Posted December 3, 2013
International Energy Agency (IEA) Chief Economist Fatih Birol was at CSIS this week, highlighting the organization’s findings in its 2013 World Energy Outlook. The report focuses on global energy demand growth, the future energy mix and the sources of energy. Key takeaways from Birol’s presentation:
- The United States could become the world’s leading oil producer as early as 2015, two years earlier than IEA projected a year ago, Birol said.
- About two-thirds of the growth in global energy demand between now and 2035 will come from Asia.
- U.S. energy production, especially surging natural gas output from shale via hydraulic fracturing, is creating energy cost differentials that make American products more competitive in the global market.
Posted December 2, 2013
Our energy renaissance – largely due to development of America’s enormous shale reserves with hydraulic fracturing – can generate good-news stories virtually every day. At the start of the gift-giving season, here are a few of those stories that underscore the opportunity we have in this country to take greater control of our energy future while creating jobs that can lead to better futures for American workers and their families.
Posted November 19, 2013
The Interior Department says it disbursed more than $14.2 billion in revenue generated by energy production during the federal fiscal year that ended Oct. 30 – a $2 billion or 17 percent increase over the previous year. The increase included $2.77 billion in bonus bids for new oil and natural gas leases in the Gulf of Mexico. Interior Secretary Sally Jewell:
“Domestic energy production infuses funding into communities across the United States that creates American jobs, fosters land and water conservation efforts, improves critical infrastructure, and supports education. The funding reflects significant energy production from public resources in the United States and serves as a critical revenue stream for federal and state governments and tribal communities.”
Interior said revenues were distributed to state, local, federal and tribal accounts for reclamation, conservation, recreation and historic preservation projects. Local governments use these revenues for needs ranging from funding schools to infrastructure improvements, the department said. More than $8 billion was sent to the U.S. Treasury to fund programs for the entire nation.
Certainly, this is good news. Increased production of U.S. oil and natural gas results in job creation and economic stimulus, as well as more revenue for governments in the form of income taxes, rents, royalties and bonus payments. Every day the oil and natural gas industry delivers about $85 million to the U.S. Treasury. Our effective tax rate of 44 percent (2007-2012) leads other industries.
Posted January 28, 2013
In the video interview below from this month’s State of American Energy event, the Center for Industrial Progress’ Alex Epstein talks about America’s historic energy opportunity and the way producing more energy, including oil and natural gas, is key to a better environment:
Posted January 25, 2013
Another video interview from the State of American Energy event earlier this month in Washington, D.C. Here, Chevron’s Dan Fager talks about the pillars of sound, pro-growth energy policy – new access to U.S. oil and natural gas resources, common-sense regulation and tax policies that encourage new energy investment instead of discouraging it:
Posted January 24, 2013
As policymakers consider who will be the primary driver of America’s future energy development and innovation – Washington or the private sector – consider:
- Oil and natural gas supplied 62 percent of the energy America needed in 2011 – and is projected by government to supply nearly 60 percent of U.S. energy demand in 2040.
- The oil and natural gas industry provided $545 billion to the U.S. economy in 2011.
- In just unconventional resources (shale and other tight rock), industry is expected to invest more than $5.1 trillion in cumulative capital expenditures by 2035. The industry could add 1.3 million new jobs in this sector by 2020 for a total of 3 million jobs supported – growing to 3.5 million jobs by 2035.
Posted January 22, 2013
More video interviews from the recent State of American Energy event in Washington, D.C. In this clip Devon’s Richard Sawaya and Paula Jackson, interim president and CEO of the American Association of Blacks in Energy, talk about energy development under pro-growth policies as a dynamic economic engine
Posted June 28, 2012
Posted May 23, 2012
Posted March 19, 2012