OIL
With the election over, President Obama’s energy priorities will emerge as new rules and regulations are finalized under existing law. The balance of power in Washington is the same as it was prior to the elections– President Barack Obama will serve another four years and Congress will continue to be divided with a Democrat-controlled Senate…...
Under President Obama’s second term, energy industry officials and analysts are keen on the Administration’s priorities for the energy sector, envisioning regulatory reforms and policies to advance the nation’s energy and economic security. Key areas to watch include Keystone XL Pipeline talks, recognizing the primacy of states in regulating oil and natural gas development, and…...
Sequestration refers to a package of automatic $1.2 trillion across-the-board spending cuts that is a part of the 2011 Budget Control Act (BCA), passed in August 2011. The spending cuts would affect some 1200 government programs, including those that fund energy research and development initiatives. The cuts are scheduled to begin on January 2, 2013…...
The finalized details for the Western Gulf of Mexico Lease Sale 229, released on October 25, 2012 open all available unleased areas in the region for energy development. According to the details released by the Department of Interior’s Bureau of Ocean Management (BOEM), over 20 million acres offshore of Texas will be offered for oil…...
IHS Global Insight released a report on October 23, 2012 predicting radical changes in the nation’s energy outlook, as unconventional oil and gas production is actively contributing to job creation, economic development and revenue generation. According to the report, the unconventional energy sector will support about 3.5 million jobs by 2035, a dramatic rise from…...
Shell began exploratory operations in Alaska’s Chukchi Sea on September 9, 2012, after six years of efforts to explore the potentially significant petroleum reserves under the state’s outer continental shelf. Operations began after Bureau of Safety and Environmental Enforcement (BSEE) gave its approval on August 30, 2012, permitting Shell to carry out preparatory activities off…...
The Department of Energy (DOE) has announced funding for 14 new projects to widen its research in methane hydrates, a potential source of natural gas. The announcement, which came on August 31, 2012, aims at advancing the study of methane hydrates in deepwater and arctic formations and develop production technologies that are economically viable and…...
According to a report released by Massachusetts Institute of Technology (MIT) on August 27, 2012, applying a carbon tax at the rate of $20 per ton in 2013 and increasing it by four percent per year can raise $1.5 trillion over a span of 10 years. The report, which comes at a time when Congress…...
The Gulf of Mexico, where oil drilling activities were dulled by the catastrophic BP oil spill in 2010, is set for a drilling boom according research firms. Bentek Energy, in its report released on September 20, 2012, states that Gulf oil production will rise almost 28% by 2022, as major energy companies are investing in…...
The United States Geological Survey (USGS) on August 14, 2012 released new growth estimates of conventional onshore petroleum reserves in the U.S. The estimates show a potential increase in reserve growth in 70 discovered reserves of the country, excluding unconventional and offshore resources. The mean potential additions depict a significant rise in reserve growth and…...
A group of 44 lawmakers sent a letter to the Energy Secretary Steven Chu on August 7, 2012, requesting his department to expedite the approval procedure for liquefied natural gas (LNG) export facilities across the country. Delays in the approval may stifle domestic gas production, in view of the low natural gas prices that will…...
Enbridge resumed oil transportation along Line 14, a 318,000 barrel-per-day pipeline in Wisconsin, after receiving approval from the Department of Transportation (DOT) on August 6, 2012. The approval, which was issued after the company met the requirements in the agency’s corrective action order, would resolve the brief spike in gasoline prices on the Gulf Coast…...