OIL
On October 15, the U.S. Supreme Court decided to review whether the U.S. Environmental Protection Agency’s greenhouse gas regulations for motor vehicles should also result in regulations for stationary sources. The Court’s decision could have direct implications for the EPA’s rulemaking on future power plants and would affect President Obama’s timetable for existing plants and…...
The U.S. ranks 5th out of 13 heavily oil-dependent countries that are highly vulnerable to global oil price fluctuations. On October 14, 2013, Securing America’s Future Energy and Roubini Global Economics released the Oil Security Index, which assesses the relative oil security of 13 countries including the U.S. The report emphasizes the need for active…...
The Senate has unanimously approved a bill to implement the U.S.-Mexico Transboundary Hydrocarbons Agreement aimed to facilitate offshore drilling cooperation in the Gulf of Mexico. On October 12, 2013, the Senate unanimously approved S. 812 to authorize the Secretary of the Interior to implement the 2012 U.S.-Mexico Transboundary Hydrocarbons Agreement. The agreement establishes a legal…...
A new study reveals that the U.S. tops the world in Carbon Capture and Storage (CCS) development and calls for a sharp increase in global CCS projects to achieve climate mitigation goals. On October 10, 2013, Australian research group Global CCS Institute released its annual report on the global status of CCS development. The report…...
The API has challenged EPA’s 2013 RFS mandate, claiming that the volumetric targets are unrealistic. On October 8, 2013, the American Petroleum Institute (API) filed a lawsuit in the District of Columbia Circuit Court of Appeals challenging the Environmental Protection Agency’s (EPA) 2013 Renewable Fuel Standard (RFS) volumetric requirements, claiming the 6 million gallon (MG)…...
EIA estimates show the U.S. is poised to become the world’s largest petroleum and natural gas producer in 2013, overtaking Russia and Saudi Arabia. On October 4, 2013, the Energy Information Administration (EIA) released a comparative estimate of petroleum and natural gas production in the U.S., Russia, and Saudi Arabia, showing that the U.S. is…...
Near-term oil futures reflect uncertainty caused by the government shutdown that began on October 1 and the upcoming debt ceiling deadline on October 17. Overview The long-term oil futures market has remained flat, demonstrating expectations of longer-term supply increases as forecast by the Energy Information Administration. A United States default in October would weaken the…...
On September 30, the United Nations Intergovernmental Panel on Climate Change (IPCC) released its Fifth Assessment Report on climate change, the latest installment in a series of reports examining global warming. The report for Policymakers was released September 27. Overview The IPCC report concluded with 95 percent confidence that human activity is contributing to climate…...
The biofuels industry has benefited from the Renewable Fuels Standard (RFS) since 2005. The standard has since expanded and been a source of debate largely centered on the reliance of U.S. fuel consumption estimates, the feasibility of production levels for various feedstocks, and reaching minimum greenhouse gas reduction levels when weighting direct and indirect greenhouse…...
California Senate and Assembly passed a bill that would impose the state’s first hydraulic fracturing regulations, facilitating oil and gas development in the Monterey Shale play. On September 11, 2013, Senate Bill 4, a bill that would impose the state’s first regulations on hydraulic fracturing and other oil field practices, cleared the state Assembly by a…...
On September 30, the U.S. Supreme Court will consider a major challenge to the Environmental Protection Agency’s implementation of greenhouse gas regulations under Section 202 of the Clean Air Act, a hearing that could affect President Obama’s timetable for existing power plants and state implementation plans. The EPA will likely face ongoing litigation on most…...
The Department of Interior announced new efforts during the end of August to collaborate with both the Department of Energy and Department of Transportation to enhance oversight of offshore drilling safety and to update regulations overseeing production safety. Overview The Agency’s efforts will support technological improvements, research and development in offshore operations, data collection on…...