Search Results for oil
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Tax Breaks for Oil Companies

Author(s): OurEnergyPolicy.org
Administrator
OurEnergyPolicy.org
Date: March 30, 2012 at 7:25 AM

A Senate bill that would have cut $24 billion in tax breaks to oil companies over 10 years was blocked by Republicans yesterday. The bill, endorsed by President Obama hours before the vote, would have used $11.7 billion of the $24 billion to extend renewable energy tax credits and fund clean energy initiatives. The remainder would have gone toward deficit reduction. Critics of the bill have said that it would do nothing to reduce gas prices. Would legislation like this impact gas prices in the short- to medium-term? Should the U.S. remove subsidies from one industry in order to subsidize… [more]

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CRS: Limited Short-Term Options on Gas Prices

Author(s): OurEnergyPolicy.org
Administrator
OurEnergyPolicy.org
Date: March 20, 2012 at 8:10 AM

A recent Congressional Research Service report titled “Rising Gasoline Prices 2012” states that Congress has “limited short term options … to address gasoline prices.” The report identifies six short-run policy options – a Strategic Petroleum Reserve release, a gasoline tax holiday, relaxed fuel specifications, limits on refined gasoline exports, limits on commodities speculation, and diplomatic measures – and concludes that it is unclear “what the price impact of these short term options would be” and that they would involve policy tradeoffs which may include “national security, fiscal, and health priorities.” The report briefly addresses longer-term policy options, i.e. “measures that… [more]

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CBO: Recent Growth in Subsidies for Renewables, Efficiency

Author(s): OurEnergyPolicy.org
Administrator
OurEnergyPolicy.org
Date: March 15, 2012 at 8:12 AM

A recent report from the Congressional Budget Office found that in 2011 federal support for fuel and energy technology development and production was $24 billion. Of this, $20.5 billion, or 85%, was in the form of “tax preferences—such as special deductions, special tax rates, tax credits, and grants in lieu of tax credits”; the remainder was made up by the Department of Energy’s spending programs. Of the total $24 billion provided in 2011, about $16 billion, or 78%, went toward support of renewables, energy efficiency, and alternative vehicles.   According to the report, historically energy-related tax preference support was “primarily… [more]

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Climate Impact of Canada’s Oil Sands

Author(s): OurEnergyPolicy.org
Administrator
OurEnergyPolicy.org
Date: March 14, 2012 at 7:48 AM

A paper by researchers at the University of Alberta, Edmonton found that the impact of Canadian oil sands mining, and subsequent land restoration, on carbon release has been significantly underestimated. This is due to the mining process’s destruction of peatland – bogs, swamps, etc. that host partially decayed organic matter – which, when destroyed, releases high levels of carbon. From the paper’s abstract in the Proceedings of the National Academies of Science: “We quantified the wholesale transformation of the boreal landscape by open-pit oil sands mining in Alberta, Canada to evaluate its effect on carbon storage and sequestration. Contrary to… [more]

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Economist: High Oil Prices Not (Necessarily) Bad for Economy

Author(s): OurEnergyPolicy.org
Administrator
OurEnergyPolicy.org
Date: March 6, 2012 at 8:22 AM

In a Yardeni Research blog post highlighted by an article in the New York Times, economist Ed Yardeni argued that rising oil prices “may actually be good for the stock market, up to a point.” This is due, in part, to energy sector companies like Chevron and Exxon making up more than 12% of the S&P 500’s market capitalization. Yardeni notes that since late 2008 there has been “a strong positive correlation between energy prices and the stock market.” If prices continue to rise, however, the odds of that positive effect lasting diminishes. “At some point,” Yardeni told the Times,… [more]

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Transcript: Jobs, the Energy Sector & Government

Author(s): OurEnergyPolicy.org
Administrator
OurEnergyPolicy.org
Date: February 23, 2012 at 8:47 AM

“Jobs, the Energy Sector, and Government” February 16th, 2012 Capitol Hill, Washington, DC   Opening Remarks: WILLIAM SQUADRON, President, OurEnergyPolicy.org Speakers: KENNETH P. GREEN, Resident Scholar, American Enterprise Institute JIGAR SHAH, CEO, Carbon War Room ROBERT H. TOPEL, Professor, Urban and Labor Economics, Booth School of Business, University of Chicago YOSSIE HOLLANDER (moderator), Founder and Chairman, OurEnergyPolicy.org   MR. SQUADRON:  Thank you all for coming.  There’s still a few people outside coming in, in a little bit of a line, but we should get started, because I know all of you have busy schedules, and we appreciate your taking the… [more]

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U.S., Mexico Reach Gulf Drilling Agreement

Author(s): OurEnergyPolicy.org
Administrator
OurEnergyPolicy.org
Date: February 22, 2012 at 8:38 AM

U.S. and Mexican negotiators on February 20th reached a deal – called The Transboundary Agreement – that would regulate oil and gas development along the countries’ maritime border in the Gulf of Mexico. The Agreement would allow each country to oversee the environmental and safety protocols of the other, and could by June open 1.5 million acres of U.S. offshore territory for oil and gas development. The U.S. Interior Department estimates that the area in question “contains as much as 172 million barrels of oil and 300 billion cubic feet of natural gas, relatively modest amounts by the oil-rich gulf’s… [more]

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What’s Next? Choosing Wisely at the End of the Oil Age

Author(s): Dr. Bruce Dale
University Distinguished Professor
Michigan State University, Dept. of Chemical Engineering
Date: January 12, 2012 at 8:31 AM

The past century can rightly be called the Age of Oil.  World oil consumption grew from about 20 million metric tons/year in 1900 to nearly 4000 million tons/year in 2005—a 200 fold increase.  The economic activity enabled by oil consumption also greatly increased both human wealth and the human population size over the last century. But it is also clear that the Age of Oil is winding down.  It is obvious, but often forgotten, that we must discover oil before we can produce, refine and use it.  Worldwide, the rate of discovery of new oil reserves peaked in the 1960s.… [more]

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California LCFS Ruled Unconstitutional

Author(s): OurEnergyPolicy.org
Administrator
OurEnergyPolicy.org
Date: January 4, 2012 at 8:17 AM

A federal judge has ruled to block California’s Low Carbon Fuel Standard, arguing that it “unconstitutionally discriminates against out-of-state producers and tries to regulate activities that take place entirely outside state boundaries.” The standard “impermissibly treads into the province and powers of our federal government, reaches beyond its boundaries to regulate activity wholly outside of its borders,” the judge said. [The New York Times] The standard would function by using life-cycle analysis to identify the CO2 intensity of fuels. Fuel-makers whose products have lower CO2 intensity would be rewarded with tradable credits. Those selling higher CO2 fuels would have to… [more]

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Analysts Predict High Oil Prices in 2012

Author(s): OurEnergyPolicy.org
Administrator
OurEnergyPolicy.org
Date: December 30, 2011 at 8:12 AM

Oil prices are expected to average between $100 and $120/barrel in 2012. “Economists say they expect prices to remain high despite the relative weaknesses of the American and European economies because global demand for oil … is escalating and outstripping supply.” [New York Times] Due in part to consumers driving less and purchasing more fuel efficient cars, the United States economy has weathered high oil prices relatively well in 2011. Bernard Baumohl, chief global economist at the Economic Outlook Group, told the Times that “the danger is if oil starts to move toward $130 a barrel, or even higher… Then… [more]

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