Posted September 12, 2014
NY Post (Editorial): Despite the years of stalling from Gov. Cuomo and the state Legislature, fracking has still managed to deliver real dividends for New York. Thanks to fracking, the Buffalo Bills are staying put.
The two main reasons the NFL franchise won’t be moving are as follows:
First, Terry Pegula this week won the bidding for the team. Pegula owns professional hockey’s Buffalo Sabres — and thus was seen as the most committed of the bidders to keeping the Bills in their home of 55 years.
Second, the cash the self-made billionaire and his wife used to buy the team (and to invest in Buffalo) comes largely from the fortune he made in fracking.
He’s not the only one profiting. As The New York Times reported this week, the fracking revolution has set off a boom in nearby Ohio, with benefits rippling through the Buckeye State’s economy.
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 7, 2014
Increased domestic energy production means Americans are buying less foreign oil and gas, and selling more of it overseas. That has tamped down the trade deficit in recent years, helping along an economy that continues to recover from the Great Recession.
Some say the deficit could be slashed further if the US were to ease energy export restrictions put in place to protect US consumers from global energy shocks. But such a move would have impacts that go beyond the country’s balance of trade. Critics of oil and gas exports say they will raise energy prices at home, and increase the environmental impacts of extracting and burning fossil fuels.
Either way, a renaissance in oil and gas production is already changing the way officials, analysts, and economists look at the future of the US economy.
Posted June 20, 2014
Houston Chronicle: Oil, natural gas and coal have boosted living conditions around the globe, but policies to replace those fossil fuels "with inferior energy sources" could undermine those improvements, a former Texas environmental regulator argues.
In a 36-page paper - "Fossil Fuels: The Moral Case" - Kathleen Hartnett White, former chairman of the Texas Commission on Environmental Quality, insists that access to oil, natural gas and coal are inextricably linked with prosperity and well-being.
Policies targeting heat-trapping greenhouse gases - including the Environmental Protection Agency's new plan for throttling carbon dioxide emissions from existing power plants - overlook "the inestimable human benefits of fossil fuels," White says.
"Energy-dense, abundant, versatile, reliable, portable, and affordable, fossil fuels provide over 80 percent of the world's energy because they are superior to the current alternatives," White writes.
Posted June 9, 2014
Wall Street Journal (Joseph Nye): HOUSTON — The United States produced enough energy to satisfy 84 percent of its needs in 2013, a rapid climb from its historic low in 2005, according to a report from the U.S. Energy Information Administration.
The nation produced 81.7 quadrillion British thermal units of energy last year and consumed 97.5 quadrillion, the highest ratio since 1987. The nation’s energy output rose 18 percent from 2005 to 2013, as a surge in oil and gas production offset declines in coal. Meanwhile, its total energy used fell 2.7 percent during that period.
The nation’s ability to meet its own energy needs hit an all-time low in 2005, when the amount of energy produced domestically met just 69 percent of demand. The last time the United States’ energy production exceeded its energy use was in the 1950s, according to the Energy Information Administration, an agency of the Energy Department.
Posted May 29, 2014
Individual states would see significant job creation and economic growth from exporting U.S. crude oil, according to anew state-by-state report by ICF International and EnSys Energy. Specifically, 18 states could realize more than 5,000 new jobs each in 2020 from crude oil exports, with state economies growing by hundreds of millions of dollars each.
Kyle Isakower, API vice president for regulatory and economic policy, talked about the study during a conference call with reporters:
“There is a growing realization that this is a new era for American energy. Scarcity is giving way to abundance, and restrictions on exports only limit our potential as a global energy superpower. Additional exports could prompt higher production, generate savings for consumers, and bring more jobs to America. The economic benefits are well-established, and policymakers are right to reexamine 1970s-era trade restrictions that no longer make sense.”
Posted April 28, 2014
Posted March 19, 2014
Posted March 5, 2014
Politico reports (sub req'd) that the Energy Department plans to stick with its “case-by-case” approach to approving natural gas export projects – even as some policymakers say speeding up the process would send a strong signal that the United States is a leader in global energy markets, expanding its ability to broaden supply options and defuse energy-related standoffs like the one playing out between Russia and Ukraine.
Posted February 21, 2014
Well-Being in America: Shale Gas Buys You Happiness
The Economist: Based on interviews with more than 178,000 people from all 50 states, the Well-Being Index offers an interesting glimpse of the physical and mental health of the nation. It also spotlights the country's winners and losers. The results divide regionally, with Midwestern and Western states earning nine of the ten best scores in 2013, while Southern states have eight of the ten lowest. Massachusetts has the highest rate of residents with health insurance (which may bode well for Obamacare). Colorado, meanwhile, nearly always has the lowest obesity rate.
Sitting pretty in first place now is North Dakota, which has displaced Hawaii as the state where people are most likely to be healthy and feel good about their life and work. North Dakota’s speedy climb to first place from 19 last year seems to have a lot to do with the shale-gas boom, which has buoyed the state with lots of new jobs and money. This bonanza has apparently trickled into South Dakota, which has elbowed aside Colorado to secure second place.