The People of America's Oil and Natural Gas Indusry

Energy Tomorrow Blog

news  economic-benefits  gasoline-prices  energy-exports  crude-oil  keystone-xl-pipeline  fracking  infrastructure  innovation 

Mark Green

Mark Green
Posted May 4, 2015

USA Today: The U.S. economy may not be benefiting as much as anticipated from the collapse in oil prices over the past 10 months. In fact, for oil-producing states, the decline of some 50% is taking a toll.

But one thing seems clear: The nation as a whole is nowhere near as susceptible to sharp swings in oil prices — one way or the other — as it was for decades.

That was the message from Jason Furman, the chairman of the White House Council of Economic Advisers and President Obama's chief economist, at a New York forum held by the Columbia University Center on Global Energy Policy.

Furman spoke one day before the U.S. government reported an annual growth rate of just 0.2% for the nation's gross domestic production from January through March, down substantially from a 2.2% pace in the fourth quarter of 2014.

Among the factors was consumer spending, which rose by only 1.9% in the first quarter compared with a 4.4% increase in the previous quarter.

Consumers proved slow to spend their savings from lower gasoline prices, savings that economists estimate at $700 per household, as Furman pointed out. But that reluctance may change soon, to the benefit of the nation's economy, he added.

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energy-exports  oil-and-natural-gas-development  economic-growth  ozone  regulation  pipelines  innovation  technology 

Mark Green

Mark Green
Posted April 14, 2015

The National Interest (James Jay Carafano): Increasing American production and export of energy is a win-win-win proposition. It would enhance our national security, make international energy markets more free, and address environmental issues realistically. The next president should lead the campaign for an American energy export agenda. In the meantime, the present Congress can do much to prepare for the march.

The acme of presidential leadership is crafting policies that make the nation safe, free, and prosperous. Satisfying all three priorities is often the Oval Office's greatest challenge. It is like single-handedly trying to get squabbling triplets into their car seats. Yet, the confluence of geopolitics, America's energy abundance, and economic and environmental realities offers an almost unprecedented opportunity to do this successfully.

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american-energy  fracking  economy  energy-security  innovation  efficiency  pipelines 

Mary Leshper

Mary Schaper
Posted April 1, 2015

Wall Street Journal (Holman W. Jenkins Jr.): If not for fracking, oil would probably be $200 a barrel and gasoline $6.50 in the U.S. Western economies would likely be in free fall. The grudging U.S. recovery would be in retreat. The modest and possibly illusory green shoots seen in Europe, largely a function of cheap oil and a strong dollar, would wither. Japan would be even more of a write-off than it already is.

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innovation  technology  jobs  fracking  new-york  maryland  pipelines  gulf 

Mary Leshper

Mary Schaper
Posted March 31, 2015

TribLive (Blog): I was taken with the mud the moment they told me it could talk. I had some built-up interest, sure. But its communicative abilities really were the clincher for me. This is the story of how I explored a drilling rig, discovered drilling mud, and got pretty into it.

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american-energy  innovation  technology  fracking  methane  keystone-xl-pipeline  anwr  arctic 

Mary Leshper

Mary Schaper
Posted February 19, 2015

TribLive: Mud makes it all possible. “Every component on that rig has something to do with that mud,” said Andrew Zeni, rig supervisor for Consol Energy Inc. “You couldn't drill a Marcellus or Utica well without mud.” This rather unsophisticated-looking brown sludge is a multipurpose tool carefully concocted, mixed and managed to clear a path for gas to surface from 7,500 feet below.

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american-energy  infrastructure  innovation  fracking  economy  revenue  keystone-xl 

Mary Leshper

Mary Schaper
Posted February 2, 2015

Philadelphia Inquirer (Kevin Colosimo): Gov. Wolf has fulfilled a campaign promise to ban natural-gas drilling on state parklands, but he should ignore suggestions that he go further by instituting a statewide fracking ban. Simply put, a ban would kill the goose that has delivered a lot of golden eggs to the commonwealth. Consider: The natural-gas industry has contributed $34.7 billion to our economy, accounting for 5.8 percent of Pennsylvania's economic activity, according to an American Petroleum Institute study. The same study determined that the oil and natural-gas industry supports 339,000 jobs, or roughly 4.7 percent of the state's total employment. Shale development has generated more than $2 billion in state taxes, according to the state Department of Revenue.

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technology  innovation  fracking  methane  emissions  jobs 

Mary Leshper

Mary Schaper
Posted December 9, 2014

The Hill: Methane leaks from natural gas drilling and production have fallen from the last estimate more than a year ago, according to a study sponsored by the industry and an environmental group.

 

Leaks of methane, the main component of natural gas, now represent 0.38 percent of production volumes, according to the study released Tuesday.

That is 10 percent lower than what the same University of Texas research team found in September 2013. Methane is a greenhouse has about 20 times more potent than carbon dioxide.

“Study after study shows that industry-led efforts to reduce emissions through investments in new technologies and equipment are paying off,” Howard Feldman, director of regulatory and scientific affairs at the American Petroleum Institute, said in a statement.

 

“This latest study shows that methane emissions are a fraction of estimates from just a few years ago,” he said.

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american-energy  energy-policy  oil-and-natural-gas-development  congress  innovation  technology 

Mark Green

Mark Green
Posted November 12, 2014

See video below of Thursday's event, hosted by The Hill newspaper, that featured discussion of the energy policy issues that are likely to be front and center in the new Congress, which will have a new Senate majority.

Discussion focused on what’s next in the energy sector – from industry in terms of innovation and other advancements that affect energy development, and from Washington policymakers on Capitol Hill and within the administration.

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economy  jobs  american-energy  policy  fracking  exports  innovation 

Mary Leshper

Mary Schaper
Posted November 11, 2014

Roll Call (Jack Gerard): Jobs and the economy are still voters’ top priorities by far. So it’s no wonder congressional candidates spent so much time on the campaign trail positioning themselves as champions of the American energy resurgence. The oil and natural gas industry supports 9.8 million American jobs, contributes $1.2 trillion to the U.S. gross domestic product and has spurred a manufacturing renaissance.

President Barack Obama has also joined the chorus, claiming in a recent speech at Northwestern University that America is a world energy leader because “right off the bat” his administration “upped our investments in American energy.”

In reality, we’ve become the world’s leading natural gas producer and soon-to-be leading oil producer despite, not because of, White House policies.

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epa-regulation  oil-and-natural-gas-industry  economic-growth  innovation  government 

Mark Green

Mark Green
Posted October 27, 2014

Ever heard of the broken window fallacy? In economic circles, it’s a common parable used to dismiss arguments that damage – like the breaking of a window – has a silver lining: spending to fix the window boosts the window repairman, which boosts the folks who make panes of glass and so forth.

Yet, that argument (and the one depicted in the broken window parable) misses a big unseen – there’s no free lunch in spending to repair or rebuild property. The money comes from somewhere. The person who must buy a new window spends money he or she might have invested or spent elsewhere in the economy, with greater economic impact. Likewise with government spending. Those dollars came from taxpayers who might have invested or spent elsewhere in the economy, with greater economic impact.

We say all of this because another common argument being heard is that tossing bricks of energy regulation will invigorate the energy sector.

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