Posted January 31, 2015
The long trail of “process” excuses for not approving the Keystone XL pipeline is coming to an end.
Five U.S. State Department reviews – all of them basically saying Keystone XL won’t significantly affect the environment – done.
Public hearings – done.
A new pipeline route through Nebraska – done.
By Monday, federal agencies must weigh in on whether Keystone XL is in the national interest. It is, as we’ll get into below.
The point is, after more than six years of process and review by the White House, we’ve come to the end of the processing and the reviewing. The administration stretched to 76 months a pipeline approval process that typically takes 18 to 24 months. It turned Keystone XL into a political football, punted here and there for reasons that clearly weren’t in the national interest.
Posted August 6, 2014
America’s oil and natural gas industry sends an average of $85 million a day to the federal government in the form of taxes, rents, royalties and bonus payments. Averaged over 2007-2012, the industry’s effective tax rate – income taxes paid to governments, divided by pretax income – was 44.6 percent. That’s well above the averages for other industries over the same time period.
We say all that to say this: Attacks that claim the oil and natural gas industry isn’t paying its fair share and/or that it gets special treatment are ridiculous. Industry is paying its fair share and then some – even as it supports 9.8 million jobs and 8 percent of the U.S. economy.
Posted March 21, 2014
The Huntsman Corporation’s Peter Huntsman has this op-ed in USA Today that invokes a poll in which people were asked to respond to these statements:
Some say that exporting American natural gas to other countries will increase economic growth, keep thousands employed, and help increase domestic production of natural gas. Others say that American natural gas should be used here at home, where it can lead to thousands of new manufacturing jobs, grow the entire American economy, and keep prices of natural gas affordable. Which comes closest to your view?
Actually, it’s a false choice, a little bit of opinion polling flim-flammery. We can have both – as careful, scholarly research (see here and here) has shown. We have ample natural gas reserves to supply the needs here at home as well as those of friendly overseas buyers.
Posted December 23, 2013
Every now and then we see items questioning the economic impact of domestic oil and natural gas development from a jobs standpoint. As we’ve pointed out, industry’s benefit to the country isn’t measured just in direct oil and natural gas employment. Its positive impact must be seen in jobs and economic activity that otherwise wouldn’t exist, as well as benefits to consumers. More supporting evidence:
Investment – A new API survey on drilling costs found that about $153.7 billion was invested in drilling in 2012, a 23.1 percent increase over 2011.
Posted October 31, 2013
Wishing everyone a safe and happy Halloween! And, thanks to America’s enormous wealth of oil, natural gas and other energy sources, plus investment and ingenuity supplied by the oil and natural gas industry, it is a high-energy Halloween. No tricks, just treats.
Posted January 22, 2013
The decision by Nebraska’s governor to OK a new route through his state for the Keystone XL pipeline is based on a factual assessment of the project’s safety, as well as the economic benefits that would accrue.