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President
Micro-Utilities, Inc.
A number of studies have shown that high oil prices have been a major factor in causing recessions in the United States. The cause of previous high oil prices has often been tied to events such as strikes in oil producing nations (e.g. Venezuela), wars (Iraq invading Kuwait, the Iran/Iraq war, the Gulf war), oil embargoes (Saudi Arabia and other OPEC nations cutting off oil supplies to countries that supported Israel in the Yom Kippur war), and revolutions like the Iranian revolution. In one form or another all of these events could be grouped together as political events that caused high… [more]
View InsightUniversity Distinguished Professor
Michigan State University, Dept. of Chemical Engineering
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]
View InsightYesterday House Speaker John Boehner announced that H.R. 7, The American Energy & Infrastructure Jobs Act, will be put to a vote in “the coming weeks and months”. H.R. 7 would use revenue from expanded domestic oil drilling to fund infrastructure projects. According to the Speaker the bill “will link expanded American energy production to high-priority infrastructure projects like roads and bridges in order to create more jobs.” According to a summary of H.R. 7 on the Speaker’s website, the bill would: “Fund High-Priority Projects. The bill would remove federal requirements that currently force states to spend highway money on… [more]
View InsightOil 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]
View InsightThe New York Times has reported that Iran has threatened to block all oil shipments through the Strait of Hormuz, which serves as a transport corridor for approximately 1/5 of world oil supply. The threat is in response to U.S. sanctions on Iran that are awaiting President Obama’s signature. The sanctions, if enforced, would penalize foreign businesses for doing business with Iran’s national bank, which is responsible for collecting payment on much of the country’s energy exports. The sanctions are in response to a November IAEA report, and are intended to penalize Iran for pursuing secretly nuclear weapons in spite… [more]
View InsightExxonMobil recently released its 2012 Outlook for Energy: A View to 2040, a report forecasting energy trends out for the next several decades. Among the projections highlighted in ExxonMobil’s announcement: “Global energy demand is expected to rise by about 30 percent from 2010 to 2040, [but] demand growth would be approximately four times that amount without projected gains in efficiency.” “ExxonMobil sees advanced hybrid vehicles accounting for 50 percent of the cars people will drive in 2040, compared to about 1 percent today. This, plus improved fuel economy in conventional vehicles, will cause demand for energy for personal vehicles to… [more]
View InsightTranscript: “Economics of America’s Oil Dependence” Opening Remarks: WILLIAM SQUADRON, President, OurEnergyPolicy.org REPRESENTATIVE PETER WELCH (D VT), Co Chair, Congressional Peak Oil Caucus REPRESENTATIVE ROSCOE BARTLETT (R MD), Co Chair Congressional Peak Oil Caucus Panel Speakers: THE HONORABLE J. BENNETT JOHNSTON, Retired U.S. Senator from Louisiana; Chairman, Johnston & Associates ROGER BEZDEK, President, Management Information Services, Inc.; Co Author, The Impending World Energy Mess EYAL ARONOFF, Co Founder, Quest Software; Member, Set America Free Coalition Moderator: YOSSIE HOLLANDER, Founder and Chairman, OurEnergyPolicy.org
View InsightNote: Synopsis drawn from report’s executive summary. Synopsis intended solely for purposes of generating discussion. The Future of Natural Gas: An Interdisciplinary MIT Study By the Massachusetts Institute of Technology Energy Initiative Natural gas has moved to the center of the current debate on energy, security and climate. This study examines the role of natural gas in a carbon-constrained world, with a time horizon out to mid-century. The overarching conclusions are that: Abundant global natural gas resources imply greatly expanded natural gas use, with especially large growth in electricity generation. Natural gas will assume an increasing share of the U.S.… [more]
View InsightNote: Synopsis based on OurEnergyPolicy.org review of draft legislation as well as media summaries. Synopsis intended solely for purposes of generating discussion. Key provisions of H.R. 1687, the Open Fuel Standard Act of 2011 (as of May 5, 2011) Would require defined percentages of light-duty automobile manufacturer’s inventory to operate on nonpetroleum fuels in addition to, or instead of, petroleum-based fuels along the following timetables 50% of new vehicles in 2014 80% of new vehicles in 2016 95% of new vehicles in 2017 and each subsequent year Qualified vehicles would include passenger automobiles and light-duty motor vehicles which: operate solely… [more]
View InsightNote: Synopses taken from Congressional Research Service summaries. H.R. 1476 & S. 835 H.R. 1476 S. 835 Requires each light-duty automobile manufacturer’s annual covered inventory to comprise at least: 50% fuel choice-enabling automobiles in years 2012-2014; and 80% fuel choice-enabling automobiles in 2015, and in each subsequent year. Requires each light-duty automobile manufacturer’s annual covered inventory to comprise at least: 50% fuel choice-enabling automobiles in years 2012-2014; and 80% fuel choice-enabling automobiles in 2015, and in each subsequent year. Defines “fuel choice-enabling automobile” as: a flexible fuel automobile capable of operating on gasoline, E85, and M85; or an automobile capable… [more]
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