Posted November 1, 2017
A sensible, safe and forward-looking offshore energy strategy – one that acknowledges that keeping 94 percent of federal offshore acreage off limits to responsible development risks U.S. energy security – underscores the need for reliable scientific data to establish the size and location of offshore oil and natural gas reserves, through safe seismic testing. Every other discussion about where offshore development may occur in the years ahead is premature until the resource base is known. In this context, a recent claim that U.S. military priorities and offshore energy development in the Atlantic Ocean are mostly incompatible is just plain silly.
Posted July 21, 2017
Posted August 15, 2016
Florida is a tale of two energy stories. On the consumption side, only Texas generates more net electricity from natural gas than Florida – which makes sense given Florida’s use of electricity to run air conditioners during the summer and home heating units during the winter. Production-wise, Florida is in the second tier of states in output (about 2 million barrels of oil in 2015, compared to Texas’ 1.26 billion barrels) – yet geologists believe there may be large oil and natural gas reserves on the outer continental shelf off Florida’s western coast.
Posted December 29, 2015
2015 ends on a high note for U.S. energy policy as Congress voted to repeal the obsolete, ‘70s-era ban on crude exports. Dozens of studies agree that lifting the restrictions will put downward pressure on gas prices, reduce the trade deficit, and provide a boost to economic growth and U.S. energy production.
Throughout the year, our status as the world’s leading producer of oil and natural gas continued to provide savings to American families and businesses while significantly enhancing our energy security. A review of the year’s energy developments shows how the American energy renaissance is paying off for consumers while also demonstrating that policymakers have some work to do in 2016.
Posted August 17, 2015
Our series highlighting the economic and jobs impact of energy in each of the 50 states continues today with Hawaii. We started the series with Virginia on June 29 and continued with Montana, Iowa, Alabama, Arizona and Nebraska last week. All information covered in this series can be found online here, arranged on an interactive map of the United States. State-specific information across the country will be populated on this map as the series continues.
As we can see with Hawaii, the energy impacts of the states individually combine to form energy’s national economic and jobs picture: 9.8 million jobs supported and $1.2 trillion in value added.
Posted July 16, 2015
Our series highlighting the economic and jobs impact of energy in each of the 50 states continues today with South Carolina. We started our focus on the state level with Virginia on June 29 and continued this week with Wisconsin, Connecticut and Delaware. The energy impacts of the states individually combine to form energy’s national economic and jobs picture: 9.8 million jobs supported and $1.2 trillion in value added.
Information covered in this series can be found online here, arranged on an interactive map of the United States. State-specific information will be populated on this map as the series continues.
Posted March 31, 2015
There are a number of main points in official comments submitted by API and seven other energy industry groups to the federal Bureau of Ocean Energy Management (BOEM) on its draft offshore oil and natural gas leasing program for the 2017-2022 time period.
Given how much offshore acreage was excluded from the proposed draft, BOEM should not remove any areas proposed in the draft from the final lease plan, the associations write. The government is missing key opportunities to harness U.S. offshore energy in the Atlantic, eastern Gulf of Mexico and off Alaska, as other countries are implementing robust offshore development programs. Energy development on the outer continental shelf (OCS) would generate significant job and economic benefits to the U.S., and industry continues to press ahead with technological, safety and environmental protection improvements – all designed to foster increased safety in offshore operations.
The comments are among those being collected by BOEM before it finalizes the five-year leasing program later this year. The leasing plan is a blueprint for offshore development; areas not listed in it won’t be offered for lease 2017 to 2022. Given the 10 to 15 years needed to develop offshore oil and natural gas – from the time the lease is sold to production – the federal plan is critically important.
Posted February 9, 2015
Let’s hope public hearings on the Obama administration’s draft offshore oil and natural gas leasing program – starting this week – help spark serious discussion of how the nation’s offshore energy reserves will be managed in the near future. Needed is greater public awareness of just how limited the administration’s approach is, reflected in a draft plan that simply doesn’t go far enough.
We say public awareness because the administration has been able to foster the perception that it favors more oil and natural gas development and energy infrastructure when, in fact, its policies have done little to support that development (did somebody mention the Keystone XL pipeline?).
In the case of offshore energy development, it’s important to move the administration toward a plan that actually increases access to reserves. The draft plan for offshore leasing for the 2017-2022 time period is less than meets the eye, offering just a single Atlantic lease sale in 2021 as part of the five-year program, which Interior Secretary Sally Jewell said could be withdrawn as the leasing plan process evolves. That’s not a balanced approach, that’s an attempt to manage the perceptions game.
Posted February 2, 2015
Taking a look at the president’s new budget request for the Interior Department, we see the administration asking for $13.2 billion, an increase of nearly $1 billion over the enacted funding level for the current fiscal year.
Now take a look at data from Interior’s Office of Natural Resource Revenue, which tabulates federal revenues from energy developed in federal areas onshore and offshore.
It’s a lot of information, but check the bottom line: For fiscal year 2013, revenues from oil and natural gas developed in federal areas totaled about $12.9 billion. For FY2014 the total was about $11.7 billion. Federal revenues from oil and natural gas development in FY2014 were about $1.2 billion less than in FY2013.
Interestingly, the amount of lost revenue is just about equal to Interior’s requested budget increase for FY2016. In other words, Interior lost $1.2 billion in revenue from 2013 to 2014 and basically is looking to taxpayers to fill in the gap in the next budget.
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Posted December 31, 2014
So long, 2014. From an energy standpoint, you’ll be missed. Let’s count the ways:
Surging domestic oil and natural gas production – largely thanks to safe hydraulic fracturing and horizontal drilling – is driving an American energy revolution that’s creating jobs here at home and greater security for the United States in the world.
It’s a revolution with macro-economic and geopolitical impacts, for sure. But it’s also a revolution that’s benefit virtually every American.