing plans to begin production. “We would expect to hopefully to have this up and running by about September of next year,” said Cameron Todd, CEO of U.S. Oil Sands. The Bureau of Land Management estimates that the sands could… [more]
View InsightOn Tuesday, President Obama outlined a package of efforts his administration is pursuing to ensure that energy traders are not responsible for “market manipulation” that drives up the cost of oil and consequently gasoline. President Obama called on Congress to “pass a package of measures to crack down on illegal activity and hold accountable those who manipulate the market for private gain at the expense of millions of working families.” Specifically, Obama suggested that Congress should provide funding to better police energy trading, and policing of those investors usually go for stock apps when trading online. He suggested that Congress… [more]
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