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Editor
Bloomberg's First Word Energy
Over the course of his first weeks in office, President Trump has outlined an America-first energy policy that appears to mean essentially one thing: More U.S. oil production. His policies are decidedly aimed at boosting oil production: green-lighting more drilling on federal lands, building more oil pipelines, and rolling back rules that harm the oil industry. But America First doesn’t necessarily mean a focus on American oil. From a different perspective, the Fuel Freedom Foundation aims to boost the American economy and cut its dependence on OPEC by expanding the fuels available for automobiles. Fuel Freedom, argues for “ending our… [more]
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The U.S. currently maintains one of the world’s largest stockpiles of government owned oil, the Strategic Petroleum Reserve (SPR). In response to the 1970s oil embargo and supply shocks, the U.S. created the SPR to ensure access to oil in the event of a severe energy supply interruption. The current SPR consists of four storage sites, housing 694 million barrels of oil that is equivalent to at least 90 days of net oil imports. The SPR has only been tapped three times, but the recent budget deal provides that the government sell 58 million barrels of oil to fund a… [more]
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Last week Senator Lisa Murkowski (R-AK), the senior Republican on the Senate Energy and Natural Resources Committee, published a blueprint for energy policy, titled “Energy 20/20: A Vision for America’s Energy Future.” The blueprint offers ideas to “align federal policy with… our national interest to make energy abundant, affordable, clean, diverse, and secure.” Among the main ideas in Sen. Murkowski’s blueprint are: Establishing a national goal to become independent of OPEC imports by 2020 by increasing domestic oil, biofuel and synthetic fuel production. Approving the Keystone XL pipeline. Opening the Arctic National Wildlife Refuge to oil and gas drilling and… [more]
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University Distinguished Professor
Michigan State University, Dept. of Chemical Engineering
The last century can rightly be called the Age of (Inexpensive or ‘Cheap’) Oil as world oil consumption grew from about 20 million tons per year in 1900 to just under 400 million tons per year in 2005. Since 2005, however, world oil consumption has been nearly constant despite high demand and record high oil prices, which indicates that we simply cannot produce oil any faster. And since oil is not renewable, eventually the production (and therefore the consumption) of oil must decline. Declining oil production will be an extremely painful reality for the U.S. because not only does the… [more]
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According to the “World Energy Outlook 2012,” report recently released by the International Energy Agency, the U.S. will overtake Saudi Arabia as the largest global oil producer by 2020, and become a net oil exporter by 2030. The report also predicts that by 2015 the U.S. will surpass Russia as the biggest producer of natural gas. These predicted shifts are driven by the recent increases in U.S. oil and gas production, which were spurred by upstream technology developments like hydraulic fracturing. Fatih Birol, chief economist at IEA, told New York Times, “the agency’s prediction of increasing American self-sufficiency was 55 percent… [more]
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