Results tagged “american petroleum institute”

The Senate Environment and Public Works Committee today voted to send the Kerry-Boxer climate bill to the Senate floor without amendments. Only Democrats were in attendance for the vote, and Sen. Max Baucus (D-Mt.) voted against the bill, saying he would withhold his support contingent on the adoption of some pro-agriculture amendments.

"Remarkable" was the word used by Energy Information Administrator Richard Newell last week to describe the sharp rise in U.S. natural gas reserves. In a report issued by his agency last week, Newell noted that U.S. proven natural gas reserves rose 3 percent in 2008.

The report also showed that natural gas reserves in shale formations rose an astonishing 51 percent over 2007. "This year's report underscores for a second year the technological shift in domestic exploration and production from conventional reserves to unconventional shales," Newell said.

Today, AAA reported that yesterday's nationwide retail gasoline prices climbed to a nationwide $2.695 per gallon average, the highest average price this year. Despite this sharp gasoline price increase, which has been driven by strong crude oil prices, the federal government has done little to help increase the supply of domestic crude oil, the basic feedstock of gasoline.

Members of the Oil and Natural Gas Industry Labor-Management Committee, which includes API along with fifteen labor unions, have written to senior members of Congress encouraging them to support tax policies that will protect and encourage the development of quality U.S. jobs, while at the same time fortifying our nation's energy and economic security.

Friday night, Sen. Barbara Boxer issued an updated version of the Kerry-Boxer climate bill, and the more we learn about this bill, the more it resembles Waxman-Markey--only worse.

More voices are speaking out against the climate legislation being considered on Capitol Hill. Here's a sampling of some of the statements and studies that have been in the news during the past couple of days.

House and Senate leaders are continuing to push for climate legislation despite the fact that far fewer people believe that global warming is a serious problem, according to a new survey released today by the Pew Research Center for the People & the Press. The survey, conducted among 1,500 adults from Sept. 30-Oct. 4, shows that 35 percent of respondents believe global warming is very serious as compared with 44 percent in April 2008.

As I've discussed on this blog, I recently traveled with a group of bloggers to visit man-made islands where drilling for oil and natural gas occurs in coastal waters--the THUMS Islands in Long Beach, CA.

One of the most reliable barometers of drilling activity is the Baker Hughes rig count. Since 1944, Baker Hughes, an oil services company that produces drill bits, has been issuing weekly counts of U.S. and Canadian rotary drilling rigs that are actively drilling for oil and natural gas. The weekly figures are released at noon on the last day of the work week and are regular features in many energy industry magazines and newsletters.

This week's episode focuses on a recent tour of the THUMS Islands, a group of four manmade islands in California's Long Beach Harbor, where oil and natural gas are produced. The episode also features sound bites from Frank Komin, president of Occidental Petroleum, and Charlie Plant, production manager of White Island.

Thank you to my friend and fellow blogger James for allowing us to feature his commentary here. This was originally posted at his own blog, Observations.

Our government still has not figured out what to do about the dependence on foreign oil that everybody agrees is an unacceptable situation.

One year ago, the 30-year old ban on offshore drilling along the Atlantic and Pacific coasts expired, opening the opportunity for the United States to drill for more of its own oil and natural gas. What has happened since then to make America more energy self-sufficient?

Cecilia "Ceci" Leonard describes herself as an "oil brat" from the oil patch. She is a second-generation petroleum worker who has come to Washington today to meet with members of Congress.

"We have an image problem," Ceci says about the oil and natural gas industry. "I want everyone--including Congress--to know that we are regular, responsible and educated people. We are active in our community. We are professional. We recycle. We want what's best for our kids. We are good citizens."

The Boxer-Kerry Kerry-Boxer climate change bill leaves unaddressed key elements of how it intends to constrain carbon emissions. Unfortunately, it appears to be following the pattern the House followed, which resulted in a political bidding process that picked winners and losers.

The losers would be millions of Americans and American companies who rely on gasoline, diesel fuel and other petroleum products to get to work and to school and to run their businesses. As we've talked about on this blog, analysis shows that Waxman-Markey would kill more than two million American jobs, drive fuel prices up to between $4 and $5 a gallon and make our nation more dependent on imports of gasoline and other fuels.

Sens. Barbara Boxer and John Kerry are expected to release their version of a climate bill tomorrow. News reports say the bill is meant to be a starting point for the Senate's deliberations.

Although reports say it will be based on the Waxman-Markey bill that passed narrowly through the House, it will lack detail on many of the key issues. For example, it will not prescribe how carbon allowances are supposed to be distributed among various industries. And unlike the House bill, the Senate version will contain nuclear power and clean coal provisions.

Architect Joesph Linesch (1924-1996) had a vision for Long Beach, California--to become the Riviera of the West, a nearly fantasy-like harbor rivaling the buildings and landscapes he designed for Disneyland and Epcot Center. Between 1965 and 1968, he created structures and landscaping that make the oil production facilities here look like a high-end condominium complex.

Thursday was another gorgeous day in Long Beach, with blue skies and a pleasant breeze blowing along the harbor. At Lighthouse Point, children picnicked with their families while fishermen on a nearby pier caught croakers for supper. At the docks, you could hear seals barking at the Aquarium of the Pacific as tourists returned to shore on boats offering whale watching tours.

Long Beach has many attributes, among them a moderate climate, one of the busiest seaports in the United States and facilities that lure tourists to the area, including a massive convention center. But most residents here aren't aware of the hidden resources that have contributed so much to the City of Long Beach.

"A lot of residents don't know there is oil and natural gas development going on here," explained Curtis Henderson, the city's manager of oil operations.

No one likes to watch sausage being made, but most of us enjoy sausage. That seems to be the case with oil and natural gas, too. The vast majority of Americans enjoy the benefits afforded by these energy-rich fuels, but some Americans would prefer not to see how they are produced.

The City of Long Beach successfully addressed the "sausage-making issue" back in the 1960s when it passed a resolution allowing several oil companies to produce energy in its harbor. It said the companies could create man-made islands to drill for oil and natural gas in the coastal waters, but in return the companies had to disguise their activities. The companies agreed, and the THUMS Islands were born.

As President Obama prepares to meet with leaders of the G-20 nations tomorrow, he should be commended for noting that climate change is a challenge for both developed and developing nations.

But his call to "phase out fossil fuel subsidies" is the wrong approach that should be seen for what it really is: a giant tax hike on American consumers.

Three more studies have been issued about the Waxman-Markey climate bill, and each represents another red flag urging extreme caution.

Last Friday, the Congressional Budget Office (CBO) quietly released a new analysis of the bill's potential impact on the U.S. economy. The study shows that the Waxman-Markey bill could reduce the nation's Gross Domestic Product by up to 3.5 percent by 2050. As I've pointed out on this blog, the CBO neglected to include the bill's GDP impacts in its earlier study, resulting in findings that grossly downplayed the climate bill's costs.