As the national conversation around energy intensifies, Americans must broaden their understanding of the factors behind rising energy demand. Instead of viewing the increasingly global race for energy as a crisis, we should recognize it as a measure of progress. We rely on plentiful supplies of energy to fuel our prosperity and our high standard of living. More than just fueling our cars, we depend on energy daily to heat and cool our bigger homes, power our hi-definition televisions and charge our laptops and cell phones, just two of the many electronic gadgets we own. These trends are even more dramatic in other parts of the world as China, India and other developing nations strive to improve their standards of living. These trends, in concert with global economic and population growth, demonstrate that we will need an increasing amount of energy in the decades ahead. To meet this demand, America needs a long-term, realistic energy policy now.
The greatest “new” energy source available to use is the reduced demand brought about by greater energy efficiency and conservation. Significant progress has been made in the past and more is expected in the future. We use about half as much energy today for every dollar of Gross Domestic Product as we did back in 1980. Looking forward, our nation must take energy efficiency more seriously. Our industry is doing its part. Through such technologies as combined heat and power, also known as cogeneration—the re-use of excess heat from refinery processes to produce additional energy—refiners are becoming more efficient, reducing both energy use and emissions. The oil and natural gas industry has pledged to improve energy efficiency by 10 percent at refineries between 2002 and 2012, and we are making progress in meeting that goal. In fact, in 2006 alone, U.S. refiners saved the energy equivalent of taking 528,000 cars off the road.
The imposition of new taxes on the oil and natural gas industry likely could kill hundreds of thousands of jobs, slow economic growth and make Americans more dependent on foreign sources of energy, according to the CRA International study, commissioned by the American Petroleum Institute. The study underscores how ill-advised tax policy would likely result in less domestic oil and natural gas production – which would likely undermine both the nation’s economic and energy security. While there is no specific windfall profits tax proposal being considered by the Congress, the CRA analysis focuses on the windfall profits tax to illustrate that a similar tax or combination of taxes could have negative consequences for the U.S. economy.
If you’re wondering who owns “Big Oil,” chances are good the answer is “you do.” If you have a mutual fund account, and 55 million U.S. households do, there’s a good chance it invests in oil and natural gas stocks. If you have an IRA or personal retirement account, and 45 million U.S households do, there’s a good chance it invests in energy stocks. It’s a common misperception that oil executives are the only benefactors of industry success. Instead, the bulk of ‘Big Oil’ benefactors are hardworking men and women across America who boost their retirement portfolios through oil and natural gas stock. In fact, only 1.5 percent of company shares are owned by industry executives. The rest are owned by mutual fund investors, or those planning for retirement with pension and IRA funds.
http://www.EnergyTomorrow.com/EnergyIQ On the streets of Washington, D.C., Americans energy knowledge is put to the test with questions from APIs third annual Energy IQ survey. In this video, people are asked, From 2000 to 2007, U.S. oil and natural gas companies invested how many billions of dollars on emerging energy technologies in North America (such as biomass, wind, solar, alternative fuel vehicles, gas-to-liquids and oil shale)? Watch to see how they answer.
http://www.EnergyTomorrow.com/EnergyIQ On the streets of Washington, D.C., Americans energy knowledge is put to the test with questions from APIs third annual Energy IQ survey. In this video, people are asked, What percent of U.S. oil companies stocks are owned by corporate management? Watch to see how they answer.
The vast resources of the Canadian oil sands will play a crucial role in enhancing our nation's energy security, serving as a bridge to a future economy increasingly powered by new energy sources.
The American Petroleum Institute (API) has engaged IHS Global Insight to perform an independent study to determine the potential impact on future hydrocarbon production and on U.S. economic performance of proposed policy changes pertaining to hydraulic stimulation or fracturing of oil and gas wells. The study was prepared by IHS Global Insight using its own data, information and analysis. IHS Inc., IHS Global Insight's parent company, holds an extensive well and production database that provided the basis for assessing national and state-level oil and gas production under different scenarios. IHS Global Insight prepared the economic assessment using its U.S. Macroeconomic and state economic models.
http://www.EnergyTomorrow.com/EnergyIQ On the streets of Washington, D.C., Americans' energy knowledge is put to the test with questions from APIs third annual Energy IQ survey. In this video, people are asked, How much do oil companies pay in income taxes as a share of their income? Watch to see how they answer.
http://www.EnergyTomorrow.com/EnergyIQ On the streets of Washington, D.C., Americans energy knowledge is put to the test with questions from APIs third annual Energy IQ survey. In this video, people are asked, In 2008, which foreign country was the largest U.S. supplier of imported oil? Watch to see how they answer.