The People of America's Oil and Natural Gas Indusry

Energy Tomorrow Blog

american-energy  jobs  economy  fracking  ground-water  gasoline-prices 

Mary Leshper

Mary Schaper
Posted October 6, 2014

CNBC (Chevron Chairman and CEO John Watson): Over the last 150 years, we've seen the greatest advancements in living standards in recorded history — advances enabled by affordable and reliable energy that have brought light, heat, mobility, modern communications and other benefits to billions of people around the world. The United States has helped lead many of these advancements — by spreading our ideals of free markets, open trade, rule-of-law and limited state involvement. In doing so, we've allowed private initiative to innovate and drive progress.

As more of the world seeks to capitalize on these advancements, the ensuing spread of wealth is helping to lift more people into the middle class and realize these same benefits. In the past 10 years, the world has added three-quarters of a billion people to the middle class.

And despite some struggles of our own, America's business and economic system remains the envy of much of the world. Yet it's a system that continues to evolve … and change.

Perhaps the most dramatic changes have been in the U.S. oil and natural gas sector, where we've launched an energy revolution, fueled by technology and innovation, that's allowing us to produce more from oil and gas fields and develop new geographic frontiers. In the last decade, we've rewritten the U.S. energy story — from one focused on scarcity to one focused on abundance.

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oil-and-natural-gas-development  gasoline-prices  eia34  economic-benefits  crude-markets  hydraulic-fracturing 

Mark Green

Mark Green
Posted August 29, 2014

Supply matters. The impact of the U.S. energy revolution on global supply, with real benefits reaching consumers, is seen we head into the Labor Day weekend. The U.S. Energy Information Administration (EIA) reports the U.S. average retail price for gasoline on Aug. 25 was the lowest price on the Monday before Labor Day since 2010. EIA explains:

The recent decline in gasoline prices largely reflects changes in crude oil prices. In June of this year, the Brent spot price reached its year-to-date high of $115/barrel (bbl), then fell to $102/bbl on August 22. Current Brent prices are below their August average level over the past three years, which ranged between $110/bbl and $113/bbl.

This parallels another EIA report, crediting the surge in U.S. crude oil production with a more stabilized global crude market:

Record-setting liquid fuels production growth in the United States has more than offset the rise in unplanned global supply disruptions over the past few years … U.S. liquid fuels production, which includes crude oil, hydrocarbon gas liquids, biofuels, and refinery processing gain, grew by more than 4.0 million barrels per day (bbl/d) from January 2011 to July 2014, of which 3.0 million bbl/d was crude oil production growth. During that same period, global unplanned supply disruptions grew by 2.8 million bbl/d. U.S. production growth, the main factor counterbalancing the supply disruptions on the global oil market, has contributed to a decrease in crude oil price volatility since 2011.

More simply, supply matters. Because crude oil is traded globally, every additional barrel of U.S. production going into that market has impact.

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economic-benefits  gasoline-prices  oil-production  hydraulic-fracturing  ethanol  epa34 

Mark Green

Mark Green
Posted August 29, 2014

New York Times: THREE RIVERS, Tex. — Whenever overseas turmoil has pushed energy prices higher in the past, John and Beth Hughes have curbed their driving by eating at home more and shopping locally. But the current crises in Ukraine and Iraq did not stop them from making the two-hour drive to San Antonio to visit the Alamo, have a chicken fried steak lunch, and buy fish for their tank before driving home to Corpus Christi.

“We were able to take a day-cation because of the lower gas prices,” said Ms. Hughes.

The reason for the improved economics of road travel can be found 10,000 feet below the ground here, where the South Texas Eagle Ford shale is providing more than a million new barrels of oil supplies to the world market every day. United States refinery production in recent weeks reached record highs and left supply depots flush, cushioning the impact of all the instability surrounding traditional global oil fields.

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access  keystone-xl  crude-oil-prices  gasoline-prices  regulation 

Mark Green

Mark Green
Posted July 18, 2013


The history of modern crude oil prices includes a number of instances where historical events have accompanied dramatic price shifts. Simply: Events that impact or could impact supply affect the global crude oil market. And, because the cost of crude is the main driver of gasoline prices – currently about 66 percent

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energy-reality  gasoline-prices 

Rayola Dougher

Rayola Dougher
Posted March 12, 2012

"If (when?) battery technology leaps forward to make hybrid or electric vehicles a significant share of the market, then electricity and its sources will begin to act as significant substitutes for gasoline and diesel fuel. At that point R&D to reduce the cost of solar power, wind power, nuclear power, hydro power, and natural gas power could start to affect the price at the pump enough for you to notice. But until then fuel and electric power are for all practical purposes separate issues, and when an elected official’s response to high fuel prices is more research on or subsidies for some form of electric power production, he is either confused or misleading you. More from the EIA here.

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american-economy  american-jobs  domestic-energy  energy-taxes  gasoline-prices  government-revenue  taxes  natural-gas-tax  oil-tax  pricewaterhouse-coopers-study 

Jack Gerard

Jack Gerard
Posted May 12, 2011

Even as the economy creates more jobs, unemployment remains much too high. That is one reason Americans remain highly suspicious of efforts to increase taxes on the oil and natural gas industry, an industry that supports more than 9.2 million jobs - and could create more than one million new jobs if we opened areas currently off limits, pursued oil and natural gas shale development, and furthered our energy partnership with Canada.

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domestic-energy  economic-growth  energy-policy  gasoline-prices  gdp34  oil-and-natural-gas-industry  prices  state-of-american-energy  taxes  brazil  saudi-arabia 

Jack Gerard

Jack Gerard
Posted May 3, 2011

Editors Note: Today API President and CEO Jack Gerard gave an update on the State of American Energy, outlining a path to success for lower gasoline prices, increased energy security and more American jobs.

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