Posted August 28, 2014
Despite the hyper-partisanship currently flourishing in Washington, there is a potential tie that binds: American energy.
Thanks to advanced technologies, entrepreneurial risk-taking and abundant oil and natural gas reserves, U.S. energy is on the rise: We’re the world’s No. 1 producer of natural gas and likely to be No. 1 in crude oil production next year, according to the International Energy Agency. Our energy revolution is creating jobs, boosting the economy and increasing America’s energy security and influence in the world. It’s also a bridge to bipartisanship.
API Executive Vice President Louis Finkel touched on these themes in a recent op-ed for the Reno Gazette-Journaland in a presentation before the Nevada state convention of the AFL-CIO.
Posted August 28, 2014
Fuel Fix Blog: The Marcellus region is now the biggest natural gas shale play in the world, and there’s still about $90 billion to be made by tapping the area’s reserves, according to a study by energy analyst group Wood Mackenzie.
The Marcellus, which stretches from New York to West Virginia, produced about 15.6 billion cubic feet of natural gas per day in August, about 38 percent of total U.S. natural gas production for the month, according to the U.S. Energy Information Administration. The agency doesn’t expect the boom to taper off anytime soon, and several of the biggest companies are cashing in.
Wood Mackenzie predicted that the top 20 operators in the Marcellus will earn nearly $86 billion over the life of the play after the costs of reaching the reserves. Among the 20 largest operators are Fort Worth-based Range Resources Corp., Pittsburgh’s EQT Corp., Houston’s Cabot Oil & Gas Corp. and Denver-based Antero Resources.
For comparison, Wood Mackenzie estimated that there’s about $118 billion to be made by extracting the resources in North Dakota’s Bakken region — but most production there is higher-priced oil compared to the natural gas dominant in the Marcellus.
Posted August 25, 2014
Because she relies so much on her lease checks from Greka Energy, she's concerned about Measure P and how it could affect her income. The voter-driven initiative to ban oil extraction methods of hydraulic fracturing, better known as fracking, cyclic steaming and well acidization in Santa Barbara County is on the November ballot.
Posted August 21, 2014
Wall Street Journal: U.S. economic growth accelerated in the second half of 2013 before unexpectedly contracting early this year. But growth late last year was uneven across the nation, with some energy-rich states leading the pack while economies slowed in New England and on the Plains.
That’s according to new data released Wednesday by the Commerce Department. The agency already reported gross domestic product for the nation on a quarterly basis and at the state level annually. Now, it has offered a quarterly breakdown for state-level GDP data through the end of 2013. The data are volatile from quarter to quarter, but allow a finer understanding of the ups and downs in regional economies.
Posted August 20, 2014
Offshore producers say safety precautions have improved dramatically since the 2010 Deepwater Horizon oil spill, and argue no areas should be ruled out as the Interior Department considers offshore drilling sites through 2022.
“Decisions on areas to include in the 2017-2022 [outer continental shelf] leasing program will have impacts well into the future,” a coalition of 11 industry groups wrote in comments filed to Interior. “Therefore, we believe that BOEM should fully consider all areas for inclusion in the program and keep as many areas as feasible in the draft proposed program.”
Posted August 19, 2014
It is challenging to strike a balance between traditional energy sources, such as coal, oil and natural gas, and emerging renewables like wind and biomass. The Virginia Energy Plan, updated every four years by the Department of Mines, Minerals and Energy, serves as a guide.
Posted August 18, 2014
Albuquerque Journal (Former Sen. Pete Domenici): America has been handed a great gift, the gift of technological breakthroughs like horizontal drilling and hydraulic fracturing for oils and natural gas.
This gift, if we handle it properly, has the potential not only to free our nation from being hostage to other nations, but to allow Europe and other regions to free themselves from the tyranny of dependence on Russian sources of oil and gas.
Think how much differently our allies in Europe would behave in this time of crisis if they had the infrastructure, and the access, to handle natural gas and oil from America, Canada and Mexico.
New Mexico has played an important, I would say critical, role in this potential geopolitical and economic revolution.
Posted August 14, 2014
Wall Street Journal (Jay Timmons, NAM): In a town famous for inaction, Washington is gearing up to take action on a major policy issue. But there's a hitch: The outcome could be the most expensive regulation in the nation's history, possibly tanking the economy and costing jobs at a time when businesses, manufacturers and families are making a comeback.
Later this year, the Environmental Protection Agency will decide whether it should tighten the air-quality standard for ground-level ozone. There are several things about this possible new standard that are alarming.
Posted August 13, 2014
Bloomberg Businessweek: Fighting across Iraq, Libya, Ukraine and Gaza, and an accelerating economy, should mean higher oil prices. Yet crude is falling.
Six years ago, oil soared to a record $147 a barrel as tension mounted over Iran’s nuclear program and the world economy had just seen the strongest period of sustained growth since the 1970s. Now, West Texas Intermediate, the U.S. benchmark price, has traded below $100 for 10 days and Brent, the European equivalent, tumbled to a 13-month low.
What’s changed is the shale fracking boom. The U.S. is pumping the most oil in 27 years, adding more than 3 million barrels of daily supply since 2008. The International Energy Agency said yesterday that a supply glut is shielding the market from disruptions. Bank of America Corp., Citigroup Inc. and BNP Paribas SA concur.
Posted August 11, 2014
U.S. coal exports over the past six years are way up, in large part because of the administration’s effort to limit consumption domestically. Domestic production of oil and natural gas is rising fast as well, with producers seeking to export their products to foreign markets.