The People of America's Oil and Natural Gas Indusry

Energy Tomorrow Blog

us-energy  gasoline-prices  crude-oil  exports  trade  economic-benefits  oil-and-natural-gas-production  keystone-xl-pipeline  fracking  regulation 

Mark Green

Mark Green
Posted January 16, 2015

Bloomberg: Ending restrictions on U.S. crude exports could cut gasoline prices as much as 12 cents a gallon, a Columbia University study co-written by a former adviser to President Barack Obama has concluded.

Without the partial ban, domestic production might increase as much as 1.2 million barrels a day by 2025, making the U.S. more resilient to global supply disruptions, according to the study.

“Easing energy export restrictions does not raise gasoline prices for consumers,” Jason Bordoff, a former energy and climate adviser to Obama who is now director of the Center on Global Energy Policy at Columbia University, said in a telephone interview.

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gasoline-prices  hydraulic-fracturing  fracking  horizontal-drilling  imports  oil-and-natural-gas-production  new-york 

Mark Green

Mark Green
Posted December 29, 2014

The Week: One of the biggest stories of 2014 has been the astonishing drop in global oil prices. The price of the benchmark Brent crude went from over $100 per barrel at the beginning of the year to the $60 range as of this writing.

It's worth noting how massive and completely unexpected this price drop has been.

And it's worth noting how good it is for the U.S. economy. The price of oil is one of the biggest drags on consumer demand, the largest driver of the economy.

And to what do we owe this miraculous event?

In a word: fracking.

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american-energy  oil-and-natural-gas-production  gasoline-prices  domestic-production  imports  fossil-fuels  economic-benefits  hydraulic-fracturing  horizontal-drilling  shale-energy 

Mark Green

Mark Green
Posted December 24, 2014

The gift that is American energy is seen in some key numbers: domestic crude oil production reaching more than 9 million barrels per day last month, the highest level in more than two decades, according to the U.S. Energy Information Administration (EIA); total U.S. net imports of energy as a share of energy consumption falling to their lowest level in nearly 30 years during the first six months of this year; gasoline prices dropping to an average of $2.47 per gallon last week, their lowest point since May 2009, according to the Lundberg Survey Inc.

The first two numbers might not fully register with a lot of Americans. We’ll come back to them. The last one, gasoline prices, does so loudly.

Retail gasoline prices fell after crude oil prices dropped for the fourth straight week – a product of weaker-than-expected global demand and increasing production, which EIA says will save American households $550 next year, Bloomberg News reports. Trilby Lundberg, president of Lundberg Survey to Bloomberg:

“It is a dramatic boon to fuel consumers. (Gasoline) is a modest portion of our giant gross domestic product and yet it does have a pervasive and festive benefit to motorists.”

During this season of gift-giving and receiving, Americans should give thanks for the gifts of plentiful domestic oil and natural gas, modern technologies to harness them and an industry robust and innovative enough to bring the two together, resulting in surging, home-grown production. Indeed, the dramatic increase in U.S. oil production is the key addition to global supply that’s putting downward pressure on the cost of crude, the No. 1 factor in pump prices.

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american-energy  oil-and-natural-gas-production  shale-energy  hydraulic-fracturing  horizontal-drilling  fracking  crude-oil  exports  gasoline-prices 

Mark Green

Mark Green
Posted November 27, 2014

Happy Thanksgiving everybody.

When it comes to energy there’s much for which Americans can give thanks.

We have plentiful and accessible reserves of oil and natural gas that fuel healthy, mobile, modern lifestyles.

We enjoy safe and secure crude oil imports from Canada, our neighbor and ally and No. 1 source of imported oil.

Our country is served by a vibrant, modern industry – one that’s second to none in the use of safe, hydraulic fracturing and horizontal drilling, offshore development and environmental awareness.

America keeps running thanks to a vast pipeline network and the world’s biggest, most-efficient refineries. And there’s more.

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hydraulic-fracturing  safe-operations  economic-benefits  oil-and-natural-gas-production 

Mark Green

Mark Green
Posted August 28, 2014

USA Today op-ed this week on hydraulic fracturing by the Natural Resources Defense Council’s Amy Mall is such an achievement in dishonesty it’ll take multiple posts to unpack it all. So stay tuned. For now, let’s look at the opening, tone-setting paragraph of Mall’s piece and the way it deploys a false choice to try to undercut public support for fracking, the very basis of America’s ongoing energy revolution. Mall writes:

We all want economic and energy security. But recklessly ramping up U.S. oil and gas production is not the answer.

Mall starts with a truth – in an otherwise seriously truth-challenged piece. Yes, Americans very much want economic and energy security.

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oil-and-natural-gas-production  domestic-energy  crude-markets 

Mark Green

Mark Green
Posted August 27, 2014

The U.S. Energy Information Administration (EIA) has a chart showing what a number of experts have been saying – that America’s domestic energy surge has countered a rise in unexpected supply disruptions around the globe in recent years.

EIA says U.S. liquid fuels production – including crude oil, hydrocarbon gas liquids, biofuels and refinery processing gain – grew by more than 4 million barrels per day (bpd) from January 2011 to July 2014. Of that total, 3 million bpd was growth in crude output. Over the same period unplanned global supply disruptions as calculated by EIA grew by 2.8 million bpd. The result is a more stable global market for crude.

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vote  domestic-energy-development  oil-and-natural-gas-production  infrastructure  poll 

Mark Green

Mark Green
Posted August 14, 2014

Energy figures to be an important voting issue come November in a number of key states, new polling indicates. In separate surveys conducted by Harris Poll registered voters in FloridaMissouriNew YorkNew Jersey and Pennsylvania – 70 percent or more in each state – said they are more likely to favor a candidate who supports increasing oil and natural gas production and energy infrastructure. 

Another result that could generate traction in this fall’s elections: More than 60 percent of registered voters in each of the states said they think the federal government doesn’t do enough to encourage the development of the nation’s energy infrastructure.

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lifo  tax-increases  oil-and-natural-gas-production  investments  manufacturing 

Mark Green

Mark Green
Posted June 4, 2014

If you run a business that sells things produced from raw materials – manufacturers, retailers, wholesale distributors and car and equipment dealers and other industries – chances are good you’re familiar with “LIFO” accounting. The IRS first approved the “last-in, first-out” method for use by taxpayers with inventories in the 1930s. Repealing LIFO, as some in Congress are proposing, could impact the more than 30 percent of U.S. companies, large and small, that use it, as well as the larger economy.

That’s the message a bipartisan group of 113 U.S. House members conveyed in a recent letter to Ways & Means Committee Chairman Dave Camp, who has proposed LIFO repeal as part of his larger tax reform package.

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oil-and-natural-gas-production  shale-energy  hydraulic-fracturing  fracking 

Mark Green

Mark Green
Posted May 14, 2014

A couple of charts from energy/economics blogger Mark J. Perry really show the fundamental rewriting of the United States’ energy narrative – as a result of surging domestic oil and natural gas production. Both charts, developed from data in the U.S. Energy Information Administration’s (EIA) annual energy outlook, indicate that the U.S. is rapidly moving toward energy self-sufficiency – the point at which domestic output lowers net imports to zero.

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