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.
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 Florida, Missouri, New York, New 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.
Posted July 25, 2014
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.
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.
Posted April 2, 2014
The U.S. Energy Information Administration (EIA) reports that total net U.S. energy imports declined last year to their lowest level in more than 20 years – reflecting two energy positives for America: growth in domestic oil and natural gas production and increased exports of finished petroleum products. EIA:
Total U.S. net imports of energy, measured in terms of energy content, declined in 2013 to their lowest level in more than two decades. Growth in the production of oil and natural gas displaced imports and supported increased petroleum product exports, driving most of the decline. A large drop in energy imports together with a smaller increase in energy exports led to a 19% decrease in net energy imports from 2012 to 2013.Total energy imports declined faster—down 9% from 2012 to 2013—than in the previous year, while export growth slowed. Crude oil production grew 15%, about the same pace as in 2012, which led imports of crude oil to decrease by 12%, accounting for much of the overall decline in imports.
Posted December 27, 2013
The long-delayed Keystone XL pipeline and whether President Obama will agree with a strong majority of Americans who believe that the full project is in the U.S. national interest landed on a couple of year-ending lists of top energy issues, here andhere, no doubt reflecting the politics surrounding the pipeline’s five-year federal review.
Much of politicizing has been fueled by opponents who say stopping Keystone XL will stop oil sands development. The U.S. State Department disagreed in its most recent review, citing key economic factors that argue oil sands will get to market with or without the Keystone XL. The dynamic already is at work.
Last week, Canada’s National Energy Board recommended approval of the Northern Gateway pipeline to bring as much as 525,000 barrels a day of oil sands from Alberta to British Columbia. At the same time others are making plans to build loading terminals to service oil sands-bearing railroad cars. Demand for supply is driving the infrastructure needed to deliver that supply.
The question for the U.S. concerns the impact of Washington’s never-ending deliberation over the Keystone XL, even as other infrastructure for delivering oil sands moves toward reality.
Posted November 13, 2013
Bloomberg: U.S. crude oil production exceeded imports in October for the first month since February 1995, the U.S. Energy Information Administration said.
Output averaged 7.74 million barrels a day, the Energy Department’s statistical unit said in its monthly Short-Term Energy Outlook. Crude oil net imports were 7.57 million, down from 7.92 million the previous month.
Horizontal drilling and hydraulic fracturing, or fracking, have unlocked supplies in shale formations in North Dakota, Texas and other states. West Texas Intermediate, the U.S. crude benchmark, has dropped to below $95 from above $110 in September as domestic output reached a 24-year high.